Middle East ImpactOil prices remain under pressure on Friday and are on course for their largest weekly decline in 3 months. Hopes of a ceasefire between Israel and Hamas are driving the selling in oil prices, with crude futures now down around 10% from the YTD highs. Additionally, risks of a fresh uptick in USD if we see continued strength in today’s US jobs report  are also weighing on crude sentiment. The ADP employment figure earlier in the week was seen coming in above expectations, highlighting bullish USD risks into today’s report.OPEC+ ExpectationsSpeculation regarding a potential ..read more

Gold Softer on FridayGold prices are trading a little softer on Friday as traders brace for the latest set of US labour market readings. The last three months’ worth of NFP results have each surprised to the upside, keeping USD well bid consequently. With the labour market continuing to show robust growth and inflation remaining elevated, traders have scaled back their near-term Fed rate cut expectations with initial easing projections moved to September from June originally. If we see further strength in today’s readings there is a good chance we start to see pricing for September easing weak ..read more

TitlePotential Bearish ReversalTypeBearish ReversalPreference:Price has just reacted off the pivot point of 0.6577 which is a pullback resistance that aligns with the 78.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.6527 which is a pullback support that aligns with the 50.0% Fibonacci retracement level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 0.6631 which is a pullback resistance that sits above the 127.2% Fibonacci extension level.To discuss this tradi ..read more

Daily Market Outlook, May 3, 2024Munnelly’s Macro Minute…“Huge Apple Buyback Boosts Markets Ahead Of Pivotal US Payrolls”On Friday, Asian stocks reached their highest level in 15 months, driven by the tech sector and Hong Kong stocks. Meanwhile, the yen strengthened, moving further away from its recent 34-year lows, following a week of suspected intervention by Japanese authorities. With Japan and mainland China markets closed, trading activity in the region is expected to be quiet as traders anticipate the release of U.S. nonfarm payrolls data later in the day. The oil price increased modestl ..read more

TitleApproaching Pullback SupportTypeBullish BouncePreference:Price is falling towards the pivot point of 1.3638 which is a pullback support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.3716 which is an overlap resistance level.Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 1.3611 which is a pullback support that aligns with the 78.6% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class ..read more

TitleHeading into Pullback ResistanceTypeBearish ReversalPreference:Price is rising towards the pivot point of 1.2567 which is a pullback resistance level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.2477 which is a pullback support that aligns with the 38.2% Fibonacci retracement level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 1.2618 which is a pullback resistance that aligns close to the 78.6% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders C ..read more

TitleDownward Pressures RemainTypeBearish ReversalPreference:Price is rising towards the pivot point of 85.35 which is a pullback resistance that aligns with the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 82.99 which is a pullback support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 86.20 which is a pullback resistance that aligns close to the 38.2% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club where ..read more

TitlePotential Bullish BounceTypeBullish BouncePreference:Price is falling towards the pivot point of 2,278.34 which is a pullback support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 2,326.63 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level.Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 2,238.64 which is a pullback support that sits under the 61.8% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club where you ..read more

TitleFalling to 61.8% Fibonacci SupportTypeBullish BouncePreference:Price is falling towards the pivot point of 154.59 which is a pullback support that aligns with the 61.8% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 156.26 which is a pullback resistance level.Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 152.80 which is a pullback support that aligns with the 78.6% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club wher ..read more

The price of Bitcoin has formed the bearish engulfing at the end of April. The daily chart also shows that the price of this asset has dropped and formed a double top. As for now, the asset’s price broke the psychological supporting level of 60000. Once the price of Bitcoin gets back to this level, it might rebound and drop. So, let’s wait and see what is going to be the next price movement of this asset.The price of Brent oil is testing the level of 84.00 and uptrend. Should the price of this asset rebound from this level and rise, it might hit the level of 91. If the price of Brent oil break ..read more