Market Analysis

TitleNZDUSD H4 | Bearish reaction off 61.8% fibo? TypeBearish Reversal Preference: Price could potentially reverse at the pivot point at 0.6088, which aligns with the 61.8% fibo retracement. If price reacts at the pivot point, it could continue its bearish momentum, and fall to the 1st support at 0.6035. Alternative scenario: If price breaks above […]

USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, a breakout of 3/8 (0.8728) is expected, followed by a price decline to the support level at 2/8 (0.8667). The scenario can be cancelled by […]

2024 Recession Risks Growing After narrowly avoiding a recession so far this year, and with the likes of the IMF and the BOE no longer forecasting a recession in the UK this year, GBP bulls were dealt a fresh blow this morning. The National Institute of Social and Economic Research (NIESR) has warned in a […]

Silver Under Pressure It’s been another tough week for silver so far. The metal came under heavy selling pressure over Monday and Tuesday and while the market is holding up for now, prices have already cooled from highs seen earlier in the session, suggesting risks of a fresh downside push today. The rally in USD […]

USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are nearing the overbought area. The RSI is approaching the resistance line. In these circumstances, the quotes are expected to test the 8/8 (143.75) level, rebound from it and drop to the support at 6/8 (142.18). The scenario can be cancelled by an upward breakout of the […]

US indices closed Tuesday session on a bearish note as weak data on China’s foreign trade sparked a minor turmoil in the market. However, the situation managed to turn around today; equity futures rebounded, taking away the dollar’s potential for an immediate continuation of the rally on the back of risk aversion. EURUSD is attempting […]

The FTSE Finish Line – August 9 – 2023 FTSE Glencore Reversal Leads Bluechips Higher On Wednesday, the UK blue chip FTSE100 experienced an upward surge of 0.59% primarily driven by a recovery in the mining sector. The day saw a flurry of positive earnings reports, notably from Coca-Cola HBC, BP, and Glencore, contributing to […]

XAUUSD, “Gold vs US Dollar” Gold has formed an Inverted Hammer reversal pattern near the support level. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 1945.00. Upon testing the resistance, the price could break it and continue the uptrend. However, the quotes could pull back […]

EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of decline to the 1.0928 level. Today the market is correcting at the 1.0973 level (a test from below) with a wide consolidation range formed around the 1.0970 level. A downward breakout of the range is expected, with the third wave of decline developing further. […]

Daily Market Outlook, August 9, 2023 Munnelly’s Market Commentary…  Asian equity markets are predominantly trading lower against the backdrop of a flurry of earnings releases. Participants are also processing the latest inflation data from China, which presented a mixed picture by indicating consumer prices in deflationary territory for the first time in over two years. […]

China CPI Drops Again Fears over the health of the Chinese economy have moved back into the spotlight this week. On the back of data yesterday showing that Chinese exports contracted for the third consecutive month, inflation data overnight was equally disappointing. Annualised CPI came in at -0.3% last month, down from 0% prior while […]

Rising USD Stalls Crude Crude prices are reversing this week following a solid rally over July that saw crude futures gaining almost 20% off the lows. Price made it as high as a test of the 82.59 level where the market is stalled for now. A stronger US Dollar is creating a roadblock to higher […]