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ETH/USDT Short-Term Review 1HIntervalHello everyone, let's look at the ETH to USDT chart taking into account the timeframe of one hour. As we can see, the price leaves the local downtrend line sideways. When we unfold the trend based fib extension tool, we see that we first have a support zone from $1872 to $1859, but when the price goes lower, then the support is at $1836. Looking the other way, we can mark a resistance zone from $1879 to $1889 where the price is struggling to break out, then we have a second zone from $1904 to $1915 and then strong resistance at $1930. The CHOP index indicates that the energy has been used, the MACD indicates the continuation of the local downtrend, and the RSI shows a significant rebound that may change the direction of the price to an upward one.
by cryptodailyuk
BTC/USDT Short-Term 1HInterval ReviewHello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price is bouncing off the local downtrend line. After unfolding the trend based fib extension grid, we see the first support zone from $30,309 to $30,138, and then the second support zone from $29,856 to $29,658. Now let's move on to the resistances, and here in the first place the price has to break the zone from $30661 to $30804, when it does it has a second strong resistance zone from $30949 to $31150. The CHOP index indicates that the energy is starting to gather strength, the MACD is on the verge of returning to the local uptrend, and the RSI after a strong recovery shows that there is room for price growth.
by cryptodailyuk
ETH/USDT Long-Term Review 1DIntervalHello everyone, I invite you to review the chart of ETH in pair to USDT, taking into account the one-day interval. Using the yellow line, we will mark the uptrend line, which, as we can see, holds the price nicely in corrections. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark support, and here in the first place it is worth marking the support zone from $ 1845 to $ 1662, however, when the price drops below, we can see a return to a very strong support zone from $ 1363 to $ 1150. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at the price of $2237, before which the price once again turned back, the next resistance is at the price of $2552, and then the third resistance at the price of $3007. When we turn on the EMA Cross 50 and 200, we can see the place of transition into a strong uptrend and how far the price stays in this trend. The CHOP index indicates that we have a lot of energy to use. The MACD indicator is in an uptrend. On the other hand, we have a rebound on the RSI, however, looking at the fact that we are in the upper part of the range, the price may go down to a lower level.
by cryptodailyuk
Daily Market Analysis - WEDNESDAY JULY 05, 2023Key News: USA - FOMC Meeting Minutes Following a shortened regular session on Monday, US stock futures displayed a varied pattern during evening deals. Notably, Tesla Inc (NASDAQ: TSLA) witnessed a significant surge of 6.9% as a result of exceeding delivery and production expectations. The trading session concluded on a mixed note, with US stock futures reflecting divergent trends as investors reacted to the latest developments. Tesla Inc, the renowned electric vehicle manufacturer, emerged as a standout performer during this period. The company experienced a remarkable upswing of 6.9%, largely attributed to surpassing expectations in terms of both deliveries and production figures. Investors responded positively to Tesla's impressive performance, fueling optimism about the company's growth prospects. The notable surge in stock value serves as a testament to the market's confidence in Tesla's ability to deliver strong results and capitalize on the growing demand for electric vehicles. While other stock futures exhibited a more varied pattern, Tesla's exceptional performance contributed to the overall mixed nature of the evening deals. As investors assess the broader market landscape and navigate various factors impacting the financial markets, the strong showing by Tesla stands out as a notable highlight, capturing attention and generating excitement among market participants. Tesla stock daily chart At 19:00 ET (23:00 GMT), the futures for the Dow Jones Industrial Average showed no significant change, maintaining stability in the evening trading session. Concurrently, the futures for the S&P 500 experienced a slight uptick of 0.1%, indicating a modest increase in value. In contrast, the futures for the Nasdaq 100 observed a minor decline of 0.2%, signaling a slight decrease in anticipated performance for the tech-heavy index. During this time, market participants closely monitored these futures indicators, seeking insights into the potential direction of the broader stock market. The stability in Dow Jones futures suggested a steady outlook for the industrial average, while the slight increase in S&P 500 futures indicated a positive sentiment among investors. However, the modest decline in Nasdaq 100 futures hinted at a relatively weaker performance for technology stocks. These movements in futures reflected the ongoing dynamics and sentiments surrounding the financial markets. Traders and investors assessed various factors, such as economic data, corporate earnings, geopolitical events, and market trends, to make informed decisions regarding their positions and strategies. While Dow Jones futures remained unchanged, and S&P 500 futures showed a modest increase, the slight decline in Nasdaq 100 futures added a layer of caution to the market environment. It highlighted the potential challenges and uncertainties faced by technology companies and the influence they might have on the overall market performance. As the trading session progressed, market participants continued to monitor these futures indicators, along with other relevant factors, to gain further insights and make informed decisions about their investment strategies. DJI and SPX indices daily chart In the afternoon of the previous day, the Australian dollar witnessed a decline in response to the Reserve Bank of Australia's (RBA) decision to leave the policy rate unchanged at 4.10%. The AUD/USD exchange rate dropped towards 0.6650, indicating a decrease in the value of the Australian dollar against the US dollar. Similarly, the AUD/NZD rate approached 1.0825, reflecting a weakening of the Australian dollar relative to the New Zealand dollar. The decision by the RBA to keep the policy rate unchanged surprised some market participants who had adjusted their expectations for consecutive rate hikes. This adjustment reflected a shift towards a more cautious approach from the RBA in terms of tightening monetary policy. Prior to the announcement, economists surveyed by Bloomberg held mixed views on whether the RBA would choose to implement another rate hike or maintain the existing policy rate. The divergence in expectations among economists and market participants underscores the uncertainty surrounding the RBA's future policy decisions. Traders and investors closely monitored the central bank's statements and actions for any indications of the direction of monetary policy. The outcome of the RBA's decision had a direct impact on the Australian dollar's performance, leading to fluctuations in currency pairs such as AUD/USD and AUD/NZD. As the market continues to digest the RBA's decision and assess the potential implications for the Australian dollar, market participants will closely follow any updates or communications from the central bank that could provide further insights into its future monetary policy stance. These developments will shape market sentiment and influence trading strategies related to the Australian dollar in the days ahead. AUD/USD daily chart The Reserve Bank of Australia (RBA), in its policy statement, provided reasoning for its decision to keep the policy rates unchanged for the current month. The central bank highlighted the importance of assessing the effects of previous rate increases and closely evaluating the overall economic outlook before making any further adjustments to the rates. While the RBA acknowledged a decline in the May monthly Consumer Price Index (CPI) indicator, they maintained the view that inflation levels were still "too high" and expected to remain elevated for a significant period. This suggests that the RBA is keeping a close eye on inflationary pressures in the economy and is cautious about taking any actions that could potentially exacerbate the situation. By opting to maintain the current rates, the RBA aims to monitor the impact of its past policy decisions on inflation and the broader economy. This approach allows them to gather more data and assess the effectiveness of their previous rate increases. By doing so, the central bank can gain a better understanding of