Category: Technial Analysis

Gold Under Pressure Gold prices have turned sharply lower over the last week against the backdrop of a rising US Dollar. US yields have hit their highest levels since 2007/2008 on the back of the Fed’s recent signals that it expects one further hike this year with rates then expected to stay at higher levels […]

Daily Market Outlook, September 27, 2023 Munnelly’s Market Commentary…  Asian equity markets had a mixed performance, influenced by a rebound in Chinese Industrial Profits that offset the subdued sentiment from Wall Street. Major US indices continued to decline as the month-end approached, lacking significant catalysts. The Nikkei 225 underperformed, briefly slipping below 32,000 before recovering. […]

USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI is approaching the overbought area. In these circumstances, the quotes are expected to test the 8/8 (150.00) level, rebound from it, and drop to the support at 7/8 (148.43). The scenario can be […]

The Japanese yen, paired with the US dollar, remains on a devaluation path. The current exchange rate for USDJPY is 149.03. A meeting between politicians and representatives of the Bank of Japan ended with somewhat vague remarks. The head of the regulator, Kazuo Ueda, emphasised the importance of monitoring any positive changes in the economic […]

TitleUSDCAD H4 | Rising into 50% Fibo resistance TypeBearish Reversal Preference:Price is rising towards the pivot point of 1.35384 which is a pullback 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 1.34526 which is a pullback […]

TitleUS30USD H4 | Bullish reversal off pivot? TypeBullish Bounce Preference:Price is hovering above our pivot point at 33650.19, which is a multi-swing low support level. Price could rise towards the 1st resistance level at 33878.76, which is a pullback resistance level and at the 23.6% fibo retracement. Alternative scenario:If price breaks below the pivot point, […]

Crude Rally Causing Concern The rally in oil prices has been one of the standout market developments over Q3. Following a muted H1, crude prices were driven firmly higher over summer in response to a series of cuts from OPEC+, including additional voluntary cuts from Russia and Saudi Arabia. Further cuts from the two producers, […]

BTC Held Down by USD Bitcoin bulls still can’t catch a break as we move into the end of Q3. Following a rally over the last fortnight, BTC prices have once again turned lower, capped by local resistance.  Following a solid start to the year, bullish momentum faded into April and despite a fresh push […]

The primary currency pair faced significant bearish pressure on Tuesday. The current EURUSD exchange rate stands at 1.0586. The yield on 10-year Treasury bonds increased by over 45 basis points the previous day, surpassing 4.5% for the first time since 2007. This surge provided substantial support to the US dollar. This shift can be attributed […]

TitleUSDCHF H4 | Falling to support level? TypeBearish Reversal Preference: Price has just reacted off our pivot point of 0.91297, a swing-high resistance level. A reversal from this point could lead the price to drop to the 1st support at 0.90739, a pullback support level. Alternative scenario: However, if the price breaks above the pivot, […]