Category: Technial Analysis
Daily Market Outlook, August 18, 2023 Munnelly’s Market Commentary… Asian equity markets traded on the back foot, following the downward trajectory observed in both US and European markets the previous day. Asian stocks, as measured by an index, have now experienced a continuous decline for six consecutive sessions. This trend is shaping up to result […]
TitleGBPJPY H4 | Potential Bearish reversal? TypeBearish Reversal Preference:Price has reacted off our pivot point at 186.3, which is aligned with a swing high resistance way back in December 2015. This could be a potential bearish reversal, and price could fall to our 1st support level at 185.25. Alternative scenario:If price breaks above the pivot, […]
USDJPY Rally Continues USDJPY broke out to new highs for the year yesterday as the rally in the pair off the July lows continues to gather pace. USD has seen strong demand over recent weeks against a backdrop of shifting Fed expectations. While the market had initially scaled back tightening expectations for the remainder of […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Hammer reversal pattern near the support level. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be 1905.00. Upon testing the resistance, the price might rebound from it and continue the downtrend. However, the quotes could drop to […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes have broken the 200-day Moving Average on H4 and now stand above it, revealing the probable development of an uptrend. The RSI has rebounded from the support line. In this situation, a test of 5/8 (0.8850) is expected, followed by a breakout and a price rise to […]
Daily Market Outlook, August 17, 2023 Munnelly’s Market Commentary… Asian equity markets mostly experienced another day of selling, in line with losses on Wall Street. Yields in the market continued to rise following the release of FOMC Minutes, which highlighted that most officials saw significant upside risks to inflation, possibly necessitating further tightening measures. The […]
TitleXAUUSD Day | Bounce off support level? TypeBullish Bounce Preference:Price has just bounced off our pivot point of 1888.375 which is a pullback support level that. A bounce off from here, price could rise to 1st resistance at 1905.552 which is a pullback resistance level that aligns with 23.6% Fibo Retracement. Alternative scenario:However, if price […]
EURUSD, “Euro vs US Dollar” EURUSD has broken the 1.0890 mark downwards, opening the potential for a decline to 1.0850 is open. After the price reaches this level, a correction to 1.0892 is not excluded (with a test from below). Next, a decline to 1.0833 could follow, from where the trend could continue to 1.0750. […]
The major currency pair experienced a noticeable retreat on Thursday. The current EURUSD exchange rate stands at 1.0866. These existing levels mark the lowest point in six weeks. The US dollar has valid reasons for strengthening: in the minutes of its latest meeting, published the day before, the Federal Reserve acknowledged the possibility of further […]
Weak Jobs Data AUDUSD has come under fresh selling pressure today on the back of the latest Aussie employment data released overnight. The unemployment rate was seen moving up to 3.7% from 3.5% prior, above the 3.6% the market was looking for. Additionally, the employment chance number was seen recording the loss of 15k jobs, […]