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[GVI Forex 2]

A look at the day ahead in U.S. and global markets from Mike Dolan

While U.S. markets return from the Independence day holiday to assess significant cooling of the labor market stateside, British markets rallied on a long-forecast landslide for the UK’s opposition Labour Party in Thursday’s elections.

Morning Bid: Labor in focus – US jobs, new UK government

[GVI Forex 2]

MIchael and his Options Profile called for EURUSD buying starting with thgis post on June 20 — great directional call

June 20, 2024 at 3:20 pm#7904
michael Calif

revision  –  now buying all EURUSD declines   :Option Profile

[GVI Forex 2]

GBPUSD DAILY CHART – LABOUR LANDSLIDE

Muted but positive reaction so far to  the Labour landslide win in Thursday’s elections.

7 green candles in a row indicating upward momentum.

No change otherwise to what I have been saying:

Clear path to 1.2860 while above 1.2739 but only if 1.28 is firmly taken out

Wild card is  the US jobs report.

[GVI Forex 2]

USDJPY 4 HOUR CHART – JOINING THE PARTY

USDJPY technical starting to turn bearish after the failure just below 162.

To build momentum. 160.00-25 would need to be taken out.

Upside limited as long as the down trendline is intact although wild card is today’s US jobs report.

The so called surprise index except for JOLTS has been negative (i.e. misses on the downside for economic data).

Note, this is a like an extended holiday in the U.S. with those at their desks likely opting to leave early after the jobs report.

[michael Calif]

June 1 repost:   significant move DOWN BTC futures likely began yesterday May 31

cover shorts now

[GVI Forex 2]

This is a really good blog article worth reading

One of the biggest reasons traders fail prop firm evaluations is not understanding how relative drawdowns and high-water marks work. They don’t realize they could be a profitable trader and still breach the relative drawdown rule. Losing trades cause drawdowns and as such can’t be actively managed…. Read the full article by clicking below

Prop Trading and the Dreaded “Relative Drawdown”

[GVI Forex 2]

UK Election: Labour landslide as expected

Little GBP reaction so far but technicals are positive

Political stability relative to what is going on rlsewhere vs increased expectations of an August rate cut

[Belgrade Bobby]

XAUUSD – Gold – Daily

Major Resistance just above the head – 2365.00

Support at : 2335.00 , 2315.00 & 2295.00

Close tonight just above 2360.00 would indicate possible break of the resistance.

[Belgrade Bobby]

BTCUSD Daily

Broke bellow Major support at 58.400.00 and now we have three levels left that might propel it back up ( might– not will ! )

55.000 , 49.500 & 43.500

After the last one, all that it has are 35K & 25K

[Belgrade Bobby]

EURUSD 4 H

Supports at : 1.08000 , 1.07600 & 1.07400

Resistances at : 1.08150 , 1.08250 & 1.08350

Be aware that if above 1.08250, we gonna have a game changer.

Also, do not forget the Data tomorrow !

[SF Monedge]

Closed my long EU and Aussie’s this morning from last week (caught EU 1 pip from the bottom and everyone thought I was nuts going long.  See a bit of a stalemate here now on this Independence Day.

[SF Monedge]

If EU is going to run out of steam on an intraday basis it will likely do so here in the 0812-0820 area.  If not it will target past 0850 again in likelyhood.  Looking for a shift in USD bias overall today/tomorrow likely and markets wide in general around the 15th of the month

[SF Monedge]

Point of control in UsdJpy is 161.40 area.  It should be seen again in time, and it is likely that it goes higher in time, but it will get back to that area if so eventually in most scenarios at a minimum.

[michael Calif]

BTC futures could/should set a trading low late tomorrow no lower than 56330    :gtwo3

[SF Monedge]

GV – July 4, 2024 at 11:41 am … Hey that isn’t fair, they told us blockchain technology was impervious to fraud by nature of design!  My TikTok video lied to me.  As far as currently legitimate instruments are concerned, I agree stay on the long side of Euro and especially Aussie.  Aussie 6720 area if you missed getting in long last week has justifiable R/R strength for entry and EU 0790 area.

[michael Calif]

Yen futures have set a trading high in USDJPY at these levels    :gtwo3

[GVI Forex 2]

You can’t make this up

…Fears of looming selling pressure on bitcoin (BTC) from defunct exchange Mt. Gox and possible miner sales pushed the largest cryptocurrency to under $59,000 on Thursday for the first time since late April.

Mt. Gox will start distributing assets stolen from clients in a 2014 hack in July 2024, after years of postponed deadlines. The repayments will be made in bitcoin and bitcoin cash (BCH), and could add selling pressure to both markets, as previously reported….Coindesk

[GVI Forex 2]

BTC testing 58000… scroll down to see Bobby’s post.

[GVI Forex 2]

See detailed previews from Newsquawk for the UK election and the US Jobs report

Week Ahead from Newsquawk

[GVI Forex 2]

USDJPY DAILY CHART – A CASE FOR A TOP?

With USDJPY unable to test 162, a case for a pause can be made, even a top but only if 160.25 and then 160 are taken out.

As you can see by this chart, there is a long way to go to break the uptrend but at a minimum, there is a two-way risk as long as it stays below 162 with a bearish tilt if below 161.50.

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