#USDJPY broke above ¥161 as forex traders rushed back to the dollar, strengthening its position across the currency band.
Federal Reserve Chairman Jay Powell is scheduled to address Congress within two days. His comments will be closely watched by traders around the world. Markets are expecting the central bank chief to hint at the timing of the Fed's rate cuts, more specifically, when the first rate cut will occur and whether there will be only one this year. Recent inflation and jobs data have raised investors' hopes.
Signs of weakness in employers' hiring efforts indicated that the economy may be losing momentum. That's one thing the Fed needs to consider. Another is whether inflation is falling. The inflation target for policymakers is 2%, and they would like to see another report of rising prices to bolster the case for a rate cut. Nevertheless, today's speech will bring a lot of volatility - get your trades ready!
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#USD #DXY
Powell will face pressure this week from lawmakers who are eager to cut the Fed Funds rate and others who are unhappy with the Fed's latest plan to raise capital requirements for banks - BBG
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earlier media reports that in the run-up to the election, Biden and Yellen are urging Powell to start cutting the rate amid still-unfired and high inflation, which could be a big problem ... and that the pressure on Powell to cut rates will grow as the election approaches
also WSJ reported that Trump's team is preparing proposals to weaken the Fed's independence
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💡 Ideas For EURUSD 🇪🇺🇺🇸
📈 EURUSD → The morning gap is bought out. The bulls are aggressive———————————————
EURUSD opens with a gap down, but buyers are actively buying back the move. The nature of the market is bullish, but at the same time consolidation, as there is strong resistance ahead
The fundamental background is favorable, there is no news today. Last week traders took well the fact of unemployment growth, within the framework of which active buying started.
Technically, on H4 a bullish distribution is forming towards 1.085, from which, after the initial testing of the liquidity area, a correction may follow. But in general, I expect the continuation of growth (rebound from 1.0816 or breakdown of 1.085).
Resistance levels: 1.0852, 1.091, 1.1
Support levels: 1.0816, 1.078
The nature of the market is changing and the bulls are actively holding key areas. The market is bullish and a breakout of the nearest resistance will favor the continuation of growth.
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#EURUSD 🇪🇺/🇺🇸
Friday's session closes positively for the bulls.
From the opening of the session the growth may continue. The target is 1.0916
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#NZDUSD
Price consolidation above the key level will be a good signal for growth continuation
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#BTC
According to Coinshares calculations, in April, the average cost of BTC mining among the largest public miners was $53,000
JPMorgan estimates that in May the average cost of BTC mining among the largest public miners was $45,000.
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JPMorgan previously noted that the level of the average cost of BTC mining usually served as a "bottom" for BTC. And if the price fell below the cost of production, it was relatively short-lived———————————————
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US - NON-FARM PAYROLLS (June) = 206,000 (expected 191,000)
US - Unemployment (June) = 4.1% (expected 4%)
💡Ideas For NZDUSD 🇦🇺🇺🇸
📈 NZDUSD → Traders believe in the best outcome. NFP ahead
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NZDUSD strengthens after a false breakdown. The change of the fundamental background leads to a change in the character of the market. Traders are looking at a breakout of 0.614 and growth in the future, but ahead of NFP...
On D1 the price is not going to leave the sideways range yet, as we are told by the false breakdown and return to the channel with the subsequent formation of the impulse. Technically, on H4 a pre-breakdown consolidation is forming and the price is gradually pushing up to resistance, which may lead to a breakout and further growth.
Fundamentally, based on previous data, traders expect Friday's employment report to show only 189K new jobs compared to 270,000 in the previous month, and unemployment to remain flat. But it's worth paying attention to the actual data. As a mild reminder of slowing economic growth could weigh heavily on the Fed.
Resistance levels: 0.614
Support levels: 0.61, 0.608
Technically traders believe in the continuation of the growth. A break of resistance may trigger a rally. But unpredictable news may change the market mood and in this case active selling may start.
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👑 Ideas For XAUUSD / GOLD
📈 GOLD → The fight for 2365. Can we get to 2400?
