Market Analysis

The steep increase in yields of US Treasury bonds across all maturities triggered a correction in the US dollar’s value this week. The US currency index tested the resistance level near 102.50 yesterday and continued its upward trend on Wednesday: The price remains within a downtrend corridor but is vigorously growing due to surprises in […]

The FTSE Finish Line – August 2 – 2023 FTSE US Credit Rating Adjustment Weighs Risk Appetite  UK’s FTSE 100 index opened lower, before trading down by 1.35%, reaching a two-week low. The global risk sentiment was affected by ratings agency Fitch’s decision to cut the United States’ credit rating. Meanwhile, the FTSE 250 midcap […]

USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3255. Next, the price could break the support and continue the downtrend. However, the quotes could correct to 1.3340 before a […]

EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of decline to the 1.0955 level and a link of correction to the 1.1018 level. Today another link of decline to 1.0950 could develop. A wide consolidation range is forming around 1.0999. With an upward breakout, a correction could continue to the 1.1122 level. A […]

Daily Market Outlook, August 2, 2023 Munnelly’s Market Commentary…  Asian equity markets are trading lower, following a negative lead from Wall Street. The sentiment has been dampened by higher yields and weak economic data. One of the factors affecting the market is Fitch’s credit rating downgrade for the United States from AAA to AA+. The […]

TitleAUDUSD H4 | Bearish momentum TypeBearish Reversal Preference: Price has reversed from the pivot point of 0.67351 which is a pullback resistance that aligns close to the 61.8% Fibonacci retracement level; we could see momentum carry price down to its 1st support at 0.66198 which is an overlap support that aligns with the 61.8% Fibonacci […]

TitleEURUSD H4 | Bounce off Support level? TypeBullish Bounce Preference:Price is currently at our pivot of 1.09792 which is an overlap support that aligns with 61.8% Fibo retracement, A bounce off from here, price could push to 1st resistance at 1.10342 which is an overlap resistance level. Alternative scenario:However, if price breaks below the pivot, […]

Daily Market Outlook, August 1, 2023 Munnelly’s Market Commentary…  Asian equity markets showed a mostly positive trend, taking cues from Wall Street’s S&P 500, which marked its 5th consecutive monthly gain. However, market participants were also digesting disappointing Chinese Caixin Manufacturing PMI data and the Reserve Bank of Australia’s (RBA) decision to keep rates unchanged. […]

EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of decline to the 1.0990 level. At the moment, a consolidation range is forming around this level. A downward breakout will open the potential for a decline to 1.0940. With an upward breakout, a wave of growth to the 1.1033 level could develop with the […]

Crude Breaking Higher Oil prices are this week trading at their highest levels since April. Crude futures have put in a solid rally over the last month, rising by over 17% from the July lows. Price is now testing a key resistance level which will be make or break for the bull move. With USD […]

Rising USD Weighing on Gold The US Dollar is pushing higher again this week which is weighing heavily on gold prices currently. Despite the market no longer pricing in any further Fed rate hikes this year, the drive seems to be linked to the resilience of the US economy, as shown through recent data strength. […]

EURUSD, “Euro vs US Dollar” EURUSD has formed the first wave of decline to 1.0944. Today a correction to 1.1111 could develop. This is the second wave. Once the correction is over, the third wave of decline to 1.0888 could follow. With a downward breakout of this level, the wave could extend to 1.0666. This […]