Market Analysis

So, the FOMC day has arrived. The market has already priced in one rate hike (according to futures, with a 99% chance), and judging by the recent bullish rebound of the dollar, it doubts that the regulator will consider the June deceleration of core inflation as a starting point in its communication. The Fed could […]

FOMC Expectations Weighing on Nasdaq US stocks are trading tentatively ahead of the FOMC later today. Looking at the Nasdaq, the index has pulled back from the recent YTD highs and is currently sitting around 3% lower. Expectations are split ahead of the Fed later with the base case scenario being that the Fed hikes […]

EURUSD, “Euro vs US Dollar” EURUSD has reached the local target of a declining wave at 1.1020. The market is consolidating above this level today. A link of growth to 1.1070 is expected to develop, followed by a drop to 1.1046. Next, the pair could rise to 1.1100, from where the correction might expand to […]

USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes have broken the 200-day Moving Average on H4 and are now hovering above it, which indicates the probable development of an uptrend. The RSI is testing the support line. In these circumstances, the quotes are expected to break the 5/8 (141.40) level and reach the resistance at […]

Daily Market Outlook, July 26, 2023 Munnelly’s Market Commentary…  Asian equity markets traded in a mixed fashion overnight  with a lack of clear direction as major central bank policy decisions are approaching. The US Federal Reserve (FOMC) is expected to make an announcement today, followed by the European Central Bank and the Bank of Japan […]

The FTSE Finish Line – July 26 – 2023 FTSE Earnings Disappoint, NatWest CEO Exit Weighs On Wednesday, the UK’s FTSE 100 experienced a slight decline due to negative corporate updates from some key companies. Miner Rio Tinto and bank Lloyds reported disappointing results, weighing down the blue-chip index. Additionally, NatWest Group’s shares dropped by […]

EURUSD, “Euro vs US Dollar” EURUSD has secured above the Tenkan-Sen line. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the Tenkan-Sen line at 1.1090 is expected, followed by a decline to 1.0885. An additional signal confirming the decline will be a rebound from the lower boundary […]

EURUSD, “Euro vs US Dollar” EURUSD has formed a Hammer reversal pattern near the support level on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The growth target might be the resistance at 1.1130. However, the quotes could correct to 1.1020 and continue the uptrend after the pullback. USDJPY, […]

BTC Correction Underway The softening in BTC over recent weeks will no doubt be frustrating for crypto bulls, on the back of what seemed like an imminent breakout earlier in the month. However, the move can still be viewed as a correction for now, despite the deep fall we saw on Monday. Looking ahead today, […]

CPI Falls Again The Aussie Dollar has come under pressure today on the back of the latest set of Australian inflation figures released overnight. CPI was seen cooling further last month, with the quarterly reading falling to 0.8% from 1.4% prior., below the 1% the market was looking for. The trimmed quarterly figure was seen […]

TitleUSDJPY H4 | Falling to support level? TypeBearish Reversal Preference:Price is nearing our pivot point of 142.225 which is a pullback resistance level that aligns with 61.8% Fibo retracement,. A reverse from here, price could fall to 1st support at 140.251 which is a pullback support level. Alternative scenario:However, if price breaks above the pivot, […]

TitleEURUSD H4 | Potential Bullish reversal? TypeBullish Bounce Preference:Price is approaching our pivot point of 1.10464 which is a pullback support level. A reverse from here, price could push up to 1st resistance at 1.11429 which is a pullback resistance level. Alternative scenario:However, if price breaks below the pivot, it could fall to 1st support […]