Market Analysis

USDCAD Heavily Sold USDCAD is trading firmly lower today as the weakness in USD finds an easy match up with the strong Canadian Dollar. CAD has been one of the best performing currencies recently due to the upward support derived from higher oil prices. With supply concerns and recent actions from OPEC+ helping push oil […]

USD Pulling Back The US Dollar is correcting lower into the end of the week as traders brace for a slew of key US econ readings latest today. Yesterday. Final Q2 US GDP was seen coming in at 2.1%, as previously recorded. However, the market had expected a slight revision higher to 2.2%. The reaction […]

TitleGBPUSD Day | Reacting off resistance? TypeBearish Reversal Preference:The price is rising toward the pivot point at 1.23125, which is a pullback resistance level.  A reversal from this point could lead the price to drop to the 1st support at 1.21108, an overlap support Alternative scenario:However, if the price breaks above the pivot, it might […]

Daily Market Outlook, September 29, 2023 Munnelly’s Market Commentary…  Asian equity markets took their cues from Wall Street, which showed positive momentum as yields and oil prices declined from recent peaks. However, gains in the region were somewhat limited as investors approached quarter-end and amid holiday closures in several countries. The Nikkei 225 initially made […]

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TitleAUDUSD H4 | Rising into 50% Fibo TypeBearish Reversal Preference: Price is rising towards the pivot point of 0.63991 which is a pullback 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 0.63324 which is a swing-low […]

The British pound sterling, paired with the US dollar, continues to decline. The current GBPUSD exchange rate stands at 1.2140. Today’s pound levels represent new six-month lows. Investors believe that the Bank of England has concluded its aggressive cycle of monetary policy and is not expected to raise interest rates in the near future. This […]

The major currency pair has slipped even lower by Thursday. The current EURUSD exchange rate stands at 1.0495. This places the US dollar at a ten-month high. The primary reason behind this trend is the strong market belief in the Federal Reserve’s prolonged period of elevated interest rates. In this context, the yield on the […]

On Wednesday, the Treasury bond market was hit by a new wave of sell-offs. The yield on 10-year bonds surged by 11 basis points in a short span of time, setting a new local high: The sell-off was apparently triggered by the durable goods orders report. The market had expected a 0.2% decline for the […]

Energy Prices Stoke Concerns UK shares have come under heavy selling pressure again today with the FTSE falling around more than 1% over early European trading on Thursday. The index is now down almost 3% from the September highs and looks vulnerable to further losses through the end of the week. The driver behind the […]

GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is pushing off the signal lines of the indicator. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 1.2145 is expected, followed by a decline to 1.2015. An additional signal confirming the decline will be a rebound […]

EURUSD, “Euro vs US Dollar” EURUSD has completed a decline wave, reaching 1.0487. Today the market is forming a consolidation range above this level. A downward breakout will open the potential for a movement to 1.0434. An upward breakout could lead to a corrective link to 1.0545 (a test from below), followed by a decline […]