402028 July 13, 2024 23:39 FXStreet Market News
Ripple
(XRP)
rallied
nearly
10%
on
Saturday
as
the
community
of
XRP
holders
celebrated
the
one-year
anniversary
of
an
important
ruling
in
the
SEC
vs.
Ripple
lawsuit.
Judge
Analisa
Torres
had
declared
XRP
as
a
nob-security
in
the
lawsuit,
in
its
secondary
market
sales,
on
July
13.
XRP
trades
at
$0.5178,
at
the
time
of
writing.
Judge
Analisa
Torres
had
shed
light
on
XRP
Ledger’s
native
token’s
security
status
in
her
ruling
on
July
13,
2023.
In
the
ruling,
the
Judge
segregated
the
altcoin’s
secondary
market
sales
from
institutional
sales
and
noted
that
the
former
does
not
constitute
a
security.
In
a
recent
development
in
the
SEC
vs.
Binance
lawsuit,
Judge
Amy
Berman
Jackson
cited
Judge
Torres’
ruling
as
precedent,
further
cementing
Ripple’s
non-security
status.
XRP
proponent
attorney
Jeremy
Hogan
commented
on
the
judgment’s
anniversary
in
a
recent
tweet
on
X:
Happy
XRP
Day!In
memoriam
of
the
SEC’s
theory
that
a
digital
asset
somehow
remains
a
security
after
the
initial
sale.
RIP.
pic.twitter.com/q0jurGgdms—
Jeremy
Hogan
(@attorneyjeremy1)
July
13,
2024
Ripple
rallied
nearly
10%
on
Saturday,
the
altcoin
could
further
extend
gains
by
5.68%,
climbing
to
$0.5491,
the
lower
boundary
of
the
Fair
Value
Gap
(FVG)
as
seen
in
the
XRP/USDT
daily
chart.
XRP
faces
resistance
at
$0.5205,
the
38.2%
Fibonacci
retracement
level
of
the
decline
from
the
March
11
top
of
$0.7440
to
July
5
bottom
of
$0.3823.
The
green
bars
above
the
neutral
line
on
the
Moving
Average
Convergence
Divergence
(MACD)
indicator
support
the
bullish
thesis
and
signal
a
positive
underlying
momentum
in
XRP.
XRP/USDT
daily
chart
XRP
could
find
support
at
the
July
12
low
of
$0.4445
in
the
event
of
a
correction.
It
depends
on
the
transaction,
according
to
a
court
ruling
released
on
July
14:
For
institutional
investors
or
over-the-counter
sales,
XRP
is
a
security.
For
retail
investors
who
bought
the
token
via
programmatic
sales
on
exchanges,
on-demand
liquidity
services
and
other
platforms,
XRP
is
not
a
security.
The
United
States
Securities
&
Exchange
Commission
(SEC)
accused
Ripple
and
its
executives
of
raising
more
than
$1.3
billion
through
an
unregistered
asset
offering
of
the
XRP
token.
While
the
judge
ruled
that
programmatic
sales
aren’t
considered
securities,
sales
of
XRP
tokens
to
institutional
investors
are
indeed
investment
contracts.
In
this
last
case,
Ripple
did
breach
the
US
securities
law
and
will
need
to
keep
litigating
over
the
around
$729
million
it
received
under
written
contracts.
The
ruling
offers
a
partial
win
for
both
Ripple
and
the
SEC,
depending
on
what
one
looks
at.
Ripple
gets
a
big
win
over
the
fact
that
programmatic
sales
aren’t
considered
securities,
and
this
could
bode
well
for
the
broader
crypto
sector
as
most
of
the
assets
eyed
by
the
SEC’s
crackdown
are
handled
by
decentralized
entities
that
sold
their
tokens
mostly
to
retail
investors
via
exchange
platforms,
experts
say.
Still,
the
ruling
doesn’t
help
much
to
answer
the
key
question
of
what
makes
a
digital
asset
a
security,
so
it
isn’t
clear
yet
if
this
lawsuit
will
set
precedent
for
other
open
cases
that
affect
dozens
of
digital
assets.
Topics
such
as
which
is
the
right
degree
of
decentralization
to
avoid
the
“security”
label
or
where
to
draw
the
line
between
institutional
and
programmatic
sales
are
likely
to
persist.
The
SEC
has
stepped
up
its
enforcement
actions
toward
the
blockchain
and
digital
assets
industry,
filing
charges
against
platforms
such
as
Coinbase
or
Binance
for
allegedly
violating
the
US
Securities
law.
The
SEC
claims
that
the
majority
of
crypto
assets
are
securities
and
thus
subject
to
strict
regulation.
While
defendants
can
use
parts
of
Ripple’s
ruling
in
their
favor,
the
SEC
can
also
find
reasons
in
it
to
keep
its
current
strategy
of
regulation
by
enforcement.
