Category: Technial Analysis

First Inventories Draw in 7 Weeks Crude prices are starting to build some bullish momentum here. After early weakness on Monday, crude futures have now recovered around 5% off the week’s lows and are fast approaching a fresh test of the YTD highs. Futures pushed firmly higher yesterday in response to the latest data from […]

TitleRising into Swing-high ResistanceTypeBearish ReversalPreference:Price is rising towards the pivot point of 85.085 which is a swing-high resistance that aligns with the 127.2% Fibonacci extension level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 81.892 which is a pullback support that aligns with the 38.2% […]

Daily Market Outlook, March 14, 2024 Munnelly’s Macro Minute… “Markets Await Last Pieces Of The Data Puzzle Ahead Of Next Week’s FOMC Meeting” In response to mixed signals from global markets, Asian stock markets are also experiencing mixed trading on Thursday. Traders are exercising caution and staying on the sidelines as they await key U.S. […]

TitleEURJPY H4 | Potential bullish breakout TypeBullish Bounce Preference:EURJPY is sitting on the pivot point at 161.757, which is the overlap resistance. Price could break above the pivot and rise to the 1st resistance at 163.451, the swing-high resistance. Alternative scenario:It might break below the pivot and fall to the overlap support at 160.263, which […]

USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be the 1.3525 mark. Next, the price might break above the resistance and maintain its upward trajectory. However, the quotes could undergo […]

USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are in the overbought area on H4, while the RSI is nearing the resistance line. In this situation, a breakout of the 8/8 (0.8789) level is expected, followed by a decline to the support at 6/8 (0.8667). The scenario could be cancelled by a breakout of the […]

Gold Stalls Above Former Highs Gold prices continue to hold above the broken 2149.72-level former all-time highs. Following a breakout move last week, price has since softened as traders digest recent US data. An upside beat on the headline NFP reading for last month along with a hotter-than-forecast inflation reading have caused some near-term uncertainty […]

TitleEURUSD H4 | Bearish Drop TypeBearish Drop Preference:Price has reacted the pivot point of 1.0943, A drop from this level could lead the price to fall to 1st support at 1.0902. an overlap support level Alternative scenario:  If the price bounces the pivot, it could rise to 1st resistance at 1.0987, above swing high resistance […]

EURUSD, “Euro vs US Dollar” The EURUSD pair has completed a correction wave towards 1.0963. Practically, the market has set the frames for a consolidation range. A decline link to 1.0878 is expected today. Breaking this level, the price could extend the trend to 1.0800, from which level the wave structure might form towards 1.0777. […]

EURUSD, “Euro vs US Dollar” EURUSD is testing the indicator’s signal lines. The pair is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 1.0920 is expected, followed by a rise to 1.1060. An additional signal confirming the rise might be a rebound from the […]