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Canada’s job growth sparkles but Canadian dollar fallsThe Canadian dollar can’t find its footing and is trading at nine-week low against the US dollar. In the North American session, USD/CAD is trading at 1.3792 at the time of writing, up 0.21%. The Canadian dollar has recorded eight straight losing sessions and is down 1.9% in October. The week ended on a high note, as Canada’s employment growth jumped by 46.7 thousand, crushing the market estimate of 27 thousand and sharply higher than the August reading of 22.1 thousand. Full-time employment surged by 112 thousand, following a decline of 43.6 thousand in August, while the unemployment rate dropped from 6.6% to 6.5%. The impressive numbers couldn’t stop the Canadian dollar’s nasty slide but it will please Bank of Canada policymakers. The central bank has shifted its primary focus from inflation to risks to the labor market, now that inflation has been largely contained. In August, CPI dropped to 2%, its lowest level since February 2021. The BoC meets next week and has a tough decision to make. The drop in inflation raised the odds of a 50-basis point cut but Friday’s employment report was stronger than expected and supports the case for a modest 25-bps cut. The BoC has been aggressive in its rate-cutting cycle and has lowered rates three times this year in a bid to ease the pressure of elevated rates. The Federal Reserve has been late to the rate-lowering party, delivering its first rate cut in September. Still, the oversized 50-basis point cut in September signaled that the Fed means business and isn’t afraid to slash rates with large cuts. The Fed is expected to trim rates by an additional 50 or 75 basis points before year’s end. The most likely scenario is rate cuts of 25 bps in both November and December. The Fed could, however, deliver one more 50-bps cut if employment or inflation numbers are lower than expected. USD/CAD has pushed above resistance at 1.3758 and is testing resistance at 1.3790. The next resistance line is 1.3817 1.3731 and 1.3699 are the next support levels
by OANDA
$CNIRYY -China's CPI (September/2024)ECONOMICS:CNIRYY Inflation Data (September/2024) source: National Bureau of Statistics of China -China’s annual inflation rate stood at 0.4% in September 2024, below market forecasts and August’s figure of 0.6%. This was the 8th month of consumer inflation but was the lowest print since June, highlighting the need for more policy support from Beijing to address growing deflation risks. Non-food prices declined by 0.2%, following a 0.2% rise in August as the cost of transport shrank further (-4.1% vs -2.7%) due to lower crude oil prices. Also, housing prices edged down (-0.1% vs flat reading) amid government efforts to further regulate the property market. Meanwhile, cost slowed for health (1.2% vs 1.3%) and education (0.6% vs 1.3%). On the food side, prices rose for the second month, with the rate of increase the fastest in 20 months (3.3% vs 2.8%). Core consumer prices, excluding food and energy costs, increased 0.1% yoy, the smallest rise since February 2021, after a 0.3% gain in August. Monthly, the CPI was unchanged, compared with consensus and August’s print of a 0.4% rise.
ECONOMICS:CNIRYY
by Mr_J__fx
Gold prices are upheld despite the obstacle of a strong dollar The September CPI exceeding market expectations has reduced the likelihood of a Fed’s jumbo cut, leading to a sharp increase in the dollar and Treasury yields. The probability of a 50bp cut is now at 0%, with a 10.4% chance of rates remaining unchanged. However, despite the dollar going north, gold prices are getting attention, approaching all-time highs, partly due to ongoing geopolitical tensions in the Middle East. The upcoming release of September retail sales data is expected to impact gold prices directly. A solid retail sales outcome would reduce the likelihood of further Fed rate cuts, and the gold’s uptrend would take a break for a while. XAUUSD bounced back to 2650 after briefly testing EMA21. The price sustains a solid uptrend within the ascending channel and holds above both EMAs, indicating a bullish signal. If XAUUSD breaches the resistance at 2680 and the ascending channel's upper bound, the price may gain upward momentum toward a new record high of 2780. Conversely, if XAUUSD breaks EMA21 and fails to hold above the ascending channel's lower bound, the price may fall further to the 2520 level, where EMA78 coincides.
