BTC DAILY CHART – Fakeout?
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– Is this a one day fakeout with BTC back above 60K after a 7% plunge yesterday?
– Did someone defend the key 55-56+k levels to prevent a meltdown?
– It seems to be more questions than answers So watch the 60K level as it will gice you the answer going forward in what could be a lower 55-65K range.
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Pre-data risk comment (It is 5am here). After some conversation over the subject of a middle east war possibly widening to include Iran due to Hezbollah attacking Israel, my position is Iran will not risk going to full out war with Israel because the US-Britain-Canada et al would become fully engaged and the Mullah’s do not want to lose their Rolls Royce’s. It comes down to the Rolls.
A look at the day ahead in U.S. and global markets from Mike Dolan
In an glimpse at how megacap tails wag the dog, a near half-trillion dollar shakeout in AI-bellwether Nvidia’s (.NVDA), opens new tab market cap in just a week continued to drag on the entire market even though most S&P500 (.SPX), opens new tab stocks ended higher on Monday.
Morning Bid: Nvidia’s half trillion hiccup; Bitcoin, China slide
EURUSD 4 HOUR CHART – IF IT WASN’T FOR…
If it wasn’t for the US PCE and quarter end on Friday trading the EURUSD would be easy, at some point ahead of the weekend it wouLd turn defensive ahead of Sunday’s vote.
So let’s look at the chart.
– Failed to test 1.0748, keeps the bounce a correction.
– 1.0720 (just broken) expooses 1.0700 if the break holds with key levels at 1.0685 and 1.0667.
USDJPY 4 HOUR CHART – THE BATTLE FOR 160
Let’s take a longer-term view as the battle for 160 and the 160.16 high continues.
So far, there is a lower top (159.92).
Looking farther ahead, scroll down to see the post with a link to an article about the next BoJ meeting at the end of July and a possible double whammy of monetary policy tightening.
This suggests the longer the 160 level caps the upside the closer JPY bears would get to turning defensive ahead of the meeting.
With that said, 1+ months ahead is an eternity in the trading world but it pays to keep the above in mind if 160 continues to cap the upside.
USDX ONE HOUR CHART – EURUSD PROXY (57.6% of the index)
What caught my eye today walking is that all major currencies are about unchanged on the day, USDX has a near double bottom mirrored by a EURUSD near 2-day double top.
So it is a matter of looking at your cup as half empty of half filled but for the EURUSD, the move up could not test 1.0748-61. It is now dependent on 1.0720 (also the day low) holding or risk a return to 1.07.
TOKYO, June 25 (Reuters) – The Bank of Japan is dropping signals its quantitative tightening (QT) plan in July could be bigger than markets think, and may even be accompanied by an interest rate hike, as it steps up a steady retreat from its still-huge monetary stimulus.
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June 25 (Reuters) – A look at the day ahead in Asian markets.
The wave of profit-taking in U.S. Big Tech and AI stocks appears to be gathering momentum, which could depress investor sentiment and risk appetite in Asia on Tuesday even if it is offset by a rotation into cheaper, beaten down sectors.
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