Market Analysis

XAUUSD, “Gold vs US Dollar” Gold has formed an Inverted Hammer reversal pattern near the support level. Currently, the instrument might go by the reversal signal in a corrective wave. The growth target could be 1925.00. Upon testing the resistance level, the price could rebound from it and continue the downtrend. However, the quotes might […]

Aussie CPI Slips The Australian Dollar has fallen lower today on the back of the latest set of Aussie inflation figures overnight. CPI was seen cooling to 5.6% last month, down from the prior month’s 6.8% reading and below the expected 6.1% level the market was looking for.  On the back of a further unexpected […]

Daily Market Outlook, June 28, 2023 Munnelly’s Market Commentary…  Asian equity markets traded in a mixed fashion overnight, failing to fully sustain the momentum from the gains on Wall Street. The Nasdaq outperformed due to strong data and a rebound in the tech sector. The Australian monthly CPI data, which came in softer than expected, […]

USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are in the overbought area on H4. The RSI has formed a divergence. As a result, a downward breakout of 8/8 (143.75) is expected, followed by a decline to the support level of 7/8 (142.18). The scenario can be cancelled by rising above the resistance level of […]

Events in Russia over the weekend went unnoticed in the broader market, with no increased demand for safe-haven assets observed. US Treasury short-term bond yields traded 1-2 basis points lower than the opening level, while oil prices lost momentum in Asia. The stock market during the Asian session also showed no significant signs of risk […]

Further ECB Tightening Needed EUR is rallying today against a backdrop of fresh, hawkish commentary from ECB chief Lagarde. Speaking at the opening of the ECB’s Sintra Symposium, Lagarde warned that rates need to be brought higher in order to bring inflation down. Echoing previous comments, Lagarde stressed the need to bring rates into sufficiently […]

Japan Monitoring FX Moves The Japanese Yen is strengthening today on the back of verbal interventions earlier this morning from key figures. Japanese finance minister Suzuki warned that the government is monitoring FX markets with a sense of urgency and will respond appropriately to any excessive moves. These comments echoed those of another Japanese government […]

EURUSD, “Euro vs US Dollar” The currency pair has formed a consolidation range around 1.0890 and suggests developing yet another link of growth to 1.0951 with an escape from the range upwards. After the price reaches this level, a new wave of decline to 1.0840 could begin. And when this level also breaks downwards, the […]

The Japanese yen has taken a pause in the devaluation process against the US dollar. The current USDJPY quote is 143.47. The news flow is neutral, and market reactions are subdued. However, there is something worth paying attention to. Japan has reappointed Masato Kanda as vice finance minister for international affairs for another year. He […]

CPI on Watch On the back of a surprise rate hike from the BOC this month, the latest round of Canadian CPI data will be closely watched today. Along with hiking rates by a further .25%, the BOC signalled that further tightening might still be necessary but would depend on the path of incoming inflation. […]

Shop Prices Fall… Slightly On the back of a string of recent upsets, there was at last some good news for the UK today. The BRC shop price monitor for the last month showed that prices cooled to 8.4% from the prior month’s 9%. While obviously, still at elevated levels, the data is at least […]

EURUSD, “Euro vs US Dollar” EURUSD has formed a Harami reversal pattern on H4 near the support level. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be the resistance level at 1.1000. However, the price could correct to 1.0855 and continue the uptrend after the test […]