OANDA:XAUUSD
by inkicho_exness
Event-Driven Strategy using Bitcoin Weekly FuturesCME: Bitcoin Weekly Futures ( MIL:BFF ) On Thursday, October 10th, The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis, the same increase as in August and July. Over the last 12 months, the all-items index increased 2.4% before seasonal adjustment. However, the headline CPI came in ahead of the 0.1% monthly gain and 2.3% year-over-year rate expected by analysts polled by Dow Jones. As a result, both the US equity markets and cryptocurrencies slipped on Thursday. While the year-over-year headline CPI is the lowest since February 2021, digging into the category data reveals sticky inflation. Noticeable data includes: • Food: +2.3% YoY. However, Eggs jumped 39.6%, while “nonconcentrated juices + soft drinks” category was up 15.3%. • Motor vehicle insurance: +16.3% YoY • Video discs + other media: +11.6% YoY • Admission to sporting events: +10.3% YoY • Health insurance: +7.5% YoY High prices affect day-to-day life and contradict the notion of low inflation. The fact is that prices have gone up a lot in the past few years. Even though they rise more slowly now, the absolute price levels remain high. Examples from my personal experiences: • The $9 price tag for 1-1/2 dozen eggs caused me to reduce purchase to 1-dozon for $5. I still remember the good old days of 99-cent per dozen large eggs. • I watched a WNBC match featuring Indianapolis Fever and Catlin Clark in the summer. A seat close by the basketball court costs $200. Adding up hotel stay, fuel cost and a $50 T-shirt, this felt like a vacation budget. • A recent doctor’s visit required copayment of $100. Six months ago, the same clinic charged $75. This is a 33.3% increase. Event to Watch: The Next Fed Rate Decision Retrospectively, it appears that the Federal Reserve acted a bit too aggressively with the supersized 50-bp rate cut in September. With the sticky inflation data, the Fed’s next move on November 7th is uncertain. According to CME Group’s FedWatch Tool, as of October 11th, the futures market expects the Fed to cut 25 basis points at the next FOMC meeting, with an 88.4% probability. Gone are the odds of another supersized cut. Meanwhile, the probability of a no-cut increases to 11.6%. www.cmegroup.com Driven by the lowered expectation on Fed rate cuts, on Thursday, the Dow Jones Industrial Average closed down 0.14% to 42,454, and the S&P 500 slipped 0.21% to settle at 5,780. Meanwhile, the Nasdaq composite shaved up 10 points (-0.05%) and closed at 18,282. The cryptocurrency market has a more pronounced reaction. Bitcoin gave up the psychologically important $60K level, lost $1,442 (or -2.36%) and settled at $59,564. Meanwhile, ETHER gave up $57.2 (or -2.38%) and closed at $2,356. However, market sentiments are still very bullish. By Friday, strong Q3 earnings reported by JPMorgan and Well Fargo helped push the stock market up again, with the S&P 500 breaking 5,800 and making its 45th all-time high in 2024. In my opinion, Bitcoin futures would be a good instrument for event-driven trades on the Fed rate decisions, given its higher volatility. Introducing Bitcoin Friday Futures Bitcoin Friday futures ( MIL:BFF ) are weekly, USD-settled contracts that offer a more precise way to gain bitcoin exposure and manage risk relating to such exposure. Each contract represents 1/50 of a bitcoin, ensuring capital efficiency and accessibility. The contract size of BFF is 1/5 of that of Micro Bitcoin Futures ( NYSE:MBC ), which is 1/10 of a Bitcoin. These shorter-dated contracts expire and settle to the CME CF Bitcoin Reference Rate New York Variant (BRRNY) every Friday at 4:00 p.m. New York time and may track the spot price of bitcoin more closely. Futures contracts traditionally expire on a monthly or quarterly basis, such as BTC and MBT, whereas BFF will settle weekly every Friday. Because of this shorter duration, BFF will have a shorter cost of carry resulting in a price that may more closely track bitcoin’s spot price. Bitcoin futures price = bitcoin spot price + financing costs to carry the position to expiration Two consecutive Fridays will