Category: Technial Analysis

GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the signal lines of the indicator. The instrument is going below the Ichimoku Cloud, which reveals a downtrend. A test of the lower boundary of the Cloud at 1.2170 is expected, followed by a decline to 1.1965. An additional signal confirming the decline could be […]

XAUUSD, “Gold vs US Dollar” Gold has formed a Hanging Man reversal pattern. Currently, the instrument is going by the reversal pattern in a descending wave. The pullback target might be 1960.00. Upon testing the support, the price could rebound from it and continue developing the ascending wave. However, the price might rise to 2000.00 […]

Daily Market Outlook, October 23, 2023 Munnelly’s Market Commentary…  Asia – Asian equity markets saw declines, partially reflecting the losses in European and US markets from Friday. However, futures for European and US equities were trading higher. Meanwhile, both oil and gold prices decreased as investors continued to assess the ongoing volatile situation in the […]

TitleEURJPY H4 | Bullish bounce off 38.2% fibo? TypeBullish Bounce Preference: Price could potentially bounce off our pivot point at 158.49, which is an overlap support level, aligning with the 38.2% fibo retracement. Since price has been creating higher highs and higher lows, we can expect a bounce from here to the 1st resistance level […]

TitleEURJPY H4 | Bullish bounce off 38.2% fibo? TypeBullish Bounce Preference:Price could possibly bounce off our pivot point at 158.46, which is an overlap support, aliging with the 38.2% fibo retracement. Price has broken through a major resistance, and could possibly bounce off this current support level, to rise towards the 1st resistance at 159.20, […]

Curveball From Powell Hotly anticipated comments from Fed chairman Powell yesterday ultimately presented markets with something of a curveball. On the back of the recent uptick in US data and with several Fed members voicing hawkish opinions, traders had been expecting Powell to double down on the hawkish message offered at the last FOMC meeting, […]

BTC Volatility Following a volatile start to the week, Bitcoin has managed to rally across the last few days and is on course to end the week more than 10% higher. On Monday, Bitcoin prices saw explosive movement around a (later retracted) tweet from CoinTelegraph claiming that the BlackRock BTC ETF had been approved by […]

Currency markets saw a slight bearish tilt in Powell’s remarks on Thursday, causing some weakening in the dollar’s support. The dollar index dipped below the 106 level post-speech, but it failed to elicit significant interest from sellers. As a result, the price stabilized on Friday, trading above 106 points. Since the end of last week, […]

Retail Sales Drop in September Following a disappointing CPI reading earlier in the week, the latest data out of the UK today made for further grim reading. UK retail sales were seen falling 0.9% in September, down from 0.4% in August and below the -0.3% the market was looking for. The ONS cited the unseasonably […]

EURUSD, “Euro vs US Dollar” EURUSD has escaped a consolidation range upwards, completing a new wave of correction to 1.0650. A structure of decline to 1.0530 is forming today. After the price reaches this level, a link of growth to 1.0577 is not excluded (with a test from below). Next, a decline to 1.0520 might […]