the overall economic conditions and make informed decisions about the future course of monetary policy. The RBA's emphasis on the elevated inflation levels suggests that they are committed to managing price stability and ensuring that inflation remains within their target range over the long term. This cautious stance is likely driven by their objective to strike a balance between supporting economic growth and preventing any significant inflationary pressures that could harm the economy. US Dollar Currency Index The Dollar Index, a measure of the value of the U.S. dollar against a basket of major currencies, showed stability at 103.07, indicating a slight increase from the previous day's level of 102.92. This stability came amidst the expansion of the yield curve inversion in the United States between the 2-year and 10-year treasury yields. A yield curve inversion refers to a situation where shorter-term government securities, such as the 2-year treasury bonds, yield higher returns compared to longer-term bonds, such as the 10-year treasury bonds. This inversion is often seen as a potential signal of an economic downturn or recession, as it reflects investors' concerns about the future outlook of the economy. The expansion of the yield curve inversion implies that the gap between the yields of the 2-year and 10-year treasury bonds has widened. This can be interpreted as an indication of increased uncertainty and risk aversion in the market. Investors may be seeking the safety of longer-term bonds, pushing their yields lower, while demanding higher returns for holding shorter-term bonds. The impact of the yield curve inversion on the Dollar Index is multifaceted. On one hand, the inversion can be viewed as a sign of economic weakness, which may undermine confidence in the U.S. dollar and potentially lead to a decline in its value. On the other hand, the U.S. dollar is often seen as a safe-haven currency during times of market uncertainty, and increased risk aversion could lead investors to seek the relative stability of the dollar, supporting its value. The stability of the Dollar Index at 103.07 suggests that market participants are currently weighing the implications of the yield curve inversion and assessing its impact on the overall currency market. As economic data and market conditions evolve, investors will continue to monitor the yield curve dynamics and their potential influence on the U.S. dollar and other currencies. USD/JPY daily chart The US Dollar held its ground against the Japanese Yen, trading at 144.45, a marginal increase from the previous level of 144.40. This stability came in response to warnings issued by Japanese officials regarding excessive selling of the Yen. Masato Kanda, Japan's top currency diplomat, emphasized that authorities were in close communication with US Treasury Secretary Janet Yellen and maintaining ongoing dialogue with various countries regarding currency matters. The comments from Japanese officials aimed to address concerns about the weakening of the Yen, indicating their willingness to take appropriate measures if the currency were to weaken excessively. Such warnings and efforts to maintain communication with international counterparts demonstrate Japan's commitment to stability in the foreign exchange market. The US Dollar's stability against the Yen can be attributed to the market's response to these statements. Traders may have refrained from excessive selling of the Yen out of caution, given the potential intervention by Japanese authorities. This balanced approach helps to mitigate significant fluctuations in the USD/JPY exchange rate. The USD/JPY pair is influenced by a variety of factors, including economic indicators, monetary policy decisions, and geopolitical developments. In this case, the comments from Japanese officials added an element of stability to the currency pair, as market participants assessed the potential implications of any intervention measures that may be taken. As the situation evolves, traders will continue to monitor the communications between Japanese and US authorities, as well as other factors that can influence the USD/JPY exchange rate. Market sentiment, economic data releases, and geopolitical developments will all play a role in shaping the future direction of the pair. EUR/USD and GBP/USD daily charts In a quiet trading session, the Euro (EUR/USD) faced a slight decline, slipping from 1.0910 to 1.0882. Conversely, the British Pound (GBP/USD) showed strength, rallying by 0.20% to 1.2715 compared to the previous level of 1.2695. The Pound's upward movement was spurred by a statement from UK Prime Minister Rishi Sunak, highlighting the government's commitment to employ both monetary and fiscal policies fully in order to address concerns about inflation. Sunak's remarks reassured market participants, signaling that the UK government is prepared to take necessary measures to tackle rising inflationary pressures. This proactive stance from policymakers boosted confidence in the Pound, leading to its gains against the US Dollar. The Euro's dip in value against the US Dollar can be attributed to the subdued trading conditions and perhaps a lack of significant catalysts during the session. The Eurozone's economic performance and other factors influencing the Euro may have contributed to the minor decline. As the market awaits further developments, traders will closely monitor any updates regarding inflation and the actions taken by central banks and governments to address the economic challenges. Economic data releases, monetary policy decisions, and geopolitical events will continue to influence the dynamics of the EUR/USD and GBP/USD pairs in the days ahead. XAU/USD daily chart Gold has shown a modest recovery in the past three sessions after dropping below the key support level of $1,900 per ounce last week. The main driver of the downward pressure on gold prices has been the concern over increasing US interest rates. Investor attention is currently focused on the release of the minutes from the Federal Reserve's June meeting, as they seek further insights into the future trajectory of US interest rates. While the central bank decided to keep rates unchanged last month, they had indicated the possibility of at least two more rate hikes this year due to persistently high inflation. Federal Reserve Chair Jerome Powell has reiterated this stance in recent testimonies and speeches over the past two weeks. Market expectations currently indicate an 88% probability of a 25 basis point rate increase by the central bank in July. Although recent data showed a decline in overall US inflation, core inflation remains stubbornly high and above the Fed's target range. This trend suggests potential further pressure on gold in the coming months, although the metal has also witnessed some safe-haven demand due to expectations of a potential US recession. Analysts at IG have mentioned that they would adopt a positive stance on spot gold if it manages to surpass a resistance level ranging between $1,925 to $1,935 per ounce. In today's economic calendar, the Eurozone will release its June Producer Price Index (PPI) data, with a forecasted month-on-month decrease of -1.8% (compared to -3.2% previously) and a year-on-year decrease of -1.3% (compared to -1.0%). Meanwhile, the United Kingdom will publish its S&P Global Final Services Purchasing Managers' Index (PMI) for June, with a forecasted reading of 53.7 (compared to 55.2 previously). In the United States, the May Factory Orders data will be released, with a forecasted month-on-month increase of 0.8% (compared to 0.4% previously). Additionally, the May Core Factory Orders, excluding transportation, are expected to show a month-on-month increase of 0.3% (compared to -0.2% previously). Lastly, the US will release the IBD/TIPP Economic Optimism Index for July, with a forecasted reading of 43 (compared to 41.7 previously). These data releases will provide further insights into the economic conditions and sentiment, potentially impacting the financial markets including gold.
by FOREXN1
11
BTC Short-Term Review 4HIntervalHello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price stays on the local uptrend line. After unfolding the trend based fib extension grid, we can determine the first support zone from $ 30,701 to $ 30,490, but when the price drops lower, we have a second strong zone from $ 30,280 to $ 29,981. Now let's move on to the resistances and here we see that the price cannot break through the first zone from $31256 to $31530, when it does it will move towards the second very strong zone from $31974 to $32289. Looking at the CHOP indicator, we see that it collects more and more energy for the move, MAC is struggling to maintain the uptrend, while the RSI is at the upper limit, which may give a greater price rebound.
