QuestionWhat drives the market on July 1?

1
What drives the market on July 1?

The market sentiment is mixed. Let’s look at most interesting movements on the market today.

Fundamental factors

  • The Fed’s chairman Jerome Powell claimed yesterday that the US economy entered the new phase of economic recovery sooner than expected. Encouraging US data proved that the USA is moving forward to the V-shaped recovery. US consumer confidence showed yesterday the largest increase since late 2011. However, there are still challenges ahead as the labor market is still well-below pre-crisis levels. More than 20 million Americans remain unemployed. "All levels of government" should impose stimulus measures "for as long as needed" to support the economy rebound, Powell claimed. Stocks gained.
  • The Canadian GDP came better than the forecast. The indicator shrank by 11.6%, while analysts anticipated the 12.5% contraction. CAD rose.
  • Virus infection are still rising in some US states. Alarming data indicated that coronavirus cases in 14 states in the USA more than doubled in June.
  • Investors worry about a new national security law for Hong Kong. China imposed strict punishment measures up to life in prison for the sedition and collusion with foreign forces. Sino-American tensions escalated. Gold climbed up.

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Technical tips

Gold

XAU/USD is heading towards the key psychological mark at $1,800. Just few inches left. Support levels are at $1,760 and $1,720.



S&P 500

The stock index rose on the optimistic speech of Jerome Powell. The price crossed the resistance at 3,075 and took a breath after that. Most analysts anticipate that the stock rally will continue further. Anyway, if risk-off factors outweigh, look for support levels at the 200-day moving average at 3,025 and then at 3,000.



USD/CAD

The encouraging Canadian GDP pushed USD/CAD down. The pair met the support at the 100-day moving average at 1.3565. The risk-on market sentiment may push it even lower. If it breaks it down, it will clear the way towards the next support at 1.3495. Resistant levels are at 1.3605 and 1.3685.


Upcoming events:

ADP non-farm payrolls will be released at 15:15 MT time. If the data turns out better than expected, the market sentiment will improve. Follow the report!

Source: https://fbs.com/analytics/news
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Re: What drives the market on July 1?

2
I'm going to comment regarding what drives the market. This is my opinion and I accept any constructive criticism. Nothing drives the market other than greed! The forex, futures, commodities, futures, stock, etc., are all manipulated by the Banks. Always has been and always will be! I've being studying the forex market for approximately 5 years and it's been a roller coaster. The only strategy I've been able to find that has hope, is strength and weakness using the CCFP 2.031 indicator.
News isn't accurate and is manipulated by the banks. There have been times when the news has been positive and/or negative and you trade with the trend, and get destroyed. And you think to yourself, I was trading based on the outcome of the news. The problem is the banks can see where all the orders are and they have the power to take price wherever they want, whenever they want. The forex market is rigged and is not really regulated by anyone. And if you don't believe me read this articles:https://www.cnbc.com/2019/05/16/eu-regu ... currencies.
https://www.financemagnates.com/institu ... x-rigging/
https://www.industryweek.com/the-econom ... ex-scandal

As you can see, forex manipulation has been going on for years and no one is going to stop the greedy banks from doing it. Think about it, they get fined a few billion dollars every few years, but they trade over $5 TRILLION A DAY! Heck, I'll pay the fines as well. That's like $.000001, compared to their profits over the years. It's how they make free money and they have more money than anyone because they can create as much as they want, literally!!

This is just a little rant I'm going on because it's been a challenging roller coaster ride. But my technical analysis algo is finally giving me light. I use the CCFP, a Volume Profile (VPOC) indicator and volume to make trades. The CCFP reveals which currency is strong/weak, the VPOC reveals what price level has the most volume, and the volume indicator with a MA, let's me know if there is enough gas in the tank to move price in the right direction. Sorry to go on a rant, but I just wanted to get some steam out.

Happy trading to everyone and may we all reach success in our trading...


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