Category: Technial Analysis

Daily Market Outlook, August 14, 2023 Munnelly’s Market Commentary…  Asian equity markets encountered downward pressure driven by ongoing economic concerns in China and apprehensions over developer defaults. This backdrop of risk aversion loomed over the region, especially with significant upcoming events such as key global data releases and the imminent release of the latest Federal […]

Daily Market Outlook, August 11, 2023 Munnelly’s Market Commentary…  Asian equity markets made little positive progress overnight,influenced by a dovish reaction to post-CPI developments in the United States and concerns surrounding Chinese property developers. Trading activity was also hindered by reduced participation as Japanese market participants were absent due to Mountain Day. The Hang Seng […]

TitleEURJPY H4 | Bearish reversal off 61.8% projection? TypeBearish Reversal Preference:Price is reacting off our pivot point at 159.16, which is slightly below the 61.8% fibo projection. Price could potentially fall to the 1st support at 155.89, which is a multi-swing low support level. Alternative scenario:If price breaks above the pivot, then price could rise […]

GDP Beats Forecasts GBP has seen better demand today on the back of the latest UK GDP data released this morning. A gloomy report from the NIESR yesterday weighed on GBP sentiment ahead of the release. However, with the preliminary Q2 GDP data showing a 0.2% rise, against the 0% result expected, GBP has been […]

BRENT Brent quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI is testing the support line. In these circumstances, the quotes are expected to break the 4/8 (87.50) level and reach the resistance level at 5/8 (90.62). The scenario can be cancelled by a downward breakout of the support […]

TitleGBPUSD H4 I Bounce off Support level? TypeBullish Bounce Preference: Price has just bounced off our pivot of 1.26647 which is an overlap support level. A bounce off from here, price could push to 1st resistance at 1.27076 which  is just before the 38.2% Fibo retracement. Alternative scenario:Howe if price breaks below the pivot, it […]

TitleSPX500USD H4 | Bullish bounce off 61.8% fibo? TypeBullish Bounce Preference: Price is approaching our pivot point at 4458.6, which is a pullback support level, and aligning with the 61.8% fibo retracement. If price bounces off our pivot, then price could rise to the 1st resistance at 4503, and aligning with the 61.8% fibo projection. […]

EURUSD, “Euro vs US Dollar” EURUSD has broken the consolidation range upwards and completed another link of correction to the 1.1063 level. Once the price hit this level, the market started to develop a new wave of decline to the 1.0955 level. A link of growth to 1.1000 (a test from below) could begin next, […]

EURUSD, “Euro vs US Dollar” EURUSD has formed a Hammer reversal pattern near the support level on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be the resistance at 1.1110. However, the quotes could correct to 1.0940 and continue the uptrend after the pullback. USDJPY, […]

TitleXAUUSD H4 I Potential Bearish Reversal? TypeBullish Bounce Preference:Price has just bounced off our pivot point of 1910.321 which is an overlap support that aligns with the 127.2% Fibo extension. A bounce off from here, price could push to 1st resistance at 1919.214 which is just below the 61.8% Fibo retracement. Alternative scenario:However, if price […]