Market Analysis

XAUUSD, “Gold vs US Dollar” Gold has formed a Hammer reversal pattern near the support level. The instrument is now going by the reversal signal in a corrective wave. The growth target might be 1930.00. Upon testing the resistance, the price could rebound from it and continue the downtrend. However, the quotes could drop to […]

Daily Market Outlook, June 30, 2023 Munnelly’s Market Commentary…  Asian equity markets traded cautiously into month & quarter end, with modest gains against the backdrop of a higher yield environment. Market participants were digesting a series of data releases at the end of the quarter, including the latest official PMIs from China. The Nikkei 225 […]

Gold Correction Continues Gold prices are seeing some weakness today against the backdrop of a stronger US Dollar. The greenback has been well bid on the back of better-than-forecast GDP data yesterday and a slew of hawkish comments from Fed’s Powell this week. With traders eyeing a fresh .25% hike in July, metals have weakened […]

GDP Soars Above Forecasts The US Dollar is trading higher today on the back of the latest set of US economic data yesterday. US GDP for the last quarter was seen surging higher to 2%. This was a stark jump from the prior 1.3% reading and the expected 1.4% reading the market was looking for. […]

TitleEURJPY H4 | Bullish bounce off overlap support TypeBullish Bounce Preference:Price is close to the pivot point at 156.723 and could potentially reverse to bounce higher to hit the 1st resistance at 158.887. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 155.188. To discuss this trading idea, head […]

BTC reached 30,710 USD on Friday, marking a weekly growth of 2.35%. Improvement in the domestic news landscape and the reestablished correlation with the US stock market are working in favour of the flagship cryptocurrency. At the same time, it should be noted that the rally is not formed yet because buyers remain cautious. For […]

The major currency pair was compelled to retreat by Friday. The current EURUSD quote is 1.0870. The focus the day before was primarily on the final US GDP report for the first quarter of 2023, which exceeded expectations. The US economy expanded by 2.0% from January to March, surpassing the previous growth estimate of 1.3% […]

TitleUSDCHF H4 | Potential resistance at 50% Fibo TypeBearish Reversal Preference:Price could approach the pivot point at 0.90059 and potentially reverse to drop towards the 1st support at 0.89555. Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 0.9034.  To discuss this trading idea, head over to Tickmill Traders […]

Better US Data Supporting Oil Crude prices are trading a little firmer on Friday with crude futures on course to end the week in the green. Better data out of the US is supporting the view that the US will avoid a recession, adding support for the crude demand outlook. However, while data out of […]

EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of decline to 1.0859. Today the market is forming a consolidation range above this level. The range might extend to 1.0899. Next, a decline to 1.0821 could follow, from where the decline could continue to 1.0744. GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD continues […]

Brent Brent quotes on H4 are under the 200-day Moving Average, which indicates the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a rebound from 4/8 (75.00) is expected, followed by a decline to the support at 2/8 (71.88). The scenario can be cancelled by rising above the resistance […]

The confidence level of central bank leaders in further interest rate hikes is increasing, as demonstrated by the ECB symposium in Sintra. Powell stated that the policy may not be restrictive enough, and current expectations regarding the duration of the period of high interest rates may be underestimated by the market. He also acknowledged the […]