Tag: tickmill
ECB Up Next The ECB takes centre stage today as the bank meets for its March rate setting meeting. No change in monetary policy is expected today, however, traders will be carefully scrutinising the details of today’s meeting for clues as to when a first-rate cut can be expected. Currently, the market is pegging a […]
Gold Breaking Out Gold prices have traded up to fresh record highs this week as the US Dollar continues to trail off ahead of tomorrow’s keenly awaited NFP data. Yesterday, comments from Fed chair Powell did little to inspire USD buying with Powell simply reaffirming the message that rate cuts are still very much on […]
The US Dollar finds itself ensnared in a tumultuous market landscape, grappling with conflicting data and wavering projections on Federal Reserve policy. As traders brace for the semi-annual testimony from US Federal Reserve Chairman Jerome Powell at Capitol Hill, the greenback suffers a four-day losing streak, besieged by a confluence of events poised to shape […]
Daily Market Outlook, March 6, 2024 Munnelly’s Macro Minute… “UK Budget & Powell Testimony Main Macro Drivers Today” Asian equity markets exhibited a mixed performance ahead of Fed Chair Powell’s congressional testimony. On Wednesday, a news conference featuring prominent Chinese officials aims to unveil the government’s strategies to stimulate consumption. Pan Gongsheng, the central bank […]
TitleGBPJPY H4 | Bearish continuation TypeBearish Breakout Preference:GBPJPY is on a downtrend, it could break below the pivot at 189.034, the swing-low support that aligns with 38.2% Fibonacci retracement. From there, it could continue to fall to 1st support at 187.424, the overlap support which aligns with 61.8% Fibonacci retracement Alternative scenario:Price might rise to […]
TitleUS30 H4 | Bullish bounce TypeBullish Bounce Preference:US30 could fall to the pivot point at 38477.71, from there it could potentially bounce off the pivot and rise to the 1st resistance at 38772.49, the overlap resistance. Alternative scenario: It could potentially break below the pivot and fall to the 1st support at 38220.6, the swing-low […]
TitlePotential Bullish Breakout TypeBullish Rise Preference:Price has just broken above a potential breakout level and could climb higher from here. The pivot point of 0.65874 is a suitable entry point and we could see momentum carry price up to its 1st resistance at 0.66160 which is a pullback resistance level. Alternative scenario:If price reverses from […]
TitleCADJPY H4 | Potential bullish breakout TypeBullish Breakout Preference:The price could continue to rise and breakout of pivot at 110.322, the swing-high resistance aligning with 23.6% Fibonacci retracement. Then it could continue to rise to 1st resistance at 110.962. Alternative scenario:It might fall to the 1st support at 109.602, the swing-low support. To discuss this […]
TitlePotential Bullish Bounce TypeBullish Rise Preference:Price has just reacted off a pullback support that aligns with the 61.8% Fibonacci retracement level and momentum could carry price higher. Pivot point is at the market price of 82.725 and bullish momentum could carry price up to its 1st resistance at 84.088 which is a pullback resistance that […]
Powell on Deck Looking ahead today we have plenty to focus on in FX markets with the first of Fed chair Powell’s testimony due, as well as the ADP employment figure and the JOLTS job openings release. FX markets have seen an absence of volatility recently as traders await the next big directional cues. In […]
