Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is correcting after a rebound from the support. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.2630 is expected, followed by a decline to 1.2465. An additional signal confirming the decline could be […]
Ethereum is following Bitcoin. Currently, the price of this asset is heading up. It broke a very important resistance level of 2716.50. The asset’s price might potentially hit the level of 3000. Of course, it might also drop, dive under the broken resistance, undergo correction, and approach the level of 2135. However, it looks like […]
TitleEURJPY Day | Bearish reversal TypeBearish Reversal Preference:The price could reverse from pivot at 161.804, the overlap resistance. It could fall to the 1st support at 157.99, the overlap support. Alternative scenario:It might breakout of pivot and rise to the 1st resistance at 164.207, the swing-high resistance. To discuss this trading idea, head over to […]
TitleUS30 H4 | Potential bullish bounce TypeBullish Bounce Preference:The current price could reverse to the pivot at 38300.72, the overlap support that aligns with the 38.2% Fibonacci retracement. Price could bounce off the pivot and rise to the 1st resistance at 38884.06, the swing-high resistance. Alternative scenario: The price might continue to trend down and […]
Daily Market Outlook, February 16, 2024 Munnelly’s Market Minute… “Nikkei Heading For All Time Highs WIth Japan In Recession” The Nikkei reached a 34-year high, just shy of its all-time high of 38,957.44 points set on Dec. 29, 1989. The stock market in Asia has surged by 15% this year, following a 28% rally in […]
Gold Bounces on Weak USD The move lower in USD over the last 24 hours has helped gold prices bounce somewhat. Gold futures were seen falling to fresh lows on the year this week as hotter-than-forecast US inflation drives the Dollar higher. However, with yesterday’s retail sales seen plunging into negative territory last month, the […]
TitlePotential Bearish Reversal TypeBearish Reversal Preference:Price could rise towards the pivot point of 23.070 which is a swing-high resistance that aligns close to the 78.6% Fibonacci retracement level and potentially reverse from here; we could see momentum carry price down to its 1st support at 22.674 which is a pullback support level. Alternative scenario:If price […]
Brent Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above the 5/8 (82.81) level, subsequently reaching the resistance at 6/8 (84.38). The scenario could be cancelled by a breakout of the […]
EURUSD, “Euro vs US Dollar” EURUSD has escaped a consolidation range upwards, extending the correction wave to 1.0784. By now, the market has formed a consolidation range under this level. Today the quotes might escape the range downwards, reaching the 1.0732 level. This is the first target of a new decline wave. GBPUSD, “Great Britain […]
TitleXAUUSD H4 I Bearish Drop TypeBearish Drop Preference:Price is currently at the pivot point of 2004.6, an overlap resistance. A reverse from this level could lead the price to fall to 1st support at 1994.25, a pullback support Alternative scenario:If price breaks above the pivot, it could rise to 1st resistance at 2020. a pullback […]
Retail Sales Plunge Following a strong start to the week, driven in part by hotter-than-forecast inflation data, the US Dollar has reversed sharply into the end of the week. Yesterday’s US retail sales showed the first signs of weakness in the economy with both core and headline dropping sharply. Core retail sales came in at […]
The primary currency pair is neutral on Friday. The current EURUSD exchange rate stands at 1.0761. Yesterday’s US statistics came out mixed. The general conclusion drawn by investors implies a potential Fed interest rate cut in May due to certain weak macroeconomic parameters. US retail sales in January dropped by 0.8% m/m instead of the […]