Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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Threads Takes on Twitter Shares in Meta are trading higher today ahead of the open as the stock receives a bullish boost from the launch of new Twitter rival Threads. The new app, which takes its users profile name, pictures and contacts over from Instagram on signup, has reportedly gained around 10 million users in […]
Daily Market Outlook, July 06, 2023 Munnelly’s Market Commentary… Asian equity markets mostly traded lower, influenced by weak global data releases, a rising yield environment, and limited guidance from the FOMC Minutes regarding future rate increases. The Nikkei 225 faced selling pressure after falling below the 33K handle. The Hang Seng and Shanghai Comp also […]
TitleGBPUSD H4 | Falling to 50% Fibo support TypeBullish Bounce Preference: Price is falling towards the pivot point of 1.26699 and could potentially reverse from here; we could see momentum carry price up/down to its 1st resistance at 1.27522. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 1.26044. […]
US Data Dump Due The Dow Jones is holding just below a major resistance level on Thursday as traders brace for a slew of US data later today. US ISM Services PMI, ADP employment change, unemployment claims and JOLTS job openings are all on deck. Following a muted few sessions for the Dollar, today’s data […]
The major currency pair remains under pressure on Thursday. The current EURUSD quote is 1.0840. The US dollar gained support from the Federal Reserve yesterday when it released the minutes of its last meeting, which was held two weeks ago. Some monetary committee members are ready to support a 25-basis points rate hike in July. […]
TitleUS30USD H4 | Bullish reversal off 61.8% fibo TypeBullish Bounce Preference:Price is slowly approaching our pivot point at 33912.23, and could potentially have a bullish reversal at the 61.8% fibo retracement level. If there’s a bullish reversal, price could reach the 1st resistance at 34499.77. Alternative scenario:If price breaks below the pivot point, then price […]
TitleUSDCAD H4 | Bearish reaction off 78.6% fibo TypeBearish Reversal Preference:Price is approaching our pivot point at 1.3333, and could potentially have a bearish reversal here to the 1st support level at 1.32789. This is supported by the 78.6% fibo projection and 38.2% fibo retracement levels, indicating that there is fibo confluence. Alternative scenario:If price […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF are under the 200-day Moving Average on H4, revealing a prevailing downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 2/8 (0.8972) is expected, followed by a decline to the support at 0/8 (0.8911). The scenario can be cancelled by rising above […]
The Japanese yen has paused its devaluation against the US dollar. The current USDJPY quote is 144.59. On one hand, JPY is performing a technical pullback following its recent significant weakening. On the other hand, the reduced risk appetite in the currency market has led to increased demand for safe-haven assets. While the yen has […]
Muted Reaction to Minutes The June FOMC minutes yesterday were broadly USD positive but offered little in the way of new information and, as such, saw a relatively muted market reaction. The minutes confirmed that the majority of members agreed that further tightening would likely be necessary despite the decision to hold rates unchanged in […]
BTC Holding Near Highs Bitcoin futures are holding just below the year’s highs as we move through the European morning on Thursday. After a deep correction lower from the initial YTD highs in April, the market has since recovered firmly and is now sitting in a holding pattern, looking poised for an imminent breakout. One […]
EURUSD, “Euro vs US Dollar” EURUSD is rebounding from the support level. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower border of the Cloud at 1.0895 is expected, followed by a decline to 1.0725. An additional signal confirming the decline will be a rebound from the […]