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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR WEDNESDAY 5/07/23
US markets were closed for the 4th July holiday which saw muted trading across the European session. The RBA held off on another rate rise much to the relief of Australians who are feeling the squeeze. The RBA notes that a lot of the inflation can be attributed to corporate profit margins increasing so may be a reason why they are holding off on rates (as raising will no doubt see margins increase and inflation go up). With the FOMC minutes out tonight, it will be interesting to see if there is an indication of a similar scenario in the US which will will point to a pause in rate hikes also.
Expecting a mixed open to the Asian session with the ASX200 to open flat, the Nikkei to open slightly lower along with the Hang Seng.
Traders are focused on the end of the interest rate rising cycle in the US which also means a slowing economy bringing about mixed reactions from traders. The Ponzi scheme that is the US debt ceiling may start to be of more concern if GDP contracts and the global economy slows.
Some KEY ACTIONABLE LEVELS into the Asian market session. Review of the European and US sessions and what that will mean to the price action in the near term along with key levels to watch.
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KEY LEVELS AND MARKET OVERVIEW INTO THE ASIAN SESSION OPEN
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