by cryptodailyuk
Daily Market Analysis - TUESDAY JULY 04, 2023Key News: USA - United States - Independence Day Australia - RBA Interest Rate Decision (Jul) Wall Street's main indices closed with modest gains on Monday in a shortened session, as Tesla (NASDAQ: TSLA) surged and bank shares showed resilience, signaling a subdued start to the second half of the year. Driven by news of record-breaking vehicle deliveries in the second quarter, Tesla saw a notable increase of 6.9% in its shares. Wells Fargo stock daily chart Citigroup stock daily chart In the realm of the financial markets, major banks emerged victorious as they adeptly navigated the rigorous annual health assessment conducted by the Federal Reserve, which, in turn, paved the way for them to raise their dividends. This accomplishment reverberated positively through the stock market, propelling their share prices to soar. Wells Fargo (NYSE: WFC), one of the prominent players in the banking sector, witnessed a remarkable 1.7% increase in the value of its shares, demonstrating its resilience and strategic prowess in the face of regulatory scrutiny. Meanwhile, Citigroup (NYSE: C), another heavyweight contender in the financial arena, experienced a solid ascent of 1.5% in its share price, attesting to its strong financial footing and ability to maintain stability in a constantly evolving economic landscape. The impact of the banks' successful performance was not confined to individual entities but had a broader effect on the industry. The S&P 500 banks index, serving as a barometer of the overall health and performance of major banking institutions, closed with a notable 1.5% gain, showcasing the collective strength and positive sentiment surrounding the financial sector as a whole. As investors and market participants alike acknowledged the banks' resilience and ability to meet regulatory requirements while delivering returns to shareholders, confidence in the stability and growth potential of the banking industry surged. This boost in investor sentiment bodes well for the financial sector, indicating a more optimistic outlook and paving the way for potential future expansions and innovations in the realm of banking and finance. S&P 500 daily chart The week ahead holds the promise of heightened volatility for the US dollar, as market participants brace themselves for potential fluctuations. At present, the Dollar Index reflects a downward trend, indicating a weaker position for the American currency. However, there is a possibility that it may undergo a significant test, aiming to reach the 104 level in the near future. Such a scenario would likely be influenced by a combination of economic factors, global events, and market sentiment, which can swiftly impact currency valuations. On the other hand, the Euro, serving as a key counterpart to the US dollar, is anticipated to maintain a relatively stable trading range. Market projections suggest that the Euro will continue to fluctuate within the boundaries of 1.08 to 1.10 against the US dollar. This range highlights a level of consistency in the Euro's performance and reflects the current equilibrium between the two major currencies. Factors influencing the Euro's movement may include economic indicators, political developments in the Eurozone, and any major policy decisions made by the European Central Bank. US Dollar Currency Index daily chart The EUR/JPY currency pair faces a crucial hurdle in order to avoid being stuck in a sideways range. A decisive breakthrough above the 158 level is necessary to signal a potential upward momentum. Such a breakthrough would indicate a shift in favor of the euro against the Japanese yen, potentially opening up further opportunities for the pair to appreciate. Traders and investors will closely monitor the price action around this level to determine if the pair can gather enough strength to break free from the sideways range and establish a new upward trend. On the other hand, the USD/JPY pair faces a different scenario. If the pair remains below the 145 level, there is a possibility of a decline towards the 144 level. This implies that the US dollar might weaken against the Japanese yen, reflecting a potential shift in favor of the yen. The 145 level acts as a crucial resistance, and failing to surpass it could indicate a lack of buying pressure for the US dollar. Traders and investors will carefully monitor the price dynamics and market sentiment surrounding this level to assess whether the pair will continue its downward movement and potentially target the 144 level. EUR/JPY and USD/JPY daily chart persistent inflation, robust economic data, and the resulting anticipation of higher interest rates. These factors have collectively exerted downward pressure on the price of gold, contributing to a challenging environment for the precious metal. Despite a minor recovery witnessed in the past few trading sessions, during which the price briefly dipped below the $1,900 mark, the overall trajectory for gold remains bearish. This implies that the prevailing sentiment and market dynamics are tilted towards further downward movement in the price of gold. The persistence of inflationary pressures has been a primary factor influencing the demand for gold as a safe haven and inflation hedge. Strong economic data, indicating a robust and expanding economy, has bolstered market confidence and reduced the appeal of holding gold as a protective asset. Additionally, the expectation of higher interest rates has amplified the attractiveness of alternative investment options, potentially diverting capital away from gold. While short-term fluctuations and temporary recoveries are not uncommon in financial markets, the broader trend for gold suggests a bearish outlook. Traders, investors, and market participants will closely monitor key economic indicators, central bank actions, and any shifts in market sentiment that may impact the future trajectory of gold prices. XAU/USD daily chart Indeed, there are indications of weakening momentum around the $1,900 level for gold, which raises the possibility of a corrective move in the near future. This observation suggests that the selling pressure and downward momentum may be losing steam, potentially paving the way for a temporary rebound or consolidation in the price of gold. However, it's crucial to note that a loss of momentum alone does not guarantee an immediate and decisive reversal in price direction. If there is a significant break below the $1,900 level, it could potentially trigger another downward plunge for gold, especially if momentum gains strength. Such a scenario would reflect a shift in market sentiment, with increased selling pressure overpowering any temporary recovery or consolidation. The extent of the downward move would depend on various factors, including market dynamics, investor sentiment, and the overall economic landscape. Considering the nearly 9% decline in gold prices since early May, a correction would not come as a surprise. Corrections are natural and healthy price movements that often occur after a significant rally or decline. They allow the market to reassess the prevailing trend, absorb new information, and establish a more sustainable price level. Traders, investors, and market participants closely monitoring the gold market will keep a watchful eye on key levels, momentum indicators, and other relevant factors to gauge the potential for a corrective move. BTC/USD daily chart The cryptocurrency Bitcoin has been displaying notable volatility, primarily fluctuating between the range of $30,000 to $31,000. This range-bound movement can be seen as encouraging by the crypto community, especially considering Bitcoin's recent impressive rally. Although Bitcoin has not experienced further significant gains, the fact that it has not retraced a substantial portion of its recent surge suggests that traders and investors maintain an optimistic outlook. They perceive the current phase as a consolidation period within a larger upward movement. It is important to note that the ultimate outcome and direction of Bitcoin's price movement will depend on future news developments and market factors. The hypothesis of this consolidation phase serving as a stepping stone for a potential continuation of the upward trend is speculative and will require time to confirm or refute. However, based on the information available thus far, the current market behavior surrounding Bitcoin is generally viewed as positive. The absence of a significant retracement following a substantial rally can be interpreted as a sign of resilience and underlying strength in the market. It demonstrates that there is ongoing support and demand for Bitcoin, even amidst fluctuations and uncertainty. As with any investment or trading activity involving cryptocurrencies, it is crucial for participants to exercise caution, conduct thorough research, and stay informed about market developments. Cryptocurrency markets are known for their volatility and can be influenced by various factors, including regulatory decisions, adoption trends, and overall market sentiment.
