This document is an economic newsletter from EconoTimes that provides analysis of financial markets and economic data. It includes sections on market recaps, previews of key economic data releases, analysis of currencies and bonds, forecasts from economists, and technical charts. The newsletter is intended to inform readers and clients of EconoTimes about global economic and market conditions.
Treasury Transformation: From Operational to StrategicGTreasury
The completion of a Treasury Management System implementation does not also mean the end of strategic change you can offer the organization. You likely worked very hard to achieve important victories in your original TMS project, but it should not end there. It’s a well-worn adage that the only constant is change, but you must be prepared to leverage the technology you have implemented to lead that change. Treasury does not have to be a bystander constantly playing catch-up to the rest of the organization.
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
2. 2 www.econotimes.com
Market Recap
● World shares inched higher after the BoJ shocked
markets by adopting negative rates in big stimulus
effort.
● European stock markets were higher, with the pan
-European FTSEurofirst 300 index rose 1.2 percent
by 0930 GMT, having dropped 1.7pct on Thursday.
UK's FTSE climbed 0.9 pct, Germany's DAX was up
1.4 pct and France's CAC gained 1.5 pct in early
deals. While the MSCI world equity index rose half
a percent.
● Tokyo's Nikkei closed up 2.80 pct at 17,518.30,
Shanghai Composite Index ended up 3.1 percent at
2,737.60 points and China's CSI300 Index gained
3.2 pct at 2,946.09 points.
● Oil prices increased on Friday, on track to finish
the week sharply higher, on expectations of a deal
by major exporters to cut production to reduce the
massive over-supply that has sent prices tumbling.
Brent futures jumped over a quarter since hitting
an intra-day low of $27.10 per barrel on January.
20. Brent rose 18 cents to $34.07 a barrel by 1020
GMT, after closing up 79 cents, or 2.4pct on Thurs-
day. U.S. crude climbed 26 cents to $33.48 a barrel,
having settled up 92 cents, or 2.9pct, at $33.22 on
Thursday. While the U.S. crude is set to record al-
most 6 percent weekly gain.
● Gold steadied after recent gains to its highest
since Nov, and it is on track to end January with its
strongest monthly rise in a year. Spot gold was lit-
tle changed at $1,114.62 an ounce by 0630 GMT.
U.S. gold for Feb delivery was flat at $1,115 an
ounce.
Treasuries
● The yield on 10-year U.S. Treasuries fell 4bps to
1.95 percent.
● The yield on Japanese benchmark govt bonds fell
to record lows after the BoJ said it would charge
0.1pct for excess reserves parked with the institu-
tion, in the footsteps of ECB.
● Germany's 10-year Bund yield dropped 4bps to a
9-month low at 0.29 percent, while 2-year German
bond yields hit a fresh record low at minus 0.471
percent.
● JGBs rallied massively into uncharted territory af-
ter the unexpected BOJ rate cut, with 10-yr yields
were close to 0.10%, after the biggest session gains
since late 2008 and sharpest drop in yields for 13
years.
● UK Gilts opened 36 ticks higher than the settle-
ment of 119.45, as expected, as core markets re-
acted to the BoJ's shock of negative interest rates.
March Gilts stopped shy of new contract highs of
120.14, reaching a day high of 120.06. Lows on 10-
year cash are still intact, but only just with screens
last at 1.605%, against the January 20 low of
1.604%.
● Australian government bond futures climbed, with
the 3-year bond contract up 2 ticks at 98.100. The
10-year contract also inched 2 ticks higher at
97.3300, while the 20-year contract inched 1 tick
to 96.8150. New Zealand government bonds eased
at the short end and gained at the long end as the
yield curve flattened.
Market Briefs
● BOJ stuns markets with surprise move to negative
interest rates.
● USD/JPY initially jumps 2 pct, later trims gains.
118.38/121.49 range.
● Brent gives up 2.5% early gains and back to flat
into NY.
● Kuroda says move aims to forestall risks from oil,
China.
● Kuroda: Committed to do whatever it takes to
meet price target.
