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Technical Analysis: Your Daily Dose of Forex Trading Markets , July 07, 2023

Trading Market Insights:

- Asian shares decline following losses in the US equities market and rising Treasury yields, led by Australian and Hong Kong technology firms.



- The ADP Research Institute reports strong private hiring data in the US, raising concerns about inflation. Automatic Data Processing Inc., the company that issues the report, handles payroll for about one-fifth of all privately-employed individuals in the U.S.


- Swap contracts (bets) indicate a high probability of a quarter-point interest rate hike by July 26, reinforcing expectations of tighter global monetary policy.


- US equity futures edge lower as investors await the release of the highly anticipated US nonfarm payrolls (NFP) data.


- Treasury yields continue to decline in Asia, with the two-year yield briefly surpassing 5%, while the 10-year note yield remains near its highest level since March.


The decline in Treasury yields, along with the two-year yield surpassing 5% and the relatively high 10-year note yield, reflects shifting investor sentiment and potential concerns over inflation and economic growth.


- Australia and New Zealand experience increases in their bond yields.


Increases in their bond yields, means it is likely to put downward pressure on both countries' equities and currencies.

Increases in bond yields typically attract capital flows to fixed-income investments, reducing demand for equities and leading to currency depreciation as investors seek higher returns elsewhere.!!


- Currencies in Asia show mixed performance, with the Bloomberg Dollar Spot Index reaching a four-week high and the yen remaining relatively stable.


- Binance Holdings Ltd. faces executive departures amidst regulatory challenges, with ongoing probes in the US, Europe, and Asia Pacific.


- Oil prices rise slightly and are on track for a second consecutive weekly gain, supported by resilient demand and additional output cuts by Saudi Arabia and Russia for August.


- Gold prices remain near a three-month low and are heading for a fourth consecutive weekly loss, weighed down by upbeat US data, hawkish Federal Reserve expectations, and risk-off sentiment. NFP Watch


Key events.


  • US unemployment rate, nonfarm payrolls. 1:30pm (UK time's)


  • ECB’s Christine Lagarde addresses an event in France 5:45pm


  • CAD Employment Change/Rate 1:30pm


 

Dollar Index (DXY) Intraday:


Pivot Level: 103.22



Dollar index, DXY,  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

Gold Intraday:


Pivot Level: 1914.21


USD/JPY Intraday:


Pivot: 144.10


USD/JPY  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

AUD/USD Intraday:


Pivot: 0.6638

AUD/USD  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

Crude Oil (WTI)‎ Intraday:


Pivot: 71.34


WTI , Crude oil,  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

USD/CAD Intraday:


Pivot: 1.3340


USD/CAD  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

EUR/USD Intraday:


Pivot: 1.088


EUR/USD  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

GBP/USD Intraday:


Pivot: 1.273


GBP/USD  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

EUR/GBP Intraday:


Pivot: 0.8545



EUR/GBP  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

📈Forex Trading Market Insights📈




📈Based on Today's Fundamental and Technical Market Insights📈

 

Nasdaq 100 Intraday:


Pivot:

15,055.00


Nasdaq 100, stock index,  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

Trading tip! Traders often exhibit caution and may reduce their positions or take profits at the end of the Friday trading week, as they seek to avoid potential weekend risk and uncertainties that could arise outside of trading hours.




The market insight provided does not constitute, in any way, a solicitation or inducement to buy or sell securities and similar products. Comments and analysis reflect the views of Chump Profit at any given time and are subject to change at any time. Moreover, they cannot constitute a commitment or guarantee on the part of Chump Profit. The recipient acknowledges and agrees that by their very nature any investment in a financial instrument is of a random nature and therefore any such investment constitutes a risky investment for which the recipient is solely responsible. ©2023 by Chump Profit.


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