by FOREXN1
14
LTC 1DInterwal Rewiew - Long-TermI invite you to review the LTC chart on a single day interval. As we can see, the price stayed above the uptrend line, and including the corss 50 and 200 emas, we see confirmation of the uptrend. Let's start by marking the support spots for the price and we see that first we have a support zone that starts at $97 and ends at $876, however if the price goes lower, the next very strong zone is from $68 to $56. Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price bounced off a very strong resistance at $114, only when it breaks it and positively tests it will move towards the resistance at $134. The CHOP index indicates that the energy has been consumed, the MACD indicates that the uptrend is maintained, while the RSI rebounded from the upper limit of the range, which confirms the initiated price correction.
by cryptodailyuk
BNB Review 4HInterval Looking at BNB vs USDT, also on a four-hour timeframe. First of all, using the blue lines, we can mark the downtrend channel from which the price went up. As we can see from the unfolding of the fib based trend extension tool, the price stays just above the first support zone from $247 to $242, however, when the price falls below this zone, we can see a drop around the second strong zone from $234 to $229. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at the price of $ 253, only when the price positively tests it should try to attack the level of $ 261. When we turn on the EMA Cross 10 and 30, we can see the confirmation of the uptrend. The CHOP index indicates that we have a lot of energy for the next move. The MACD indicator struggles to maintain a local uptrend. On the other hand, on the RSI we are moving in the upper limit, but we have some space for the price to try to attack the first resistance.
by cryptodailyuk
BTC/USDT 4H Interval Review Hello everyone, I invite you to check the current situation on the BTC pair to USDT, taking into account the four-hour interval. First, we will use blue lines to mark the local channel of the sideways trend, from which the price goes up, in the situation of exiting by the height of the channel, we will find ourselves in the place of the last peak, which could reverse the direction of the price. Now we can move on to marking the places of support in the event of a correction. And here, in the first place, it is worth marking the support zone from $ 30,673 to $ 30,389, however, when we fall below this zone, we can see a drop around the second zone at the levels of $ 30,163 to $ 29,936. Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we will mark the resistance zone from $31,215 to $31,463, when we manage to break out of it upwards and positively test, we will see a movement towards the second zone from $31,858 to $32,137. When we turn on the moving average ema cross 10 and 30, we will notice that they are in a local uptrend. The CHOP index which indicates that energy is starting to be recovered, the MACD indicator indicates a strong upward move, while the RSI is moving in the upper part of the range, which may affect the price rebound in the coming hours.
by cryptodailyuk
Daily Market Analysis - MONDAY JULY 03, 2023Key News: USA - Independence Day - Early close at 13:00 UK - Manufacturing PMI (Jun) USA - ISM Manufacturing PMI (Jun) Friday marked a momentous day on Wall Street as the three major indices experienced a robust surge, igniting a wave of optimism among investors. Notably, the Nasdaq, renowned for its focus on technology stocks, achieved an extraordinary feat by posting its largest first-half gain in the past 40 years. This remarkable milestone underscored the resiliency and strength of the technology sector, which has been a driving force behind the market's upward trajectory. Adding to the positive sentiment was the phenomenal achievement of tech giant Apple, as it soared to a market valuation of $3 trillion. This significant milestone was a testament to the company's enduring appeal and relentless pursuit of innovation. Not since January 2022 had Apple reached such heights, and this remarkable accomplishment further solidified its position as one of the most influential and valuable companies in the world. Apple's stock performance on Friday was nothing short of impressive. Closing at $193.97, it recorded a notable increase of 2.3%, with the stock even reaching a new all-time high of $194.48. This surge in Apple's stock price was fueled by a combination of factors, including the growing investor enthusiasm for growth stocks and the unwavering confidence in Apple's ability to conquer new markets. Investors' renewed faith in growth stocks, particularly in the technology sector, has been a driving force behind the recent market surge. The allure of exponential growth potential and groundbreaking innovations has captivated market participants, leading to increased allocations in companies like Apple. Moreover, Apple's unwavering commitment to excellence and its track record of success have bolstered investor confidence, making it an attractive choice for many. Apple's ability to penetrate and thrive in new markets has further fueled investor optimism. The company's forays into various sectors, such as healthcare, augmented reality, and autonomous vehicles, have been met with great anticipation. Investors believe that Apple's strong brand, vast resources, and exceptional product ecosystem position it favorably to succeed in these emerging industries. This confidence in Apple's long-term prospects has propelled its stock to new heights. As the market continues to evolve and navigate through various challenges, the impressive performance of the Nasdaq and Apple serves as a beacon of hope and optimism. Their achievements not only symbolize the resilience of the technology sector but also provide a glimmer of possibility for future growth and innovation. Investors are closely watching these developments, eager to capitalize on the momentum and potential opportunities that lie ahead in the ever-evolving world of technology. Apple stock daily chart On the last day of the second quarter, investors displayed a heightened level of interest, primarily influenced by the Federal Reserve's closely observed indicators, which pointed to a moderation in US inflation. According to a report released by the Commerce Department, the Personal Consumption Expenditures (PCE) index showed a 3.8% increase, lower than the 4.3% figure recorded in April. When excluding the volatile prices of food and energy, the core PCE index saw a growth of 0.3%, slightly lower than the previous month's 0.4% rise. BEA, US Personal Consumption Expenditures (PCE) index The release of this data has instilled optimism among investors, raising the possibility that the Federal Reserve's cycle of raising interest rates could be approaching its conclusion. The decrease in Treasury yields, which was triggered by the alleviation of inflationary pressures, has played a role in fostering this positive market sentiment. Burns McKinney, a portfolio manager at NFJ Investment Group in Dallas, Texas, emphasized the impact of declining yields on the overall market conditions. In terms of performance, the Nasdaq index delivered its strongest first-half showing in four decades, delivering a remarkable gain of over 31%. Notably, the Nasdaq 100 index, comprising prominent technology stocks, achieved its highest first-half gain on record, surging by approximately 39%. On Friday, the S&P 500's growth index experienced a rise of 1.4%. Alongside Apple, other popular stocks favored by investors, including Microsoft, Nvidia, Amazon, and Meta Platforms, significantly contributed to the positive performance of the S&P 500. These stocks registered gains ranging from 1.6% to 3.6%, capitalizing on their impressive rallies propelled by strong earnings and the increasing interest in artificial intelligence. S&P 500 indice daily chart NASDAQ indice daily chart As we embark on the first full week of July, there are several noteworthy events lined up on the economic calendar. One such event is the Reserve Bank of Australia (RBA) rate decision, scheduled for Tuesday at 5:30 am GMT+1. This decision holds significant interest as market participants eagerly await to see whether the central bank will increase its Official Cash Rate (OCR) by 25 basis points (bp) to 4.35% or maintain the