● BOJ: CB will cut interest rates further into nega-
tive territory if judged as necessary.
● EUR/USD plays 1.0950/1.0883 then recovers to
1.0922.
● GBP/USD sold sharply from 1.4413 to 1.4285.
● EUR/CHF notc hes up another new high at 1.1130
from 1.1078.
● EZ Dec Money-M3 Annual Growth 4.7% vs previ-
ous 5.1%. 5.2% expected.
● EZ Jan Inflation, flash 0.4% y/y vs previous 0.2%.
0.4% expected.
● Swiss Jan KOF indicator 100.3 vs prev 96.8 re-
vised. 96.0 expected.
● CBR unchanged key interest rate at 11%.
● Kremlin spokesman: Russia interested in discuss-
ing oil market with all participants.
● Greece may have positive growth in last 2 quar-
ters of 2016.
Institutional Positions
● Morgan Stanley: Beyond the global backdrop, policy con-
cerns keep us negative on TRY and BRL.
● J.P. Morgan: Short EUR/NOK, GBP/USD, GBP/SEK, EUR/
CHF, USD/PLN, NZD/USD AND PLN/HUF.
● J.P. Morgan: Buy -1m/+2m one-touch calendars in USD/
JPY and USD/CAD.
● J.P. Morgan: Stay long USD/KRW via 3 month NDF (entry
point 1179), with dips back to 1200 likely to be viewed as
an opportunity to add to longs.
3. Economic Data Preview
● (0830 ET/1330 GMT) The U.S. Commerce Depart-
ment releases advance (first estimate) U.S. fourth-
quarter gross domestic product data. The report is
likely to show that GDP increased at a 0.8 percent
annual rate, after growing at a 2.0 percent rate in
the third quarter.
● (0830 ET/1330 GMT) The U.S. employment cost
index is expected to show a solid increase in wage
growth in the fourth quarter, at 0.6 percent after a
similar gain in the third quarter.
● (0830 ET/1330 GMT) Canada's economy is ex-
pected to have expanded by 0.3 percent in Novem-
ber, underscoring expectations that the fourth
quarter was likely weak at best.
● (0830 ET/1330 GMT) Canada's Producer Prices
probably dropped 0.3pct in December after falling
0.2 percent the prior month.
● (0945 ET/1445 G MT) ISM Chicago releases its
Purchasing Managers Index for January. The index
stood at 42.9 in December.
● (1000 ET/1500 GMT) The Reuters/Michigan Con-
sumer Sentiment Index likely fell to 93.0 in January
from 93.3 in the previous month.
Key Events
● (1045 ET/1545 GMT) FedTrade Operation 30-Year
Fannie Mae / Freddie Mac (max $1.950 bn).
● (1530 ET/2030 GMT) Federal Reserve Bank of San
Francisco President John Williams participates in a
panel before the Commonwealth Club, Bank of
America/Merrill Lynch Walter E. Hoadley Annual
Economic Forecast event in San Francisco.
Top News
● Euro zone inflation accelerated in January, only
modest relief for the ECB which is still likely to cut
rates again as price growth could turn negative by
the spring and lending suffered an unexpected set-
back. Headline inflation rose to 0.4% from 0.2 per-
cent while core inflation, which strips out volatile
food and energy prices, rose to 1pct from 0.9 per-
cent, reversing the previous month's fall.
● The BoJ unexpectedly lowered a benchmark inter-
est rate below zero, stunning investors with an-
other bold move to stimulate the economy as vola-
tile markets and slowing global growth threaten its
efforts to overcome deflation.
● China had a broader fiscal deficit in 2015 than a
year earlier as it jacked up spending to cushion an
economic slowdown and government revenue grew
by the smallest percentage in 27yrs, Finance Minis-
try data showed on Friday.The ministry's website
said that fiscal expenditure rose 15.8 percent from
2014, while fiscal revenue grew 8.4 percent, leav-
ing a deficit of 2.355 trillion yuan ($358 billion).
