Forex Market Review for 28.03.2024
Hello. Below are several recommendations for trading on the Forex market for 28.03.2024
AUDUSD
On the AUDUSD pair, we are moving in a small sideways range, and judging by the trade statistics, we are accumulating buyers. The price has formed an interesting level of 0.6503, which we will most likely go to break downward. Therefore, I am considering sales here. The next targets after 0.6503 are the lows of 0.6477 and 0.6442.
Fundamental Review
U.S. Treasury Secretary Janet Yellen
Asian markets on Wednesday were pricing in local statistics. The intervention of the Bank of Japan, after the yen weakened to a 34-year low, supported the rise of the Nikkei 225, as low Australian inflation supported the rise of the S&P/ASX 200. The fall of Chinese and Hong Kong markets is linked to the negative profit of the country's industrial enterprises for 2023.
European and U.S. stock indices ended the day higher, thanks to outsiders. Investors bought heavily fallen stocks ahead of the release of U.S. inflation indicators and positive statistics in EU countries, published during yesterday's session.
The U.S. Treasury supported the rise in Tesla stock quotes with Janet Yellen's statement. The head of the department confirmed the determination to impose sanctions against Chinese electric vehicles
Asia-Pacific Region
- Nikkei 225 + 0.9%
- Hang Seng – 1.26%, CSI300 – 1.16% Shanghai –1.26%
- S&P/ASX 200 + 0.51%
- KOSPI – 0.07%
The session was opened by the news:
- Australian retail sales
- New Zealand consumer confidence
USA
- Dow Jones + 1.22%
- NASDAQ + 0.51%
- S&P500 + 0.86%
Evening statistics:
- 15-30 – Weekly U.S. unemployment
- 15-30 – U.S. GDP
- 15-30 – U.S. Personal Consumption Expenditures Index
- 15-30 –Canada GDP
- 16-45 – Chicago PMI
- 17-00 – U.S. pending home sales
- 17-00 –Michigan Consumer Confidence Index
Eurozone
- DAX + 0.49%
- CAC40 + 0.25%
- FTSE100 + 0.01%
European statistics
- 10-00 – German retail sales
- 10-00– UK GDP
- 11-55 – German labor market data
Cryptocurrency News
The cryptocurrency market ended Wednesday with capitalization down 1.5% to $2.61 trillion. Bitcoin quotes failed to hold at $70 000 and ended up slightly above $69 000.
Exchanges are to blame for the fall in cryptocurrencies: after the U.S. Department of Justice opened a case against KuCoin, a failure occurred in the reflection of deposits on the OKX platform, and traders suffered losses due to position closures on margin requirements or the inability to conduct transactions.
An additional negative factor was the refusal of a U.S. court to dismiss the SEC lawsuit against the Coinbase exchange. The platform is still accused of violating the law by launching a staking service.
Among the positive news, it is worth noting yesterday's largest inflow of funds into Bitcoin ETF in 9 days. CyptoQuant analysts also noted a common feature of the current bullish cycle in institutional investing of $86 billion over six months. They had not allocated such an amount to cryptocurrencies in the entire history of bullish cycles.
Respectfully, Artem aka TeaDrinker
TradeLikeaPro