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Daily Market Outlook, January 3, 2024 Munnelly’s Market Minute… Most Asian markets experienced declines as market sentiment echoed the downbeat performance of Wall Street, even though there was no clear reason for the negative trend. Meanwhile, Japanese markets were closed for a market holiday. Hang Seng and Shanghai Comp had mixed performance, with Hang Seng […]
TitleUSDCAD H4 | Heading into overlap resistance TypeBearish Reversal Preference:Price is rising towards the pivot point of 1.33649 which is an overlap resistance and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.32589 which is a pullback support level. Alternative scenario: If price breaks above the […]
TitleEURUSD H4 | Bearish Reversal? TypeBearish Reversal Preference:The price is rising toward our pivot point of 1.0981, which serves as a pullback resistance level aligning with the 23.6% Fibonacci. A reversal from this point could lead the price to drop to the 1st support at 1.0911, an overlap support level. Alternative scenario:However, if the price […]
TitleNAS100USD H4 | Potential bearish breakout TypeBearish Breakout Preference:Price is falling towards the pivot point of 16542.7 which is a pullback support and could potentially break under this level; we could see momentum carry price down to its 1st support at 16321.47 which is a support level that aligns with a confluence of Fibonacci levels […]
TitleGBPUSD H4 | Potential Bearish reversal TypeBearish Reversal Preference:The price is rising toward our pivot point of 1.2688, which serves as a pullback resistance level aligning with the 38.2% Fibonacci. A reversal from this point could lead the price to drop to the 1st support at 1.2581, a pullback support level. Alternative scenario:However, if the […]
Brent Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. However, the RSI is approaching the oversold area. In this situation, a test of 1/8 (76.56) is expected, followed by a rebound from this level and a rise to the resistance at 3/8 (79.69). The scenario could be […]