The
court
decision
is
a
partial
summary
judgment.
The
ruling
can
be
appealed
once
a
final
judgment
is
issued
or
if
the
judge
allows
it
before
then.
The
case
is
in
a
pretrial
phase,
in
which
both
Ripple
and
the
SEC
still
have
the
chance
to
settle.
402026 July 13, 2024 23:14 FXStreet Market News
Information
on
these
pages
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
Markets
and
instruments
profiled
on
this
page
are
for
informational
purposes
only
and
should
not
in
any
way
come
across
as
a
recommendation
to
buy
or
sell
in
these
assets.
You
should
do
your
own
thorough
research
before
making
any
investment
decisions.
FXStreet
does
not
in
any
way
guarantee
that
this
information
is
free
from
mistakes,
errors,
or
material
misstatements.
It
also
does
not
guarantee
that
this
information
is
of
a
timely
nature.
Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
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emotional
distress.
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the
body
of
the
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the
time
of
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article
and
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with
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mentioned.
The
author
has
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FXStreet
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The
author
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representations
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the
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FXStreet
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investment
advice.
402025 July 13, 2024 23:14 FXStreet Market News
In
what
was
another
dreadful
week,
the
Greenback
saw
its
downtrend
gather
further
pace
and
drop
to
multi-week
lows
amidst
the
broad-based
improvement
in
the
risk-associated
universe.
The
FX
galaxy,
in
the
meantime,
continued
to
assess
the
likelihood
of
more
than
one
interest
rate
cut
by
the
Fed,
while
prudence
remained
intact
over
FX
intervention
by
Japanese
officials.
Next
week,
the
ECB
should
maintain
its
policy
rate
unchanged.
The
US
Dollar
Index
(DXY)
met
extra
downside
pressure
and
plummeted
to
five-week
lows
near
the
104.00
zone,
accompanied
by
a
strong
pullback
in
US
yields.
The
NY
Empire
State
Manufacturing
Index
kicks
off
the
week
on
July
15,
while
Retail
Sales,
Business
Inventories
and
the
NAHB
Housing
Market
Index
are
all
expected
on
July
16.
Mortgage
Applications
tracked
by
MBA,
Building
Permits,
Housing
Starts,
Industrial
Production
and
the
Fed
Beige
Book
will
all
be
unveiled
on
July
17.
The
usual
Initial
Jobless
Claims
are
due
on
July
18,
along
with
the
Philly
Fed
Manufacturing
Index,
the
CB
Leading
Index
and
TIC
Flows.
Finally,
EUR/USD
managed
to
revisit
the
1.0900
yardstick,
or
multi-week
tops,
on
the
back
of
further
weakness
in
the
Greenback.
An
Eurogroup
meeting
starts
the
week
on
July
15,
seconded
by
German
Retail
Sales
and
Industrial
Production
in
the
euro
area.
On
July
16,
the
EcoFin
meeting,
along
with
the
ECB
Bank
Lending
Survey
and
the
Economic
Sentiment
tracked
by
the
ZEW
survey
in
Germany
and
the
euro
bloc
are
all
due.
The
final
Inflation
Rate
in
the
euro
area
comes
on
July
17,
prior
to
the
ECB
meeting
and
President
Lagarde’s
press
conference
on
July
18.
Producer
Prices
in
Germany
and
the
Current
Account
results
in
the
euro
zone
will
close
the
docket
on
July
19.
GBP/USD
rose
to
levels
last
seen
a
year
ago
and
traded
at
shouting
distance
from
the
key
1.3000
threshold
towards
the
end
of
the
week.
The
UK
Inflation
Rate
is
due
on
July
17
ahead
of
the
labour
market
report
on
July
18.
The
GfK
Consumer
Confidence
gauge
will
be
published
on
July
19
followed
by
Public
Sector
Net
Borrowing
and
Retail
Sales.
Another
FX
intervention
dragged
USD/JPY
to
the
low-157.00s
following
recent
peaks
in
levels
just
shy
of
the
162.00
mark.
The
Tertiary
Industry
Index
is
expected
on
July
16
prior
to
the
Reuters
Tankan
Index
on
July
17.
The
Balance
of
Trade
results
and
weekly
Foreign
Bond
Investment
figures
all
come
on
July
18,
ahead
of
the
Inflation
Rate
on
July
19.
AUD/USD
extended
its
march
north
further
and
flirted
with
the
key
0.6800
barrier,
advancing
for
the
fifth
consecutive
week
for
the
first
time
since
the
beginning
of
2022.
The
Westpac
Leading
Index
is
due
on
July
17.
Finally,
the
Australian
labour
market
report
will
take
centre
stage
on
July
18.
