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Daily Market Outlook, November 16, 2023 Munnelly’s Market Commentary… Asia – .stocks experienced mixed performance, influenced by the choppy trading in the U.S. and a waning of recent data-driven momentum. The Nikkei 225, despite better-than-expected exports and machinery orders, saw a 0.1% decline as investors opted to book profits. in Hong Kong, the Hang Seng […]
TitleAUDJPY H4 | Falling to 38.2% Fibo support TypeBullish Bounce Preference: Price is falling towards the pivot point of 97.473 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 98.564 which is […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a Shooting Star reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The correction target could be the support level of 1.0800. However, the price might rise to 1.0910 and continue the uptrend without testing […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD has found a foothold above the Tenkan-Sen line. The instrument is going above the Ichimoku Cloud suggesting a downtrend. A test of the Kijun-Sen line is expected at 1.2355, followed by a rise to 1.2580. An additional signal confirming the growth could be a rebound from the […]
SEC Delays… Again Bitcoin prices surged higher once again yesterday with BTC futures rallying almost 10% off the week’s lows yesterday. The move came amidst news that the SEC has deferred ruling on the Hashdex Bitcoin ETF until 2024, having made a similar ruling on other crypto ETF applications. Judging by the market reaction it […]
USD Selling Pauses The US Dollar failed to continue the breakdown we saw on Tuesday as better-than-forecast retail sales data yesterday helped stem the selling. While still very weak at 0.1%, down from 0.8% prior, given that the data was marginally better than the -0.1% forecast, bulls were able to hang on. Empire state manufacturing […]