top of page

📈Forex Trading Market Insights 📈 Gain an edge in forex, July 10, 2023

Headlines:


- Asian share markets start the week positively, led by technology shares in Hong Kong.


- 4 day conclusion of Janet Yellen's meeting in China, positive tones.

- Hang Seng Tech Index rises over 1% on the strength of Alibaba Group Holdings Ltd. Rose 8% Friday


- China's factory gate prices fall at fastest pace in 7 years, possible reaction for yuan and oil.


Dollar Watch: Fell over 1% Friday after NFP jobs fall.

- Market focus on upcoming US Consumer Price Index (CPI) release, influencing the Federal Reserve's stance on rate hikes.

- Technical analysis suggests potential retreat for the US dollar despite rising interest rates.


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

- Disappointing jobs data may undermine market confidence in future rate increases.

- Japanese officials' intervention threats and actions by China may impact the direction of the dollar.


- Bank of Canada (BOC) and Reserve Bank of New Zealand (RBNZ) meetings to provide insights into monetary policy decisions.


- Oil prices ease slightly after reaching nine-week highs due to fresh output cuts by Saudi Arabia and Russia.

- Market strength in oil, but risk of US recession and China's economic recovery could impact demand.


- Litecoin outperforms the broader market in the crypto market, driven by its "halving" event.


Key events.

  • BOE Gov Bailey Speaks. 4:00pm (UK time's)

  • Wednesday, CPI, USA Change in the price of goods and services purchased by consumers

Economic Calendar

 

Dollar Index (DXY) Intraday: Bearish


Pivot Level: 102.56


Our Suggestion:

If DXY falls below 102.56, consider short positions, targeting 101.94, 101.60, and 100.98.


Alternative Scenario:

If DXY remains above 102.56, consider long positions, targeting 102.90, 103.52, and 103.86.


Comment:

Based on the 4hr chart analysis, our bias for Dollar Index (DXY) turns bearish. The current price is now below the Ichimoku cloud indicating a selling trend. The RSI suggests downside momentum.

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: Sell


Pivot Level: 1923.18


Our Suggestion:

If XAU/USD falls below 1923.18, consider short positions, targeting 1911.75, 1897.96, and 1886.53.


Alternative Scenario:

If XAU/USD heads above 1923.18, consider long positions, targeting 1936.97, 1948.40, and 1962.19.


Comment:

Based on the 1 day chart analysis, our overall bias for Gold (XAU/USD) is bearish as the current price remains just below the Ichimoku cloud. The RSI confirms while it is possible that the current consolidation may continue, its extent should be limited.

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: Bearish.


Pivot: 142.80


Our Suggestion:

Short positions below 142.80, with targets at 141.39, 140.67, and 139.26.


Alternative Scenario:

Long positions above 142.80, with targets at 143.52, 144.93, and 145.65.


Comment:

Based on the 4hr chart, our USD/JPY analysis turns bearish. The current price has headed below Ichimoku cloud in a downtrend. The RSI confirms further downward momentum.

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: Bearish/Sell


Pivot: 0.6670


Our Suggestion:

Short positions below 0.6670, with targets at 0.6638, 0.6585, and 0.6553.


Alternative Scenario:

Long positions above 0.6670, with targets at 0.6723, 0.6755, and 0.6808.


Comment:

Our analysis of the 4hr chart indicates a bearish bias for AUD/USD. The current price is below the Ichimoku cloud indicating a downtrend. The RSI shows downside momentum.

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: Bullish


Pivot: 72.99


Our Suggestion:

Long positions above the pivot level of 72.99, targeting 74.79, 75.72, and 77.52 as targets.


Alternative Scenario:

Short positions below 72.99, with targets at 72.06, 70.26, and 69.33 in extension.


Comment:

Our analysis of the 4hr Chart indicates a bullish bias for Crude Oil (WTI.) The current price remains above above the Ichimoku cloud, indicating a buying trend. The RSI shows while it is possible that the current consolidation may continue, its extent should be limited.

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

USD/CAD Intraday: Bullish/Buy


Pivot: 1.3311


Our Suggestion:

Long positions above 1.3311, with targets at 1.3358 & 1.3436 and 1.3483 in extension.


Alternative scenario:

Below 1.3311, look for further downside with 1.3233 & 1.3186 and 1.3108 as targets.


Comment:

Our analysis of the daily chart suggests a bullish bias for USD/CAD. The current price has headed above the Ichimoku cloud in an uptrend. The RSI indicator shows renewed upward momentum.

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: Bullish


Pivot: 1.094


Our Suggestion:

Long positions above 1.094, with targets at 1.101 & 1.105 and 1.112 in extension.


Alternative scenario:

Below 1.094, look for further downside with 1.090 & 1.083 and 1.079 as targets.


Comment:

Based on our analysis of the 4hr chart, the bias for EUR/USD turns bullish as the current price has headed above into the Ichimoku cloud. The RSI shows that while it is possible that the current consolidation may continue, its extent should be limited.

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: Bullish/Buy

Pivot: 1.280


Our Suggestion:

Long positions above 1.280, with targets at 1.288 & 1.293 and 1.301 in extension.


Alternative scenario:

Below 1.280, look for further downside with 1.276 & 1.268 and 1.263 as targets.


Comment:

Our analysis of the 4hr chart indicates a bullish bias for GBP/USD. The price has headed above the Ichimoku cloud in an uptrend and while it is possible that the current consolidation may continue, its extent should be limited. The RSI indicator confirms some pullback.

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: Bearish Bias


Pivot: 0.8542


Our Suggestion:

Short positions below 0.8542, with targets at 0.8528, 0.8510, and 0.8496.


Alternative Scenario:

Long positions above 0.8542, with targets at 0.8560, 0.8574, and 0.8592.


Comment:

Our analysis of the 4hr chart indicates a bearish bias for EUR/GBP. The current price remains below the Ichimoku cloud and while it is possible that the current consolidation may continue, its extent should be limited. The RSI indicator confirms current bullish momentum. Caution.

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 📈 Gain an edge in forex📈



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

 

Nasdaq 100 Intraday: Buy


Pivot:

15,093.00

Our Suggestion:

Long positions above 15,093.00, with targets at 15,154.00,15271.00 and 15,332.00 in extension.


Alternative scenario:

Below 15,093.00, look for further downside with 14,976.00,14,915.00 and 14,797.00 as targets.


Comment:

Our analysis of the 4hr chart indicates a renewed buying bias for the Nasdaq 100. The current price remains within the Ichimoku cloud. The RSI confirms consolidation.

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

Subscribe to Chump Profit's blog at www.chumpprofit.com and follow our YouTube channel at www.youtube.com/@chumpprofit to begin your forex trading adventure today!


Join the Chump Profit 1000 Club: Empowering Traders for Consistent Profits, email me for more details, kyri@chumpprofit.com

Market Insights with mentoring


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.


bottom of page