status quo. The RBA's rate decisions have been closely monitored, particularly due to the surprise 25bp rate hikes in the previous two meetings. The most recent monthly Consumer Price Index (CPI) data revealed a 5.6% increase in the twelve months leading up to May. Although this figure is lower than April's 6.8% and market expectations of 6.1%, it still plays a role in shaping the RBA's decision-making process. Additionally, strong employment data and uncertainties surrounding China's economic recovery have contributed to a 63% probability of the RBA keeping rates unchanged this week. Market participants will be closely watching the outcome of the RBA rate decision as it has the potential to impact not only the Australian economy but also global market sentiments. Australia interest rate In the United States, the upcoming releases of the ISM Manufacturing and Services Purchasing Managers' Index (PMI) will draw considerable attention. The Services PMI has been indicating contractionary conditions for several months, and the release scheduled for Monday at 3:00 pm GMT+1 is expected to continue this trend. Forecasts suggest a range between 48.3 and 46.7 for the Services PMI. On Thursday at 3:00 pm GMT+1, the ISM Services PMI will be released, which has remained in expansionary territory but experienced a decline from 51.9 in April to 50.3 in May. The median expectation for June's release is 51.0. It is worth noting that the past three months have exhibited a range between 52.0 and 50.0 in the Services PMI readings. These PMI releases provide valuable insights into the health of the manufacturing and services sectors in the US. Market participants will be closely monitoring these indicators as they can influence market sentiment and provide indications of economic trends and business activity levels. US ISM Purchasing Managers Index (PMI) One of the most highly anticipated data releases in the United States this week will be related to the labor market indicators. On a day preceding the non-farm payroll report for June, both the ADP non-farm employment change and JOLTS job openings data will be published at 1:30 pm GMT+1. Market participants will closely watch these indicators as they provide crucial insights into the state of the labor market. They serve as important precursors to the official non-farm payroll report, which is scheduled for release on Friday. The median consensus among analysts is for an addition of 225,000 new payrolls in June, which marks a decrease from the robust figure of 339,000 recorded in May. In addition, the unemployment rate is expected to remain unchanged at 3.7%, while average hourly earnings are projected to match the previous month's value of 0.3%. It is worth noting that a strong jobs report for June would increase the likelihood of a rate hike later in the month. These labor market indicators are closely monitored as they provide valuable insights into the overall health of the US economy, the pace of job creation, and potential wage growth. The data can significantly impact market sentiment and influence monetary policy decisions. US Unemployment rate In its June meeting, the Federal Open Market Committee (FOMC) decided to maintain the Federal Funds target rate at its existing level. However, the committee signaled a hawkish stance, indicating a potentially more aggressive approach to monetary policy. This was reflected in the FOMC's dot plot, which outlines individual policymakers' projections for interest rates. Based on the dot plot from May, the FOMC projected two additional rate increases by the end of 2023. This suggests a tightening monetary policy in the near future. Market participants have taken note of this guidance, and as of now, they are pricing in an 80% probability of a 25 basis point hike at the next FOMC meeting scheduled for July 26. Following the anticipated rate hike in July, there is speculation that the FOMC may pause its tightening cycle and potentially even consider rate cuts in 2024. However, it's important to note that market expectations and projections can change based on incoming economic data and the evolving policy stance of the Federal Reserve. These market expectations regarding future rate movements are crucial for investors and can significantly impact various asset classes and market sentiment. Traders and market participants closely monitor such probabilities and projections to make informed decisions and position themselves accordingly in the financial markets.
by FOREXN1
10
FTM/USDT 4H ReviewHello everyone, let's look at the FTM to USDT chart on a 4-hour timeframe. As you can see, the price has broken out of the local downtrend line. Let's start with the support line and as you can see the first significant support is at $0.25, then we have the second support at $0.20 and then the third support at $0.16. Looking the other way, we can determine a significant resistance zone that the price has to face from $0.35 to $0.39, only when we move up from this zone, the price can move towards resistance at $0.46. The CHOP indicator indicates the ending energy, which gives small price movements, the MACD tries to return to the local uptrend, while the RSI after a visible rebound, we have an attempt to return to the uptrend.
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by cryptodailyuk
BTCUSDT 4H Interval ReviewHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is trying to break the local downtrend line. After unfolding the trend based fib extension grid, we can see a support zone from $30,241 to $29,981, however, when the price falls below this zone, we still have support at the golden fib point, at $29,555. Now let's move from the resistance line, as you can see the price is fighting a very strong resistance at $30578, while further it will move towards an also very strong resistance at $31240. Looking at the CHOP indicator, we see that there is still energy for the move, the MACD, despite the price increase, remains in the local downtrend, and the RSI has a slight increase, which may give room for the price to grow a little more.
by cryptodailyuk
BNB/USDT 4H Interval ReviewI invite you to the third chart, this time BNB on a four-hour interval. As we can see, the price moved down from channel A of the uptrend, then the price moved in channel B of the downtrend, in which the low was higher than in channel A. Which gave us an upward exit from channel two and a move along the local uptrend line. Using the trend based fib extension tool, we will check support places for the BNB price. And here you can immediately see that we have a support zone from $234 to $229, which is currently holding the price. However, when we fall below this zone, the price has a second very strong support zone from $221 to $216. Looking the other way, we can similarly determine the places of resistance that the price has to face. And similarly, we will mark two zones through which the price must pass in order to continue its growth. The first zone starts at the price of $238 and ends at the level of $242, when the price goes up from it, it will move towards the second zone at the levels of $247 to $253. Here it is worth looking at the EMA cross 10 and 30, as we can see that the red line of the cross 10 ema is approaching the intersection of the green 30 from below, which should result in an uptrend change. The CHOP index indicates that we have the energy to continue the move, the MACD indicates maintaining an uptrend, while the RSI is moving in an uptrend, with small rebounds, but there is room for the price to go higher in the current moves.
by cryptodailyuk
ETH/USDT 1D Review Hello everyone, let's look at the ETH to USDT chart on the 1D time frame. As you can see, the price is holding at the local uptrend line. Let's start with determining the supports. And here we see that first we have a zone from $1866 to $1822 where the price is holding, then we have a second very strong support zone from $1752 to $1701. Now let's move to the price resistance, in this situation the first zone is $1890 to $1934, once price breaks it it will go towards the $1971 to $2008 zone. Looking at the CHOP indicator, we see that there is more and more energy, the MACD indicates the maintenance of the local uptrend, while the RSI shows that small price corrections give the indicator a rebound, which creates room for another increase.
