Category: Technial Analysis
Better US Data Bolsters Sentiment US stocks turned higher yesterday in response to the latest set of economic data out of the US. New home sales were seeing rising at their fastest pace in over a year at 763k, up from 680k prior and well above the 677k the market was looking for. Additionally, consumer […]
EIA Up Next Crude oil prices are trading a little firmer today ahead of the latest update from the EIA due later today. On the back of the 3.1-million-barrel deficit reported last week, the market is looking for a further drawdown this week of 1.4 million barrels. Despite the drawdown reported last week, crude prices […]
EURUSD, “Euro vs US Dollar” The currency pair has corrected to 1.0970. A decline to 1.0903 is expected today. And if this level also breaks downwards, the potential for a decline to 1.0855 could open, from where the trend might continue to 1.0750. GBPUSD, “Great Britain Pound vs US Dollar” The currency pair has corrected […]
The BTC is hovering around 30,424 USD on Wednesday. Investors are still waiting for positive momentum to drive their buying decisions. The correlation with the US stock market is still low due to the high volume of domestic news. The longer the period of consolidation in BTC lasts, the higher the chances of a slight […]
China Economic Fears Copper prices are under heavy selling pressure as we cross through the middle of the week as fears over the Chinese economy and hawkish Fed expectations combine to weigh on sentiment. The latest round of data out of China showed that profits from industrial firms there slowed sharply in the first five […]
Gold investors appear to have become weary of waiting for low interest rates (as central banks show no indication of halting their current tightening course), developments in the US banking stress narrative or geopolitical tensions that would ultimately validate their optimistic outlook for gold’s growth potential. On Wednesday, gold accelerated its decline, and the test […]
EURUSD, “Euro vs US Dollar” EURUSD is testing the upper border of the descending channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the lower border of the Cloud at 1.0890 is expected, followed by a rise to 1.1125. An additional signal confirming the rise will be a […]
XAUUSD, “Gold vs US Dollar” Gold has formed an Inverted Hammer reversal pattern near the support level. Currently, the instrument might go by the reversal signal in a corrective wave. The growth target could be 1925.00. Upon testing the resistance level, the price could rebound from it and continue the downtrend. However, the quotes might […]
Aussie CPI Slips The Australian Dollar has fallen lower today on the back of the latest set of Aussie inflation figures overnight. CPI was seen cooling to 5.6% last month, down from the prior month’s 6.8% reading and below the expected 6.1% level the market was looking for. On the back of a further unexpected […]
Daily Market Outlook, June 28, 2023 Munnelly’s Market Commentary… Asian equity markets traded in a mixed fashion overnight, failing to fully sustain the momentum from the gains on Wall Street. The Nasdaq outperformed due to strong data and a rebound in the tech sector. The Australian monthly CPI data, which came in softer than expected, […]