Forex Market breakdown, Monday 11th July 2022
Hi, There Traders,
So a new week brings new opportunities. What do we have coming up this week?
Well, today we have EUROGROUP meetings all day. We also have the BOE Governor Bailey due to testify on the Bank of England Financial Stability Report before the Treasury Select Committee, in London.
Matrix points to Dollar strength. Major pairs show that the Dollar is still King. This Wednesday we have US CPI m/m & Core CPI m/m stats.
Indices have had a noticeable pause recently in a negative run. Is this just a pause or a genuine bottom? Well, time will tell. Sentiment out there is very uncertain. Sticky Inflation and concerns of recession have become a real concern for all. As one can see from the screenshot below – far right, Dollar Index is very much blue – bullish bias as Dollar is King.
Commodities like Gold, Silver, and Copper continue to falter. Concerns of recession and slowing down across global markets have put a strain on commodities prices.
BTC Daily Chart
Bitcoin price action still taking an extended break around the 78.6% fib extension level. We saw a high over the weekend just shire of $22440. Let’s see how this week goes. Continued support here could indicate that the current lows are a genuine bottom. One could expect a stronger correction higher to follow. Let us see if this build-up continues or not.
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