Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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Crude Drops on Shifting Middle East Focus Crude oil prices have fallen back below the key 82.59 level this week. The move lower appears to be in line with the prevailing market view that the Israel-Hamas conflict is remaining largely contained for now. From a trading perspective, the initial rally in oil prices was linked […]
Chinese Manufacturing Sector Slows, Stimulus Hopes Loom The Chinese manufacturing sector exhibited a slowdown in October, as indicated by the official Purchasing Managers’ Index (PMI) report. The headline reading came in at 49.5 points, missing the estimated 50.2 points. This decrease in activity has raised concerns, and it’s important to understand the significance of these […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Shooting Star reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The pullback target might be 1.3840. Next, the price could rebound from the support level and continue the uptrend. However, the quotes could rise to 1.3935 […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction to 1.0673 and started to decline rapidly. The price has achieved the first target of 1.0557. Today a consolidation range is forming above this level. With an upward breakout, the price might rise to 1.0600 (a test from below). A downward breakout will open the […]
TitleGBPJPY H4 | Bullish bounce off 23.6% fibo? TypeBullish Bounce Preference: Price is hovering at our pivot point at 183.59, which is a pullback support level, aligning with the 23.6% fibo retracement. Price could bounce off the pivot point and rise towards the 1st resistance at 184.26, which is a swing high resistance level. Alternative […]
TitleAUDUSD H1 | Bearish reversal off 50% Fibo TypeBearish Reversal Preference:Price is rising towards the pivot point of 0.63444 which is an overlap resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.6313 which is a pullback […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction to 1.0633. A new fifth decline wave to 1.0125 could start now. Practically, the first structure of this wave is forming, targeting 1.0418. After the price reaches this level, it could correct to 1.0550 (a test from below) and then decline to 1.0277, from where […]
EURUSD, “Euro vs US Dollar” EURUSD has gained a foothold below the lower boundary of the bullish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.0585 is expected, followed by a decline to 1.0425. An additional signal confirming the decline […]
Daily Market Outlook, November 1, 2023 Munnelly’s Market Commentary… Asia – stocks experienced predominantly higher trading conditions. However, the gains were limited for most indices ahead of the FOMC announcement. The region also faced a series of data releases, including disappointing Chinese Caixin Manufacturing PMI, which marked its first contraction in three months. The Nikkei […]
TitleEURJPY H4 | Bullish bounce off 38.2% fibo? TypeBullish Bounce Preference: Price is hovering at our pivot point at 159.82, which is a pullback support level, aligning with the 38.2% fibo retracement. Price could bounce off the pivot point and rise towards the 1st resistance at 160.83, which is a swing high resistance level. Alternative […]
TitleUSDJPY H4 | Falling to Support level? TypeBearish Reversal Preference: Price has just reacted off our pivot point of 149.51, which serves as a pullback resistance level. A reversal from this point could lead the price to drop to the 1st support at 148.89, a swing-low support level. Alternative scenario:However, if the price breaks above […]
Daily Market Outlook, October 31, 2023 Munnelly’s Market Commentary… Asia – stock markets experienced mixed trading as the month came to a close. This period was marked by a significant influx of data releases, including discouraging official Chinese PMIs, and investors also had to digest a multitude of earnings reports, along with the conclusion of […]