The US dollar index is on the upswing. A powerful rally has swept the forex markets, taking the dollar on a journey to higher ground - so much so that it has now posted its thirteenth consecutive day of gains.
All of this is happening against a backdrop of favorable data out of the US. The US economy seems to be ready for the so-called “soft landing”, when inflation is falling, rates are finally lowered and a recession can't spoil the parade
Going forward, the US Dollar's rise may get further support thanks to the September retail sales report. It will be released on Thursday and will shed light on how confident consumers were in spending their money on goods and services last month. On the other side of the Atlantic, the European Central Bank (ECB) is deciding the fate of interest rates and markets are already anticipating the third 25bp rate cut of the year.
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💡Ideas For GBPUSD 🇬🇧🇺🇸
📈 Support breakdown. CPI in the UK is declining...
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GBPUSD confirms the bearish market structure. The price is breaking the support. Fundamental data is favorable for further continuation of the fall.
UK Inflation:
m/m = 0% (expectation +0.1%)
YoY = +1.7% (expected +1.9%)
Core CPI = +3.2% y/y (expected +3.4%)
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Waller (Fed): latest inflation data disappointing
Kashkari (Fed): considers further moderate reduction of the Fed Funds rate appropriate
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👑 Ideas For #XAUUSD / #GOLD
📈 The target is liquidity above 2670-2685. What's next?
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GOLD is consolidating in the local range of 2663 - 2636. There is a strong resistance and liquidity zone ahead. Bears may meet the market quite aggressively in the 2670 - 2685 zone.
The global rally is smoothly transitioning into a sideways fljt 2675 - 2604.
- Markets in China, which strongly supported gold after hints of fiscal stimulus is again facing challenges.
- Interest rates in the US should not be forgotten. The open question is “no interest rate cut” or “0.25% cut”. Will gold be able to stay bullish on the current flat under these circumstances?
- The dollar is rallying after last week's fundamental data and most likely the index's rise is not over... Fed policy makers are starting to change their mindset again and divide into 2 camps - aggressive / restrained.
- BUT! The conflict in the Middle East is cooling down from its limits. Based on the above mentioned, can we assume that the finger is hanging over the button “fix profit”????
Resistance levels: 2663, 2670, 2685
Support levels: 2645, 2636, 2623
Based on the general fundamental background, I do not yet understand the reasons that give such support to gold. There is a strong resistance zone ahead with huge liquidity. The price is in a sideways range and there are no preconditions to exit this channel yet. Most likely, the first retest of the levels (it has been 2 weeks since the last retest) may end in a reversal and correction
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#BTC - Focus on $65K: Potential trigger for accelerated growth
BUT! Will it break through? If we come up quickly, there could be a bounce or false breakout....
👑 Ideas For #XAUUSD / #GOLD
📈 Will the rally end with a FB? 2670 - liquidity...
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GOLD is growing together with the dollar, the correlation cooled down after the change of fundamental background. The range of 2670 - 2600 is being formed. The metal is rallying to resistance for liquidity
Geopolitical issues. High tensions in the Middle East as well as rising tensions in East Asia between China and Taiwan are worrying investors looking for safe havens.
Last week showed not so good economic data for gold. The dollar rose very strongly during that time. But gold gold traders were most likely paying attention to the dovish remarks by Fed policymakers about lowering interest rates....
Technically gold is in a sideways range and is testing liquidity above 2660. The bears are likely to give a not so warm welcome...
Resistance levels: 2663, 2670, 2685
Support levels: 2650, 2637, 2623
Strong movement from the bottom of the range reaches its upper boundary. Technically, the price has no potential to break through the strong range resistance. A false breakout is possible, the purpose of which may be to capture liquidity, followed by a decline. The situation may be broken by unexpected geopolitical or economic news, but at the moment there is no such news
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The dollar looks quite calm and continues to form an upward base.
Last week's economic data actively supported the dollar index
This general background accordingly affects the market....
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Bitwise presented an overview of the crypto market in 3Q 2024g
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💡 Ideas For #BTCUSD 🪙
📈 The rally is manipulation. U-turn and down to 52K?
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BTC confirms the bearish market structure. After the 59K retest, the price rallies 7%. There is no technical or fundamental explanation for this market manipulation: 6K down, $ 4K up, 5K down, $ 4K up within the last two weeks...
