Category: Technial Analysis
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction, reaching 1.1138. A new decline wave could follow, targeting 1.0763. The market has already completed the first impulse to 1.0940 and is in a consolidation phase around this level today. With an upward breakout, the price could correct to 1.1010. A downward breakout will open […]
EURUSD, “Euro vs US Dollar” EURUSD has completed the first decline wave to 1.0877. A consolidation range could form around 1.0942 today. With an escape from the range upwards, a correction to 1.1010 at least could follow. With a downward escape, the potential for further wave extension to 1.0750 might open. This is a local […]
Daily Market Outlook, January 9, 2024 Munnelly’s Market Minute…“Snapback In Risk Sentiment” Stocks in Asia traded higher, taking cues from the positive performance of Wall Street. The tech sector stood out, driven by a growing appetite for risk in a low-yield environment and a decline in oil prices. Fedspeak contributed to positive sentiment as Governor […]
TitleEURGBP H4 | Bouncing off Fibo level TypeBullish Bounce Preference:EURGBP is bouncing off the pivot point at 0.85884, the pullback support that aligns with the 78.6% Fibonacci level. The price could continue to rise to 1st resistance at 0.8647, the overlap resistance level. Alternative scenario:The price could pull back and break through the pivot point […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD has found a foothold under the lower boundary of the bullish channel. The instrument is going under the Ichimoku Cloud, revealing the prevalence of a downtrend. A test of the Tenkan-Sen line at 0.6715 is expected, followed by a decline to 0.6570. The decrease could be additionally supported […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The pullback target might be 1.3440. Next, the price might rebound from the resistance and extend the downtrend. However, the quotes could drop to 1.3300 without testing […]
The job report and Services PMI in the US gave the market a bit of a rollercoaster ride last Friday. The dollar flexed its muscles after the employment statistics revealed the US added 216K jobs in December, beating the expected 170K. However, the November job figure got a downgrade to 173K. Unemployment held steady at […]
Gold Turning Lower on Monday Gold prices have come under heavy selling pressure on Monday with the futures market shedding around 1.3% so far. The decline comes against continued strength in the US Dollar on the back of last week’s stronger-than-forecast US jobs data. The headline NFP was seen printing 216k vs 168k expected, up […]
Saudi Arabia Cuts Selling Price Oil prices came under pressure on Monday as traders digested news of fresh price cuts from de-facto OPEC leader Saudi Arabia. The kingdom slashed the official selling price of its leading product, Arab light crude, it its lowest level in over two years. The price cuts come on the back […]
Daily Market Outlook, January 8, 2024 Munnelly’s Market Minute… In Asia, stocks experienced a gradual decline following a quiet start, influenced by post-data market volatility in the US and the absence of Japanese participants due to Respect for the Aged Day. The markets are eagerly anticipating key inflation data releases later this week. The Hang […]