Latest Market News
TitlePotential Bearish Reversal TypeBearish Reversal Preference:Price has just reacted off the pivot point of 2,024.77 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level and could potentially drop lower from here; we could see momentum carry price down to its 1st support at 2,000.55 which is a pullback support level. Alternative […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Doji reversal pattern. Currently, the instrument could go by the reversal signal in a descending wave. The correction target might be the 2005.00 level. After a test of the support, the price could rebound from this level and continue developing the uptrend. However, the quotes could […]
Brent Brent quotes are on the 200-day Moving Average on H4, indicating a lack of any trend. The RSI is testing the resistance line. In this situation, a downward breakout of 2/8 (78.12) is expected, followed by a price decline to the support at 0/8 (75.00). The scenario could be cancelled by rising above 3/8 […]
Pound Under Pressure The British Pound has come under fresh selling pressure today on the back of the latest UK economic data released this morning. UK retail sales were seen plunging lower last month, printing -3.2% from the prior month’s 1.4%, well below the -0.5% the market was looking for. Given that December is typically […]
Daily Market Outlook, January 19, 2024 Munnelly’s Market Minute…“China Short Sales Ban Adds To Regional Concerns” Asian stocks mainly gained momentum from the tech-driven advances on Wall Street, where sentiment was boosted by the lowest initial jobless claims since September 2022. Tech stocks were also lifted by TSMC’s earnings, which drove the company’s shares up […]
The primary currency pair remains in a consolidation phase on Friday. The current EURUSD exchange rate stands at 1.0877. The US statistics released yesterday came out mixed, strengthening the market’s belief that the Federal Reserve does not probably need to reduce the interest rate now. Initial jobless claims decreased to 187 thousand over a week […]