Forex Market Overview for 26.07.2023
Hello. Below we will look at what is worth paying attention to when trading the Forex market on 26.07.2023
EURUSD
On EURUSD, we fully closed the FVG and came just a little short of the 1.1011 level. Drew a Doji pattern. I am still bullish, waiting for price growth to resume, and I hope tomorrow evening the Fed will support me in this :) I am considering buys here, with global targets around 1.1500, but we will need to see how we pass the FVG above around 1.1160.
GBPUSD
On GBPUSD, an Engulfing pattern formed. The situation here is similar, and I would like to see continued growth toward 1.3300 and slightly higher. There is also an FVG above around 1.3000, which I do not really like, but I hope we will pass through it without noticing. I am considering buys here.
USDCHF
On the USDCHF pair, we reached the FVG and the 0.8697 level, gave a reaction, and formed an Engulfing pattern. Unlike the others, there is a good buyer advantage in the trade statistics, which should help the price continue falling. I would take targets for sells around 0.8400 and much lower around 0.8200.
Fundamental Overview
Former Chinese Foreign Minister Wang Yi has been reinstated
The meeting of China's Politburo ended with a strong rise in stock indices on promises to resolve economic and debt problems. The Communist Party also returned Wang Yi to the post of Foreign Minister, still without explaining where his predecessor disappeared to.
China's coming revival and positive quarterly reports lifted US and European indices.
Asia-Pacific Region
- Nikkei 225 – 0.06%
- Hang Seng + 4.1%, Shenzhen + 2.55%, Shanghai + 2.13%
- S&P/ASX 200 + 0.46%
- KOSPI + 0.3%
The release of Australia's inflation became the main and only statistic at the start of the day.
USA
- Dow Jones + 0.08%
- NASDAQ + 0.61%
- S&P500 + 0.28%
The most important news of the day, week, and month will take place during the evening session:
- 17-00 – US New Home Sales
- 21-00 – Fed rate decision
- 21-30 – Press conference by Fed Chair Jerome Powell
Eurozone
- DAX + 0.13%
- CAC40 – 0.16%
- FTSE100 + 0.17%
At 11-00, Switzerland's ZEW index will be released, the only statistic of the European session
Cryptocurrency News
The total value of cryptocurrencies rose slightly on Tuesday to $1.18 trillion, while Bitcoin has not yet reached the $29 500 level.
The main news of the day:
- Dismissal of 30% of KuCoin exchange employees
- A Bitcoin Cash soft fork was carried out to launch smart contracts
- Startup Zyber 365 raised $100 million in venture capital by developing decentralized identification
- Ducati Motor Holding released an NFT on the Ripple blockchain
- USDT trading liquidity updated the year's lows
- The UK regulator is opening an investigation against WorldCoin
Respectfully, Artem aka TeaDrinker
TradeLikeaPro