Category: Technial Analysis
Oil Turning Higher Again Following a brief correction lower from YTD highs, crude oil prices are turning higher again into the end of the week. The move comes on the back of the news that Russia has announced restrictions on the export of diesel and gasoline. The ban on exports takes another 3.4% off the […]
BOE Catches Market Off-Guard GBP continues to trade sharply lower on Friday following the latest BOE rate decision. The bank opted to keep rates on hold yesterday, pausing a 15-month tightening cycle and catching the market slightly off guard. Traders had been expecting one further hike yesterday. However, in response to the steady decline in […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of decline to 1.0616. Today the market might develop a correction to 1.0686. After it is over, a new declining move to 1.0606 could follow, from where the trend might continue to 1.0570. GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD has completed a wave […]
The British pound sterling paired with the US dollar is currently at its six-month low. The current GBPUSD exchange rate stands at 1.2276. The Bank of England kept the interest rate unchanged at 5.25% per annum at its meeting on Thursday. The decision was unexpected for investors and economists: the main forecast had implied a […]
Daily Market Outlook, September 21, 2023 Munnelly’s Market Commentary… Asian equity markets faced pressure following the Federal Open Market Committee’s (FOMC) hawkish pause, where the Fed’s dot plots indicated one more rate hike by year-end and fewer expected cuts next year. The Nikkei 225 slipped below the 33K handle as Japanese yields surged to decade […]
TitleGBPUSD H4 | Rising toward 1st resistance? TypeBullish Bounce Preference: The price has just bounced off the pivot point at 1.23054, which aligns with the 127.2% Fibo extension level. A bounce from this level could lead the price to rally toward the 1st resistance at 1.23694, which is a pullback resistance. Alternative scenario:However, if the […]
TitleUSDCAD H4 | Reversal from 38.2% Fibo resistance TypeBearish Reversal Preference: Price is rising towards the pivot point of 1.35041 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.33895 which is a […]
EURUSD, “Euro vs US Dollar” EURUSD got supported at 1.0670 and performed a link of corrective growth to 1.0735. Upon reaching this level, and with the current fundamental background, the market started developing a new declining wave by the downtrend. By now, the quotes have completed an impulse of decline to 1.0616. Today the market […]
The primary currency pair is experiencing pressure on Thursday. The current EURUSD exchange rate stands at 1.0632. The US Federal Reserve decided to maintain the interest rate unchanged at its September meeting, keeping it within the target range of 5.25-5.50% per annum. In the Fed’s remarks, it was noted that the decision was unanimous while […]
The Federal Reserve left the interest rate unchanged at yesterday’s meeting in the range of 5.25-5.5% and indicated that it might raise the rate again later this year. Regarding the medium-term perspective (including 2024), the central bank showed a reduced dovish bias to expect a rate cut compared to before. Furthermore, optimism about the ‘soft […]