Bitcoin is still trading within a sideways range of 65K - 52K. The last resistance retest ended in a false breakdown and a price drop of 11% to 59K. Also, the local change of the market character (price confirms the downtrend) to bearish and formation of the downtrend channel (I remind about the downtrend on D1-W1) plays an important role.
Emphasis on resistance 63400, 64130, 65000, possible retest or false breakdown followed by downside realization as we still have not reached the key liquidity zones....
Resistance levels: 63400, 64130
Support levels: 61320, 59000
The price is testing the resistance zone as part of the rally. There is no accumulation or technical potential to overcome this area for further growth. Within the bearish trend, the buyer does not show dominant signs and with high probability it will be stopped in the key zone. A reversal and decline to the lower zone of the sideways range is possible...
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US - PPI (September)
mom = 0% (previously +0.2%)
y/y = +1.8% (previously +1.7%)
core PPI = +2.8% yoy ( previously +2.4%)
#EURUSD started Friday's trading on an optimistic note, having recovered some of Thursday's losses. Yesterday, the currency exchange rate was under strong pressure when the US released a report on the consumer price index for September. It turned out that inflation did not quite obey investors' expectations - consumer prices rose more than expected, increasing by 2.4% year-on-year against 2.3% predicted by analysts.
Against the backdrop of this news, there was an initial jump in the valuation of the dollar, but it was quickly reversed. Soon after, the dollar began to lose points against its main competitors in the currency market.
PPI will be released today and traders are expecting a 0.1% month-on-month increase for September. The annualized PPI is expected to rise 1.6%. The Producer Price Index is important to traders and the Federal Reserve because it measures inflation at the wholesale level. It tracks the prices at which manufacturers sell their goods and services, from raw materials to finished goods.
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👑 Ideas For #XAUUSD / #GOLD
📈 Will the bears allow the bulls to go through ATH?
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GOLD is growing unpredictably towards ATH. The market did not react in any way to last week's US fundamental data and now the price is not reacting to strong levels and liquidity zones. Ahead of ATH after 3 weeks of forming...
Investors remain cautious as the US Fed is expected to follow a path of moderate interest rate cuts (skipping a cut in November, or a 0.25% cut)
The gold price is actively supported by the tense situation in the Chinese markets and lower US Treasury yields, which helps the gold price to take another leap towards the ATH.
Now all eyes will be on Thursday when China holds a press conference and the US retail sales report is released
Resistance Levels: 2680-2685
Support levels: 2665, 2658, 2645
Technically, I don't think that the market will let the resistance breakout happen the first time. The pullback from 2685, formed 3 weeks ago, was made on the back of strong economic data, so the huge pool of liquidity above 2685 can be defended quite aggressively by the bears.
Technically, there are no signs for the continuation of growth. They may appear after the retest, but it will become clear after the fact.
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Participants in an event organized by the London Bullion Market Association expect gold for the year to rise another 10% above current levels - to an average of $2917 - a survey of traders, refiners and mining companies
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Orange juice prices go for record again - experts on record orange juice prices
Here's the rally, not this cryptocurrency market of yours 😂
I wonder if Orange Juice is going up because an orange looks like a bitcoin coin?)) (Trump's Influence)
It's all a joke 😉
Most likely there reasons are due to crop failure and agronomic issues
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#EURUSD
On Thursday, the European Central Bank is due to make a decision on interest rates and the markets are predicting the third interest rate cut this year. The reason for this is that the ECB believes that inflation risks have largely disappeared and it is time to make money more accessible again.
Lower interest rates tend to undermine the valuation of a local currency by reducing its ability to yield higher returns on deposits. This week, traders have already factored in a 25bp drop in borrowing costs. Core inflation fell to 1.8% in September, below the ECB's 2% target.
Weakening price pressures on the old continent prompted ECB officials to take bold action - they cut rates by 0.25% in June and then another quarter point in September. Last month, the ECB president told European Union parliamentarians that recent economic trends inspire “confidence that inflation will return to target in a timely manner” and said this would be taken into account when deciding on the interest rate in October.