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GOLD is trading within an ascending channel, but traders are actively selling off all of Friday's growth. The key roll is played by the resistance 2365, at the moment bears are holding the market
The dollar stops falling amid expected comments from Powell, as well as CPI and PPI to be released on Thursday and Friday. The fundamental background is neutral at the moment, Against this background gold is getting under correction and testing the liquidity area of 2350.
Now all the focus is on 2365, relative to which a false breakout has been formed.
IF:
sellers will hold 2365 and will not let the price above this level, we should expect a decline to 2350, 2341 and further it is worth watching the situation, because in this case the price can reach 2325.
If the buyers continue to be active and can form a consolidation above 2365, it will open a channel, the upper boundary of which will be 2387 and we can go up to it.
💡 Ideas For #BTCUSD 🪙
📈 BITCOIN → Fear in the crowd is a bullish sign ↑ Flag and SFP
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BTC is experiencing times of high fear and negative sentiment among the crowd. From a psychological point of view, this could end in a bullish momentum. But there is always a but!
For now, big buyers are actively holding back a possible fall amid transfers of the previously hacked crypto exchange Mt.Gox to its debtors and BTC sell-offs by German authorities.
In April, the average cost of BTC mining among the largest public miners was $53,000, technically, the level of average cost of BTC mining plays the role of an intermediate bottom.
Judging by the growth of volumes and price entry into the area of the lower boundary of the "flag" pattern, buyers appear on the market and at the moment stop the price fall, forming a sideways range of 58500-53500. Accordingly, a breakdown of one of the boundaries may trigger an impulse to one side or the other, based on the technical nuances there is a probability that there will be an attempt to break the resistance.
Resistance levels: 58500, 64000
Support levels: 53500, 53000
Fundamentally, the environment is difficult due to Germany and Mt.Gox, but investors are waiting for the approval of ETH-ETF, which may bring back the bullish mood to the market (indirect impact on BTC).
Technically, the emphasis is on the range. A break of 58500 will give bullish momentum, a break of 53500 may allow the price to decline to the 50500-51000 risk zone
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#BTCUSD bitcoin prices were trading near a four-month low of $55,000 on Monday morning as crypto traders fled for cover ahead of an expected collapse.
The defunct exchange, which was the leading platform for trading digital assets in 2014, has returned to rectify the situation. Mt. Gox, a Tokyo-based cryptocurrency platform, collapsed 10 years ago and locked users' accounts. The platform was allegedly hacked and 950,000 bitcoins went missing.
Now an appointed trustee is trying to recover the damages. A total of 140,000 bitcoins have been recovered and are being prepared to be paid to users who have waited 10 years for this moment. Although the payouts will be made in BTC, analysts fear that many will cash out and lock in profits, and this could be the cause of liquidations and a possible drop in price.
Back in 2014, a single bitcoin was worth about $300. Some lucky early adopters who invested their money and got locked out will make huge profits.
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👑 Ideas For XAUUSD / GOLD
📈 GOLD → Correction for the purpose of elimination. Target 2400?
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GOLD is forming a correction from the opening despite the bullish closing of the session on Friday. Fundamental background is calm, technical reaction to the false break of 2387
Friday's move was formed on relatively positive economic news for gold - higher unemployment in the U.S. reinforces the dollar sell-off as the chance of a possible U.S. interest rate cut rose slightly. This week traders' focus is on CPI and PPI, which will be released on Thursday and Friday.
Technically, there is a buyer's presence in the market. MM, as consolidation and elimination of the buyer forms a correction to the liquidity zone 2364-2355. Possible consolidation or false breakdown before the subsequent growth.
Resistance levels: 2387, 2411
Support levels: 2364, 2355
Today, at 14:00 Powell speaks, it is worth paying attention to his speech. High volatility is possible. In general, the fundamental background is favorable, technically, the bull market is forming a correction to support. Emphasis on the bulls.
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#XAUUSD 👑
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#AUDUSD
The realization of accumulation after resistance breakdown continues.
Favorable fundamental won positively influences the price. waiting for the continuation of growth
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#TONUSDT ✅
Liquidation is forming. A strong buyer appears on the market, having stocked up at more favorable prices
Another resistance retest is formed.
