Category: Technial Analysis
The main currency pair on Wednesday continues falling. The current EURUSD exchange rate stands at 1.0793. Bulls in the USD are back on scene. At the same time, attention is focused not as much on the Fed’s interest rate but on the ECB’s rate. Earlier the ECB’s representatives mentioned that inflation in the eurozone was […]
The Australian dollar saw a moderate increase against the US dollar on Wednesday. The current AUDUSD exchange rate stands at 0.6589. Today the market analysed the Australian GDP statistics for Q3 2023. The economic increase did not live up to the expectations, demonstrating the slowest growth rate of the year. Calculated quarter by quarter, the […]
China Downgrade Copper prices look to be stabilising today following two days of heavy selling which saw copper futures reversing sharply from the 3.9410 level. The reversal lower comes amidst a fresh uptick in concerns over the health of the Chinese economy. News that ratings agency Moody’s has cut China’s credit outlook to negative has […]
Daily Market Outlook, December 6, 2023 Munnelly’s Market Commentary… Asia – Asian-Pacific stocks experienced widespread gains, driven by a more subdued yield environment, increased risk sentiment, and anticipation surrounding important data releases. The recent decline in US JOLTS job openings raised hopes for potential Federal Reserve rate cuts, further boosting the positive market atmosphere. The […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Harami reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3500. Next, the price could break the support and continue the downtrend. However, the quotes might correct to 1.3615 before falling. AUDUSD, […]
USDJPY, “US Dollar vs Japanese Yen” The USDJPY quotes have broken the 0/8 (146.87) level on H4, exiting the oversold area. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 1/8 (147.65) and reach the resistance at 2/8 (148.43). The scenario could be cancelled by a […]
USD Recovery Continues The US Dollar has seen better demand over recent sessions with the Dollar Index posting a small recovery for now. With a slew of data to come this week, starting with ISM data later today and culminating with jobs data on Friday, there is plenty of volatility risk to monitor this week. […]
Stocks Pause at Highs US stocks are softening from the week’s highs as we head into the US open on Tuesday. Following a solid rally off the October lows which saw the S&P gaining more than 12%, the move has stalled into a test of the YTD highs at 4602.90. The shift in trader’s expectations […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. The RSI is approaching the oversold area. In this situation, a test of 3/8 (0.6530) is expected, followed by a rebound from this level and a rise to the resistance at 5/8 […]
TitleAUDUSD H4 | Bullish bounce off pivot point? TypeBullish bounce Preference:The price is falling to the pivot point at 0.65699, an overlap support and could bounce off and rise towards the 1st resistance level at 0.66755, a multi-swing-high resistance. Alternative scenario:The price could break though our pivot point at 0.65699, an overlap support and fall […]