Trading Plan for 1.04.2024
Hello. Below are several recommendations for trading on the Forex market for 1.04.2024
EURUSD
On the EURUSD pair, targets below the 1.0796 level were reached and a Doji pattern was formed. Overall, I expect the price decline to continue. But for new sell trades, I would like to see a small upward correction. There is a small FVG above; first of all, it is worth looking at the reaction inside it. If we pass through it, I will wait for the price around 1.0872. For sells, the target is at the low of 1.06949 and below.
Fundamental Review
Xu Zhibin, Deputy Administrator of the State Administration of Foreign Exchange
On Friday, only part of the Asian stock markets were operating. The other venues were closed for the Catholic Good Friday holiday. The exchanges of Japan and China rose on another round of economic stimulus measures from the Middle Kingdom.
China's Ministry of Finance entered the bond market for the first time in a long while; not only government bonds are being bought, but also blue-chip securities.
Xu Zhibin, Deputy Administrator of the State Administration of Foreign Exchange, called these steps the first in a chain of large-scale reforms to attract investment. Next, China will decentralize currency controls and weaken supervision of cross-border capital movements.
Asia-Pacific Region
- Nikkei 225 + 0.5%
- Hang Seng - market closed, CSI300 + 0.47% Shanghai +1.01%
- S&P/ASX 200 - market closed
- KOSPI + 0.03%
The first day of April opened with news:
- Japan Tankan
- China PMI
USA
- Markets were closed
Evening statistics:
- 15-30 - Canada PMI
- 17-00 - US ISM
- 17-30 - Canada Business Outlook Survey
Eurozone
- Markets were closed
Monday's European session will take place only on the currency market; stock exchanges are closed until Tuesday
Cryptocurrency News
Bitcoin starts the week with an attempt to storm the $72,000 level. The new month is the time of the main cryptocurrency's halving, whose mining cost will become twice as expensive. The total value of digital currencies is $2.7 trillion.
The main news of the past week:
- The founder of the bankrupt major exchange FTX received a prison sentence and a fine. Sam Bankman-Fried must reimburse clients and the state $11 billion. He will spend 25 years in prison
- The US SEC is ready to close the lawsuit with Ripple for $2 billion. Considering how much the XRP rate will rise from its return to US exchanges, this could be a profitable deal.
- The US Department of Justice charged the KuCoin exchange with money laundering. The crypto platform has no direct American business, so for now it has not clearly suffered from the decision, but it has faced an outflow of client funds.
- Craig Wright, who for a long time had been terrorizing the crypto industry with court injunctions, relying on copyright and patent law as Satoshi Nakamoto, has now lost $7.5 million. They have been frozen by a British court to ensure coverage of legal costs. A conglomerate of crypto firms is trying to prove in court that Wright has no connection to Nakamoto's identity, and it seems their cases are going successfully.
- Bitwise and Fidelity updated applications with the US SEC. They are trying to obtain permission to launch spot Ethereum ETFs
Respectfully, Artem aka TeaDrinker
TradeLikeaPro