● German retail sales dropped in December for a
weak end to the year, suggesting the private con-
sumption that has driven Europe's largest economy
could lose steam in the fourth quarter. Retail sales
were down by 0.2pct month-on-month in real terms
after growing a revised 0.4pct the previous month,
the Federal Statistics Office said on Friday.
● Russia's central bank left its main lending rate on
hold as expected but noticeably toughened its
rhetoric in the wake of a relentless oil price slump
that has sent the ruble crashing to record lows. The
central bank said in a statement it did not rule out
a tightening of its monetary policy, if the inflation
risks amplify, and that the deterioration in global
commodity markets would require a further adjust-
ment of the Russian economy.
● British consumer morale rose for a second month
in a row in January to hit its highest level since last
summer, but households remain pessimistic about
the economy’s outlook, a survey showed on Friday.
Market research firm GfK said its overall consumer
sentiment indicator rose to +4 in January from +2
in December.
● Iran's oil exports are on set to rise more than a
fifth in January and February from last year's daily
average, data from a source with knowledge of its
loading schedules shows, revealing how Tehran is
ramping up sales after the lifting of sanctions.
● U.S. economic growth likely braked sharply in the
fourth quarter as businesses doubled down on ef-
forts to reduce an inventory glut and unseasonably
mild weather cut into consumer spending on utili-
ties and apparel. Gross domestic product probably
rose at a 0.8 percent annual rate, according to a
Reuters survey of economists, also as a strong dol-
lar and tepid global demand hurt exports, and
lower oil prices continued to undercut investment
by energy firms.
● Taiwan's economic growth in 2015 slowed to its
weakest pace since the global financial crisis, as
ebbing world demand took a heavy toll on the is-
land's exports and maintained pressure on the cen-
tral bank to further lower rates. GDP in the final
three months of 2015 contracted 0.25 percent
from a year ago, according to Directorate -General
of Budget, Accounting and Statistics. That ex-
tended a 0.63 percent slump in the June -September
quarter and was below expectations of a 0.25 per-
cent contraction.
3 www.econotimes.com
4. 4 www.econotimes.com
FundamentalAnalysis
Subdued German core inflation to push ECB into further
loosening monetary policy, possibly in March
Preliminary state data released on Thursday indicated that
German inflation inched up in January, but overall price pres-
sure remained weak, which may embolden proponents of
further central bank stimulus. The German inflation rate rose
to 0.5% in January, as expected. However, while the headline
inflation is doing flips and twists due to the volatile energy
prices, the core inflation rate (without food and energy) has
remained at around 1.3% since 2012. The reading was the
strongest since May 2015 but still far from the ECB's target.
Volatility in energy prices is causing a rather erratic movement
in the headline inflation, but core inflation rate is looking as
solid as a rock, hovering around 1.3% since 2012. Nothing has
been able to really push the core rate higher, figures highlight
the European Central Bank’s struggle in hitting its inflation
target of just under 2 per cent. The ECB ultra-loose monetary
policy has largely fallen flat without having much effect on
the real economy.
German consumer prices account for almost 30% of the euro
zone index. With the continued slump in energy prices, fur-
ther second-round effects on other goods and only little pric-
ing power from retailers and producers, a strong acceleration
of German inflation any time soon is far from real. From the
ECB’s perspective, the steadfast anchor of the German core
inflation rate constitutes a bar that is preventing the euro
zone inflation rate from rising towards the 2% target.
"We do not believe that the euro zone inflation rate will move
very quickly towards the ECB inflation target. Besides still not
anchored inflation expectations, the slack economy and barely
rising credit demand, this should lure the central bankers into
further loosening monetary policy possibly in March, possibly by
lowering the deposit rate by a further 10 basis points", says Com-
merzbankin a research report.
Fundamental deflationary pressures persisting elsewhere in
the euro zone and worryingly low inflation expectations give
the ECB every reason to provide more policy support. ECB
President Mario Draghi has said the bank still has plenty of
options left, suggesting it could act as early as March. A ma-
jority of economists in a Reuters poll said the ECB is likely to
cut its deposit rate again in March.
