Fundamental
Overview

Bitcoin has been under
heavy selling pressure for the entire month of June as a couple of bearish
drivers continued to weigh on the market. First, we had the fears around the Bitcoin
repayments to old Mt. Gox clients with expectations that they would sell their Bitcoins or at least part of it. More recently, CNBC
reported that “Germany’s government has been selling hundreds of millions
of dollars worth of seized bitcoins” and it still holds roughly 32,488 bitcoins
which are worth 1.9$ billion dollars.

Bitcoin
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that Bitcoin eventually dropped below the key 60K support
zone and the major trendline
around the 58K level. This might weigh on the sentiment and it gives the
sellers a bit more control.

The price is now
consolidating right beneath the key levels with the sellers piling in with a
defined risk above the 60K level to position for a drop into new lows. The
buyers will want to see the price rising back above the 60K level to regain
some confidence and start targeting new highs.

Bitcoin Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that the price retested the major upward trendline recently but failed to
make a new low as the market went into consolidation. We can see that from a
risk management perspective, the sellers have a nice risk to reward setup
around the downward trendline and the 60K resistance. That’s the zone the
buyers will need to break to turn the sentiment around and increase the bullish
bets into new highs.

Bitcoin Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see that there’s not much to do here as the price action remains rangebound.
The sellers will want to lean on the resistance, while the buyers will want to
see a breakout to the upside. The red lines define the average daily range for today.

Upcoming
Catalysts

Today we have Fed Chair Powell testifying to Congress and the markets will be
focused on any view or hint about monetary policy after the recent NFP report.
Thursday will be the most important day of the week as we get the US CPI and
the US Jobless Claims figures. Finally, on Friday, we conclude the week with
the US PPI and the University of Michigan Consumer Sentiment survey.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Fundamental
Overview

The USD weakened across the
board since last Friday following the soft US NFP report. The data showed some more labour
market cooling with an increase in the unemployment rate and a decrease in wage
growth. We basically have an economy that is slowing but still growing. We will
see if the market will be able to keep the positive sentiment on soft landing
hopes or start to worry about a recession.

The NZD, on the other hand,
gained last week against the US Dollar mainly because of the risk-on sentiment
as the US data continued to support at least two rate cuts from the Fed but
didn’t send recessionary signals. Tomorrow, we have the RBNZ policy decision
where the central bank is expected to keep interest rates unchanged and maintain
the hawkish stance.

NZDUSD
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that NZDUSD bounced from a strong support zone around the 0.6050 level last week and
extended the gains amid soft US data. Overall, we are still in a range and the
market participants keep on buying at support and selling at resistance. We
will likely need a breakout to see a more sustained trend.

NZDUSD Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that the price rejected the resistance at 0.6150 and it’s now falling to
the support around the 0.61 handle. That’s where we can expect the buyers to
step in with a defined risk below the support to position for a break above the
resistance with a better risk to reward setup. The sellers, on the other hand,
will want to see the price breaking lower to increase the bearish bets into the
0.6050 support next.

NZDUSD Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see that we have a minor downward trendline
defining the current bearish momentum. The sellers might continue to lean on it
to keep pushing into new lows, while the buyers will want to see the price
breaking higher and above the most recent lower high at 0.6129 to regain some
control and start targeting new highs. The red lines define the average daily range for today.

Upcoming
Catalysts

Today we have Fed Chair Powell testifying to Congress and the markets will be
focused on any view or hint about monetary policy after the recent NFP report. Tomorrow,
we have the RBNZ policy decision. Thursday will be the most important day of
the week as we get the US CPI and the US Jobless Claims figures. Finally, on
Friday, we conclude the week with the US PPI and the University of Michigan
Consumer Sentiment survey.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

This marks the highest reading since December last year, although the trend remains that it has been 30 consecutive months since the index has been above its long-term average of 98. With the US elections coming up in the months ahead, I wouldn’t anticipate too strong a bounce in sentiment given the relative uncertainty. That alongside some softness already evident in the jobs market.

This article was written by Justin Low at www.forexlive.com.

Fundamental
Overview

Crude oil has been on an
incredible run since bottoming out around the $72.50 level in early June. The
market eventually caught up to the positive drivers we had back then with the OPEC+’s
extension of voluntary output cuts, and the pickup in economic activity seen
from the global PMIs. The prospects of
major central banks easing their policies was also a contributor for the
positive future demand outlook.

More recently, the price got
rejected from a key resistance level and eventually extended the drop following
a soft US
NFP report. We basically have an economy that is slowing but still growing.
We will see if the market will be able to keep the positive sentiment on soft
landing hopes or start to worry about a recession.

Crude Oil
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that crude oil got rejected from the 84.50 resistance
and extended the drop following the soft US NFP report. From a risk management
perspective, the buyers will have a better risk to reward setup around the 80
support zone. The sellers, on the other hand, will want to see the price
breaking below the 80 support to increase the bearish bets into the 77 level
next.

