[GVI Forex]

GBPUSD DAILY CHART – STILL A RETRACEMENT?

 

if looking for potential levels of support/targets if the 1.2898 break holds.

Using 1.2612-1.3044

1.2879 = 38.2%

1.2838 = 50%

Looking farther out, 1.2777 and the major trendline are still out of range.

Check out our Fibonacci Calculator

[GVI Forex]

In the JPY vs the world tug-of-war, offsets are adding to demand for USD elsewhere, especially if USDJPY continues to hold the 155.80 level.

[GVI Forex]

EURUSD 4 HOUR CHART – Upside failure?

 

My thanks to Bobby pointing out the channel break.

EURUSD break of 1.0871, if it holds, would confirm the end of the last leg up.

On the downside, 1.0860- is the next hurdle but 1.0850 is likely important as well as the ultimate bias indicator if it trades 1.08-1.09.

So watch 1.0871 although only 1.09+ would restore a bid.

[GVI Forex]

USDJPY 1 HOUR CHARRT – AND THE OUTPERFORMER IS AGAIN?

 

USDJPY has traded lower again in the absence of any specific news or catlyst, gaining on its crosses.

This chart shows 155.80 blocking the recent intervention low at 155.37 although 155 is clearly most important from a psychological point of view.

On the upside, 156.64+ would be needed to cool the rissk, 157.17+ would be needed to suggest a failure to test 155.

[Belgrade Bobby]

EURUSD 4h

Channel Support Broken.

Supports : 1.08600 , 1.8450 & 1.08050

Resistances : 1.08850 , 1.08950 & 1.09050

[Mtl JP]

What to trade / Low volatility

–

One could consider , ass-u-me ing one thinks they know the characteristics such as seasonality, correlation-ability or maybe some other exploitable feature, ramp up leverage.

**** Personally ****
I just HATE the “I prepare myself for longer waits and much longer hours in front of the screen” option

There is a reason I code robot(s)
– Otherwise it ia failure of the education system.

[SF Monedge]

US Dollar Index should see 105 in early August and 105.50 in time in my view looking forward.  Friday in Asia was optimum positioning.

[SF Monedge]

The 30 day Fed Funds futures are at 94.67 and I see that holding which would translate to support for continued US Dollar strength overall looking out a bit.  It might not be a good idea to sit on your dollar sells much longer if that is what you have in my view.

[GVI Forex]

This is a really good discussion worth reading

What Currencies Should a Trader Focus on in a Low Volatility Market]

[GVI Forex]

NAS100 4 HOUR CHART

 

NAS100 showing sign of a bottom (2 red lines off the low) but would need to get back above 19973-20000 to suggest a bottom is in place.

[GVI Forex]

US500 4 HOUR CHART – HOW DO YOU SPELL RELIEF?

 

US500 held a test of 5500, which is the key to containing the downside.

To suggest more than just a relief bounce, 5550+ and then 5562+ on this chart would be needed.

[Belgrade Bobby]

ETHUSD
Ethereum Retraces: Here’s Why ETH Bulls Must Decisively Break Above $3,500
Ethereum Finds Strong Resistance At $3,500

Even as buyers expect ETH bulls to press on and push the coin above $3,700, a key resistance line, on-chain data shows that there is resistance. According to IntoTheBlock data on July 22, ETH has strong resistance at $3,500, which has been the case since July 16.

At this level, 3.13 million unique addresses bought ETH at an average price of $3,547. Therefore, if prices trend below this level, these holders are in red and contemplating exiting at a loss.

The fact that some addresses could be willing to dump and exit the market when prices fall makes the general environment fragile, a considerable hindrance to the upside. This makes the situation even dire, considering that ETH is not all that firm despite the expansion of July 15.