be listed at any time. A new BFF contract will be listed every Thursday at 6:00 p.m. New York time such that market participants will be able to trade the nearest Friday plus the next two Fridays giving traders the choice to hold or not hold exposure over the weekend depending on their preference. Trade Setup using BFF for the FOMC Event The Federal Open Market Committee will release its next rate decision at 2:00 PM Eastern Time on Thursday, November 7th. The BFF contract expiring Friday, November 8th will begin trading at 6:00 PM Eastern Time on Thursday, October 24th. A trade could be set up on or after October 24th, and closed by November 7th or 8th, after the market reacts to the Fed decision and before contract expiration. While the market overwhelmingly expects the Fed to cut 25 bps, new data could change the expectations dramatically in the next four weeks. The most important data points are: • BLS Nonfarmed Payroll and Unemployment, November 1st • US Presidential Election, November 5th Separately, the next BLS CPI release will be on November 13th, after the BFF November 8th contract. We could use the BFF November 15th contract to trade on that event. As an educational writeup, I do not offer a personal view on the future direction of BFF prices. With basic information provided here, traders could apply their own view to set up a trade on BFF. Generally, if the Fed cuts rates in December, stocks and cryptocurrencies could get a lifting as lower rates reduce the cost of capital. Meanwhile, if the Fed pauses and decides on no-cuts, the uncertainty on interest rate trajectory could cause risk capital to fall. Happy Trading. Disclaimers *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
CME:MBT1!Long
by JimHuangChicago
4
New HBO Documentary Hints at Identity of Bitcoin InventorMarket Update - October 11th 2024 Takeaways HBO documentary seeks to unveil Satoshi Nakamoto’s identity : HBO released a documentary, “Money Electric: The Bitcoin Mystery,” on Tuesday that suggests an early Bitcoin developer named Peter Todd invented the cryptocurrency. Crypto.com has filed a lawsuit against the SEC after receiving a Wells notice, claiming the agency has overextended its authority : The lawsuit challenges the SEC's stance that most cryptocurrencies are securities and the agency's regulatory practices. Bitcoin's price pulled back this week : The US Department of Labor announced that inflation rose 2.4% year-over-year in September, slightly above analyst expectations. Crypto reacted negatively to the news, with bitcoin dropping back below $60,000. US spot bitcoin ETFs saw $18.66 million in net outflows on Tuesday, led by Fidelity’s FBTC, which recorded $48.82 million in withdrawals : BlackRock’s IBIT was the only ETF to see inflows, with $39.57 million entering the fund. The head of Hong Kong’s Securities and Futures Commission (SFC) says the body plans to approve more crypto exchanges before the end of 2024 : The news comes after the regulator received criticism for implementing a strict approach to licensing. New HBO Documentary Suggests Peter Todd is Bitcoin’s Founder An HBO documentary, “Money Electric: The Bitcoin Mystery,” released Tuesday hints that early Bitcoin developer Peter Todd is the cryptocurrency’s founder and man behind the pseudonym Satoshi Nakamoto. In a clip late in the documentary, Todd denied he is the founder of Bitcoin and continued to deny it in a subsequent interview with Coindesk and other media outlets. The film provided minimal concrete evidence that Todd created Bitcoin, but focused instead on his technical skills, his love of cryptography, and his relationship with Adam Back, the Blockstream CEO and investor of Hashcash. "Money Electric" director Cullen Hoback also pointed to a 2010 forum post from Satoshi Nakamoto in which Todd responded, arguing that Todd had forgotten to switch his accounts and his post was a continuation of Satoshi’s original post. "This is going to be very funny when you put this into the documentary and a bunch of bitcoiners watch it," Todd said in the documentary clip while standing alongside Back. "I suspect a lot of them will be