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US OPENING BELL 30-08-2022

Started by PocketOption, Sep 02, 2022, 05:54 am

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PocketOption

US OPENING BELL 30-08-2022

EUROPEAN STOCKS EDGE HIGHER, TRYING TO RECOVER RECENT LOSSES; CHINA WILL CONTINUE TO IMPLEMENT POLICIES TO STIMULATE THE COUNTRY’S ECONOMY; CONSUMER CONFIDENCE IN EUROPE MEET EXPECTATION.


European stocks continue the session on a positive note, trying to recover from the heavy losses of the previous two sessions. Currently, the Dax trades at +1.79%, the Eurostoxx at +1.46% and the Cac40 at 1.11%. Instead, gains remain more restrained for London’s FTSE100 after yesterday’s holiday close. Sentiment turned positive after Chinese authorities once again said they are ready to implement new policies to stimulate the economy. This is important as it relates to the world’s second-largest economy, mainly because it starkly contrasts the restrictive policies other major economies are trying to implement to deal with ever-increasing inflationary pressures.


European consumer confidence data were released in the morning, with the Consumer Confidence for August meeting expectations (24.9 vs 24.9). However, Service Sentiment and Industrial Sentiment showed a sharp decline from previous surveys, with the former meeting expectations at 8.7 but down from the last 10.4; and the latter disappointing expectations (1.2 vs 1.5) and down from 1.4 in the previous survey.


As for the economic calendar, investors will focus, as already mentioned, on German CPI data and, on the US front, on CB Consumer Confidence and JOLTs Jobs Openings.




EURUSD, M15



The EURUSD broke the most critical intraday resistance area between the W-1 VAH and the current weekly VAH and, for the moment, seems to consolidate above it, which is a positive bias for the rest of the day. From a technical point of view, the old resistance has become the most significant support area. As long as prices remain above this area, the most likely scenario is a continuation of the rise to target the LVN around the 1.0076 mark. On the flip side, an inversion is possible only if prices can break the support area downwards, in which case a drop toward the W-1 POC is expected.


Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 1.0029-1.0021, 0.9972, 0.9943.


Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 1.0076.


S&P500, M30



The S&P500 climbed above the main intraday resistance area around the 4051 mark, which is a positive bias for today. From a technical point of view, an important intraday support is now the 4051 mark, but the most significant one is the D-1 POC. In contrast, the most critical resistance area is the LVN around the 4084 mark. As long as prices remain above the 4051 mark and the D-1 POC, the most likely scenario is a continuation of the rise toward the LVN. On the other hand, if prices succeed in breaking the 4051 mark downward, a drop to the D-1 POC is expected. If prices also break the D-1 POC, the only notable lower support is the uncovered weekly POC around the 3956 mark.


Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 4051, 4031, 3956.


Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 4084, 4113.


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