Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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US GDP Due Along with the January ECB meeting, the other key focus for markets today will be advance US Q4 GDP. Yesterday, both the US services and manufacturing PMIs were seeing coming in above forecasts, adding to the recent run of strong US data. Forecasts for today, however, are set a little low. The […]
Daily Market Outlook, January 25, 2024 Munnelly’s Market Minute…“Tesla Earnings Disappoint, ECB On Deck” Asian markets saw modest gains, although the overall positive momentum was limited due to the impact of various earnings reports and the recent increase in global yields, which partially offset the excitement over Chinese stimulus measures. The Nikkei 225 eventually turned […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction wave to 1.0931 (a test from below), forming a decline impulse to 1.0889 and its correction to 1.0907 today. A structure of the second decline impulse to 1.0862 is currently forming. Upon reaching this level, the quotes might correct to 1.0884 (a test from below) […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are above the 200-day Moving Average on H4, revealing the probability of an uptrend development. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 6/8 (0.8667) and reach the resistance at 7/8 (0.8728). The scenario could be cancelled […]
Crude Rallying on Inventories Data Oil prices are pushing higher today with crude futures close to testing the December highs. The latest inventories report from the EIA yesterday recorded a heavy 9.5 million barre drawdown, far deeper than the 1.5 million-barrel draw the market was looking for. This comes on the back of a 2.5-million-barrel […]
EUR Upside Risks All eyes are on the ECB today and on the back of recent commentary from policy makers, traders are widely expecting further pushback on rate-cut expectations. Several ECB members recently, including president Lagarde, have warned that the bank’s fight against inflation is not yet over, presenting the case to keep rates in […]
The British pound sterling is gradually strengthening against the US dollar. The current GBPUSD exchange rate stands at 1.2720. The statistics from yesterday indicate that business activity in the UK is the leading in Europe. This provides another argument in favour of the Bank of England maintaining high interest rates in the country for an […]
The primary currency pair is still in a consolidation phase on Thursday. The current EURUSD exchange rate stands at 1.0875. Yesterday’s statistics from the eurozone were mixed. The manufacturing PMI rose to 46.6 points in January from the previous 44.4 points, while the services PMI decreased to 48.4 points in January from 48.8 points earlier. […]
TitleEURJPY H4 | Bouncing off Fibo level TypeBullish Bounce Preference:The price is bouncing off the pivot point at 159.999, an overlap support that aligns with 23.6% Fibonacci retracement. From there price might rise to 1st resistance at 161.634, an overlap resistance. Alternative scenario:It might reverse and break the pivot point, from there it could fall […]
TitleEURUSD H1 I Bearish reversal TypeBearish Reversal Preference:Price is rising toward the pivot point of 1.0907 which aligns with the 61.8% Fibo retracement. A reverse from this point could lead the price to fall to 1st support at 1.0851, an overlap support level. Alternative scenario:If price breaks above the pivot, it could rise to 1st […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is rebounding from the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.2695 is expected, followed by a rise to 1.2840. An additional signal confirming the rise could be a rebound […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal pattern in a descending wave. The decline target might be the 1.3480 mark. Next, the price could break the level and extend the downtrend. However, the quotes might correct to 1.3590 […]