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The British pound sterling remains in a sideways range against the US dollar. The current quote in GBPUSD is 1.2698. While the pound maintains its balance against the USD, it has reached a four-month high against the EUR. This was influenced by the fact that the British economy appears as stable as before, and the […]
Daily Market Outlook, January 24, 2024 Munnelly’s Market Minute…“China Restricts Short Selling & PBoC Cut RRR BY 0.5%” Asian markets traded with mixed results, influenced by the performance of Wall St, corporate earnings, and recent statements from the Bank of Japan. The Nikkei 225 was under pressure due to rising Japanese bond yields and a […]
TitleFalling to 38.2% Fibo Support TypeBullish Bounce Preference:Price is falling towards the pivot point of 103.098 which is a pullback support that aligns close to the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 103.436 which is a pullback resistance level. […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a decline wave, reaching 1.0821. Today it experienced growth momentum towards 1.0845. A narrow consolidation range has formed, and by breaking it upwards, the market continues a corrective wave to 1.0866. After the price reaches this level, a decline to 1.0845 could follow (a test from above). […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are approaching the overbought area on H4. The RSI has rebounded from the support level. In this situation, the price is expected to test the 8/8 (150.00) level, rebound from it, and decline to the support at 6/8 (146.87). The scenario could be cancelled by rising above […]
TitleEURJPY H4 | Bearish breakout TypeBearish Breakout Preference:The current price is on a down trend, once it breaks the pivot point at 160.63, the pullback support aligning with 38.2% Fibonacci retracement level, price might fall to 1st support at 159.424, the overlap support. Alternative scenario:The price could bounce off the pivot point and rise to […]