Category: Technial Analysis
ISM Manufacturing Expected 47, 47.1 Previous Today’s US ISM Manufacturing number will be closely watched on the back of the PMI weakness we’ve seen recently. The US factory sector has been trending lower over recent months with the index moving deeper into negative territory last month. The recent trend of data has raised concerns over […]
Market View Shifts Again In recent times, it’s hard to remember an upcoming Fed rate decision which has seen more swings market expectations. Market pricing for a further hike in June has jumped back and forth several times over the last month and, even this week. Starting the week with a rate hike priced at […]
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 […]