A look at the day ahead in U.S. and global markets from Mike Dolan
While U.S. markets return from the Independence day holiday to assess significant cooling of the labor market stateside, British markets rallied on a long-forecast landslide for the UK’s opposition Labour Party in Thursday’s elections.
GBPUSD DAILY CHART – LABOUR LANDSLIDE
Muted but positive reaction so far to the Labour landslide win in Thursday’s elections.
7 green candles in a row indicating upward momentum.
No change otherwise to what I have been saying:
Clear path to 1.2860 while above 1.2739 but only if 1.28 is firmly taken out
Wild card is the US jobs report.
USDJPY 4 HOUR CHART – JOINING THE PARTY
USDJPY technical starting to turn bearish after the failure just below 162.
To build momentum. 160.00-25 would need to be taken out.
Upside limited as long as the down trendline is intact although wild card is today’s US jobs report.
The so called surprise index except for JOLTS has been negative (i.e. misses on the downside for economic data).
Note, this is a like an extended holiday in the U.S. with those at their desks likely opting to leave early after the jobs report.
This is a really good blog article worth reading
One of the biggest reasons traders fail prop firm evaluations is not understanding how relative drawdowns and high-water marks work. They don’t realize they could be a profitable trader and still breach the relative drawdown rule. Losing trades cause drawdowns and as such can’t be actively managed…. Read the full article by clicking below
GV – July 4, 2024 at 11:41 am … Hey that isn’t fair, they told us blockchain technology was impervious to fraud by nature of design! My TikTok video lied to me. As far as currently legitimate instruments are concerned, I agree stay on the long side of Euro and especially Aussie. Aussie 6720 area if you missed getting in long last week has justifiable R/R strength for entry and EU 0790 area.
You can’t make this up
…Fears of looming selling pressure on bitcoin (BTC) from defunct exchange Mt. Gox and possible miner sales pushed the largest cryptocurrency to under $59,000 on Thursday for the first time since late April.
Mt. Gox will start distributing assets stolen from clients in a 2014 hack in July 2024, after years of postponed deadlines. The repayments will be made in bitcoin and bitcoin cash (BCH), and could add selling pressure to both markets, as previously reported….Coindesk
See detailed previews from Newsquawk for the UK election and the US Jobs report
© 2024 Global View