[Belgrade Bobby]

Tesla – TSLA
Tesla jumps 5% as Wall Street heavyweights rally
Shares of Tesla Inc  TSLA rising ~5% on Mon, spearheading a rally in Wall Street’s tech-related heavyweights

** CEO Elon Musk on Mon said the electric car maker will have humanoid robots in “low production” for internal use next year, months after he announced a rollout by the end of 2024

** Musk in April said Tesla’s robot would be able to perform tasks in factory by the end of this year and could be ready for sale as soon as the end of 2025

** TSLA’s rally on Mon outperformed a 1.7% gain in the tech heavy Nasdaq

[Belgrade Bobby]

AMD President Victor Peng to Retire
SANTA CLARA, Calif., July 22, 2024—   AMD today announced that AMD President Victor Peng is retiring effective August 30, 2024. He will continue to serve on the AMD executive team in an advisory role and support the transition until his retirement date.

Guess they should’ve forced him to retire a week or so earlier…

[Belgrade Bobby]

Nvidia – NVDA

Is Nvidia Stock a High-Risk Play Ahead of the U.S. Election?

As we approach the 2024 U.S. election, Nvidia  NVDA stock has been on an increasingly volatile ride, leaving investors to wonder each day whether they’re in for an exciting adventure or a nerve-wracking drop. Last week, Nvidia was among the high-profile semiconductor stocks to turn lower, with the artificial intelligence (AI) chip leader responding to headlines from both President Biden and GOP nominee Donald Trump that ramped up the hawkish talk around advanced semiconductor tech and China trade. That followed closely on the heels of a rocky end to June for NVDA, with many investors taking profits after the stock’s 10-for-1 split.

[SF Monedge]

This is below average volume in 10yr note futures today and I see a very good buy side trade at present around 109’30 in the broader scheme if the market will kindly get there.

[SF Monedge]

Contrary to my intraday Monday perspective, the buy side of Canadian Dollar futures around 7250/60 is a strong area to consider in a little larger scheme.  If you entertain that but it is compromised cut and reassess because a switch is potentially significant in the broader scheme in my view.

[GVI Forex]

USDCAD WEEKLY CHART

The following was posted over the weekend in the Global-View Trading Club Weekly Charts

Note USDCAD bounced off the 1.3707 level… last at 1.3772

\

THe focus is on the BoC rate decision on Wednesday where expectations run as high as 80% for a rate cut.

This suggests support on dips ahead of the decision, starting at 1.3707-17.

Targets on the upside can be seen on the chart but 1.3750 and 1.3800 are the pivotal levels on top.

[GVI Forex]

THIS WEEK’S MARKET-MOVING EVENTS (all days local)
The People’s Bank of China is expected to keep its loan prime rates unchanged on Monday. For the Bank of Canada on Wednesday, though views are split, a second rate cut is expected by most forecasters. Both banks are facing underperforming economies.

The first estimate for second-quarter US GDP on Thursday is expected to show an uptick in growth to an annualized 1.8 percent from the first quarter’s 1.4 percent. Consumption expenditures are seen at 2.0 percent versus 1.5 percent. Friday will see the PCE price indexes as part of the personal income and outlays report; marginal slowing to 2.5 percent is seen for both the overall and ex-food ex-energy core rates. And despite two week’s of intense political drama, no change is expected for the month-end consumer sentiment report on Friday.

Wednesday will see the round of July PMI flashes with modest improvement expected for Germany, the Eurozone, and the UK. The PMIs for the US are expected to be little changed to slightly lower.

Econoday

[SF Monedge]

Good R/R in Singapore Dollar vs US Dollar (UsdSgd) from the 3440’s if it gets there again.

The good portfolio managers are taking risk off the table and hedging a bit in recent weeks.  The bad ones are blaming it on Trump and losing money.  Not sold on the doom and gloom permeating some media and money manager sources in the US should he take office, rather Europe looks more disjointed and unstable to me at present both ideologically and fundamentally, bearing in mind the US currently has no president or vice president.

The bottom line on rates is the FED will cut in September and that is being gradually priced in.

[Author]

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