A look at the day ahead in U.S. and global markets from Mike Dolan
After a jarring Monday that spurred a wave of U.S. election trades, world markets zeroed in Federal Reserve easing hopes, China’s economic stumble and the unfolding earnings season.
EURUSD 4 H
Supports at : 1.08950 , 1.08600 & 1.08450
Resistances at : 1.09100 , 1.09200 & 1.09350
Big Data Today – Economic Data Calendar
It is trying the whole morning to push Up further, but not much happened…Obviously it all comes to Data..
USDCAD 4 HOUR CHART – CPI ON DECK
Next focus is on CPI at 12:30 GMT amid talk of a risk of a July rate cut
As this chart shows, USDCAD is trading with a bid ahead of cpi but there is little until 1.3755 so no key stops nearby.
On the downside, 1.3610-30 is support ahead of 1.3589 low.
This makes 1.3589-1.3755 the key range on this chart.
USDJPY 4 HOUR CHART – INTERVENTION THREAT LOOMS
USDJPY rebound from yesterday’s brief break to 157.15 has renewed 158+ (high 158.79) before backing off as the intervention threat looms (reports indicate the BoJ intervened in July 12).
Only a break of 159.45 would put 160 in play again, suggesting the current range may be 157-159.
Ignored has been a drop in US yields which have given back yesterday;s Truno Trade gains.(4.18% 10 year)
BTC DAILY CHART – PART OF THE TRUMP TRADE?
BTC sharp rise on Monday could be part of the Trump Trade as it is assumed he would be more favorable to cryptos if he wins the election.
Using this chart, if 63810 is firmly broken, it would confirm an uptrend.
To keep it simple, if 65k+ is established then 70k would be back on the radar with the record high looming above it.
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