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Daily Market Outlook, July 06, 2023 Munnelly’s Market Commentary… Asian equity markets mostly traded lower, influenced by weak global data releases, a rising yield environment, and limited guidance from the FOMC Minutes regarding future rate increases. The Nikkei 225 faced selling pressure after falling below the 33K handle. The Hang Seng and Shanghai Comp also […]
TitleGBPUSD H4 | Falling to 50% Fibo support TypeBullish Bounce Preference: Price is falling towards the pivot point of 1.26699 and could potentially reverse from here; we could see momentum carry price up/down to its 1st resistance at 1.27522. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 1.26044. […]
US Data Dump Due The Dow Jones is holding just below a major resistance level on Thursday as traders brace for a slew of US data later today. US ISM Services PMI, ADP employment change, unemployment claims and JOLTS job openings are all on deck. Following a muted few sessions for the Dollar, today’s data […]
The major currency pair remains under pressure on Thursday. The current EURUSD quote is 1.0840. The US dollar gained support from the Federal Reserve yesterday when it released the minutes of its last meeting, which was held two weeks ago. Some monetary committee members are ready to support a 25-basis points rate hike in July. […]
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TitleUS30USD H4 | Bullish reversal off 61.8% fibo TypeBullish Bounce Preference:Price is slowly approaching our pivot point at 33912.23, and could potentially have a bullish reversal at the 61.8% fibo retracement level. If there’s a bullish reversal, price could reach the 1st resistance at 34499.77. Alternative scenario:If price breaks below the pivot point, then price […]