Fastbull at BrokersView Expo 2024: Insights and Innovations in Forex and Crypto Trading

Economic

Summary:

Explore highlights from the recent BrokersView Expo in Dubai, where industry leaders and innovators in forex and cryptocurrency trading gathered to share insights and strategies.

Fastbull at BrokersView Expo 2024: Insights and Innovations in Forex and Crypto Trading_1

As a representative of Fastbull, the proud sponsor of the BrokersView Expo, I had the enriching opportunity to attend the event at Conrad Dubai on April 16-17, 2024. This pivotal expo brought together a vibrant community of traders, brokers, and financial technology enthusiasts, drawing over 10,000 attendees and more than 120 exhibitors. It stood as a testament to the evolving and interconnected nature of the global financial markets, highlighting its importance in the financial world.

Highlights from the Expo

The array of professional speakers at the BrokersView Expo provided deep insights into the latest trading strategies and market trends. Kumar Manglam, known as the Devil Trader, captivated the audience with his expertise in forex methodologies. His talk was particularly insightful, offering valuable strategies for navigating forex markets, especially during volatile periods.

Carl Kajouni, from FxPro, brought his vast experience to bear on the intricacies of global trading with a focus on the MENA region. His discussion on the importance of adaptive strategies in the ever-evolving trading environment was a major highlight.

Engaging Panel Discussions

Fastbull at BrokersView Expo 2024: Insights and Innovations in Forex and Crypto Trading_2

One of the standout features of the expo, sponsored by Fastbull, was the panel discussions, which covered a wide range of topical issues. I had the privilege to participate in a panel moderated by Serena Sebastiani of PwC Middle East, titled "Exploring Opportunities and Challenges in Emerging Financial Markets." This discussion provided a comprehensive exploration of the complexities of modern financial markets and strategies to successfully navigate them. The insights shared by the panelists, drawn from various sectors within fintech and financial services, were enlightening and underscored the importance of innovation and regulatory adaptability.

Fastbull’s Role and Reception

Representing Fastbull, I had the unique opportunity to introduce our brand and mission during a dedicated session. I spoke about how Fastbull’s innovative technology platform enhances trader engagement and success rates. Our session outlined the significant impact of advanced analytics and user-friendly trading tools on trader performance, drawing considerable interest from the audience.

Networking and Building Future Collaborations

The networking opportunities provided at the expo were invaluable. Interacting with industry peers, potential clients, and partners allowed us to discuss future trading strategies and technology advancements. These conversations often revolved around the latest tools and regulatory changes shaping the industry, offering insights into potential collaborations that could drive our strategies forward.

Conclusion: A Future-Oriented Arena

As the expo concluded, it was evident that the financial trading landscape is on the brink of significant transformations driven by technological advancements and new regulatory frameworks. For Fastbull, sponsoring the BrokersView Expo reinforced our commitment to remain at the forefront of the financial services industry and provided us with invaluable insights and potential partnerships.

The BrokersView Expo was more than an event; it was a dynamic ecosystem of knowledge sharing and partnership building. As we look ahead, the connections made and the lessons learned will undoubtedly influence our strategies and offerings, ensuring that Fastbull continues to be a trusted partner in the trading community. The expo demonstrated the dynamic and interconnected nature of the global financial market and set the stage for future innovations in trading, confirming its role as a vital hub for financial discourse and innovation.

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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Samantha Luan

Economic

Commodity

Gold has soared and hit one record after another this year, with the bulk of the bullish move taking place over the course of the past two months. During this upswing, the typical negative relationship between XAU/USD and U.S. real rates (using the U.S. 10-year TIPS as a proxy) has broken down dramatically, unnerving investors.

As the chart below illustrates, bullion has climbed even as real yields (displayed on an inverted scale for better visualization) have risen relentlessly. This unexpected dynamic runs counter to the norm – higher bond yields typically dampen the appeal of non-interest-bearing assets like the yellow metal, as investors seek better returns in the fixed-income space. Gold Price Outlook: Drivers Behind Market Boom, Reversal Or New Record Ahead?_1

Gold Price Outlook: Drivers Behind Market Boom, Reversal Or New Record Ahead?_1

WHAT COULD EXPLAIN CURRENT MARKET DYNAMICS?

1.The Trend-Following Trap: Gold’s meteoric rise could signify a market fueled more by momentum than fundamentals. In this context, speculative fervor may be boosting prices, creating something of a bubble. If this proves true, a sharp correction – a swift return to historical averages – could be imminent as investors re-assess the yellow metal's long-term value.