very happy if you go this route because it's yet another example of journalists really missing the point in a way that's very funny." This is not the first time Hoback has made a documentary film about trying to uncover the identity of a secretive figure. For his 2021 HBO documentary “Q: Into the Storm,” Hoback spent three years attempting to find the creator of Qanon. Crypto.com Sues SEC After Receiving Wells Notice Crypto.com has officially sued the SEC after the company received a Wells notice from the regulatory agency, which typically precedes enforcement actions. The platform said the SEC's continued regulatory enforcement against crypto companies forced them into taking legal action. According to Crypto.com, the SEC is unjustly expanding its jurisdiction over digital assets by labeling most cryptocurrencies as securities. The lawsuit is part of a broader industry pushback against the SEC's regulatory approach, which many crypto companies claim is outdated and unsuitable for digital assets. The platform is far from the first to take such legal action; Coinbase and Consensys have also previously sued the SEC, similarly challenging the agency’s stance on categorizing cryptocurrencies as securities. The SEC has reiterated the need for crypto exchanges to register with the agency, while firms argue that current regulations are impractical for the digital asset sector. 🌉 Topic of the Week: What is Bridging? ➡️ Read more here
GEMINI:BTCUSD
by Gemini
XAU/USD : CPI is Coming, More Bullish Move ? (READ THE CAPTION)By analyzing the Gold chart on the 1-hour timeframe, we can see that after entering the desired demand zone, the price started to rise and is currently trading around $2,617. Considering that the US CPI data will be released today and I expect the actual value to be equal to or lower than the forecasted rate, I anticipate an upward movement in price to fill the liquidity void mentioned in the previous analysis. Based on the previous analysis, the key supply zones remain as follows: $2,625, $2,636.6, $2,646, and $2,655 to $2,660. I hope you make the most out of this analysis! Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me ! Best Regards , Arman Shaban
FOREXCOM:XAUUSDLong
by ArmanShabanTrading
27
Nasdaq Awaits Inflation Data; Bullish or Bearish Breakout ExpectNasdaq Technical Analysis Today’s inflation report is anticipated to drive significant market movements, particularly following unanimous agreement among Fed members to cut rates by 50 basis points. A CPI release exceeding 2.3% is expected to support a bearish trend towards 20100. Conversely, a CPI below 2.3% would likely drive a bullish trend, targeting 20450. Technically: as long as trades under 20280 will try to touch 20100 and then should stabilize below that to continue the bearish trend, Otherwise, stability above 20340 will reach 20450 Key Levels: Pivot Point: 20280 Resistance Levels: 20440, 20710, 20920 Support Levels: 20100, 19990, 19860 Trend: - Bearish below 20280 - Bullish above 20320
OANDA:NAS100USD
by SroshMayi
Delta Air Lines (NYSE: $DAL) Set to Report Q3 Earnings Today As Delta Air Lines (NYSE: NYSE:DAL ) prepares to report its Q3 earnings on October 10, 2024, investors are keenly watching for signs of a potential breakout. Despite facing industry-wide challenges, including rising costs and the looming impact of Hurricane Milton, Delta stock ( NYSE:DAL ) is showing signs of bullish momentum. With analysts predicting a 25% earnings decline to $1.52 per share, the Atlanta-based airline still has promising revenue growth forecasts, as the airline sector continues to rebound. Earnings Outlook For Q3, analysts expect Delta’s earnings to decline 25% year-over-year, largely due to higher operating costs and fare competition caused by an oversupply of flights but that's too bad. However, revenue is expected to inch up by 0.7%, reaching $15.595 billion, thanks to steady travel demand at least some hopium. The outlook for Delta’s full-year earnings suggests a slight dip to $6.18 per share, which is within the airline’s guidance range of $6-$7 per share. Notably, analysts project a strong 19% rebound in earnings