PPI Drives USD Higher The US Dollar has rebounded into the end of the week following some stronger-than-forecast data yesterday. On the back of hot consumer inflation earlier in the week, PPI yesterday came in above consensus at 0.3% vs 0.2% on core and 0.6% vs 0.3% on headline. Retail sales were a touch below […]
The currency markets have been witnessing notable movements as economic data releases continue to sway investor sentiment. The EUR/USD pair, in particular, has experienced a shift in momentum, driven by surprising figures from the US economy. Concurrently, anticipation builds up ahead of the Bank of Japan’s (BoJ) meeting, with speculation rife regarding its policy stance […]
Daily Market Outlook, March 15, 2024 Munnelly’s Macro Minute… “Markets Attention Shifting To Next Week’s Central Bank Updates” Most Asian stock markets are experiencing a decline in trading on Friday, in response to the negative signals from Wall Street the previous night. This comes as there are growing worries about the US Fed delaying its […]
TitleEURUSD H4 I Bullish Bounce TypeBullish Bounce Preference:Price is falling toward the pivot point of 1.0864, a pullback support that aligns with the 161.8% Fibo extension. A bounce from this level could lead the price to rise to 1st resistance at 1.0902, a pullback resistance Alternative scenario: If price breaks below the pivot, it could […]
Cable Correcting Lower GBPUSD has pulled back below the 1.2832 level this week and is on course to end the week in the red, despite some better data along the way. The uptick in USD has squashed any bullish momentum in the Pound, which had previously broken out to its highest level against the Dollar […]
BTC Pulls Back Following a breakout move to fresh all-time highs earlier this week, Bitcoin is now seeing fresh corrective activity. BTC futures are down around 10% from those highs with the leading crypto coin currently on track to register its only consecutive daily loss since late Feb. This is the second such pullback for […]
TitleGBPJPY H4 | Falling to support level TypeBearish Reversal Preference:GBPJPY is trading close to the pivot at 189.047, the pullback support. The price could potentially break below the pivot and drop towards the 1st support at 188.061, the swing-low support. Alternative scenario:The price could break above the pivot and continue to rise to 1st resistance […]
TitleDE30 H4 | Bouncing off support level TypeBullish Bounce Preference:The DAX is bouncing off the pivot at 17910.07, the pullback support, price could rise to the 1st resistance at 18036.2 a swing-high resistance that aligns closely with the 161.8% Fibonacci retracement. Alternative scenario:The momentum might reverse and price could break below the pivot and fall […]
TitleGBPUSD H4 I Bearish reversal TypeBearish Reversal Preference:Price rises toward the pivot point of 1.2770, a pullback resistance. A reverse from this level could lead the price to fall to 1st support at 1.2698, a pullback support level that close to the 161.8% Fibo extension Alternative scenario: If the price breaks above the pivot, it […]
First Inventories Draw in 7 Weeks Crude prices are starting to build some bullish momentum here. After early weakness on Monday, crude futures have now recovered around 5% off the week’s lows and are fast approaching a fresh test of the YTD highs. Futures pushed firmly higher yesterday in response to the latest data from […]