Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Trade Ideas on September 6-10
Information is not investment advice
Bitcoin
At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data. At this moment we expect the crypto asset to return to the $50 400 and retest it from above. If Bitcoin holds above this level on a daily timeframe, we will get a confirmation that the uptrend is not over yet and the next target will be $54 500.
Daily chart
If Bitcoin breaks through $50 400 it might pull down to $46 800.
JP225
In the past week's daily market analyses video, we’ve discussed JP225 and predicted a huge pump with the target at $30 500. As you can see the “falling wedge” pattern worked perfectly, and the price is moving exactly by predicted scenario.
We expect a tiny pullback to happen as soon as the price will reach our target. The targets for this pullback will be $30 000 and $29 800.
Daily chart
HK50
Chinese stock market still looks attractive. The RSI indicator shows buyers are interested as the “hidden divergence” occurred. We expect HK50 to hit our estimated goal at 26 600 during this week.
Daily chart
Brent
Brent returned to the falling channel by the end of the previous week. At this point the upper channel line should be watched carefully if the price holds above it on the daily chart, long trade might be opened, otherwise, if the price gets rejected from the “blue” resistance line once again we might think about short trade.
Resistance levels: $73.2; $74.1; $75.
Support levels: $71.3; $70.4.
4H chart
Us dollar index
The US dollar has been falling during the whole previous week, but it looks like it found the bottom at 91.8. It might decline to 92 or 91.8, and at this point, it will be the best decision to buy USD/*** currency pairs and sell ***/USD currency pairs.
4H chart
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Bulls Are Coming Back
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
What to trade on June 20-24?
Last week was shocking! The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…
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