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Technical Analysis: Your Daily Dose of Trading Market Insights, July 04, 2023

Trading Market Insights:


- Most Asian stocks fell on Tuesday after recent big rises as investors awaited more clues on central banks' interest rate hikes. Australia's central bank holds rates, signals more hikes maybe required

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

- Market conditions were subdued due to the U.S. Independence Day holiday, with most of Wall Street closed.


- Japan's Nikkei share average fell 1.1% after reaching a 33-year high in the previous session.


- U.S. S&P 500 E-mini stock futures slipped 0.1% in Asian trade.


- Investors are monitoring economic data and second-quarter earnings, while uncertainty remains over the Federal Reserve's policy path.


- The minutes from the Fed's last meeting are expected later in the week, which could inject volatility. Scheduled 8 times per year, 3 weeks after the Federal Funds Rate is announced;


- Concerns arise if the Fed overtightens and increases rate hikes beyond market expectations, potentially leading to a deeper recession.


- Geopolitical tensions, including China's export controls on minerals, add to global trade uncertainty. Tit for tat, export controls, minerals and chip making technology.


- The dollar index rose slightly to 102.97 in the currency market.


- Oil prices held steady after a 1% decline, weighing supply cuts against weak demand. After spike yesterday, Russia, Saudi, confirmed production cuts.

- Brent crude futures were up 0.3% at $74.87 a barrel, while U.S. West Texas Intermediate crude added 0.3% to $70.06. Opec meeting Wednesday


- The Treasury market is closed for the Independence Day holiday, with concerns over an extended Fed hiking cycle leading to an inversion in the U.S. Treasury yield curve. Low volumes


Key events today:

  • Australia interest rate decision.

  • US Independence Day national holiday. Financial markets closed.

 

Dollar Index (DXY) Intraday


Pivot Level: 103.00


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

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

Gold Intraday:

Pivot Level: 1920.39


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

USD/JPY Intraday:


Pivot: 144.54


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: 0.6667


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: 70.30


USD/CAD Intraday:


Pivot: 1.3252


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: 1.090


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: 1.269


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: 0.8594



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

 

Nasdaq 100 Intraday:


Pivot:

15,198.00


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

Market Insights


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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