We are still waiting for a breakdown and price consolidation above the key zone with the purpose of further growth.
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👑 Ideas For XAUUSD / GOLD
📈 GOLD → Pre-breakdown structure, but NFP is ahead. ↑ or ↓ ?
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What to expect from gold in the coming trading week?
First of all, the favorable fundamental background, price consolidation above MA-50, false breakdown of the ascending trend line support, dollar decline gives traders hope.
Technically, on D1, the bulls closed the trading session very positively. Potentially, we have a range of 2390 - 2431, accordingly, when breaking through 2390 and fixing the price above this area, the bulls can take us to ATH.
From a fundamental point of view, the outlook for gold depends on the upcoming news and the Fed's reaction.
On Friday, job growth was uncritical, traders paid attention to the rise in unemployment, which played a key role on dollar and gold prices in this area. Traders continue to bet that the first interest rate cut will be in September.
If nothing critical happens over the weekend, the fundamental and technical background will remain the same.
In the coming week all focus on: Fed Chair Powell Testifies, GDP UK, Core CPI US, CPI US, PPI
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💡 Ideas For ZENUSDT 🤖
📈 ZENUSDT → Bullish potential in the red market. Break of 10.0 ↑
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ZEN demonstrates a rally and a retest of the range resistance in the form of a false breakdown, only that does not lead to a fall. The price is forming a pre-breakdown consolidation. With the breakout of 10.0, the growth may continue
On H4, a reversal pattern is forming within the framework of which, while the cryptocurrency market was falling, zen was testing resistance. A false breakout and liquidity capture is formed. This maneuver does not lead to a fall, and the market goes into a state of consolidation, the nature of which resembles a pre-breakdown.
There are no fundamentals, the market follows the flagships, which fall because of some problems. Bitcoin is dragging everyone down due to the sale of a large number of coins by Germany, and the debt repayment by Mt.Gox exchange, which has destabilized the situation in general.
Resistance levels: 9.79-10.0
Support levels: 9.35, 8.8, 8.14
In this case, it is acceptable to use a breakout strategy against resistance at 9.79-9.87. But, if the structure will be broken, the price, in order to increase the volume before the growth may head towards the support.
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News momentum #GOLD
Reaching liquidity from below after which the price breaks out upwards.
The market perceives the news as relatively positive amid rising unemployment.
A consolidation above 2370 will open the way to 2387
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At 12:30 GMT NFP and unemployment.
Trade carefully!
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👑 Ideas For XAUUSD / GOLD
📈 GOLD → Pre-breakdown structure, but NFP is ahead. ↑ or ↓ ?
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GOLD is updating the high within consolidation after rallying. Technically, this is a good sign, but NFP and unemployment are ahead. The news could either reinforce the move or completely derail it...
A nice bullish pattern is forming on D1 against resistance at 2365. The deceleration and consolidation in front of the level indicates bullish interest in further growth. But today it is worth paying attention to the fundamental background.
From this point of view, the outlook for gold depends on the upcoming news and the reaction of the Fed. Based on previous data, traders expect Friday's employment report to show only 189K new jobs compared to 270K in the previous month, and the unemployment rate to remain unchanged. But the actual data plays a bigger role. Rising unemployment and slowing economic growth may support the gold, as the dollar may continue its localized decline on this background. But, unpredictable data can increase the volatility and affect the market structure in a very opposite way.
Resistance levels: 2364. 2387
Support levels: 2355, 2350, 2341
Technically, on D1-H4 gold shows bullish prerequisites, but the economic component plays a big role, which can both support the current movement and reverse it up to liquidation and decline to 2340-2320.
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#BTCUSD #Bitcoin
Adam Back:
Previous bull markets have often seen BTC corrections of 30%+. Now it's -26%...calm down and buy on the decline.
Dollar holds at highs for the year
Trump 's victory raises the possibility of higher inflation and a stronger dollar, given his promise to increase duties on goods from other countries and a tougher stance on immigration policy - JPMorgan
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