by cryptodailyuk
1
Daily Market Analysis - FRIDAY JUNE 30, 2023Key News: UK - GDP (YoY) (Q1) UK - GDP (QoQ) (Q1) Eurozone - CPI (YoY) (Jun) USA - Core PCE Price Index (MoM) (May) Thursday witnessed a modest upturn in US stock indices, primarily driven by a surge in bank shares following the Federal Reserve's positive outcome of the annual stress test. Moreover, the release of robust economic data further fueled expectations of additional interest rate hikes by the central bank. Prominent financial institutions like Wells Fargo, Goldman Sachs, and JPMorgan Chase experienced notable increases in their share prices, surpassing 3% and 4% respectively. This surge can be attributed to the stress test results, which showcased their resilience and ability to withstand a severe economic downturn. The S&P 500 banks index, reflecting the performance of major banks, witnessed a noteworthy climb of over 2%. This rise contributed to a broader relief rally, which in turn boosted the KBW Regional Banking index by 1.5%. Wells Frago stock daily chart Goldman Sachs stock daily chart S&P 500 daily chart Investors exhibited a clear inclination towards economically sensitive sectors, while growth sectors tied to interest rates experienced less activity, thanks to positive data that alleviated concerns of an imminent recession. The Russell 2000 index, which encompasses small-cap stocks, witnessed a notable gain of over 1%. This rise indicated investors' confidence in smaller companies and their potential for economic growth. Among the sectors within the S&P 500, the materials index emerged as the leader of the upswing. This sector's strong performance further reinforced the market's preference for areas tied to economic expansion and industrial activity. Nasdaq daily chart The US dollar index, a measure of the USD's performance against a basket of major currencies, surged to a two-week high in response to encouraging economic data that highlighted a strong labor market. This positive development potentially grants the Federal Reserve the flexibility to continue its trajectory of raising interest rates. The dollar index experienced a 0.35% climb, reaching a level of 103.310. This marks its highest point since June 13 when it peaked at 103.44. The strengthening of the US dollar indicates the market's response to the optimistic economic indicators, suggesting an increased likelihood of further interest rate hikes by the Federal Reserve. US Dollar Currency Index daily chart Market expectations for a 25 basis-point rate hike by the Federal Reserve at its upcoming July meeting experienced an increase, rising from 81.8% in the previous session to 86.8%, as reported by CME's FedWatch Tool. This higher probability indicates a growing anticipation among market participants for the central bank to raise interest rates. Furthermore, the likelihood of a rate cut occurring later in the year has been entirely ruled out. This suggests that market sentiment has shifted towards a more hawkish outlook, with reduced expectations for accommodative monetary policy measures such as rate cuts. The market's assessment aligns with the evolving economic landscape and positive data that may provide the Federal Reserve with the impetus to tighten monetary policy in response to a robust economy. USD/JPY daily chart The US dollar continued to exhibit strength against the Japanese yen, extending its streak for the third consecutive day and reaching a fresh 7.5-month high at 144.90 yen. The persistent divergence in monetary policy plans between the US Federal Reserve and the Bank of Japan is expected to contribute to the yen's ongoing weakness against the dollar. The yen declined by 0.23% against the greenback, resulting in an exchange rate of 144.83 yen per dollar. Investors are attentively monitoring any potential intervention by the Bank of Japan in the currency, as it has occurred previously around the 145 yen level. Meanwhile, gold prices remained relatively unchanged and reflected significant losses for the month of June. This decline can be attributed to robust economic data from the United States, which bolstered risk appetite and raised concerns about potential interest rate hikes by the Federal Reserve. Earlier in the week, gold prices hit three-month lows, largely driven by a series of hawkish signals from Fed officials, with particular emphasis placed on comments made by Chair Jerome Powell. On Friday, the release of the Personal Consumption Expenditure Index (PCE), the Fed's preferred measure of inflation, is scheduled for May. Economists surveyed by Reuters anticipate that core rates will remain stable at 4.7%, providing insight into the level of inflationary pressures.
by FOREXN1
5
DOT 4Hinterval ReviewAs the third, we will check the DOT chart on the four-hour interval. As we can see, the price is above the uptrend line marked in yellow. Let's start by marking the price support spots and we see that we first have support at $4.84 but if the price goes lower then we have another support at $4.72 and then we have a very strong support zone at $4.60 $ to $4.42. Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that currently DOT does not have enough strength to break the resistance zone from $5.04 to $5.27, but when this happens, we have another very strong resistance at $5.56, only after a positive test of this resistance we will be able to see a further price increase. When we turn on the EMA Cross 200, we will see an attempt to return the price to a strong uptrend, but at the moment the price is fighting to maintain this trend. The CHOP index indicates that there is still a lot of energy to be used, the MACD indicates a return to the local downtrend, while the RSI is in the process of recovering and we are approaching the lower end of the range, which may indicate the imminent end of the current recovery.
by cryptodailyuk
BNB/USDT Review 4hinterval - Resistance and SupportHello everyone, I invite you to review the chart of BNB in pair to USDT, on a four-hour interval. In the first place, using the yellow line, we can mark the uptrend line that did not hold the price, while currently, using the blue lines, we can mark the downtrend channel from which the price goes sideways. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first very strong support at the price of $ 234.4, it is equal to 0.618 Fib, the so-called golden fibon point, the second support at the price of $ 228.2, and then we can see a decrease around 220 .1$, which is the location of the last price low. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we see that the price has no strength to break through the resistance at $238.3, however when it does, it still needs to break through the strong resistance from $243 to $249 for the price to move further towards the resistance at $257.4. Please pay attention to the CHOP Index, which indicates that there is a lot of energy to move. The MACD indicator maintains a local downtrend. On the other hand, the RSI is moving around the lower border, which may give the price an increase in the coming hours.
by cryptodailyuk
LTC/USDT 4HInterval Review support and resistanceHello everyone, let's look at the LTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving above the local uptrend line. Let's start with the support line and as you can see the first support in the near future is $87.49, if the support is broken then the next support is $83.42 and then we have a strong support zone from $80 to $77. Now let's move to the resistance line, as you can see the first resistance is $91.28, if you manage to break it, the next resistance will be $94.72 and $97.52. Looking at the CHOP indicator, we see that there is a lot of energy for the upcoming move, the MACD confirms the local downtrend, while the RSI shows a visible rebound, which may give room for future increases.
