Category: Technial Analysis
TitleUSDCAD H4 | Rising into resistance? TypeBearish Reversal Preference: Price is rising towards the pivot point of 1.34846 which is a swing-high resistance that aligns with the 61.8% Fibonacci projection level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.33823 which is an overlap support […]
USD Rally Quietens Crypto It’s been a quiet month for Bitcoin. Following the move in mid-July up to fresh highs for the year. The market has since corrected lower and has settled into a range between 27415 and 32185, currently trading around midway between the two levels. The uptick in USD over that same period […]
The BTC price remains stable at around 29,426 USD on Monday. From a technical perspective, the BTC price continues to trade within the same sideways channel observed two weeks ago. The risk of retesting the local minimum near 28,585 USD persists. Support lies at 28,600 USD, while resistance is at 30,300 USD. Due to reduced […]
The British pound sterling, paired with the US dollar, is holding its ground on Monday. The current GBPUSD exchange rate stands at 1.2694. According to the latest data, the UK economy grew by 0.2% in Q2 2023 in comparison to Q1 figures. This marks the highest quarterly growth in over a year. The Bank of […]
USDJPY Testing Key Level USDJPY is on watch this week as the pair retests the 145 level. This area has been touted as a line in the sand for the BOJ and should USDJPY continue to move higher, risks of fresh BOJ intervention grow stronger. This is the area where the bank stepped in last […]
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 […]