2.Financial Armageddon: Bullion’s strong rally might reflect the growing fear of a "hard landing" scenario by some market participants, where the aggressive tightening cycle of 2022-2023 triggers a recession and broader market turmoil. Gold, a traditional safe-haven asset, offers protection in the face of potential chaos and a way to protect wealth should a crisis materialize.

3.Inflation comeback on rate cuts: Gold bugs may be making a long-term play, speculating that the Fed will cut rates no matter what as a sort of insurance policy for the economy to prevent anything from going wrong in an election year. Easing monetary policy while inflation remains above target risks triggering a new inflationary wave that would ultimately benefit gold.

PERSONAL VIEW

I am inclined to believe in the first hypothesis. The annals of history are replete with instances where popular assets have fallen prey to speculative appetite, propelling prices to unsustainable heights divorced from underlying economic fundamentals. This unsustainable momentum creates a distorted environment where valuations lose touch with intrinsic value. Eventually, sentiment shifts, and a sharp correction follows, restoring a more realistic market equilibrium. I think this could happen to gold over the medium term.

Source：DailyFX

To stay updated on all economic events of today, please check out our Economic calendar

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Chandan Gupta

Traders' Opinions

Cryptocurrency

Bitcoin (BTC) price surged to a 20-day peak of $72,212 on April 8, sparking hopes of new all-time highs before the Halving date. On-chain data shows strategic bull traders mounting buy orders to front-run possible upside from Bitcoin ETFs activity in the week ahead.

Is Bitcoin price on the brink of a major breakout above $80,000?

Why is Bitcoin Price up today?

Bitcoin price recorded a dramatic 4.3% surge on Monday, April 8, 2024, largely due to strategic bull traders mounting buy orders to front-run possible upside from Bitcoin ETFs activity in the week ahead.

In the previous week between April and April 6, Bitcoin ETFs increased their cumulative holdings from 831,550 BTC to 836,120 BTC. Essentially, despite the while Grayscale (GBTC) outflows dominating the headlines, the other 10 Bitcoin ETFs managed to add over 4,570 BTC ($330 million) to their holdings.

Bitcoin Price Surges as $2.1B Signal Offers Insight_1

But following the better-than-expected reports from the latest Non-Farm Payrolls data reported on Friday April 5, the buzz surrounding imminent Fed rate cuts have grown even louder.

Speculative bull traders now anticipate that Bitcoin ETFs will now look to buy more BTC before the April 20 Halving event.

In effect, on-chain data observed in the morning hours GMT on April 8, shows that BTC bulls have mounted a significant volume of buy orders, potentially to get ahead the curve before Bitcoin ETF open for trading at 9am E.T

BTC Price Forecast: $2.1 billion buy-wall to drive more upside?

In affirmation of the bullish stance observed above, Bitcoin buy orders have soared in the last 24-hours.

IntoTheBlock’s aggregate exchange order books chart below shows that the Buy-orders for BTC are towering above sell-orders, a move that could drive prices further upwards as the week unfold.

Bitcoin Price Surges as $2.1B Signal Offers Insight_2

As seen in the chart the bulls mounted a $2.1 billion buy-wall, listing active orders to purchase 29,000 BTC at an average price of $72,160. Meanwhile traders have only listed 23,000 BTC sell-orders.

This excess market demand of 6,000 BTC could intensify the upward pressure on prices, especially if the ETFs begin the week on a buying trend.

In terms of short-term price prediction, BTC is likely to face initial resistance at the previous peak of $73,990 recorded in mid-March.

If the bulls can capitalize on the excess market demand, to establish a steady support above $74,000, BTC price could surge toward thee $80,000 ahead of the halving.

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Chandan Gupta

Traders' Opinions

Stocks

Interest Rate Speculation Amid Economic Strength

The U.S. stock market presents a mixed outlook on Monday as the S&P 500 and Nasdaq struggle for direction in response to rising Treasury yields. These movements reflect growing trader speculation regarding the Federal Reserve’s potential delay in interest-rate cuts.

The background to this sentiment is a string of positive economic reports, including robust manufacturing and jobs data, suggesting a resilient economy. This reduces the urgency for the Fed to lower interest rates. According to the CME FedWatch Tool, there’s now about a 51% chance of the Fed announcing its first rate cut in June, a decline from 58% at the start of the previous week.

Treasury Yield Trends and Equity Markets

The yield on 10-year Treasury notes has risen, reaching its highest point since the previous November, exerting pressure on equity markets. This uptick in yields is a reaction to the stronger-than-expected economic indicators, leading to a shift in market expectations regarding the Fed’s rate cut timeline. Investors are also adjusting their forecasts for the number of rate cuts this year, with the market now less inclined to expect more than three reductions.