by cryptodailyuk
Daily Market Analysis - TUESDAY JUNE 27, 2023Market reactions are varied and uncertain due to the ongoing uncertainties in Russia and concerns about inflation. Key News: Eurozone - ECB President Lagarde Speaks USA - Building Permits USA - Core Durable Goods Orders (MoM) (May) USA - CB Consumer Confidence (Jun) USA - New Home Sales (May) On Monday, the US stock market experienced a decline as investors adopted a cautious approach towards riskier assets due to uncertainties surrounding the outcome of the disrupted mutiny in Russia over the weekend. The mutiny, led by Russian mercenaries, raised concerns about the future of President Vladimir Putin and the stability of the country. While Putin expressed gratitude on Monday towards the mercenaries and commanders who chose to stand down, thus preventing bloodshed, the US State Department highlighted that the situation in Russia remained fluid and unpredictable. The impact of these geopolitical events was evident in the performance of the primary indices, particularly with regards to growth stocks. Companies such as Meta Platforms Inc (NASDAQ: META), Alphabet Inc (NASDAQ: GOOGL), and Tesla Inc (NASDAQ: TSLA) experienced significant downward pressure, resulting in sharp declines in their stock prices. Investors' caution stemmed from the potential ripple effects of the Russian mutiny on global political and economic stability. Uncertainties surrounding the future leadership and governance of Russia, as well as the potential for geopolitical tensions, contributed to the market's apprehensive sentiment. As a result, investors opted for a more risk-averse approach, leading to the decline in growth stocks. The situation in Russia will continue to be closely monitored by market participants, as any further developments or shifts in geopolitical dynamics could have implications for global markets. Investors will seek clarity and stability before reevaluating their risk appetite and investment strategies. META stock daily chart GOOG stock daily chart TSLA stock daily chart The foreign exchange market currently lacks clear signals favoring safe-haven currencies such as the US dollar, Japanese yen, or Swiss franc. This subdued response can be attributed to two key factors that are influencing market dynamics. Firstly, there is a sense of uncertainty surrounding the future in the aftermath of the challenge to President Putin's authority in Russia. The mutiny led by Russian mercenaries has raised questions about political stability and the potential implications for global markets. As a result, investors are exercising caution and refraining from taking strong positions in safe-haven currencies until there is greater clarity on the situation. Secondly, the financial markets have already witnessed a year of a stronger dollar and higher energy prices due to the ongoing Russian invasion of Ukraine. This prolonged geopolitical tension has had an impact on currency markets, and investors may be hesitant to further increase their exposure to safe-haven currencies, considering the recent market trends. Instead, the primary focus of the market currently lies on inflation. Central bankers and governments are facing criticism for maintaining loose monetary and fiscal policies for an extended period. The upcoming annual ECB symposium in Sintra is expected to delve into this topic, particularly focusing on monetary policy. Many central bank governors from the G7 nations are anticipated to attend the event and deliver a potentially hawkish message, similar to Federal Reserve Chair Jerome Powell's recent testimony to Congress. Market participants are eagerly awaiting insights and guidance from central bank officials regarding their stance on inflation and the potential tightening of monetary policy. This focus on inflation dynamics and monetary policy decisions is shaping the market sentiment and influencing currency flows. USD/JPY daily chart The anticipation of an approaching recession has led to expectations of inverted yield curves, as investors assess the economic landscape. Consequently, the US dollar is projected to maintain its strength against currencies that lack robust monetary defenses. This strength is particularly evident in the USD/JPY currency pair, which is expected to sustain its upward trend as investors seek the safety of the US dollar. Another significant event on the US economic calendar this week is the release of core Personal Consumption Expenditures (PCE) inflation data for May, scheduled for Friday. Market participants will closely analyze this data as it carries crucial implications for monetary policy decisions. If the data reveals another high reading, especially around 0.4% month-on-month, it would indicate that inflationary pressures persist and may prompt the Federal Reserve to maintain its hawkish stance without signaling any plans for easing monetary policy. Investors will closely monitor these developments as they shape market expectations and influence currency movements. The interplay between recession concerns, the strength of the US dollar, and inflation dynamics will be crucial factors driving investor sentiment and decision-making in the foreign exchange market. US Dollar Currency Index Based on forecasts, the US Dollar Index (DXY) is expected to fluctuate within the range of 102.00 and 103.00 over the course of this week. In addition, the USD/JPY currency pair is anticipated to approach the intervention zone around 145. On the preceding Friday, Europe received discouraging data concerning the Purchasing Managers' Index (PMI), particularly in the services sector, which indicated a decline. This adds to the already sluggish state of the manufacturing sector. Consequently, the EUR/USD currency pair witnessed a decrease of approximately 50 pips following the release of this data. The weakening PMI figures in the services sector contribute to concerns about the overall economic growth and recovery in Europe. As a result, market sentiment towards the euro has been dampened, leading to a downward pressure on the EUR/USD pair. The data release highlights the challenges faced by the Eurozone economy and underscores the importance of monitoring economic indicators to gauge the direction of currency pairs. In the coming days, market participants will closely monitor economic data releases, central bank communications, and geopolitical developments, as these factors can significantly influence the movement of currency pairs, including the EUR/USD and the broader US Dollar Index. EUR/USD daily chart The prevailing narrative of central banks needing to maintain higher interest rates for an extended period may initially appear unfavorable for the pro-cyclical euro. However, the European Central Bank's (ECB) hawkish stance has provided some defense against the elevated interest rates in the United States, leading to the EUR/USD currency pair rising above 1.09. This stance also reinforces the expectation of two additional 25 basis points rate hikes in July and September, potentially offsetting the modest easing anticipated in 2024. Given the current circumstances, it is likely that the EUR/USD will continue to trade within the range of 1.0850 to 1.1000, while the desired outcome of a smooth economic transition and a more accommodative policy from the Federal Reserve seems to be further delayed. The challenges faced by central bankers in navigating the shift from a relatively straightforward decline in headline inflation driven by base effects to the more complex task of reducing core inflation are extensively discussed in the financial press. Many countries are experiencing core inflation rates around 5%, with the Bank of England contending with an even higher rate of 7%. In light of this situation, it is expected that Bank of England officials will not hesitate to price the Bank Rate above 6% early next year. Additionally, it is anticipated that the government will maintain its stance on mortgage interest relief, as compromising on this issue would only complicate the Bank of England's efforts. These factors underscore the intricacies and challenges faced by central banks in addressing inflationary pressures and maintaining financial stability. Market participants will closely monitor central bank actions and policy decisions as they navigate these complex dynamics, which will have a significant impact on currency movements and trading strategies in the coming months. EUR/GBP daily chart The decline in Eurozone PMI data on Friday had a notable impact on the EUR/GBP currency pair, leading to a decrease in its value. Despite concerns about a potential hard landing for the UK economy, your initial analysis remains unchanged regarding the Bank of England's response. Looking at the UK calendar for this week, the key focus will be on Bank of England speakers, particularly BoE Governor Andrew Bailey's event on Wednesday, which will draw significant attention. The remarks and insights provided by central bank officials can have a considerable influence on currency movements and market sentiment. Based on current analysis, it is anticipated that the EUR/GBP pair may experience a retreat and potentially reach the level of 0.8520 during the week. This suggests a strengthening of the British pound against the euro. Additionally, for the GBP/USD currency pair, it is expected to find support below the 1.27 level, indicating a potential resilience of the pound against the US dollar.
by FOREXN1
8
BTC 1D Interval ReviewWe will now move on to the BTC/USDT chart, also on a one-day timeframe. First of all, using the yellow line, we can mark the downtrend line from which the price went up, then, using the blue lines, we can mark the uptrend channel in which the price is currently moving. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark support, but here we will use support zones and we have the first zone in the range of $ 27725 to $ 25381, then there is a second strong zone from $ 23388 to $ 21513, while if the price fell lower we have a third very strong support zone from $18,934 to $15,418. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at the price of $ 31769, which so far has not been strong enough to overcome, the next resistance is at the price of $ 35578, and then the third resistance at the price of $ 41028. When we turn on the EMA Cross 200, we can see that it kept the price nicely in the uptrend. The CHOP index indicates that the energy has been used. The MACD indicator is in a strong uptrend. On the other hand, on the RSI we see a breakout of the upper limit and we currently have a slight rebound, but I expect a stronger rebound or a sideways trend with small price slides.
