Category: Technial Analysis
EURUSD, “Euro vs US Dollar” EURUSD has gained a foothold below the lower boundary of the bullish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.0585 is expected, followed by a decline to 1.0425. An additional signal confirming the decline […]
Daily Market Outlook, November 1, 2023 Munnelly’s Market Commentary… Asia – stocks experienced predominantly higher trading conditions. However, the gains were limited for most indices ahead of the FOMC announcement. The region also faced a series of data releases, including disappointing Chinese Caixin Manufacturing PMI, which marked its first contraction in three months. The Nikkei […]
TitleEURJPY H4 | Bullish bounce off 38.2% fibo? TypeBullish Bounce Preference: Price is hovering at our pivot point at 159.82, which is a pullback support level, aligning with the 38.2% fibo retracement. Price could bounce off the pivot point and rise towards the 1st resistance at 160.83, which is a swing high resistance level. Alternative […]
TitleUSDJPY H4 | Falling to Support level? TypeBearish Reversal Preference: Price has just reacted off our pivot point of 149.51, which serves as a pullback resistance level. A reversal from this point could lead the price to drop to the 1st support at 148.89, a swing-low support level. Alternative scenario:However, if the price breaks above […]
Daily Market Outlook, October 31, 2023 Munnelly’s Market Commentary… Asia – stock markets experienced mixed trading as the month came to a close. This period was marked by a significant influx of data releases, including discouraging official Chinese PMIs, and investors also had to digest a multitude of earnings reports, along with the conclusion of […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Hanging Man reversal pattern. Currently, the instrument is going by the reversal signal in a descending wave. The correction target could be 1965.00. After testing the support level, the price could rebound and develop an ascending wave. However, the quotes might rise to 2025.00 without a […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are below the 200-day Moving Average on H4, revealing a prevailing downtrend. The RSI has broken the support line. In this situation, the price is expected to test the 3/8 (0.6378) level, break it, and drop to the support at 2/8 (0.6286). The scenario can be cancelled […]
Shop Prices Fall in October There was better news for UK households today with the latest UK BRC retail monitor showing shop prices fell again last month. Retail prices dropped from 6.2% to 5.2% in October, in an encouraging sign that the cost-of-living crisis is finally starting to ease off in the UK. Today’s decline […]
TitleCHFJPY H4 | Rising into 50% Fibo resistance TypeBearish Reversal Preference: Price is rising towards the pivot point of 166.555 which is an overlap resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 165.057 which is a […]
The Japanese yen paired with the US dollar is weakening again. The current USDJPY exchange rate stands at 150.11. The Bank of Japan left the interest rate unchanged at -0.10% per annum at today’s meeting, just as expected. At the same time, the central bank announced an increase in the flexibility of the yield curve […]