End-of-Year Forex Market Lull; Bitcoin's Prospects for Resurgence in 2024 Under Watch
| Action Insight Daily Report 12-29-23 |
End-of-Year Forex Market Lull; Bitcoin's Prospects for Resurgence in 2024 Under Watch |
Trading activity is rather subdued in the last Asian session of the year. With no major economic events on the calendar for the day, trading is expected to remain quiet. Dollar is making an attempt to recover but continues to be the weakest performer for the week. It is followed by Euro and Sterling in terms of weak performance. Conversely, Swiss Franc and Japanese Yen are standing out as the strongest currencies. Australian Dollar and New Zealand Dollar are showing slight strength, while Canadian Dollar is leaning towards the weaker side. From a technical analysis perspective, a key focus as we enter 2024 is the trajectory of Bitcoin. The primary question is whether Bitcoin will resume its medium-term upward trend towards 50k handle. Consolidation from 44,727 appears to be near completion. Break of 44727 will target 161.8% projection of 15452 to 31815 from 24896 at 51371. However, break of 40145 support will dampen this immediate bullish view, and bring deeper correction first... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6812; (P) 0.6841; (R1) 0.6859; More... AUD/USD continues to lose upside momentum ahead of 0.6894 resistance and intraday bias is turned neutral first. On the upside, decisive break of 0.6894 will extend the rally from 0.6269 towards 0.7156 key resistance next. On the downside, however, break of 0.6796 support will indicate short term topping, on bearish divergence condition in 4H MACD. Intraday bias will be turned back to the downside for pullback to 0.6689 resistance turned support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 08:00 | CHF | KOF Economic Barometer Dec | 97.3 | 96.7 | | 14:45 | USD | Chicago PMI Dec | 50.7 | 55.8 |
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