Trading Recommendations for 29.06.2023
Hello. Below are several recommendations for trading on the Forex market for 29.06.2023
GBPUSD
On GBPUSD, an Engulfing pattern formed, but I would not rush into selling here. Perhaps we will dip a little lower into the order block and below the 1.2597 level, and already there one can look for intraday buy signals. Expecting that we will finish the downward correction and resume growth with the trend. Buy targets are at the previous highs of 1.2848.
Fundamental Overview
Fed Chair Jerome Powell at the ECB conference in Portugal
Japan's index returned to growth due to investors' positive expectations from today's news. Trading participants on the Australian exchange were pleased by the sharp slowdown in inflation, below analysts' expectations. China's exchanges fell after the publication of a nearly 19% drop in corporate profits in the country over five months of the year.
European indices rose thanks to gains in technology stocks, which “picked up” the positive trend from US markets. American investors failed to develop this trend because of Jerome Powell's words.
In his speech at the ECB conference in Portugal, the Fed chair did not rule out a rate increase at the next meeting due to rising inflation. According to him, such a policy may generally lead the US economy into recession.
Asia-Pacific Region
- Nikkei 225 + 2.02%
- Hang Seng + 0.12%, Shenzhen – 0.47%, Shanghai +0.0%
- S&P/ASX 200 + 1.1%
- KOSPI – 0.67%
The main statistics of the early session hours were:
- Retail sales in Japan and Australia
USA
- Dow Jones – 0.22%
- NASDAQ + 0.27%
- S&P500 – 0.04%
Evening US statistics:
- 15-30 – Weekly unemployment
- 15-30 – GDP for Q1
- 15-30 – Personal consumption expenditures price index
- 17-00 – Pending home sales
Eurozone
- DAX + 0.64%
- CAC40 + 0.98%
- FTSE100 + 0.52%
The main news of the first half of the day:
- 12-00 – Eurozone investment climate and consumer confidence level
- 15-00 – Germany inflation
Cryptocurrency News
The cryptocurrency market corrected on Wednesday after the rally, capitalization fell to $1.16 trillion, and Bitcoin practically dropped to $30 000. Investors priced in the news about the launch of the BTC ETF and are now waiting for new drivers. Therefore, the market has no reaction to the new application from ARK Invest by the famous Cathie Wood
Meanwhile, Bitcoin mining difficulty fell, and this indicator will continue to decline at the next recalculation, which is an unofficial “ban on new highs.” The market is also seeing an abnormal increase in BTC dominance; investors are shifting investments from altcoins into the main cryptocurrency.
The trading volume of Binance has been falling for four months in a row; the exchange now accounts for less than 42% globally.
Among other news, it is worth noting:
- Mastercard's project to tokenize fiat and other assets in client accounts
- Purchase of 12 333 Bitcoin for Microstrategy's storage
- Upcoming mandatory verification on KuCoin
- Likely return of the FTX exchange to operation
Respectfully, Artem aka TeaDrinker
TradeLikeaPro