{"id":63760,"date":"2023-05-29T11:01:54","date_gmt":"2023-05-29T08:01:54","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=63760"},"modified":"2024-07-10T16:42:52","modified_gmt":"2024-07-10T13:42:52","slug":"fundamentals-to-lead-the-way-2","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/nl\/fundamentals-to-lead-the-way-2\/","title":{"rendered":"Fundamentals to lead the way"},"content":{"rendered":"<p>In a rather easy-going Monday with no major financial releases expected, we tend to turn our attention towards fundamentals, seeking more guidance as for the direction of the markets. Market sentiment seems to have been reversed to the positive, amidst growing optimism about a possible deal between the White House and the House of Representatives about the US debt ceiling. The positive sentiment may grow further as Biden stated that the final debt ceiling deal is ready to be moved to Congress for a vote, yet US Treasury Secretary Yellen stated that Congress has to resolve the issue by June 5th setting the deadline. For the time being, we expect that should the improved market sentiment be extended, riskier assets may get some support, yet we would also like to note on second base the market\u2019s worries for the Fed\u2019s rate hiking path which could moderate the risk on sentiment, while we note that today US stockmarkets are to be closed.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Houston we have a deal!\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/v3Pe5TRW06Q?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>USD\/JPY continued to be on the rise breaking clearly the 139.90 (S1) resistance line, now turned to support. We maintain our bullish outlook, given that the upward trendline guiding the pair since the 11<sup>th<\/sup> of May remains intact. Furthermore, the RSI indicator despite correcting a bit lower, reflecting the price action, still remained at rather high levels, just below the reading of 70, implying that USD\/JPY remains under the spell of the bulls. Should the bulls maintain control over the pair as expected, we may see USD\/JPY rising and aiming if not breaking the 142.20 (R1) resistance line. Should the bears take over, we may see the pair reversing course, breaking the upward trendline in a first sign that the bullish movement has been interrupted, break the 139.90 (S1) support line and aim if not break the 137.55 (S2) support level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>No major financial releases are expected in today\u2019s easy-going Monday. During tomorrow\u2019s Asian session, we note the release of New Zealand\u2019s and Australia\u2019s building approvals growth rates, both being for April.&nbsp;&nbsp;AUD\/USD seems about to start reversing the downward motion guiding it till late last Thursday as the downward trendline was interrupted and the pair now has broken the 0.6520 (S1) resistance line, now turned to support. We note the upward movement, yet for a clear bullish outlook we would require the pair to break the 0.6575 (R1) resistance line and also we would require the RSI indicator to move decisively higher than the 50 cut-off point. Should the pair find extensive buying orders along its path then we should be able to draw an upward trendline, showing us the limitations of the upward movement as AUD\/USD breaks the 0.6575 (R1) resistance level clearly and starts navigating towards the 0.6640 (R2) resistance barrier. Should a selling interest be expressed by the market, we may see the AUD\/USD dropping, breaking the 0.6520 (S1) support line and take aim if not break the 0.6445 (S2) support level.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-for-the-rest-of-the-week\"><strong>As for the rest of the week:<\/strong><\/h2>\n\n\n\n<p>On Tuesday we get Switzerland\u2019s and the Czech Republic\u2019s GDP rates for Q1 and we note the US Consumer Confidence figure for May. On Wednesday, we note the release of Japan\u2019s Preliminary industrial production rate for April, China\u2019s NBS Manufacturing PMI figure for May France\u2019s GDP rate and Turkey\u2019s GDP rate both for Q1, followed by Germany\u2019s preliminary HICP rates for May, Canada\u2019s GDP for Q1 followed by the US JOLTS job openings figure for April. On a busy Thursday, we get Australia\u2019s retail sales for April, China\u2019s Caixin Manufacturing PMI figure for May and during the European session we note Germany\u2019s, the Eurozone\u2019s and the UK\u2019s Manufacturing final&nbsp; PMIs all for the month of May, followed by the Eurozone\u2019s HICP rate for May and Unemployment rate for April. During the American session, we note the weekly US Initial jobless claims figure followed by the ISM Manufacturing PMI figure for May. Lastly, the highlight of the week is expected to be the US-dominated Friday with the US employment report for May.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-jpy-h4-chart\"><strong>USD\/JPY H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/05\/image-138.png\" alt=\"one hundred and thirty-nine point nine and resistance at one hundred and forty two point two, direction upwards \" class=\"wp-image-63761\" title=\"usd-jpy-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 139.90 (S1), 137.55 (S2), 135.15 (S3)<\/p>\n\n\n\n<p>Resistance: 1342.20 (R1), 145.10 (R2), 147.35 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aud-usd-h4-chart\"><strong>AUD\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/05\/image-139.png\" alt=\"support at zero point six five two and resistance at zero point six five seven five, direction sideways  \" class=\"wp-image-63762\" title=\"aud-usd-daily-chart\"\/><\/figure>\n\n\n\n<p>Support: 0.6520 (S1), 0.6445 (S2), 0.6365 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6575 (R1), 0.6640 (R2), 0.6700 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2000\" height=\"487\" src=\"\/wp-content\/uploads\/2023\/05\/image-140.png\" alt=\"\" class=\"wp-image-63763\" title=\"benchmark-29-05-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1037\" height=\"613\" src=\"\/wp-content\/uploads\/2023\/05\/image-142.png\" alt=\"\" class=\"wp-image-63765\" title=\"table-29-05-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"780\" src=\"\/wp-content\/uploads\/2023\/05\/image-141.png\" alt=\"\" class=\"wp-image-63764\" title=\"morning-releases-29-05-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>In a rather easy-going Monday with no major financial releases expected, we tend to turn our attention towards fundamentals, seeking<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63760","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fundamentals to lead the way<\/title>\n<meta name=\"description\" content=\"Positive market sentiment grows as US debt ceiling deal nears, but Fed rate hike concerns could moderate optimism.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/nl\/wp-json\/wp\/v2\/posts\/63760\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fundamentals to lead the way\" \/>\n<meta property=\"og:description\" content=\"Positive market sentiment grows as US debt ceiling deal nears, but Fed rate hike concerns could moderate optimism.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/nl\/fundamentals-to-lead-the-way-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-29T08:01:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-10T13:42:52+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"Fundamentals to lead the way\",\"datePublished\":\"2023-05-29T08:01:54+00:00\",\"dateModified\":\"2024-07-10T13:42:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/\"},\"wordCount\":787,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"nl-NL\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/\",\"name\":\"Fundamentals to lead the way\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/#website\"},\"datePublished\":\"2023-05-29T08:01:54+00:00\",\"dateModified\":\"2024-07-10T13:42:52+00:00\",\"description\":\"Positive market sentiment grows as US debt ceiling deal nears, but Fed rate hike concerns could moderate optimism.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/#breadcrumb\"},\"inLanguage\":\"nl-NL\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/fundamentals-to-lead-the-way-2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fundamentals to lead the way\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/nl\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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