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Daily Market Outlook, November 7, 2023 Munnelly’s Market Commentary… Asia – stocks experienced a decline across the board, retreating from the previous day’s gains, with Wall Street’s mixed performance contributing to the uncertainty. South Korea’s KOSPI was a significant underperformer, dropping over 2.8% following the previous day’s surge driven by the ban on stock short-selling. […]
Historical records indicate that November has historically been a challenging month for the Dollar, and it appears that this November is following the trend. The currency commenced the month with a notable decline, shedding roughly 1.7% of its trading value in less than a week. The DXY index made a sharp move downward, breaking out […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 1.3790. Next, the price could break the resistance level and continue the uptrend. However, the quotes could pull back to 1.3655 before […]
EURUSD, “Euro vs US Dollar” EURUSD has gained a foothold below the Tenkan-Sen line. The pair is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 1.0645 is expected, followed by growth to 1.0815. An additional signal confirming the rise could be a rebound from the upper boundary […]
China Exports Fall Again Copper prices are coming under fresh pressure today on the back of weaker-than-forecast data out of China overnight. Total exports were seen contracting deeper than expected last month, reflecting an overall dip in output. With recent manufacturing sector data reflecting this weakness, traders are once again concerned over the health of […]
TitleGBPJPY H4 | Bullish bounce off 78.6% fibo? TypeBullish Bounce Preference: Price could potentially fall to our pivot point at 185.13, which is a pullback support, 78.6% fibo projection, and 50% fibo retracement. If price bounces off from our pivot point, then we can expect price to rise towards the 1st resistance at 186.05, which […]