"For the ECB ... the challenge has not become any easier. In fact,
German inflation data are welcome arguments for the opponents
of additional ECB action," INGBank analyst Carsten Brzeski said.
Eurostat’s flash estimate released today showed Eurozone
headline inflation recovered to 0.4% y/y in January, up from
0.2% in December. The more important core inflation in-
creased to 1.0% y/y from 0.9% previously. The ECB will have
February monetary developments and inflation data to assess
whether low oil prices are making their way into core inflation.
For now we feel the ECB is likely to cut its deposit rate again
in March. EUR/USD was little changed after Eurozone CPI
data, trading at 1.0915 as of 1030 GMT.
5. 5 www.econotimes.com
Economy Watch
● Philippines economic planning chief says 7-8 pct growth doable this year.
● Philippines economic planning chief says decline in oil prices to benefit the country.
● Reuters Survey - India to revise up fiscal deficit target to 3.7 pct of GDP in 2016/17, 3.5 pct in 2017/18 (3.5 pct, 3.0 pct
currently).
● Reuters Survey - Markets and ratings agencies would accept some slippage in 2016/17 fiscal deficit – economists.
● Reuters Survey - India gross borrowing for 2016/17 expected to be 6.49 trillion rupees.
● Reuters Survey-18 of 27 economists don't expect Feb 2016 budget to be Arun Jaitley's last as finance minister.
● Reuters Survey - All 32 economists see Reserve Bank of Australia keeping rates on hold at record low 2.0 pct at Feb 2
meeting.
● Reuters Survey - Majority of economists forecast steady rate outlook until early next year.
● Reuters Survey - 11 out of 31 see a rate cut by mid-year.
● U.S. economy on track to grow 1.0 pct in fourth quarter from +0.7 pct estimate Jan 20-Atlanta Fed's Gdpnow model.
● Iran's Rouhani expects producers to restore balance in the short-term.
● S.Africa's cbank statement: Headline CPI now expected to average 6.8 pct in 2016 from 6.0 pct seen in November.
● S.Africa's cbank statement: GDP growth seen at 1.3 pct in 2015 vs 1.4 pct forecast in November.
● S.Africa's cbank statement: Core inflation to average 6.0 pct in 2016, 5.9 pct in 2017, pvs forecasts 5.5 pct and 5.4 pct.
● S.Africa's cbank statement: GDP growth forecast for 2016 seen at 0.9 pct vs 1.5 pct in November.
● S.Africa's cbank statement: Headline CPI now expected to average 7.0 pct in 2017 from 5.8 pct seen in November.
Policy Watch
● Futures imply traders see 12 pct chance of Fed raising rates at March policy meeting - Reuters data.
● Futures imply traders see 34 pct chance of Fed rate hike in March, up from 31 pct Tuesday - CME'S Fedwatch.
● Futures imply traders see 14 pct chance of Fed raising rates later Wednesday, little changed from Tuesday - CME'S Fed-
watch.
● Reuters Survey-50 percent probability ECB will increase its monthly asset purchases in March.
● Reuters Survey-31 of 59 economists agree with Draghi that the ECB has 'plenty of instruments' left to deploy.
● Reuters Survey-59 of 68 economists predict a deposit rate cut in March.
● Reuters Survey-Median 80 percent probability ECB will ease policy in the next six months.
● Chile central bank benchmark rate seen at 3.5 pct in Feb - cenbank poll of traders.
● Hungary cbank plans to keep base rate steady for sustained period -Managing Director Virag.
Trade Views
● Morgan Stanley: Our bear case of 1.30 for GBP/USD by year end is becoming more likely.
● Morgan Stanley: For now, GBP weakness will likely be driven by high market volatility, weakness in global trade and a dov-
ish BoE.
● Morgan Stanley: We look for more depreciation in ZAR for 2016 given risks on the capital account from growth weakness
and an unstable external environment, amid disappointing current account rebalancing.
● Markets expect the BoE to stay on hold for longer and Brexit risks to rise throughout the year, then inflows into UK markets
may start to slow, no longer providing the GBP support.
