Market Analysis

XAUUSD, “Gold vs US Dollar” Gold has formed a Hanging Man reversal pattern near the resistance level. Currently, the instrument is going by the reversal signal in a corrective wave. The pullback target could be 1950.00. After a test of the support level, the price might rebound from it and continue the uptrend. However, the […]

Daily Market Outlook, July 14, 2023 Munnelly’s Market Commentary…  Asian equity markets were mostly positive in overnight trading following a favourable performance on Wall Street. Yields continued to decline, supported by the softer consumer inflation and PPI data, strengthening the case for just one more rate hike by the Federal Reserve. The Nikkei 225 remained […]

Stocks Rally on CPI Drop The Nasdaq is trading at its highest level since early 2022 this week as the index continues to rally against the backdrop of a weaker US Dollar. The index is now up almost 5% off the July lows and looks set for further gains near-term as traders continue to scale […]

The US June CPI report left the dollar entirely defenseless, causing the US currency index to plummet to nearly 100 level: As seen in the chart, this is the lowest level since April 2022, meaning the dollar index has not been in this area for over a year. Dropping below the 101 level, the dollar […]

The market’s most traded currency pair maintains upward momentum on Thursday. The current EURUSD quote is 1.1140. So, the US dollar dropped to its annual low against the Euro after the US published statistical data on the Consumer Price Index in June. The index rose by 0.2% m/m against the forecast rise of 0.3%. Such […]

The FTSE Finish Line – July 13 – 2023 FTSE & Sterling Shine As Miners Lead The Charge, Homebuilders Weigh The FTSE recorded a second day of gains on Thursday heading into the close; the blue chip index was up 0.6%, driven by the positive performance of energy and mining stocks. The increase in commodity […]

US CPI Falls Again The US Dollar has come under heavy selling pressure today on the back of yesterday’s US inflation data. On the yearly figure, CPI was seen cooling to 3% from 4% prior, below the 3% reading the market was looking for. Both monthly readings were also seen coming in below expectations. Having […]

USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes on H4 and the RSI are in their oversold areas. In these circumstances, the instrument is expected to rise above -1/8 (0.8667) and advance to the resistance level of 0/8 (0.8789). The scenario can be cancelled by a downward breakout of the support at -2/8 (0.8544), which […]

The British pound sterling does not stop the rally against the US dollar. The current GBPUSD quote is 1.3000. The fall of the US dollar provided support for the pound and added to the list of triggers recently launching the rise in the GBP rate. From the fundamental point of view, the pound relies on […]

GDP Dips in May… But Less Than Expected The latest set of UK economic data today was a mixed bag. On the headline GDP reading, the UK economy was seen contracting in May, falling 0.1% against the prior month’s 0.2% reading. However, the dip has largely been attributed to the extra bank holiday in place […]

Gold Rallying The fall in USD this week has helped gold prices recover sharply.  With US inflation seen cooling further last month, US rate hike expectations have plummeted. While a hike is still priced in for the July meeting, beyond that traders are expecting the Fed to hold rates steady through until the first projected […]

GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD quotes are testing the upper boundary of a bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.2940 is expected, followed by a rise to 1.3035. An additional signal confirming the rise will be a […]