for 2025, raising optimism for long-term investors. Revenue Hit from IT Outage: This earnings report will be Delta’s first since the massive IT outage in July caused by a CrowdStrike software update. The outage forced the airline to cancel thousands of flights, resulting in a $500 million revenue hit. While the company has considered legal action against the software provider, the incident has cast a shadow over its Q3 performance. ugh With all this, i don't think NYSE:DAL stock could escape the plunge. Hurricane Milton's Impact: The imminent arrival of Hurricane Milton, a Category 4 storm, poses an additional threat to Delta’s Q3 results. On Wednesday alone, over 2,500 flights were canceled, many of which belonged to Delta. The company is bracing for further disruptions as the hurricane hits Florida’s west coast. This comes on the heels of Hurricane Helene, which wreaked havoc across the Southeast earlier in the month. Despite these headwinds, Delta’s leadership in the airline industry remains solid. As one of the most profitable U.S. carriers, Delta is expected to weather these short-term challenges and emerge stronger, especially as the entire travel sector, including cruise lines and hotels, rebounds aggressively into 2025. Technical Analysis: On the technical front, Delta stock is approaching a key buy point at $52.45, which represents a cup-with-handle formation. The stock has been in a rally mode, following a 6% gap-up in late September, when Southwest Airlines raised its revenue guidance and lowered fuel cost projections. Since then, Delta stock (NYSE: NYSE:DAL ) has gained nearly 2%, closing just shy of the crucial buy point on Wednesday. Bullish RSI and Inverted Hammer Signal Potential Breakout: As of Wednesday’s close, Delta stock (NYSE: NYSE:DAL ) exhibited a bullish RSI of 67.24, suggesting strong momentum. Additionally, the daily price chart revealed a bullish inverted hammer candlestick, a pattern often indicative of a potential reversal to the upside. A breakout above $52.45 could pave the way for a move toward the pivot point at $54, marking a bullish trajectory for the stock. However, traders should also keep a close eye on the downside. A break below the one-month low of $46 could trigger a selling spree, especially if the hurricane impacts the company more severely than expected. Broader Sector Rebound: A Positive Tailwind While Delta faces (NYSE: NYSE:DAL ) its own unique challenges, the broader airline sector has been rallying for nine straight weeks. United Airlines ( NASDAQ:UAL ) and Southwest Airlines ( NYSE:LUV ), which are set to report earnings later this month, have both been climbing in tandem. The entire travel sector, buoyed by strong demand for both leisure and business travel, continues to outperform, with analysts predicting further gains through 2025. In addition to the airline industry, cruise lines like Royal Caribbean ( NYSE:RCL ) and travel booking platforms have seen robust growth, with Citi analysts noting that the rally “has real legs” into 2025. For Delta, this sector-wide recovery could provide further support for its stock price, despite near-term turbulence. Price Target and Analyst Sentiment: Delta stock (NYSE: NYSE:DAL ) is currently trading around $47.90, down 6.5% in premarket trading on Thursday. Analysts remain optimistic about the stock’s long-term prospects, with a consensus price target of $61.89, implying a 21% upside from Wednesday’s close. Additionally, 11 analysts have assigned Delta a "Strong Buy" rating, further bolstering the bullish sentiment surrounding the stock. Conclusion: Delta Air Lines (NYSE: NYSE:DAL ) is at a critical juncture as it prepares to report Q3 earnings. Despite the challenges posed by Hurricane Milton, rising costs, and the recent IT outage, Delta’s fundamentals remain strong. The airline is expected to see a modest revenue increase in Q3, with significant earnings growth projected for next year. Technically, the stock is on the cusp of a potential breakout, and a move above $52.45 could trigger a fresh rally. However, investors should remain cautious, as a dip below $46 could lead to a sell-off.
