Category: Technial Analysis
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Shooting Star reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3340. Next, the price might rebound from the support and continue the uptrend. However, the quotes could rise to 1.3420 without […]
EURUSD, “Euro vs US Dollar” EURUSD quotes have broken the 200-day Moving Average on H4 and are now below it, which indicates a potential downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the support at 4/8 (1.0986) is expected, followed by a decline to the level of […]
TitleGBPUSD H4 | Potential bearish reversal? TypeBearish Reversal Preference: Price has just reacted off our pivot point of 1.27397 which is an overlap resistance level that aligns with 50% Fibo retracement. A reverse from here, price could fall to 1st resistance at 1.26532 which is an overlap support level. Alternative scenario: However, if price breaks […]
US Labour Data Due The latest round of US jobs data is due later today and traders will be closely watching the release on the back of the Fed recently hiking rates. Ahead of the release, the US Dollar has paused, reflecting some uncertainty among traders. While the Fed is no longer expected to hike […]
Daily Market Outlook, August 4, 2023 Munnelly’s Market Commentary… Asian equity markets experienced a mixed trading session as most bourses in the region lacked a clear direction. This uncertainty followed a subdued performance in Wall Street, where investor sentiment was affected by concerns about a higher yield environment and mixed economic data. Market participants also […]
On Friday, major currency pairs experienced limited price movements, with slight gains observed in commodity dollars such as the Australian Dollar (AUD) and Canadian Dollar (CAD), owing to moderate positive developments in the commodity market. US equities showed signs of weakness yesterday, as the S&P 500 index drifted towards 4500 points. However, today, index futures […]
TitleEURUSD H4 | React off resistance level? TypeBearish Reversal Preference: price is approaching our pivot point of 1.09574 which is an overlap support level that aligns with 50% Fibo retracement. A reverse from here, price could fall to1st support level at 1.09192 which is an overlap support level. Alternative scenario:However, if price breaks above the […]
Brent Brent quotes are hovering above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has broken the resistance line. As a result, in this situation, the price is expected to grow further to the nearest resistance at 4/8 (87.50). The scenario can be cancelled by a downward breakout of the support […]
TitleNZDUD H4 | Bullish bounce off pivot? TypeBullish Bounce Preference:Price is approaching our pivot point at 0.6064, which is at a multi-swing low support level. If price bounces off the pivot point, we can expect to see price rise to the 1st resistance at 0.6131, which is at a 50% fibo retracement and 78.6% fibo […]
Smaller Hike for Now Despite chatter around a possible .5% rate hike yesterday, in the end the BOE opted for a smaller .25% hike. The BOE cited the recent inflation drop as the key driver behind the decision to hike by the smaller amount, though did leave the door open to further tightening if needed. […]