Category: Technial Analysis
The major currency pair remains strong on Thursday. The current quote for EURUSD is 1.1110. The US Federal Reserve raised the interest rate by 25 basis points at its meeting yesterday, to 5.5% per annum – just as expected. Sentiment remained restrained. In its comments, the Fed noted that there is no expectation of an […]
ECB on Watch On the back of the latest hike from the Fed yesterday, focus now shifts to the ECB today. As with the Fed, the ECB is widely expected to hike rates by a further .25% today and so the bigger focus will be on the guidance issued alongside the decision and whether […]
TitleGBPUSD H4 | Potential react off 50% Fibo? TypeBearish Reversal Preference: Price is approaching our pivot point of 1.29757 that aligns with 50% Fibo retracement. A reverse from here, price could fall to 1st support at 1.28721 which is an overlap support. Alternative scenario:However, if price breaks above the pivot, it could push to 1st […]
EURUSD, “Euro vs US Dollar” EURUSD formed a consolidation range around 1.1057 and expanded it to 1.1117, exiting the range upwards. Today the quotes might rise to 1.1122 (with a test from below). After the price hits this level, a new wave of decline to 1.1020 could start. And if this level also breaks, the […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are in the oversold area on H4. The RSI is nearing the oversold area. In this situation, a test of -2/8 (0.8544) is expected, followed by a rebound from this level and a rise to the resistance at -1/8 (0.8667). The scenario can be cancelled by a […]
USD Falls Following FOMC The US Dollar has turned lower on the back of the July FOMC yesterday. The Fed hiked rates by a further .25%, as expected, taking rates to their highest level in 22 years. Additionally, the bank was seen leaving the door open to further tightening, noting that the battle against […]
TitleEURUSD H4 | Potential react off 50% Fibo? TypeBearish Reversal Preference: Price is moving toward our pivot of 1.11437 that aligns with 50% Fibo retracement. A reverse from here, price could fall to 1st support at 1.10399 which is a support level. Alternative scenario: However, if price breaks above the pivot, it could push up […]
XAUUSD, “Gold vs US Dollar” Gold is correcting, forming a Triangle pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the lower boundary of the Cloud at 1965 is expected, followed by a rise to 2010. An additional signal confirming the rise will be a rebound from the […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Shooting Star reversal pattern near the resistance level. Currently, the instrument could go by the reversal signal in a descending wave. The correction target might be 1965.50. Upon testing the support, the price might rebound and continue the uptrend. However, the quotes could rise to 1990.00 […]
Daily Market Outlook, July 27, 2023 Munnelly’s Market Commentary… After the Federal Reserve’s widely expected 25bps rate hike and Chairman Jerome Powell’s remarks about keeping the door open for a potential further increase, Asian equity markets traded higher. The Nikkei 225 initially hesitated due to a firmer currency and the Bank of Japan’s ongoing policy […]