NYSE:DALShort
by DEXWireNews
XAUUSD - Gold waiting for an important weekIn 4H timeframe, gold is moving above the EMA200 and EMA50 in its ascending channel Gold is still trading in its range box, and geopolitical tensions and the strengthening of the dollar have not led to its failure to rise or fall so far As long as gold is in this range, the best strategy will be to buy at the bottom and sell at the top breaking of the two drawn upward and downward trend lines is the first warning in the direction of changing the trend, but the stabilization above the support and resistance ranges will provide the path for gold to break this range box in an authentic way The potential target of this upward and downward movement will be the ceiling and bottom of the ascending channel It should be noted that if Anas moves downward, we will look for medium-term gold buying positions at the bottom of the channel
FOREXCOM:XAUUSD
by Ali_PSND
XAUUSD - Gold waiting for an important weekIn 4H timeframe, gold is moving above the EMA200 and EMA50 in its ascending channel Gold is still trading in its range box, and geopolitical tensions and the strengthening of the dollar have not led to its failure to rise or fall so far As long as gold is in this range, the best strategy will be to buy at the bottom and sell at the top breaking of the two drawn upward and downward trend lines is the first warning in the direction of changing the trend, but the stabilization above the support and resistance ranges will provide the path for gold to break this range box in an authentic way The potential target of this upward and downward movement will be the ceiling and bottom of the ascending channel It should be noted that if Anas moves downward, we will look for medium-term gold buying positions at the bottom of the channel
FOREXCOM:XAUUSD
by Ali_PSND
07/10/24 Weekly outlookLast weeks high: $65,605.03 Last weeks low: $59,829.32 Midpoint: $62,717.17 After geo-political escalations causing panic in the markets at the beginning of last week, BTC has been spending the second half of the week trying to recover losses. The 1D 200EMA came in as support midweek to cap the sell-off, a steady climb back up flipping the 4H 200EMA back to bullish and finally the week low reclaim in the dying hours of the week. This to me is very positive, showing strength in times of major uncertainty. Another outside force Bitcoin will encounter is the US presidential election, that is now less than one month away and definitely will sway traditional markets and crypto alike. This week we have some key data events: Wednesday - FOMC minutes As the unemployment data came in better than forecast, this could be a sign of further rate cuts to come in November, we may get some clues on this in the report. Thursday - CPI (YoY) Previous: 2.5% Forecast: 2.3% Actual:??? With CPI forecast to drop closer to the FEDs 2.0% target, anything lower than 2.3% would be positive for markets, 2,3% is probably priced in and anything above would be negative for markets. Friday - PPI (MoM) Previous: 0.2% Forecast: 0.1% Actual:??? Similar story in PPI as CPI, forecasts are for another drop and markets could react similarly to what's stated above. Data events can be a non-event but now that the rate cut cycle has begun and the US election is on the way these events are more important than ever.
by ProR35
$EUIRYY -CPI (September/2024)ECONOMICS:EUIRYY (Eurozone Inflation Data; September/2024) source: EUROSTAT - Annual inflation rate in the Eurozone fell to 1.8% in September 2024, the lowest since April 2021, compared to 2.2% in August and forecasts of 1.9%, preliminary estimates showed. Inflation is now below the ECB target of 2%. Prices fell much more for energy (-6% vs -3%) and inflation slowed for services (4% vs 4.1%) while prices for food, alcohol and tobacco increased slightly more (2.4% vs 2.3%). Meanwhile, core inflation rate also eased to 2.7% from 2.8%. Among the bloc's largest economies, inflation slowed in Germany (1.8% vs 2%), France (1.5% vs 2.2%), Italy (0.8% vs 1.2%), Spain (1.7% vs 2.4%). The ECB expects inflation to rise again in the latter part of 2024, partly because previous sharp falls in energy prices will drop out of the annual rates. Inflation should then decline towards 2% over the second half of 2025.
ECONOMICS:EUIRYY
by Mr_J__fx
$GBIRYY CPI (August/2024)ECONOMICS:GBIRYY CPI Data (August/2024) 'UK Inflation Rate Steady at 2.2%' source: Office for National Statistics - Annual inflation rate ( ECONOMICS:GBIRYY ) in the UK steadied at 2.2% in August 2024, the same as in July, and in line with expectations. The largest upward contribution came from air fares while the biggest downward contributions came from prices for motor fuels, and restaurants and hotels. Compared to the previous month, the CPI rose 0.3%, following a 0.2% fall in July and also matching expectations.
ECONOMICS:GBIRYY
by Mr_J__fx
EUR/USD Poised for Bullish Breakout Amid Weakening USD and CPI EUR/USD Technical Analysis: Current Outlook: EUR/USD is currently consolidating around the pivot level of 1.1000, with a potential bullish scenario on the horizon, especially with today’s anticipated inflation data, which is expected to show a weakening USD with a CPI result of around 2.5%. This could drive EUR/USD higher in the near term. Best Scenario : A bullish trend is more likely if the price stabilizes above the pivot line. A continued uptrend could lead the price toward the resistance levels at 1.1129 and 1.1168. The weakening USD from the inflation report supports this scenario. Key Levels: Pivot Line: 1.1036 Resistance Levels: 1.1129, 1.1168, 1.1240 Support Levels: 1.0949, 1.0913, 1.0861 Expected Range Today: The price is likely to move between 1.0949 and 1.1168, with a bullish bias. Overall Trend: The overall trend is expected to be bullish, especially if the price remains above the pivot point at 1.1000. A weaker-than-expected CPI for the USD will reinforce this upward movement, making the uptrend the stronger scenario.