Crude Oil Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that the price recently dropped below the minor trendline that was defining the bullish
momentum. This technically signals a switch in momentum with the sellers in a
near-term control. We can also see that we have the 38.2% Fibonacci
retracement level of the entire rally from the lows standing around the key
support. That’s been a key level for the market.

Crude Oil Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see more closely the recent price action. We have a nice resistance around the 82.70
level where we can also find the 38.2% Fibonacci retracement level of the drop
from the 84.50 level.

From a risk management
perspective, that’s where the sellers will likely step in with a defined risk above
the resistance and position for a drop into the key 80 support with a better
risk to reward setup. The buyers, on the other hand, will want to see the price
breaking higher to regain some control and start targeting a break above the
84.50 resistance. The red lines define the average daily range for today.

Upcoming
Catalysts

Today we have Fed Chair Powell testifying to Congress and the markets will be
focused on any view or hint about monetary policy after the recent NFP report.
Thursday will be the most important day of the week as we get the US CPI and
the US Jobless Claims figures. Finally, on Friday, we conclude the week with
the US PPI and the University of Michigan Consumer Sentiment survey.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

iFX EXPO Asia 2024 is heading back to
Thailand for 2+ days of B2B networking at the world’s leading online trading
event. Excitement is building for this year’s
iFX EXPO Asia 2024 as the leading online trading expo returns to the bustling
city of Bangkok for the third time.

iFX EXPO Asia 2024, the world’s premier
online trading B2B event, is heading back to Bangkok, bringing together 3,500+
industry leaders, experts, and professionals from 1,600+ companies around the world for 2+ days of networking,
knowledge sharing, and business opportunities.

Scheduled to take place between 16-18
September, 2024, at the prestigious Centara Grand & Bangkok Convention
Centre, this year’s expo promises to be one of the largest and most successful
events of its kind ever to be held in the Thai capital.

Known for its vibrant economy and thriving
fintech ecosystem, Thailand provides an ideal backdrop for this prominent
event, with the country’s
digital assets market projected to experience a revenue growth of 15.75% in
2025.*

Excitement is already starting to build
ahead of the showpiece exhibition, with the launch of the iFX EXPO Asia 2024 website officially kick
starting the countdown to day one.

The
place to do business

With the great and good from the world of
online trading set to converge on Bangkok, iFX EXPO Asia 2024 is the
must-attend event for brokers, IBs, PSPs, liquidity providers, tech companies,
and other fintech-related businesses.

Around 130+ exhibitors from 120+ countries
will be in attendance, as leading lights from the industry join together under
one roof to highlight their range of products and services to a truly diverse
and engaged audience.

It represents the ultimate online trading
hub where deals are made between key market players and like-minded
professionals. Having grown into a gold standard event garnering a strong
reputation within the industry, iFX EXPO Asia provides every individual with
the chance to network, exchange ideas, expand their business and explore
exciting new possibilities.

Stand
out from the crowd

As one of the major gatherings on the
calendar for 2024, iFX EXPO Asia is the prime destination where forex and
fintech companies showcase their products and services on a major scale.

Businesses can take full advantage of the
prestige associated with the event by becoming an official exhibitor. Through
booking a booth, companies are able to showcase their expertise and products,
increase brand recognition, and generate new leads. Previous exhibitors include
MetaQuotes, Solitics, cTrader, AdRoll, Deriv, ZuluTrade, to name but a few.

Meanwhile, there are also numerous
sponsorship opportunities available for those businesses looking to shine a
brighter spotlight on their brands. Last year, XS.com, OpixTech, Equiti
Capital, UEZ Markets, along with various other companies made full use of the
sponsorship benefits on offer at iFX EXPO Asia.

For interested parties who are looking to
stand out from the competition, please visit this link
for exhibitor and sponsorship enquiries.

Exclusive
access to unmatched content

The 2024 edition of iFX EXPO Asia is not
simply a networking hub, it also offers up a whole host of informative and
insightful content, with 13+ hours of speaker sessions and panel discussions
spread across two stages, Speaker Hall and Idea Hub, featuring a lineup of some
of the most influential experts and visionary thinkers from across the
industry.

Last year’s expo saw so many insightful
exchanges with key takeaways from every session. Popular
talks included: “The Asian Century: Tech Trends In Online Trading”, “The Art of
Gen Z: The Future of Brokerage” and “The Golden Hashtag: Affiliate Marketing in
Asia”.

With the speaker sessions set to return
bigger and better than before, the event organisers are on the lookout for
individuals keen to share their expertise, either as a speaker or as part of a
panel group. For more information, please click here.

Stay
tuned for more details

Keep up to date with all the latest
information about iFX EXPO Asia 2024 in the lead up to the event. Don’t forget
to check the iFX EXPO social media channels for exciting announcements as
Bangkok gears up for one of Asia’s most successful ever B2B online trading
expos. Visit the dedicated Facebook, Instagram
and LinkedIn pages for regular updates.

Secure your spot at iFX EXPO Asia 2024 by
registering here.

*FinTech – Thailand | Statista Market Forecast

This article was written by FL Contributors at www.forexlive.com.