Daily Forex Review for 4.12.2023
Hello. Below will be several recommendations for trading on the Forex market for 4.12.2023
EURUSD
On the EURUSD pair, it seems that a long downward correction again did not work out, but the first targets were reached and a Pin Bar pattern was formed. Of course, I will consider buys here, counting on the continuation of the upward trend. I will place buy targets around 1.1047 and slightly higher. I also marked the 1.0959 level, I will watch how we react to it; if we pass through without noticing it, then I will wait for targets higher.
GBPUSD
On the GBPUSD pair, we fell a little short of the FVG at 1.2590, reversed and formed something similar to the Rails pattern. Here the targets are very close and it is not worth entering trades by the pattern, the Stop Loss is too wide. You can look for Price Action buy signals intraday, with targets at 1.2746 and 1.2818. The sellers' advantage in the trade statistics should help the price grow.
Fundamental Review
Fed Chair Jerome Powell speaks in Atlanta
Stock markets opened Friday with indices falling, despite the unexpected growth of China's manufacturing PMI according to the Caixin agency. Starting from the opening of European exchanges, active stock buying began, which brought the indices of the Old and New Worlds into positive territory. At the same time, the S&P 500 updated its yearly high.
Investors completely ignored the speech of the head of the US Fed in Atlanta, who directly stated a possible scenario of one more rate hike. Markets are rising on rumors of the opposite; analysts expect policy easing by the American regulator in the first half of 2024.
Asia-Pacific Region
- Nikkei 225 - 0.17%
- Hang Seng - 1.25%, SCI300 - 0.38%, Shanghai + 0.06%
- S&P/ASX 200 - 0.2%
- KOSPI - 0.19%
The new week will be opened by Australian inflation data
USA
- Dow Jones + 0.82%
- NASDAQ + 0.55%
- S&P500 + 0.59%
At 18-00 US factory orders will be released
Eurozone
- DAX + 1.12%
- CAC40 + 0.48%
- FTSE100 + 1.01%
Eurozone statistics:
- 10-00 - Germany Trade Balance
- 10-00 - Switzerland Consumer Price Index
Cryptocurrency News
Bitcoin took the $40 000 mark and the capitalization of cryptocurrencies rose to a new maximum of $1.5 trillion. This was helped by the main news of the week:
- The Binance issue is completely closed, the exchange changed its head, will pay a huge fine, and the fate of its founder will be decided by a February court. It is possible Changpeng Zhao will pay a fine and receive a sentence, so he was banned from leaving the USA
- The US SEC is holding active behind-the-scenes meetings with applicants to launch a spot Bitcoin ETF; the regulator is discussing this topic with stock exchanges where crypto shares will be traded, and is also officially collecting public comments on this issue
Respectfully, Artem aka TeaDrinker
TradeLikeaPro