Category: Technial Analysis
The BTC exchange rate dropped to 29,190 USD on Wednesday. The risks of the price testing the local low near 28,585 USD are still relevant. Critical support levels remain at 28,600 USD and 28,350 USD, with resistance at the 30,300 USD mark. The stability of the flagship cryptocurrency is crucial for a few more weeks […]
The Japanese yen paired with the US dollar is devaluing at a rapid pace. The current USDJPY exchange rate stands at 145.49. Due to the interest rate differential and monetary sentiment, the JPY exchange rate remains under significant pressure. This is occurring even amid a slight adjustment in the Bank of Japan’s monetary policy. Japan’s […]
TitleGBPUSD H4 | Potential bearish reversal? TypeBearish Reversal Preference: Price is approaching our pivot point of 1.27405 which is a multi swing high resistance that aligns with 61.8 % Fibo retracement. A reverse from here, price could fall to 1st support at 1.26725 Alternative scenario: However, if price breaks above the pivot, it could push […]
Daily Market Outlook, August 16, 2023 Munnelly’s Market Commentary… Asian equity markets faced downward pressure in response to declines on Wall Street, reflecting a broad risk-off sentiment triggered by global macroeconomic challenges, notably the recent string of weak data from China. The Nikkei 225 index extended its losses, falling below the 32K handle. Major stock […]
EURUSD, “Euro vs US Dollar” EURUSD has secured under the support level. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0980 is expected, followed by a decline to 1.0695. An additional signal confirming the decline will be a rebound from […]
EURUSD, “Euro vs US Dollar” EURUSD finished a wave of correction at 1.0951. Today the market has performed an impulse of decline to 1.0898. At the moment, a consolidation range is forming above this level. The price is expected to exit the range downwards and extend the wave to 1.0850, from where the trend could […]
TitleXAUUSD H4 | Bullish bounce off pivot? TypeBullish Bounce Preference:Price could potentially bounce off the pivot point at 1903.45, and head towards the 1st resistance at 1912.38, which is at the 50% fibo retracement level. Furthermore, there is also a bullish divergence happening, which could mean that there is potential for price to have a […]
Oil Under Pressure Oil prices have pulled back sharply this week with crude futures dropping around 5% from last week’s YTD highs. The driver behind the current weakness has been an uptick in concerns over the health of the Chinese economy. A string of recent data weakness out of China has underscored economic concerns while […]
AUD Falls Following RBA Minutes The Australian Dollar has come under pressure today on the back of the release of the latest set of RBA meeting minutes. The minutes revealed that while the bank considered hiking rates again this month, ultimately it decided to hold rates steady, citing the “acute financial challenges” facing some domestic […]
USD Rally Weighing on Silver Silver prices remain heavy this week with the market still sat on support at the 22.3205 level, underpinned by the bull channel lows also. The recent uptick in USD has weighed heavily on silver, seeing futures prices dropping around 11% from the July highs. The majority of this move has […]