Long
by SroshMayi
European Shares Gain as DAX Holds Bullish Momentum Ahead of CPIEuropean Shares Rise, Led by Tech and Resources Sectors European shares opened higher on Wednesday, with gains driven by the tech and basic resources sectors, as investors await a key U.S. inflation report for insights into the Federal Reserve’s upcoming interest rate decision. The DAX remains in a bullish momentum zone as long as it trades above 18,180, with potential targets at 18,520 and, beyond that, 18,645. The trend is expected to remain bullish ahead of the inflation data, and if the data aligns with expectations, this momentum is likely to strengthen. However, a break below 18,180 could signal a downturn, with the price potentially falling towards 17,960. Key Levels: Pivot Point: 18300 Resistance Levels: 18520, 18640, 18780 Support Levels: 18180, 17970, 17740 Expected Range: 18180 - 18780 Trend: Bullish as long as the price stays above 18,290 and 18,180.
PEPPERSTONE:GER40Long
by SroshMayi
Inflation Increases 2.5%, Setting Scene for Rate CutMarket Update, September 13th 2024 Takeaways Inflation stays under control: The Consumer Price Index increased 2.5% in August compared to the previous year, down from the 2.9% bump in July. The latest data indicates the Federal Reserve will likely cut interest rates by 25 basis points next week. Bankrupt crypto exchange FTX has reached a $14 million settlement with Emergent Technologies, resolving a dispute over 55 million Robinhood shares: The agreement avoids further legal action and allows Emergent to finalize its bankruptcy proceedings. US spot bitcoin ETFs have seen a streak of daily net outflows, with nearly $1.2 billion withdrawn in just eight days: The downturn coincides with broader market volatility. The North Carolina Senate has passed a bill prohibiting state participation in any Federal Reserve-sponsored CBDC testing: The bill bans payments to the state using a CBDC. It passed despite a veto by Governor Roy Cooper. 🕰️ Topic of the Week: Understanding Interest Rates 🫱 Read more here
GEMINI:BTCUSD
by Gemini
Nasdaq Awaits CPI Report with Potential for Volatility &BreakoutNasdaq Technical Analysis U.S. futures remain steady ahead of the highly anticipated CPI report, which is expected to significantly impact market direction. Projections suggest the CPI will come in around 2.5%, signaling a weaker USD and likely driving indices into a strong bullish trend. However, if the CPI exceeds 2.7% or 2.8%, market movements may become unpredictable, with the potential for a downward shift. The Nasdaq is expected to consolidate between 18,630 and 18,930 until a breakout occurs, with heightened volatility likely around the release of the inflation data. If the CPI results are lower than expected, the price could surge toward 19,220, with the possibility of reaching 19,625, particularly if the price stabilizes above 18,220. On the other hand, a higher-than-expected CPI result (around 2.8%) may create volatility and support a decline toward 18,340. Key Levels: Pivot Point: 18800 Resistance Levels: 18930, 19220, 19625 Support Levels: 18630, 18340, 17890 Expected Trading Range: 18340 - 19220 Trend: Bullish Movement with High Volatile of CPI
OANDA:NAS100USDLong
by SroshMayi
NVDA rallied today with consistent strong volumeAfter a good cpi report NVDA rallied with momentum giving clues of more rallying to come Rally stayed under resistance level which indicates for a sustained rally Volume increased and remained steady during rally RSI broke above 50 going into bullish zone. Hopefully SMA will follow NVDA has started to form long term downward trend that began back in July. We need to watch out for this zone as a take profit area Overall we expect the rally to continue.
NASDAQ:NVDALong
by ratchet-mint