Category: Technial Analysis
The BTC on Wednesday rose to 28,872 USD. The correlation between the BTC and the Nasdaq and S&P 500 indices remains disrupted. This is due to a significant influx of internal news within the cryptocurrency sector. An important resistance level of 28,300 USD was broken overnight, which is a positive signal. The market reacted positively […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the Tenkan-Sen line. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper border of the Cloud at 1.2675 is expected, followed by a rise to 1.3025. An additional signal confirming the rise will be a rebound from […]
Daily Market Outlook, June 21, 2023 Munnelly’s Market Commentary… Asian equity markets experienced subdued trading as they reacted to the negative performance on Wall Street and lacked positive macroeconomic drivers. Market participants eagerly awaited the testimony of Fed Chair Powell in Congress, adding to the cautious sentiment. Initially, the Nikkei 225 index faced pressure but […]
GBP Under Pressure GBPUSD has come under fresh selling pressure today as the latest round of UK inflation data failed to inspire optimism. UK CPI in May was seen printing 8.7% on the headline reading above the 8.4% the market was looking for. Core CPI meanwhile, rose to 7.1% from 6.8% prior. With both readings […]
US currency struggles to extend downside correction and upside pressure gradually takes upper hand. The dollar index (DXY) bounced back from 102 and rose to 102.50 points. Risk assets are also awaiting news, and the American stock market did not set the tone for trading yesterday due to a national holiday. The monetary stimulus from […]
TitleXAUUSD H4 | Bearish Channel Line TypeBullish Bounce Preference: price is currently ranging within a bearish channel, indicating a bearish momentum. It is currently falling towards our pivot level of 1940.152, which aligns with the 61.8% Fibonacci retracement, serving as a pullback support level. If there is a bounce off from this level, the price […]
The major currency pair is moderately retreating on Tuesday. The current EURUSD quote is 1.0910. The beginning of the week has been calm, bringing no significant news. Given this, the market has focused on what it already knows: the decision of the US Federal Reserve to pause its series of monetary policy tightening and prepare […]
AUD Under Pressure The Australian Dollar has softened today on the back of the release of the latest RBA meeting minutes overnight. Following a second, unexpected rate-hike at the last meeting, expectations ahead of the minutes were mostly hawkish. Given the recent increases, traders were looking for clear signs that the bank intends to press […]
TitleGBPUSD H4 | Potential bounce off support level TypeBullish Bounce Preference: Price is falling towards our pivot point of 1.26815, which serves as a pullback support level. It aligns with both a 38.2% Fibonacci retracement and a 50% Fibonacci retracement, creating a Fibonacci confluence zone. A bounce off from here, price could rally to 1st […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD broke the level of 8/8 (0.6835) on H4 and escaped the overbought area. The RSI has broken the support line. In this situation, a test of 7/8 (0.6774) is expected, followed by a breakout of this level and a decline to the support at 6/8 (0.6713). The scenario […]