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HFMarkets (hfm.com): New market analysis services.
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[QUOTE="HFM, post: 212310, member: 32345"] [B]Date : 30th August 2022. Daily Market update: 30 August 2022.[/B] [URL='https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG][/URL] [B][I]Dollar pulls back off fresh 20-year highs as market prices in a more hawkish ECB.[/I] Dollar Index[/B] Monday’s London session proved to be a battleground won by the Dollar as it added to Friday’s gains, hitting levels last traded in September 2002. A Key driver in this exuberance is the ever-increasing probability of a 75-basis point rate hike as opposed to a 50-basis point rate hike at the next FED meeting in September. This in turn has caused yields to rise, with the 2-year yield hitting fresh 5-year highs near [B]3.5%[/B] and ultimately gave the dollar its appeal to continue its upward trajectory. [URL='https://analysis.hfm.com/wp-content/uploads/2022/08/USIndexH4-7.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2022/08/USIndexH4-7.png[/IMG][/URL][B]Technical Analysis: H4[/B] In terms of market structure, last week saw the completion of the larger bullish continuation pattern in the form of the falling wedge type structure that found support from the [B]104.00[/B] level and produced an impulsive wave that went on to revisit the [B]109.00[/B] area last week Friday before setting a new high just under [B]109.50[/B]. [B]Intra-day Overview[/B]: Current price action in Monday’s trading session broke through the previous high and created fresh 20-year highs before retreating into the range finding support within the [B]108.00[/B] range. Henceforth buyers could push the index to continue its bull run, or on the flipside, sellers could be well positioned at the fresh 20-year highs set in Monday morning’s London session and could challenge buy pressure. [B]Stocks[/B] At the time of writing, US Stocks have continued to sell off since Friday’s hawkish comments signalled a longer period of sustained higher interest rates. [LIST] [*][B]Dow Jones[/B]: Reacted by adding to the losses from last week by [B]0.07%[/B]. [*][B]S&P 500[/B]: Pressure continued and added to losses from last week by [B]0.11%[/B]. [*][B]Nasdaq[/B]: Was down on Monday by [B]0.49%[/B]. [/LIST] [B] Currencies[/B] Euro: [LIST] [*][B]Intraday overview[/B]: Price was buoyed by a pullback in the Dollar on Monday morning, which gave the Euro some impetus to claw back some of the losses made on Friday, retesting the upper end of the range at the [B]1.00291[/B] area in the current bearish continuation structure. [/LIST] Pound: [LIST] [*][B]Intraday overview[/B]: The[B] 1.16481[/B] area was the floor that supported a pullback on Monday morning, as the Pound clawed back some of the losses from Friday. The Intraday high was set around the [B]1.17432[/B] area. [/LIST] [B]Commodities[/B] Gold: [LIST] [*][B]Intraday overview[/B]: The [B]$1 720[/B] area was the floor that supported a pullback on Monday morning, helping Gold claw back some of the losses seen on Friday. The intraday high was set around [B]$1 745[/B]. [/LIST] Oil: [LIST] [*][B]Overview[/B]: On the back of the Saudis’ comments around their inclination towards slowing down production, the price of Brent hit [B]$100[/B] and shows the possibility of geopolitical factors supporting the bullish momentum for now, while the current economic outlook, and central banks’ monetary policies, are supporting a bearish sentiment. [/LIST] [B]Bitcoin[/B] In the wake of Bitcoin falling below the psychological [B]$20 000 [/B]level, there could be more support around the corner as crypto adoption seems to be getting “a shot in the arm” with the Monetary Authority of Singapore considering implementing certain regulations around leverage when it comes to cryptocurrencies. This initiative is aimed to protect inexperienced consumers as opposed to banning the crypto market altogether. [B]Economic Calendar[/B] [URL='https://analysis.hfm.com/wp-content/uploads/2022/08/Screenshot-2022-08-29-214906.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2022/08/Screenshot-2022-08-29-214906.png[/IMG][/URL] [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Ofentse Waisi Market Analyst HFMarkets Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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