Category: Technial Analysis

Gold is heading down and gradually approaching the supporting zone formed between the levels 1900 and 1913. The asset might potentially rebound from this zone and jump to target the downtrend. So, let’s observe if it is going to happen. Bitcoin keeps moving in a very narrow range. It might eventually rebound from the supporting […]

BOC Holds Rates Steady The Canadian Dollar has been a little firmer on the back of the September BOC meeting yesterday. The bank held rates unchanged at 5%, as expected, though signalled that further tightening might still be warranted given the inflation backdrop. In its decision, the BOC acknowledged that the domestic economic outlook had […]

TitleSPX500USD H4 | Bullish bounce off 50% fibo? TypeBullish Bounce Preference:Price is falling to our pivot point at 4443.1, which is an overlap support and at the 50% fibo retracement. If price bounces from the pivot point, then we can see price rise towards the 1st resistance at 4477.1, which is a pullback resistance and […]

EURUSD, “Euro vs US Dollar” EURUSD has performed a declining movement to 1.0701. Today the market is forming a consolidation range above this level. With an escape from the range upwards, a link of growth to 1.0755 (with a test from below) is not excluded, followed by a decline to 1.0630, from where the trend […]

The Japanese yen, paired with the US dollar, remains weak. The current USDJPY exchange rate stands at 147.52. From January this year until now, the yen has depreciated by more than 12%. The US Dollar easily gains ground against the JPY without encountering resistance. When might the yen have a chance for recovery? This depends […]

GBP Under Pressure GBP is turning lower today on the back of comments yesterday from BOE governor Andrew Bailey who noted that BOE rates are likely near their peak.  On the back of 14 consecutive rate hikes, the BOE is widely expected to hike rates again later this month. However, on the back of Bailey’s […]

Daily Market Outlook, September 7, 2023 Munnelly’s Market Commentary…  Asian equity markets faced headwinds as they followed the negative lead from the US, where both stocks and bonds retreated in response to hawkish ISM Services data. Additionally, market participants analysed the latest Chinese trade figures. The Nikkei 225 index experienced a turbulent day, initially benefiting […]

EURUSD, “Euro vs US Dollar” EURUSD is correcting within a Triangle pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.0725 is expected, followed by a decline to 1.0605. An additional signal confirming the decline will be a rebound from the […]

XAUUSD, “Gold vs US Dollar” Gold has formed an Engulfing reversal pattern near the support level. Currently, the instrument could go by the reversal signal in an ascending wave. The growth target might be 1930.00. Upon testing the resistance level, the price could break it and continue the uptrend. However, the quotes might pull back […]

On Wednesday, appetite for risk in US equities decreased, with major stock indices finishing the session slightly in the red. The American market successfully passed the bearish baton to Asian and European markets as investors gradually sold off stocks amidst rising oil prices. US Treasury bond yields increased as traders apparently factor in the risks […]