Category: Technial Analysis
Daily Market Outlook, September 20, 2023 Munnelly’s Market Commentary… Asian equity markets generally faced a downward trend as investors adopted a cautious stance ahead of forthcoming central bank policy announcements, including the Federal Open Market Committee (FOMC) rate decision and dot plot projections. Nikkei 225 weakened as the latest trade data indicated that Japanese exports […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of growth to 1.0716. Today the market is forming a wave of decline to 1.0660. After the price reaches this level, a link of correction to 1.0690 could follow. Next, a decline to 1.0635 might develop, from where the trend could continue to 1.0606. GBPUSD, […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are in the overbought area on H4. The RSI has broken the support line. In this situation, a downward rebound from +1/8 (147.81) is expected, followed by a decline to the support at 8/8 (146.87). The scenario can be cancelled by rising above the resistance at +2/8 […]
FOMC Up Next Price action in the US Dollar has been rather muted so far this week as traders prepare for the September FOMC later today. The event is widely expected to see the Fed holding rates unchanged while reaffirming its message that further rate hikes might still be appropriate, depending on the path of […]
EURUSD has stabilized around the 1.07 level, while the dollar index hovers near the 105 mark ahead of the Federal Reserve’s meeting scheduled for today. Markets are not anticipating a rate hike; however, the rhetoric regarding the November decision, which the market views as the most likely date for another, potentially final, rate increase this […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD has secured under the lower boundary of the descending channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 1.2365 is expected, followed by a decline to 1.2255. An additional signal confirming the decline will be a […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Shooting Star reversal pattern near the support level. Currently, the instrument is going by the reversal signal in a descending wave. The pullback target could be 1923.00. Upon testing the support, the price might rebound from the level and continue the uptrend. However, the quotes could […]
SNB Rate Hike Seen Following on from the FOMC tonight, traders will tomorrow turn their attention to the BOE meeting. However, ahead of that meeting, the SNB will step into the spotlight and expectations are geared towards the bank delivering a further rate hike. The Swiss government released its latest inflation outlook today and expects […]
TitleBCOUSD H4 | Potential bullish reversal TypeBullish Breakout Preference:Price is falling towards the pivot point of 93.087 which is an overlap support and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 95.098 which is a swing-high resistance level. Alternative scenario:If price breaks below the pivot point, […]
The Japanese yen in pair with the US dollar remains in a weak position. The current USDJPY exchange rate stands at 147.82. Much of the market’s attention is riveted on the potential interventions by the Bank of Japan and the government. Yesterday, one of the monetary policymakers, Takehiko Nakao, acknowledged the necessity for regulatory intervention. […]