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💡 Ideas For #DOGSUSDT 💰
📈 Double bottom favors resistance breakout
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DOGS is forming a double bottom followed by a breakout of trend resistance. Quite a promising situation, provided the bulls hold their defenses above 0.00081
After the listing, the coin flies to the moon due to the dump, but after the appearance of a strong seller or lack of interest from the buyer, against the background of weakening support of Pavel Durov arrested in France, a market phase change to a “dump” is formed.
Technically, a double bottom is formed on 4H, followed by the renewal of local lows and the breakout of trend resistance, which indicates the formation of a market bottom.
At the moment, the cryptocurrency market shows bullish dynamics, which can affect DOGS accordingly
Resistance levels: 0.000885, 0.000938
Support levels: 0.00081
After the dump the coin has good chances to show already adequate realization. If the bulls keep the defense above 0.00081, we will have chances to get on the train to the north, to the targets 0.00096, 0.001, 0.00117
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The US #Dollar Index posted its second consecutive winning week as America officially kicked off earnings season, presented by the big banks on Wall Street. It turned out that the US economy is in great shape, with consumers and businesses making a lot of money.
In this light, the mighty dollar once again began to dominate the currency market. More impressively, it ended the week with a 10-day streak of all green candles this week.
Inflation data for September came in at 2.4%, slightly beating expectations of a 2.3% rise. In response, currency traders and speculators increased their long bets on the dollar, as the inflation rate didn't quite match analysts' expectations. And if inflation accelerates, the Fed may slow the pace of interest rate cuts, giving the US dollar more time to remain competitive and earn higher yields.
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💡 Ideas For #EURUSD 🇪🇺🇺🇸
📈 Active sale. Emphasis on 1.0900
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EURUSD continues to update lows since the fundamental background and uptrend change. Price is descending in a calm and progressive manner, which generally indicates the strength of the trend...
A strong drop from the distribution phase without any pullbacks is an indicator of a strong trend. There is a key liquidity zone ahead, which could form a surge in volume and liquidity that could lead to a small correction. For example to 1.095 - 0.7 fibo. On the Daily chart we see the realization of a failed breakout (false breakout), a strong distribution is formed. The liquidity at 1.077 - 1.067 may become the target of such a movement
Resistance levels: 1.095, 1.100
Support levels: 1.089, 1.077
There is no news until Wednesday, so the fundamental background remains the same. The market may stop and go into consolidation, but with a high probability the fall after the breakthrough of 1.089 will continue...
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There are not direct but possible reasons for the rally:
1) Mt. Gox moved its debt maturity date to October 31, 2025. Previously, this deadline was set to expire on October 31, 2024. According to the official notification:
As it is desirable to make payments to such rehabilitation creditors to the extent reasonably possible, the rehabilitation trustee has changed the payment deadline from October 31, 2024 (Japanese Standard Time) to October 31, 2025 (Japanese Standard Time) with the permission of the court.
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❗️ Ahead of the news at 12:30 GMT!
PPI could set the short or medium term tone in the market!
The dovish sentiment around expectations of a Fed rate cut could be checked by the US Producer Price Index report, which will have a significant impact on the value of the US Dollar and the forex market
👑 Ideas For #XAUUSD / #GOLD
📈 Retest of descending channel resistance in front of PPI..
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GOLD is forming a double bottom from which a rally towards strong resistance is forming. CPI showed worse than expected data, surprisingly. Manipulation? Price has not yet moved out of the corrective channel. Ahead of PPI
Annual inflation fell from 2.5% to 2.4% (expected 2.3%). The probability of a 0.25% interest rate cut in November rose to 86% (vs. 0.5%) The disappointing Initial Jobless Claims data in the US overshadowed the hot CPI data for September, keeping the hope of a rate cut in November...
Ahead is PPI, a fairly important report that could affect prices...
The metal is trapped in a descending channel and there is a huge liquidity density above 2645. The bears, the custodians of this liquidity, may put aggressive pressure if PPI shows strong data...
Resistance levels: 2645, 2651, 2660
Support levels: 2637, 2623, 2600
Technically, gold is in a correction phase. From the bottom of the channel a strong movement of 2% has been formed and there is not much potential to break through the resistance. The most probable outcome is a decline after a false breakdown or consolidation below 2640. BUT! It is not excluded that a surprise in the news can turn the picture in the opposite direction....
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