● Morgan Stanley: USD/ZAR to trade at 18.75 for 2016.
● Sterling turns lower, hits day's lows against euro and dollar.
● Dollar/yen briefly spikes after Nikkei reports BoJ discusses negative interest rates.
7. 7 www.econotimes.com
Currency Derivatives
Deploying GBP/AUD diagonal straps to serve both speculative and hedging objectives
As we anticipate a short term upswings are on the table but long term downtrend can also not be ruled out based on our tech-
nical reasoning in our previous article, we would like to position accurately and strategize using fairly priced options so as to
match the trend.
For our previous articles on technical analysis, please refer the below link for more reading:
http://www.econotimes.com/FxWirePro-GBP-AUD-bears-travel-in-sloping-channel-confirms-long-term-downtrend-to-
prolong-despite-interim-upswings-151998
Since, the pair is on verge of reversing the direction to the short term upswing approximately at around 2.0025 levels that i s
where it forms a consolidation pattern, such as a bottoming at channel base or in other words where the spot FX price action
has become tighter and where volatility would shrink away in advance of a big move in either direction. Typically, we're look-
ing for a pennant within the context of an upward trend.
After going through the above article on technical reasoning, we hope what the trend is intended to be at this juncture and i f
you compare the prevailing price of GBPAUD with the recent swings it would be more convincing.
Therefore, it's now the stage of tackling the situation after evaluating. For now, the pair has pretty much responded as per
earlier analysis and it should drag near channel base and we could then foresee a price bounces at around 2.0025 levels in
near term as the daily chart may pop up some buying interest that would result in some price recoveries from there onwards.
but we maintain our long term bearish targets.
As a result, we recommend wait for another 3-4 trading days then build the portfolio with longs positions in 2 lots of 2W
ATM 0.51 delta calls and 1 lot of ATM -0.49 delta puts of 2W expiries.
Since, we anticipate upswings after 3-4 days, this GBPAUD option straps strategy should take care of both upswings and
downswings, and yields handsome returns on the upside in short term.
Delta of far OTM options is very small which is why we've chosen ATM instrument on call. A 1 point movement in underling
pair will not have much effect on the option premium.
Investors need to be optimistic that the volatility in the underlying pair will occur during the short lives of the options. Pref-
erably, the movement will occur towards the leveraged side. If the hoped for price swing does occur, these strategies can be
quite rewarding.
9. 9 www.econotimes.com
Technical Analysis
USD/CHF breaks major trend line resistance, targets 1.0300/1.0330
Major resistance – 1.0170 (trend line joining 1.01980 and 1.01894)
● The pair has broken major resistance 1.0170 and jumped till 1.02250. It is currently trading around 1.0200.
● Short term trend is bullish as long as support 1.0140 (7 day EMA) holds. Any break below 1.0140 will drag the pair down till
1.0100/1.005.
● On the higher side resistance is around 1.0225 and break above 1.0225 will take the pair till 1.0255/1.0300/1.0335.
It is good to buyat dips around 1.0170 with SL around 1.0100for the TP of 1.0255/1.0300
10. 10 www.econotimes.com
Trade Idea
We prefer to short GBP/USD on rallies
Pattern formed- Channel pattern
Major resistance – 1.4420 (trend line joining 1.43626 and 1.4407)
Major support -1.4260 (trend line joining 1.4079 and 1.4170)
● The pair has made a high of 1.4413 and started to decline from that level. It is currently trading around 1.43630.
● On the higher side any break above 1.4420 will take the pair to next level around 1.4450/1.4500.
● Cable is facing short term support around 1.4350 and break below will drag the pair further down till
1.4300/1.4270/1.4250 level.
It is good to sell on rallies around 1.4365-1.4370 with SL around 1.4420for the TP of 1.427
RESISTANCELEVELS SUPPORT LEVELS
R1-1.4420 S1-1.4350
R2-1.4450 S2-1.4300
R3-1.4500 S3- 1.4270