by cryptodailyuk
BTC/USDT 4HIntervalHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price has moved down from the local uptrend channel. Let's start with setting the support line and as you can see, the price is currently moving in the important support zone from $30,433 to $30,159, if the price falls below the zone, we can see a drop to the support area at $29,373. Now let's move on to the resistance line, as you can see we have the first resistance zone from $30696 to $30915 and then the price needs to break through the second zone from $31154 to $31468. Looking at the CHOP indicator, we see that there is a lot of energy to move, the MACD indicates the maintenance of the local downtrend, while the RSI shows a rebound, but there is still room for the price to go a little lower.
by cryptodailyuk
Daily Market Analysis - MONDAY JUNE 26, 2023The momentum of stocks is affected by global growth concerns and central bank actions, while the euro experiences an upswing. Key News: Eurozone - ECB McCaul Speaks Eurozone - ECB President Lagarde Speaks The US stock market is currently experiencing a decline amidst deteriorating global growth forecasts, primarily attributed to weak global Purchasing Managers' Index (PMI) readings. This worrisome trend is particularly prominent in Europe, where the risk of a severe economic downturn is higher compared to the United States. Consequently, the dollar is expected to maintain its support in the short term due to these circumstances. Throughout this week, stocks have faced unfavorable conditions, resulting in the unraveling of various trades involving large-cap technology companies. Specifically, the Nasdaq index is taking a considerable hit, predominantly due to profit-taking in the artificial intelligence (AI) sector. The prevailing sentiment among investors is to withdraw their profits from AI-related investments, contributing to the downward pressure on the Nasdaq. Nasdaq daily chart Looking ahead to the upcoming week, the focus will shift towards a fresh wave of inflation releases following the conclusion of major central bank decisions. The euro has experienced a robust month, benefiting from the market's anticipation of the European Central Bank (ECB) adopting a more aggressive approach in raising interest rates compared to previous expectations. Despite signs of moderating inflation and sluggish economic activity, the ECB has expressed its intention to pursue higher rates. However, this commitment may carry risks in the long term, potentially limiting the ECB's flexibility in responding to changing economic conditions. Nevertheless, the rally in European yields has made the euro an increasingly attractive investment option for market participants. Furthermore, the weakness observed in the US dollar and the Japanese yen has provided additional support to the euro, as foreign exchange dynamics are often influenced by relative performance. EUR/USD daily chart As we look to the future, a critical question arises regarding the momentum of the euro's rally. The answer to this question is likely to be influenced by the forthcoming inflation report scheduled for release on Friday and its implications for the European Central Bank's (ECB) future decisions. Throughout this year, inflation has displayed a consistent downward trend, and recent business surveys indicate that this trend has persisted into June. Notably, selling prices have been rising at the slowest pace in over two years, further contributing to the overall picture of declining inflationary pressures. In terms of market performance, the DAX index has witnessed a notable decline, predominantly driven by a sharp decrease in the shares of Siemens Energy. The company's stock plummeted by over 30% following its decision to withdraw its full-year guidance due to challenges faced by its Spanish Gamesa operation. This development has had a significant impact on the DAX index's overall performance and has garnered attention from market participants. DAX daily chart In a similar vein, the FTSE 100 index has encountered downward pressure, resulting in a decline below the crucial 7,500 level. This descent has brought the index back to levels observed earlier in the trading period, reminiscent of the beginning of the year. The FTSE 100's retreat reflects the prevailing market sentiment and highlights the challenges and uncertainties currently influencing the broader market landscape. FTSE 100 daily chart In the United States, the week will commence with the unveiling of significant economic indicators, including durable goods orders and new home sales for the month of May on Tuesday. This will be followed by the release of crucial data on Friday, including the core Personal Consumption Expenditures (PCE) price index, personal consumption, and income figures for the same month. In recent weeks, there has been a notable back-and-forth between Federal Reserve officials and market participants, resembling a game of chicken. While policymakers have signaled their intention to implement two more interest rate hikes throughout the remainder of the year, investors have only priced in expectations for one. The ultimate determinant of who is right in this scenario will depend on the persistency of inflationary pressures. The outcome will carry implications for the performance of the US dollar, as its value is intricately linked to interest rate differentials and market expectations. US Dollar Currency Index daily chart Throughout this month, the US dollar has encountered downward pressure, primarily influenced by two factors. Firstly, there has been market skepticism surrounding the Federal Reserve's hawkish signals, which has created uncertainty among investors. Secondly, the prevailing optimistic sentiment in stock markets has reduced the demand for safe-haven assets, including the US dollar. Gold, on the other hand, has faced a challenging couple of months as Wall Street anticipates more aggressive tightening measures from central banks across Europe. The strong demand for Treasuries, driven by investor concerns about the global growth outlook, has caused the dollar to rally. However, as the stock market experiences a more pronounced selloff, gold is beginning to attract safe-haven flows. This is evident as gold prices have fallen to the $1920 level, prompting some investors to seek refuge in the precious metal as a hedge against market volatility and uncertainty. XAU/USD daily chart Gold received an additional boost when Federal Reserve official Bostic expressed his preference for no further rate hikes for the remainder of the year. This sentiment supported the precious metal's rebound. However, the momentum of the rebound waned when the latest PMI data failed to demonstrate sufficient weakness in the service sector, which would have justified a pause in rate hikes. Looking ahead, the upcoming week will play a crucial role in shaping expectations regarding future Fed rate hikes. This will be influenced by the release of the Personal Consumption Expenditures (PCE) readings and remarks from Federal Reserve Chair Powell. If market participants, as reflected in swap futures, start to believe that the Fed is likely to implement two more rate increases, gold may remain vulnerable. However, if risk aversion intensifies and investors seek safe-haven assets, gold could experience an influx of buying pressure. Key support for gold is anticipated at the $1900 level, indicating a price level where buying interest could emerge. On the other hand, resistance is likely to be encountered around the $1960 region, signifying a level where selling pressure may intensify. These levels will be closely monitored by traders and investors as they assess the future trajectory of gold prices.
by FOREXN1
9
ETH/USDT 4HInterval ReviewHello everyone, let's look at the ETH to USDT chart on the 4-hour time frame. As you can see, the price has broken out of the local downtrend line. Let's start with the support line and as you can see the first support that held the price is $1867, if the support is broken then the next support is $1822, $1786 and then there is the support zone from $1751 to $1699. Now let's move to the resistance line, as you can see the first resistance is $1932, if you manage to break it, the next resistance will be $1979, $2017 and $2054. Looking at the CHOP indicator, we see that we have a lot of energy for the upcoming move, MACD indicates a local downtrend, while the RSI, despite small price movements, recovers nicely, which will give room for further increases.
by cryptodailyuk