Category: Technial Analysis
Daily Market Outlook, January 30, 2024 Munnelly’s Market Minute…“Eurozone Q4 GDP Eyed” Asian markets saw a mixed trading session with the momentum from Wall St’s record highs offset by weakness in China. The Nikkei 225 initially rose after a surprise drop in Japan’s unemployment rate, but later gave up most of its gains. This evening, […]
The price of Brent oil rebounded from the broken downtrend and dropped. As can be seen from the daily timeframe, the price of this asset is moving within a large range. The asset might potentially have to face resistance at the level of 95.00 and head south. So, let’s observe what is going to happen […]
Middle East Tensions Driving Safe-Haven Demand Gold prices are seeing a decent bid across early European trading on Monday. Traders are braced for an important week with the FOCM due on Wednesday. As trading begins, however, focus is on the rising tensions in the Middle East. News of fresh attacks on ships in the Red […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction wave to 1.0884. Today the market is forming a structure of a decline wave to 1.0839. Once this level is reached, a narrow consolidation range is expected to form around this level. With an escape from the range upwards, a growth link to 1.0860 is […]
The primary currency pair remains in a state of consolidation. The current EURUSD exchange rate stands at 1.0847. Friday’s statistics revealed that the core PCE price index in the US dropped to 2.9% year-over-year in December. It was 3.2% y/y in November, and the forecast suggested a decrease to 3.0%. This indicates that the inflation […]
Oil Tanker Attacked in Red Sea Crude prices are in the spotlight as we start the new week following reports over the weekend of fresh violence in the Middle East. Despite the recent US and UK airstrikes on Houthi rebel sites in Yemen, the group carried out fresh missile attacks against ships in the Red […]
Crypto Rallying on Monday BTC futures are trading in green across the European morning on Monday, extending gains from Friday when the market saw a more than 6% rally. While still down around 13% on the year, the move back above 40345 support is an encouraging development for bulls. The move has been linked to […]
EURUSD, “Euro vs US Dollar” EURUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the 1/8 (1.0803) level is expected, followed by a price decline to the support at 0/8 (1.0742). The scenario […]
The Japanese yen, paired with the US dollar, is firmly gripped in a sideways channel. The current USDJPY exchange rate stands at 148.07. Considering how volatile the yen usually is, the current state of affairs is surprising. The currency market is in a global state of consolidation. The US dollar is holding tight due to […]
EURUSD, “Euro vs US Dollar” EURUSD has found a foothold under the signal lines of the indicator. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0855 is expected, followed by a decline to 1.0685. An additional signal confirming the decline […]