Category: Technial Analysis
Oil Cuts Extended Crude prices broke out to yet further new highs for the year yesterday. The move was driven by news that Saudi Arabia and Russia have extended their additional production cuts through year-end. On top of the production cuts agreed among OPEC+ members, the two producers undertook additional, voluntary cuts which totalled around […]
The rapid bullish advance of the greenback in the past few days has encountered some selling pressure near the 105 level on the US Dollar Index (DXY). Today, the index is treading water amid a pullback in oil prices following yesterday’s OPEC+ decision. It’s worth noting that currencies of energy-importing nations entered a downside in […]
The BTC exchange rate dropped to 25,737 USD on Wednesday. Over the past week, the flagship cryptocurrency has lost 6.26%, with bearish trends in the last 24 hours contributing to most of the impact. Support for BTC is at the level of 25,150 USD. This mark is gaining importance as sellers become more active. The […]
The Australian dollar, paired with the US dollar, had declined even further. The current AUDUSD exchange rate stands at 0.6383. Today’s levels for the Aussie are the lowest since November 2022. The Australian dollar is weakening despite the release of relatively strong Q2 GDP data for Australia. The AUD is facing a downturn in the […]
TitleAUDUSD H4 | Bearish reversal off 23.6% Fibo? TypeBearish Reversal Preference: Price is rising towards the pivot point of 0.64005 which is a pullback resistance that aligns with the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.63397 which is a […]
Daily Market Outlook, September 6, 2023 Munnelly’s Market Commentary… Asian equity markets started the day with a bearish tone, influenced by the lacklustre performance on Wall Street. Investors there were grappling with concerns over rising yields, a strengthening dollar, and surging oil prices. However, the Nikkei 225 defied the broader trend, managing to breach the […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is correcting after a rebound from the support level. The instrument is going below the Ichimoku Cloud, which implies a downtrend. A test of the Kijun-Sen line at 1.2585 is expected, followed by a decline to 1.2415. An additional signal confirming the decrease might be a rebound […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI, however, has reached the overbought area, indicating a possible correction. As a result, in this situation, a downward breakout of 6/8 (146.87) is expected, followed by a decline to the […]
US Economic Strength Stalling The silver market has come under heavy selling pressure over the last week. Following the recovery across the back half of August, a rebound in USD has weighed heavily on silver prices. Concerns over the US economy have reared their head in recent weeks against a backdrop of several key data […]
BOC on Watch The Bank of Canada meets for its September rate-setting meeting today and while no further policy adjustments are expected, traders will be keeping a close eye on the bank’s forward guidance. Recent data point to a deterioration of the domestic economy, creating room for the BOC top hold rates steady today. Indeed, […]