Category: Technial Analysis
TitleNZDUSD H4 | Approaching pullback support TypeBullish Reversal Preference: Price is falling towards the pivot point of 0.62973 and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.63785. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 0.62413. To discuss […]
The US stock market closed in the green on Monday, helping to stabilize sentiment on Tuesday. The decision regarding the rebalancing of the Nasdaq index had no unexpected consequences, which itself served as a positive signal for the market. Negative concerns arising from the Chinese data (GDP below forecasts) were mitigated by the manufacturing sector […]
EURUSD, “Euro vs US Dollar” EURUSD is testing the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 1.1230 is expected, followed by a rise to 1.1345. An additional signal confirming the rise will be a rebound […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a Hanging Man reversal pattern near the resistance level on H4. Currently, the instrument could go by the reversal signal in a descending wave. The correction target could be the support level of 1.1200. However, the price might rise to 1.1320 and continue the uptrend without any […]
RBA Cites Fresh Economic Fears The Australian Dollar has been a little softer on the back of the latest meeting minutes, released overnight. The minutes revealed that while most members agreed that further tightening would likely be necessary, concerns over the health of the economy warranted a fresh pause in July. In particular, the board […]
CAD Inflation on Watch Canadian CPI will be on watch today. Following the bank’s latest hike this month, the market has become more uncertain over its BOC expectations. With two consecutive hikes in June and July, putting an end to the neutral streak which ran from January, the market is geared towards expecting more hikes […]
Daily Market Outlook, July 17, 2023 Munnelly’s Market Commentary… Asian equity markets started the week on a subdued note as market participants digested mixed economic growth and activity data from China. The closure of markets in Japan due to a holiday and disruptions caused by a typhoon in Hong Kong further thinned trading conditions. The […]
Fed Expectations Gold prices are holding steady at the start of the week following a firm rally across the backend of last week. Fluctuating expectations regarding the Fed continue to be the main driver for gold prices. A further fall in US inflation, as confirmed by last week’s CPI readings, has seen traders scaling back […]
The BTC quotes on Monday are hovering near 30,313 USD. The market failed to continue skyrocketing though it still had all reasons to do so. Last week, the resounding victory of Ripple over the SEC in court provided the cryptocurrency sector with a mighty momentum. More than that, the crash of the USD also facilitated […]
The Australian dollar is correcting against the US dollar after rising in July. The current AUDUSD quote is 0.6808. The Australian dollar earlier hit a new high on 16 June this year, following which the market moved towards a correction. Today’s statistics from China turned out to be mixed. The only report that exceeded the […]