Category: Technial Analysis
EURUSD, “Euro vs US Dollar” EURUSD is forming a bullish Wedge pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the lower border of the Cloud at 1.0840 is expected, followed by a rise to 1.1025. An additional signal confirming the rise will be a rebound from the […]
EURUSD, “Euro vs US Dollar” The currency pair has completed the first declining impulse to 1.0844. Today the market is forming a corrective structure to 1.0930. After the correction is over, a new impulse of decline to 1.0840 might start. And if this level also breaks, the potential for a decline to 1.0750 could open. […]
TitleDXY H4 | Potential bearish breakout TypeBearish Breakout Preference:Price is approaching the pivot point of 102.2546 and could potentially break below this level; we could see momentum carry price down to its 1st support of 101.8953. Alternative scenario:If price reverses the pivot point, it could hit the 1st resistance of 102.5885. To discuss this trading […]
Daily Market Outlook, June 26, 2023 Munnelly’s Market Commentary… Asian equity markets showed limited movement following losses on Wall Street Friday, as weak global PMI data and a lack of fresh catalysts kept markets subdued. The weekend news cycle was dominated by the brief uprising of the Wagner Group in Russia. The Nikkei 225 in […]
TitleUSDJPY H4 | Reversal from 23.6% Fibo TypeBullish Bounce Preference:Price could fall towards the pivot point of 142.262 and potentially reverse from here; we could see momentum carry price up to its 1st resistance of 143.26. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support of 141.25. To discuss this […]
Silver Under Pressure The latest round of US PMI readings will be in focus today. An uptick in USD has put fresh pressure on metals with silver prices now down around 10% from the month’s highs. Powell’s reaffirmation this week of the Fed’s outlook at the recent FOCM has seen market sentiment flipping back in […]
TitleEURUSD H4 | Bounce off support level TypeBullish Bounce Preference: Price is falling towards our pivot point of 1.09083 which is an overlap resistance. A reverse from here, price could rally to 1st resistance at 1.09696 which is a pullback resistance level. Alternative scenario:However, if price breaks below the pivot, it could fall to 1st […]
Daily Market Outlook, June 23, 2023 Munnelly’s Market Commentary… Asian equity markets struggled to maintain their early positive momentum and stumbled, influenced by the mixed performance seen in the US. While the S&P 500 and Nasdaq managed to end their losing streaks, most sectors finished the day in negative territory following a busy day of […]
Powell Says Further Hikes Likely US markets ended the day lower yesterday and are on course for a negative week. The conclusion from Powell’s two-day testimony at the Senate is that further hikes are likely on the way this year. While the Fed chair offered little in the way of new information, his view was […]
Despite the European Central Banks’ decision to raise rates further, which theoretically should have benefited European currencies due to the widening interest rate differential, investor interest in the dollar saw a sharp increase yesterday. During the second part of his testimony to Congress, the head of the Federal Reserve (Fed) aimed to address the communication […]