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Daily Market Outlook, January 26, 2024 Munnelly’s Market Minute…“China Stimulus Bid Fades” Asian markets have experienced broad declines following a recent period of gains. The negative sentiment follows disappointing projections from chipmaker Intel, despite a strong finish to trading on Wall Street. U.S. markets were lifted by a robust GDP report, showing annualized growth of […]
The Japanese yen, paired with the US dollar, continues to balance in a sideways range. The current USDJPY exchange rate stands at 147.76. A week ago, the instrument reached a peak at 148.80. Core inflation in Tokyo in January dropped to 1.6% y/y, compared to the previous figure of 2.1% and a forecast of 1.9%. […]
The primary currency pair is in decline on Friday. The current EURUSD quote stands at 1.0842. At its meeting in January, the European Central Bank maintained the current monetary policy structure unchanged. The interest rate remained at 4.5% per annum, a historical maximum. In its comments, the ECB explained that the rate is at a […]
TitleEURUSD H4 | Rising to resistance TypeBullish Bounce Preference:Currently, the price has bounced off the pivot point at 1.08307, a swing-low support. Price is on an uptrend and could rise to 1st resistance at 1.09298, an overlap resistance. Alternative scenario:It might reverse and breakout of pivot point, from there it could fall to 1st support […]
BTC Selling Subsides The sell-off in Bitcoin appears to have lost momentum in recent days. Following a more than 20% decline from the YTD highs, BTC prices have stabilised since mid-week, failing to break lower ground. With much of the selling attributed to ETF outflows from those who bought in well before approval was granted, […]
Brent Brent quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. However, the RSI has reached the overbought area. In this situation, a downward breakout of 4/8 (81.25) is expected, followed by a price decline to the support level of 3/8 (79.69). The scenario could be cancelled by rising […]