BTC 4 HOUR CJART – WHAT IS THE NEW RANGE?
I asked this question the other day whether the new range for BTC would be 50-60K or 55-65K?
So, far it has paused above 55K so let’s see if it can print 60K.
This is more of a macro than a technical view but in this crypto, it is a way to make some sense out of the way it trades.
For the bull side, it first needs to re-establish above 59075.
GBPUSD DAILY CHART – 1.25 PATTERN
Similar to the EURUSD 1.07 pattern cited earlier GBPUSD has extended its pattern trading on either side of 1.25 to 6 days in a row today.
Over this period there have been”
3 closes above 1.25
2 closes below 1.25
As I noted in EURUSD, the longer this pattern goes on the greater the chance of a directional move once it is broken.
Note today GBPUSD traded lower, helped by GBPJPY selling but the GBPUSD sell part was more easily absorbed than the USDJPY selling out of the cross (same for EURUSD selling more easily absorbed).
THIS WAS OUT EARLIER. HOPE OR A VIEW?
“The new emerging consensus from Wwll Street c-suite is that Powell wants to cut rates by September” according to Fox’s Gasparino.
Source: Newsquawk.com
My note on worker productivity is for the overall, not this report which moderated. Gbp should inevitably begin pricing in Fed rate cut in the near future and target 2800 in my view. Price activity is the sell side this morning but the complementing issues are bid, which is why I am selling euro but trying to position long in Gbp.
WHEN YOU SEE TWO CURRENCIES TRADE IN OPPOSITE DIRECTIONS VS. THE USD YOIU CAN ASSUME THERE ARE CROSS FLOWS DRIVING THE MARKET.
NOTE TODAY USDJPY IS DOWN, AND EURUSD AND GBPUSD ARE BOTH LOWER.
As explained in the following…
How You Can Use Currency Crosses to Trade Spot Forex
US500 4 HOUR CHART – 5000 oe bust?
You can look at any stock indices but the one level that will grab headlines is S&P 5000
On the US500 the key area is 4987 with 5007 and 5000 standing ahead of it.
So far this area is being protected.
Note different brokers may have different CFD price feeds, even for the same symbol.
I pay attention to what Bobby says on the EURUSD. As he posted earlier, so far a good guide
Technically speaking, this does not look good for the EUR , and as we can see lower and lower Daily Highs in previous days, picture is slowly starting to get some sense…
BUT focus is mainly on the (firmer) JPY
DLRx 105.63
–
After jerome’s yak players are left with the suggestion that rates have likely peaked and that FEDs next rates move is likely down although not soon fault of “no conviction” level data.
Bottom line
– Dlr is now vulnerable. Move sub 105.4 would see me jump in join the slide for potential 104.50/40
imo patience , usually, brings rewards
Labor productivity saw a slight increase which counters the slight increase in wages paid so it is creating a bit of a stalemate on the data. Hence an initial lack of conviction in markets. That may change as the day transpires. I like the bid in Gbp on dips at least for now. See dow futures trying for 38500+ inevitably. Yields and such favor Usd overall in the bigger picture in my view so selling it is a bit of a contra-position.
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