Forex Currency Market Analysis for 4.09.2023
Hello. Below will be several recommendations for trading on the Forex market for 4.09.2023
USDCAD
On the USDCAD pair, the price took out the nearest lows below the 1.3493 level and, giving a reaction, formed the Engulfing pattern. In the trade statistics there is a good preponderance of sellers, and apparently we will go attack liquidity above 1.3660. I am considering buys here, with first targets around 1.3660, the next ones already around 1.3812.
XAUUSD
On Gold, a Doji pattern formed. It looks like the 1946.83 level stopped the price and we will gather at least for a downward correction. Below there remains an FVG; its overlap and the 1923.25 level will be taken as targets for the downward move for now, and then we will see. If we accelerate, then we can aim at the 1884.70 lows.
Fundamental Review
Atlanta Fed President Raphael Bostic
On Friday, Asia-Pacific exchanges mostly rose under the influence of China's new stimulus steps. The People's Bank of China raised the rate. European markets, except the UK, closed in the red, pricing in strong US employment data at the end of the session.
American investors generally assessed the “labor” statistics, taking into account the rise in unemployment and the revised NFP values for last month, to the worse side. The labor market is weakening, depriving the Fed of the ability to raise the rate. Atlanta Fed President Raphael Bostic openly shares this opinion.
Asia-Pacific
- Nikkei 225 + 0.28%
- Hang Seng – market was closed, Shenzhen + 0.44%, Shanghai + 0.43%
- S&P/ASX 200 – 0.37%
- KOSPI + 0.29%
The morning session will pass without news.
USA
- Dow Jones – 0.48%
- NASDAQ + 0.11%
- S&P500 – 0.16%
The evening session will pass without news. The USA celebrates Labor Day
Eurozone
- DAX + 0.35%
- CAC40 – 0.65%
- FTSE100 – 0.46%
European statistics:
- 9-00 – Germany Trade Balance
- 10-00 – Switzerland GDP
- 16-30 – Speech by ECB President Christine Lagarde
Cryptocurrency News
The cryptocurrency market returned to the August lows at $1.04 trillion, Bitcoin fell below $26 000. The news about the victory of the largest crypto trust holder Grayscale over the US SEC only briefly caused purchases of digital assets. The regulator did not change its policy in any way after this case toward the cryptocurrency market, which was expressed in the refusal of all seven applications to launch a Bitcoin ETF.
The joining of sanctions against the Russian Federation by the largest exchanges became another important news item of the week. A number of leading Russian banks disappeared from the exchange lists on the p2p platforms Binance, OKX, Bybit and KuCoin.
The developer of the popular memecoin Pepe revealed problems inside the team. Partners managed to withdraw $15 million by reducing the number of signatures in the wallet and the number of transaction confirmations for the token.
Leading investment corporation Blakrock decided to enter the crypto market “from the other side,” after the US SEC refused to approve the application to launch a spot ETF. The company invested $400 million in launching BTC mining shafts.
,Respectfully, Artem aka TeaDrinker
TradeLikeaPro