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
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.
If Bitcoin breaks through $50 400 it might pull down to $46 800.
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.
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.
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.
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.