Category: Technial Analysis
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 decline target might be the support at 1.0710. However, the price could correct to 1.0800 and extend the downtrend after the test […]
EURUSD, “Euro vs US Dollar” EURUSD is correcting after a rebound from the support. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0780 is expected, followed by a decline to 1.0625. An additional signal confirming the decline could be a […]
GDP Falls Again The British Pound is trading lower across the early European session on Thursday. The selling comes in response to the attest growth data out of the UK with preliminary Q4 estimates reflecting a -0.3% dip in GDP over Q4 2023. On the back of the unrevised -0.1% reading over the prior month, […]
TitlePotential Bullish Reversal TypeBullish Bounce Preference:Price is falling towards the pivot point of 81.212 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 83.272 which is a pullback resistance level. Alternative scenario:If […]
ETH on The Up Alongside the sizeable rally we’re seeing in Bitcoin currently, Ethereum is also making its way higher. The second largest-traded crypto coin has broken out this week, now trading back at levels last seen in early 2022, up around 35% from the YTD lows. The improved crypto sentiment on the back of […]
US Data Flow Continues Following a hotter-than-forecast CPI report earlier in the week, traders are today bracing for the next slew of US data. Retail sales will be the key release to watch, along with Empire Fed and Philly Fed manufacturing index readings and unemployment claims. Given the data we saw on Tuesday the subsequent […]
The Japanese yen, paired with the US dollar, remains weak. The current USDJPY exchange rate stands at 150.14. While JPY quotes have marginally rebounded from their lows, their performance is far from impressive. Market attention is heavily focused on the state of the Japanese economy, with today’s statistics confirming the economy’s downturn into recession. The […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are in the overbought area on H4. The RSI has breached the support line. As a result, in this situation, a downward breakout of +1/8 (0.8850) is expected, followed by a decline to the support at 7/8 (0.8728). The scenario could be cancelled by a rise above […]
Daily Market Outlook, February 15, 2024 Munnelly’s Market Minute… “UK In Technical Recession, BoE Governor Optimistic” Asian equities, particularly chip stocks, drove the rise in Asian markets on Thursday. The Nikkei reached a new 34-year peak, while the dollar paused near a three-month high as investors evaluate the potential timing of the Federal Reserve’s easing […]
TitleGBPUSD H1 | Bearish reversal TypeBearish Reversal Preference:Price is rising toward the pivot point of 1.2580 which aligns with the 61.8% Fibo retracement, A reverse from this level could lead the price to fall to 1st support at 1.2520, a swing low support level Alternative scenario:If price breaks above the pivot, it could rise to […]