This morning, the US posted their weekly jobs data and missed expectations for the fourth time in five weeks. All the while, inflation is growing at a faster rate than it has in decades reaching 5.4%. None of this looks good for the economy, but this could be good news for the US dollar.
I find it increasingly likely that investors could see the Fed raising rates sooner than anticipated or even more than twice by 2023. The expectation of capping inflation and raising rates could be the catalyst that sparks USD's recovery and further momentum to the upside. Powell's testimony has told us that the Fed is still not as concerned with inflation, they're still holding on to their asset purchases, and tapering is still a "ways off".
The dollar index is still respecting its rising trend line on the 4H as recent candles show rejection from the lows. We could expect another dip to also bounce off this rising trendline, or we could see price test a double top around 92.808.
UJ pulling back a little bit today after growing economic concerns in the US mount. The pair recently bounced off the bottom of a channel trend line suggesting that this level is a reliable support line. Price could come up to test resistance around 110.400.
GBPUSD rises today after coming off support from the rising trend line on the 4H. Price could test resistance around 1.39098 which serves as a significant resistance level; a break would be considerably bullish for the pair. However, a retrace could send it back down to its trend line.
With markets beginning to a volatile start on Covid fears, by the end of the week markets seemed to calm down to a steady recovery. The CAD performed the best rising in recovery in risk, but also on rising oil prices. The Euro had the most notable event of the week due to the monetary […]
7/23/2021 This week, me and Nick caught a crazy move on the SPX500 that we are currently still in at the time of writing this. This one move has netted us around 1,500 pips in equity. We haven't closed, so this number will not be the same when the trade is over, but this article […]
Is it possible to flip an account in a short period of time? Yes, It is theoretically possible. Is it likely? Not really.Unfortunately, flipping a small amount of money in a short period is risky and usually won't go your way. While still possible, this method of trading is more like gambling than trading. Let's pretend you […]
7/22/2021 The past couple months haven't been too good for the crypto market, in fact, the market saw a $90 billion loss since May. If you have kept up with the activity on Elon Musk's account, you might have seen how the majority of his tweets about dogecoin or bitcoin have greatly influenced the price […]