Category: Technial Analysis

Unemployment Drops GBP is rallying today on the back of the latest set of UK labour market figures. The unemployment rate was seen falling to 3.8% from 3.9%, in contrast to expectations for a 4% reading. Similarly, the claimant count change was seen falling to -13.6k, down from 23.4k prior and in contrast to the […]

TitleUSDCAD H4 | Bounce off support TypeBullish Bounce Preference: Price is falling to our pivot point of 1.33161 which is a multi-swing low support. A reverse from here. price could rally to 1st resistance at 1.34054 which is an overlap resistance level. Alternative scenario: However, if price breaks below the pivot, it could fall to […]

EURUSD, “Euro vs US Dollar” The currency pair continues developing a consolidation range around 1.0760. Today it might extend upwards to 1.0795; next, a decline to 1.0740 could follow, from where the wave might continue to 1.0699. This is a local target. GBPUSD, “Great Britain Pound vs US Dollar” The currency pair has demonstrated an […]

GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is pushing off the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 1.2475 is expected, followed by a rise to 1.2685. An additional signal confirming the rise will be a rebound […]

FOMC In View The US Dollar is having a quieter start to the week as traders prepare for the June FOMC meeting on Wednesday.  Market expectations are generally built around the Fed pausing rates at this meeting with CME pricing for a pause sitting around 75%. However, the wider focus is likely to be on […]

GDP Outlook Improving GBPUSD is trading back up towards the YTD highs today, extending gains seen across the back of last week, as sentiment towards the UK currency turns more favourable. The latest set of figures from the CBI showed an upward revision to UK GDP forecasts for this year and next. These now sit […]

Daily Market Outlook, June 12, 2023 Munnelly’s Market Commentary…  Asian equity markets traded with a mixed tone as the region approached a week filled with significant risk events, including major central bank meetings and data releases. The Nikkei 225 initially displayed strong performance, advancing and testing the 32,500 handle as market participants anticipated that the […]

TitleGBPUSD Day | React off resistance TypeBearish Reversal Preference: Price is currently at our pivot point of 1.25776 which is a pullback resistance level. A reverse from here. price could fall to 1st support at 1.25266 which is a pullback support level. Alternative scenario: However, if price breaks above the pivot, it could rally to […]

According to the Atlantic Council, foreign investors have been selling Chinese stocks in large numbers over the past two years, disappointed by the strengthening influence of Xi Jinping and the growing geopolitical tensions.  The outflow of investors is related to the increasing investment risk in China, analysts believe. Unfavorable economic indicators in China lately, particularly […]

The dollar hit a corrective low yesterday following the release of US labor market data: The US Dollar Index (DXY) fell below the 104.40 level, marking a low point in the retracement since the beginning of June, which sparked some buying interest around 103.30 as discussed in the previous article. Breaking below the horizontal low […]