BTC DAILY CHART
BTC trying to wake up from its slumber where 65K is clearly pivotal
As Bobby posted late yesterday
Just my 10 cents worth… To understand BTC , one should go with the biggest time frame , and then use that picture to position him/herself on smaller intraday time frames. We have very interesting situation here – 5 days till months end and possible perfect pattern for a break UP . 63.480.00 is a pivotal – if closes above , most probably will break 70K and continue to new high around 80K Only below 63K we can talk about down.
Weekly jobless claims, durable goods beat consensus.. USD up…sSee our Economic Calendar
Last week US jobless claims showed a surprise drop… consensus is for a modest rebound… markets are highly sensitive to US jobs related data…see our Economic Calendar
Headline overload
* Federal Reserve Board Governor Michelle Bowman and Lisa Cook both speak, New York Fed President John Williams, Boston Fed chief Susan Collins, Minneapolis Fed chief Neel Kashkari and Fed Vice Chair for Supervision Michael Barr all speak; European Central Bank President Christine Lagarde and ECB board members Luis de Guindos and Isabel Schnabel all speak
A look at the day ahead in U.S. and global markets from Mike Dolan
With quarter-end fast approaching, tech excitement returned to Wall Street overnight with another AI-driven earnings beat from Micron Technology (MU.O), opens new tab, while China’s stocks (.CSI300), opens new tab surged anew after this week’s monetary easing blitz.
The artificial intelligence theme had gone a bit flat in recent weeks as attention switched to aggressive Federal Reserve interest rate cuts – but Micron added fresh fizz overnight
Morning Bid: Micron adds fresh tech fizz, China surges anew
AUDUSD 4 HOUR CHART – BOUNCE FROM ABOVE SUPPORT
I cited ,6814 yesterday as the key level on the downside and note the pause and bounce from just above it.
There was a rationale why this was more than just a support. It is all part of The Amazing Trader logic, which not only identified the key level but also why this was the key level.
In any case, AUDUSD is in limbo while within .68-.69 with a bid if it can stay above ,6850
Fundamentally AUDUSD stands to benefit from China stimulus given its close ties to the Chinese economy
XAUUSD 4 HOUR CHART
Consolidating between 2650-2570 (record high) for 2 days… given the strength of this move, there are not likely to see a lot of stops above the high bid… keeps a bid as long a 2650 trade.
Risk on/risk off does not seem to influence gold so watch to see if can extend its record high… if not then it would need to break below 2650 to suggest anything more than a pause.
GBPUSD 4 HOUR CHART – Bounced but…
Bounce from 1.3310 helped by firmer crosses (e.g. vs EUR)
One change from yesterday is that deck is cleared of buy sop until the 1,3420 high.’
On the downside, key level is the 4 hour trendline (see chart)
This leaves GBP in sort of limbo if it stays between 1,33-1,34
Key focus in Fed speakers, Weekly jobless claims, US PCE tomorrow (typically would suggest a limited USD upside ahead of it).
USDJPY 4 HOUR CHART – 145+ tested
Following the theory that the forex market lives to run stops, a test of 145 seemed inevitable.
Now that 145 has been tested (high 145.20), it becomes the clear bias setting level.’
USDJPY 144.50 is a pivotal level as well as it needs to become support to keep the focus on 145.
Supports are at 144.44/50, 143.85 and the trendline. Intra day resistance 145.20, key is at 147.19
FIBO levels (161.93-139.58) posted below.
USDCHF 4 HOUR CHART – See the reaction to the SNB rate decision (High for the week .8518)
SNB cuts policy rate by 25bps as expected to 1.00%; prepared to intervene in FX market as necessary. Further cuts in the SNB policy rate may become necessary in the current quarters to ensure price stability over the medium term (Source: Newsquawk.com)
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