Sector Performances and Stock Highlights

Notably, technology and cryptocurrency stocks have displayed significant activity. Tesla shares climbed 4.6% following Elon Musk’s announcement about the Robotaxi, set to be unveiled in August. Cryptocurrency-related stocks, such as Coinbase Global, Marathon Digital, and MicroStrategy, also saw substantial gains, driven by an uptick in bitcoin prices. Wells Fargo raised its year-end target for the S&P 500 to 5,535, marking the highest prediction among Wall Street brokerages, which may indicate underlying confidence in market resilience despite prevailing uncertainties.

Looking Ahead: Economic Indicators and Fed Decisions

Market focus now shifts to the March reading of the U.S. Consumer Price Index (CPI) and the release of minutes from the Fed’s latest meeting. These documents are anticipated to provide crucial insights into inflation trends and the central bank’s policy outlook. Comments from Federal Reserve officials like Austan Goolsbee and Neel Kashkari are also awaited for further policy cues.

Short-term Market Outlook

Considering the interplay of rising Treasury yields, resilient economic indicators, and varying sector performances, the short-term market outlook is cautiously optimistic. This perspective hinges on the upcoming CPI data and Fed communications, which will be pivotal in shaping investor sentiment and guiding market directions in the near term.

The strength of the U.S. economy, coupled with anticipated Fed policy adjustments, suggests a cautiously bullish stance for U.S. equities. However, investors should be prepared for volatility following the release of the CPI report.

Technical Analysis

Wall Street Rebounds Amid Rising Yields on Nasdaq 100, Dow, S&P 500_1

E-mini S&P 500 Index futures are edging higher but still in a weak position after crossing to the bearish side of the long-term rising wedge formation late last week.

The nearest resistance is 5305.75. This uptrending line is likely to act like a pivot this week.

On the downside, the sellers are eyeing the 50-day moving average at 5159.97. Look for a technical bounce on the first test of this trend indicator. However, if it fails as support then look for the start of an acceleration to the downside.

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Chandan Gupta

Traders' Opinions

Forex

Technically speaking, price action on the EUR/GBP cross has been rangebound since late 2016, which is evident on the monthly chart.

However, what this ranging action has offered technical eyes is a potential Head and Shoulder’s Top pattern to work with between £0.9306, £0.9504 and £0.9066 (if you wanted to be more technical, you might also refer to this as a complex Head and Shoulder’s Top given the two left shoulders). The pattern, as you can see, has yet to be completed as the right shoulder is still forming, but a neckline has been drawn in anticipation of pattern completion, extended from the low of £0.8313.

Nevertheless, drilling down to the lower timeframes on the daily chart, you will note that price action is in the process of chalking up an inverted Head and Shoulder’s Top pattern between £0.8513, £0.8498 and £0.8528, with a neckline drawn from the high of £0.8572.

What Does This Mean?

Should the daily chart’s pattern complete—rupture the neckline—this could see a moderate move to the upside. However, knowing that there is a possibility of the monthly timeframe eventually targeting a break of the Head and Shoulder’s Top pattern’s neckline, any upside move could be weakened on the daily timeframe.

The ECB kept borrowing costs at record highs on Thursday, but took a first, small step towards lowering them, saying inflation was easing faster than it anticipated only a few months ago.

Markets latched onto that, with traders pricing in 100 bps worth of rate cuts this year, versus 90 bps before the decision.

June is still seen as the most likely start date for ECB easing, market pricing suggested.

While the Bank of England is one to watch. It's currently expected to ease rates later than the Fed and the ECB, but some investors reckon a weaker growth outlook could prompt an early move, while others note the BoE could deliver larger rate cuts overall.

UK rates are at nearly 16-year highs and the BoE has softened its stance about when it might cut them, while one of its policymakers cast the first vote for a reduction in borrowing costs since 2020. Traders anticipate a first cut in August, having pushed that back from June at the start of 2024.

Resistance on the Daily Timeframe?

Assuming we do indeed witness a breakout higher on the daily timeframe and price tests the projected inverted Head and Shoulder’s Top pattern’s profit objective at £0.8658, this, combined with the resistance zone located above it between £0.8671 and £0.8664, could be an area where the chart welcomes a sell-on-rally scenario based on what is being shown on the monthly timeframe. Intriguing EUR/GBP Scenario Unfolding_1

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Chandan Gupta

Traders' Opinions

Cryptocurrency

Forex

Overview

The U.S. Dollar Index (DXY) is trading lower on Monday after giving back earlier gains against major currencies, impacted by mixed U.S. economic data and global economic events. The anticipation of upcoming U.S. inflation data and the European Central Bank (ECB) policy meeting are pivotal factors influencing the index’s movements.

