Market Analysis

TitleUSDJPY H4 | Reversal from 23.6% Fibo TypeBullish Bounce Preference:Price could fall towards the pivot point of 142.262 and potentially reverse from here; we could see momentum carry price up to its 1st resistance of 143.26. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support of 141.25.  To discuss this […]

Silver Under Pressure The latest round of US PMI readings will be in focus today. An uptick in USD has put fresh pressure on metals with silver prices now down around 10% from the month’s highs. Powell’s reaffirmation this week of the Fed’s outlook at the recent FOCM has seen market sentiment flipping back in […]

TitleEURUSD H4 |  Bounce off support level TypeBullish Bounce Preference: Price is falling towards our pivot point of 1.09083 which is an overlap resistance. A reverse from here, price could rally to 1st resistance at 1.09696 which is a pullback resistance level. Alternative scenario:However, if price breaks below the pivot, it could fall to 1st […]

Daily Market Outlook, June 23, 2023 Munnelly’s Market Commentary…  Asian equity markets struggled to maintain their early positive momentum and stumbled, influenced by the mixed performance seen in the US. While the S&P 500 and Nasdaq managed to end their losing streaks, most sectors finished the day in negative territory following a busy day of […]

Powell Says Further Hikes Likely US markets ended the day lower yesterday and are on course for a negative week. The conclusion from Powell’s two-day testimony at the Senate is that further hikes are likely on the way this year. While the Fed chair offered little in the way of new information, his view was […]

Despite the European Central Banks’ decision to raise rates further, which theoretically should have benefited European currencies due to the widening interest rate differential, investor interest in the dollar saw a sharp increase yesterday. During the second part of his testimony to Congress, the head of the Federal Reserve (Fed) aimed to address the communication […]

The BTC on Friday is balancing near 30,016 USD. The leading cryptocurrency has been correcting since yesterday after two days of impressive growth. The BTC gained more than 17% over two trading sessions. The crypto sector demonstrated a positive reaction to the compound of good news. After the market heard the news about the application […]

TitleNZDUSD H4 | Potential Bounce off support TypeBullish Bounce Preference: Price is falling to our pivot point of 0.61144 which is a pullback support level that aligns with a 50% and 61.8% Fibo retracement. A reverse from here, price could rally towards 1st resistance at 0.62072 which is a multi-swing high resistance. Alternative scenario: However, […]

EUR Slides on Weak PMIs EURUSD has come under heavy selling pressure today in response to the latest wave of eurozone PMI data released this morning. Weakness across French and German readings, as well as the overall eurozone readings, has put fresh focus on fears for the health of the eurozone economy, particularly with the […]

The Japanese yen has returned to the course of devaluation against the US dollar. The current USDJPY quote is 143.01. The yen reacts to macroeconomic reports selectively, but today is the case. The latest statistics showed that consumer prices in Japan increased faster than expected in May. At the same time, a tendency towards inflation […]

Brent Brent quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a breakout of 3/8 (73.44) is expected, followed by a decline to the support at 2/8 (71.88). The scenario can be cancelled by rising above the resistance at […]

BOE Hikes Again The BOE took the bull by the horns yesterday and hiked rates by a further .5%, taking the headline UK interest rate up to 5%, its highest level in 13 years. The move comes on the back of the latest UK CPI data earlier this week which showed core inflation moved higher […]