Category: Technial Analysis
US CPI On Deck Today’s the day. After a slow week of summer trading conditions, the market prepares to receive the latest round of US inflation data. Given that expectations are a little more mixed ahead of the September FOMC, there Is plenty riding on today’s data and, as such, volatility risks are high. On […]
Daily Market Outlook, August 10, 2023 Munnelly’s Market Commentary… Asian equity markets posted mixed performance, as the local markets mostly remained range bound. A flurry of earnings releases influenced the atmosphere, while caution prevailed ahead of forthcoming US inflation data. Additionally, market participants deliberated on US initiatives to limit investments in select Chinese tech companies. […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD quotes have formed a Harami reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be 1.3365. Next, the price could rebound from the support level and develop an uptrend. However, the quotes could rise to 1.3480 […]
EURUSD, “Euro vs US Dollar” EURUSD continues to develop a consolidation range around the 1.0978 level. A downward breakout is expected, with the wave of decline developing to the 1.0944 level. A downward breakout of this level will open the potential for a movement by the trend to 1.0899 with the prospect of continuing the […]
TitleUSDJPY H4 | React off resistance? TypeBearish Reversal Preference:Price has just reacted off pivot point of 144.14 which is an overlap resistance, A reverse from here, price could fall to 1st support at 142.908 which is an overlap support level Alternative scenario:However, if price breaks above the pivot, it could push up to 1st resistance […]
TitleNZDUSD H4 | Bearish reaction off 61.8% fibo? TypeBearish Reversal Preference: Price could potentially reverse at the pivot point at 0.6088, which aligns with the 61.8% fibo retracement. If price reacts at the pivot point, it could continue its bearish momentum, and fall to the 1st support at 0.6035. Alternative scenario: If price breaks above […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, a breakout of 3/8 (0.8728) is expected, followed by a price decline to the support level at 2/8 (0.8667). The scenario can be cancelled by […]
2024 Recession Risks Growing After narrowly avoiding a recession so far this year, and with the likes of the IMF and the BOE no longer forecasting a recession in the UK this year, GBP bulls were dealt a fresh blow this morning. The National Institute of Social and Economic Research (NIESR) has warned in a […]
Silver Under Pressure It’s been another tough week for silver so far. The metal came under heavy selling pressure over Monday and Tuesday and while the market is holding up for now, prices have already cooled from highs seen earlier in the session, suggesting risks of a fresh downside push today. The rally in USD […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are nearing the overbought area. The RSI is approaching the resistance line. In these circumstances, the quotes are expected to test the 8/8 (143.75) level, rebound from it and drop to the support at 6/8 (142.18). The scenario can be cancelled by an upward breakout of the […]