Daily Market Outlook, August 3, 2023Munnelly’s Market Commentary… Asian equity markets have largely followed the weakness seen in global peers, including Wall Street. The US rating downgrade, AMD...
BOJ Bond Purchases Causing USDJPY Volatility
USDJPY Driven by BOJ OperationsUSDJPY is on watch today after the BOJ announced its second unplanned set of JGB purchases this week. The BOJ offered to purchase 300 billion JPY worth of 5-10yr bonds...
EURUSD H4 | Bounce off Fibo confluence?
TitleEURUSD H4 | Bounce off Fibo confluence?TypeBullish BouncePreference:Price is falling towards the pivot point of 1.09185 which is a pullback support that aligns with a confluence of Fibonacci...
GBPUSD Lower Ahead of BOE
Hawkish Risks Into BOEThe main event for traders today will be the August Bank of England meeting. GBP is trading lower ahead of the meeting, despite the BOE being widely expected to hike rates by a...
USDCAD H4 | Running into resistance?
TitleUSDCAD H4 | Running into resistance?TypeBearish ReversalPreference:Price is rising towards the pivot point of 1.33867 which is a swing-high resistance and could potentially reverse from here; we...
USDCAD H1 | Potential bearish divergence?
TitleUSDCAD H1 | Potential bearish divergence?TypeBearish ReversalPreference:Price has just reacted off out pivot point of 1.33012 which is a multi swing high resistance level. A reverse from here,...
GBPUSD H4 | Potential bullish reversal?
TitleGBPUSD H4 | Potential bullish reversal?TypeBullish BouncePreference:Price is currently at our pivot point of 1.27734 which is an overlap support that lines up with 61.8% Fibo projection. A bounce...
US Suffers Second Credit Rating Downgrade in A Decade
US Data DisappointsThe US Dollar is trading higher today as stocks come under pressure on the back of weak US data yesterday and a ratings downgrade from Fitch. On the data front, the US ISM...
US Treasury Yields Surge, Dollar Gains Strength Amid Positive Economic Data
The steep increase in yields of US Treasury bonds across all maturities triggered a correction in the US dollar's value this week. The US currency index tested the resistance level near 102.50...
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