Category: Technial Analysis
EURUSD, “Euro vs US Dollar” The currency pair has formed a consolidation range around the 1.0830 level and, exiting downwards, continues developing a structure of decline to the 1.0570 level. The target is local. After the quotes reach it, a correction to 1.0830 (a test from below) could start, followed by another wave of decline […]
The Australian dollar continues to decline against the US dollar. The current AUDUSD quote is 0.6488. The Aussie is under increased pressure from a strong USD, and the flow of Chinese statistics. Official reports published by China yesterday reflected a deterioration in the country’s economic activity. China remains Australia’s main trade and economic partner, so […]
EUR Under Pressure Selling in EURUSD has continued to build on Wednesday with the latest data out of the eurozone showing that inflation in France and Germany slowed more than expected last month. In a further sign that overall eurozone CPI is falling further, EURUSD is pushing lower. Part of this Is the resurgence in […]
Daily Market Outlook, May 31, 2023 Most Asian equity markets traded lower as they took cues from a mixed handover from Wall Street. Investor sentiment was clouded by opposition to the debt ceiling bill from hardliners, leading to subdued risk appetite ahead of the first vote in the House later today. Additionally, market participants digested […]
USDCAD, “US Dollar vs Canadian Dollar” On H4, the currency pair has formed a Hanging Man reversal pattern. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 1.3510. Next, the price could break the level and continue the downtrend. However, the quotes could correct to 1.3635 […]
EURUSD, “Euro vs US Dollar” The currency pair completed a wave of decline to 1.0635. Today the market has performed a correction to 1.0692. At the moment, a consolidation range is forming under this level. A breakout of the range downwards and further development of the wave to 1.0643 are expected. And if this level […]
Silver is undergoing correction right now. Currently, the asset is approaching the broken neckline of the double top located at the level of 24.75. Silver might potentially rebound from the broken level and drop to gain the required support at the level of 22.40. Oil has approached the supporting level of 71.50, forming the candle […]
TitleGBPUSD H1 | React off 61.8% TypeBullish Bounce Preference: Price has just bounced off our pivot point at 1.23724 which is a pullback support level that aligns with a 61.8% Fibonacci retracement. A reverse from here, price could rally to 1st resistance ar 1.24231 which is a pullback resistance level Alternative scenario:However, if price breaks […]
Iron Ore Gaps Lower We’re seeing plenty of volatility in the iron ore market on Wednesday following the release of the latest China economic data overnight. The manufacturing PMI was seen dropping further into negative territory last month at 48.8, down from 49.2 prior and below the 49.5 reading the market was looking for. Concerns […]
Tesla Trying to Breakout Shares in Tesla are trading a little lower ahead of the open today following a breakout move higher earlier in the week. Tesla shares started the week on a positive footing amidst encouraging signs that a debt ceiling deal will be done, preventing default on US debt. However, lingering concerns around […]