Market Analysis

The DXY showed a downward trend, influenced by contrasting U.S. economic indicators. The unexpected surge in U.S. employment was offset by a slowdown in service sector growth, leading to reduced expectations for Federal Reserve rate cuts this year. Meanwhile, U.S. Treasury yields, mirroring interest rate expectations, have edged higher.

Inflation and Policy Meetings

The market is closely monitoring the U.S. Consumer Price Inflation report due on Wednesday. An “upside inflation surprise” could prompt a reassessment of Federal Reserve policies, potentially strengthening the dollar. Additionally, the ECB’s policy meeting on Thursday will be significant for major global currencies.

Yen and Euro Movements

The Japanese yen hovered near 34-year lows, with potential interventions by Tokyo authorities to support the currency. The Bank of Japan’s stance remains cautious, with no clear indications of policy changes. The euro showed a slight decline, influenced by the ECB’s possible rate hold and future easing measures.

Cryptocurrency and Sterling Performance

In the cryptocurrency realm, Bitcoin experienced a significant surge. Sterling, on the other hand, recorded a marginal decrease.

Market Forecast

Given the imminent U.S. inflation data and the ECB meeting, the market appears poised for volatility. The possibility of higher-than-expected U.S. inflation could lead to a hawkish reassessment of the Federal Reserve’s interest rate policies, potentially bolstering the dollar. Consequently, a short-term bullish outlook for the U.S. Dollar Index seems probable, contingent on the inflation report and global central bank decisions.

Technical Analysis

DXY Index Trades Both Ways Ahead of Inflation Figures_1

The US Dollar Index is nearly flat on Monday, in a move largely influenced by trader indecision ahead of Wednesday’s major US consumer inflation report.

The market continues to be well-supported by the uptrending 50-day and 200-day moving averages at 103.904 and 103.801, respectively. They represent the intermediate and long-term trends.

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Chandan Gupta

Traders' Opinions

Commodity

Oil Market Gaps Lower

Light crude oil futures are displaying notable movement on Monday, starting with a sharp 3% drop, followed by a partial recovery. This volatile movement is being primarily influenced by global events and economic data releases.

Geopolitical Tensions and Supply Outlook

The oil market is currently sensitive to the ongoing geopolitical situation, notably in the Middle East and the Russia-Ukraine conflict. Brent crude saw a pullback from its five-month high after Israel’s decision to withdraw troops from Gaza. Despite this easing of tensions, the possibility of future conflicts involving Iran continues to add a layer of uncertainty to the supply outlook. Additionally, factors like OPEC+ production cuts and regional disruptions, such as those in the Red Sea, are crucial in shaping supply perceptions.

Technical Analysis and Investor Focus

Brent crude’s recent ascent to high levels now encounters technical resistance, indicated by its overbought status on the 14-day relative strength index. However, the market sentiment stays largely positive, supported by significant market indicators and increased investment in crude oil. Upcoming reports from entities like the US Energy Information Administration (EIA) and the International Energy Agency (IEA) are eagerly anticipated for deeper insights into the global oil balance.

Economic Data and Market Projections

The oil market is also reacting to expectations surrounding US inflation data, which could impact the Federal Reserve’s interest rate decisions. The blend of ongoing geopolitical concerns and potential supply limitations suggests a continued interest in the oil market’s direction. The short-term projection appears bullish, but it is subject to change based on the unfolding geopolitical landscape and key economic reports.

Short-Term Market Outlook

Considering the mix of geopolitical developments, OPEC+ production strategies, and current supply challenges, the short-term outlook for oil prices leans towards bullish. However, investors should be prepared for possible changes influenced by new geopolitical developments or economic data, particularly relating to inflation and interest rate paths.

Technical Analysis

Crude Oil Gains Limited Amid Easing Tensions in the Middle East_1

Light crude oil futures are in an uptrend, but today’s weaker price action has produced a new minor top at $87.63. A trade through this level will signal a resumption of the uptrend with October 20 top at $89.49 the next upside target.

The short-term trend will change to down on a trade through $80.30. Given the current price, there is room to the downside, but change in the short-term trend is not likely. Additonally, any test of the 50-day moving average at $78.77 and the 200-day moving average at $77.77, will likely bring in another round of fresh buyers.

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