Category: Technial Analysis
The EURUSD pair is currently hovering near recent lows, extending the downside on Monday as markets still digest the stellar NFP report released last Friday and the unexpected verbal intervention from Powell, which he decided to make in the interview on Sunday. Momentum indicators suggest that the pair could have another leg lower; however, the […]
Last week, Gold formed a gap and broke the local downtrend (points 1, 2, and 3). Hence, the price of this asset might potentially get back to the broken downtrend and then rebound forward. In this case, the asset’s price might test the resistance level of 2085. So, let’s observe what might happen next. The […]
Gold Falls on Monday Gold prices are seeing decent selling interest across early European trading on Monday. The move comes amidst an uptick in USD on the back of a bumper set of US jobs figures last week and hawkish commentary from Fed’s Powell over the weekend. US Jobs Soar Again On Friday, the NFP […]
Euro Lower on Monday EURUSD is testing below the 1.0785 level today for the first time since early December as a strong US Dollar sets the tone for FX markets. The Dollar is rising on the back of a set of bumper US jobs figures on Friday which saw the largest jobs growth in a […]
Crude Correction Deepens Following a move above the December highs last week, oil prices have turned sharply lower this week with crude futures now down around 7% from YTD highs. The sell-off comes as OPEC+ this week held its production quotas unchanged. There had been speculation of a potential further decrease in production levels suggesting […]
Gold prices took a nosedive following the release of January’s Nonfarm Payrolls (NFP) data by the United States Bureau of Labor Statistics. The report revealed a staggering 353K new hires, surpassing the consensus of 180K and December’s 216K fresh payrolls. Despite investor expectations for a slight uptick to 3.8%, the Unemployment Rate held steady at […]
USD Lower Ahead of NFP Ahead of the latest US jobs data due today, the US Dollar has turned lower. The move comes despite the Fed this week pushing back against near-term rate-cut calls. The sell-off is partly linked to position covering ahead of the data. With a weaker figure expected on the headline NFP […]
The main currency pair is on the rise on Friday. The current EURUSD exchange rate stands at 1.0880. Today promises to be a significant day for currency investors as the US prepares to release employment market statistics for January – and more. Per average expectations, the unemployment rate increased to 3.8% last month from the […]
Brent Brent quotes have broken below the 200-day Moving Average on H4, indicating the potential development of a downtrend. However, the RSI is approaching the oversold area. As a result, in this situation, the price is expected to test the 2/8 (78.12) level, rebound from it, and rise to the resistance at 3/8 (79.69). The […]
Daily Market Outlook, February 2, 2024 Munnelly’s Market Minute…“Mega Tech Earnings Boost Equities, Focus Shifts To Jobs Data” Prior to the release of the monthly US labor report later today, most equity markets in the Asia-Pacific region are experiencing gains. This is due to strong performances in the tech sector after the US market closed,both […]