402022 July 13, 2024 22:39 FXStreet Market News
Ripple
(XRP)
traders’
sentiment
turned
positive
on
Friday,
as
CEO
Brad
Garlinghouse
highlighted
the
addition
of
XRP-Dollar
reference
rate
and
indices
to
the
CME
Group
and
CF
Benchmarks.
The
CME
Group
is
a
leading
derivatives
marketplace,
and
CF
Benchmarks
is
an
FCA-regulated
Benchmark
administrator.
The
addition
of
XRP
indices
shows
how
the
asset
is
heading
towards
finding
utility
in
institutional
crypto
products.
XRP
trades
at
$0.4719
at
the
time
of
writing.
Ripple
is
in
an
upward
trend,
extending
gains
by
nearly
5%
on
Friday.
As
sentiment
among
XRP
traders
stays
bullish,
the
altcoin
could
rally
towards
resistance
at
the
psychological
barrier
at
$0.50.
At
the
time
of
writing,
XRP
trades
at
$0.4719.
Further
up,
XRP
could
rally
towards
$0.5205,
nearly
10%
gains
from
the
current
level,
as
seen
in
the
XRP/USDT
daily
chart.
The
Moving
Average
Convergence
Divergence
(MACD)
indicator
shows
a
positive
momentum
of
the
Ripple
price
trend.
XRP/USDT
daily
chart
If
XRP
corrects,
the
altcoin
could
collect
liquidity
in
the
Fair
Value
Gap
(FVG)
between
$0.40
and
$0.44,
as
seen
in
the
chart
above.
Further
down,
Ripple’s
price
could
find
support
at
the
July
5
low
of
$0.3823.
It
depends
on
the
transaction,
according
to
a
court
ruling
released
on
July
14:
For
institutional
investors
or
over-the-counter
sales,
XRP
is
a
security.
For
retail
investors
who
bought
the
token
via
programmatic
sales
on
exchanges,
on-demand
liquidity
services
and
other
platforms,
XRP
is
not
a
security.
The
United
States
Securities
&
Exchange
Commission
(SEC)
accused
Ripple
and
its
executives
of
raising
more
than
$1.3
billion
through
an
unregistered
asset
offering
of
the
XRP
token.
While
the
judge
ruled
that
programmatic
sales
aren’t
considered
securities,
sales
of
XRP
tokens
to
institutional
investors
are
indeed
investment
contracts.
In
this
last
case,
Ripple
did
breach
the
US
securities
law
and
will
need
to
keep
litigating
over
the
around
$729
million
it
received
under
written
contracts.
The
ruling
offers
a
partial
win
for
both
Ripple
and
the
SEC,
depending
on
what
one
looks
at.
Ripple
gets
a
big
win
over
the
fact
that
programmatic
sales
aren’t
considered
securities,
and
this
could
bode
well
for
the
broader
crypto
sector
as
most
of
the
assets
eyed
by
the
SEC’s
crackdown
are
handled
by
decentralized
entities
that
sold
their
tokens
mostly
to
retail
investors
via
exchange
platforms,
experts
say.
Still,
the
ruling
doesn’t
help
much
to
answer
the
key
question
of
what
makes
a
digital
asset
a
security,
so
it
isn’t
clear
yet
if
this
lawsuit
will
set
precedent
for
other
open
cases
that
affect
dozens
of
digital
assets.
Topics
such
as
which
is
the
right
degree
of
decentralization
to
avoid
the
“security”
label
or
where
to
draw
the
line
between
institutional
and
programmatic
sales
are
likely
to
persist.
The
SEC
has
stepped
up
its
enforcement
actions
toward
the
blockchain
and
digital
assets
industry,
filing
charges
against
platforms
such
as
Coinbase
or
Binance
for
allegedly
violating
the
US
Securities
law.
The
SEC
claims
that
the
majority
of
crypto
assets
are
securities
and
thus
subject
to
strict
regulation.
While
defendants
can
use
parts
of
Ripple’s
ruling
in
their
favor,
the
SEC
can
also
find
reasons
in
it
to
keep
its
current
strategy
of
regulation
by
enforcement.
The
court
decision
is
a
partial
summary
judgment.
The
ruling
can
be
appealed
once
a
final
judgment
is
issued
or
if
the
judge
allows
it
before
then.
The
case
is
in
a
pretrial
phase,
in
which
both
Ripple
and
the
SEC
still
have
the
chance
to
settle.
402020 July 13, 2024 22:39 FXStreet Market News
Near
Protocol
(NEAR)
has
retested
its
support
zone
between
$4.23
and
$4.48
earlier
this
week,
with
an
impending
rally
on
the
horizon
looking
more
like
on
Friday.
Bullish
divergence
on
the
Relative
Strength
Index
(RSI)
and
the
Awesome
Oscillator
(AO)
indicators
signals
a
potential
reversal
and
upward
movement
in
NEAR
price
in
the
coming
days.
Near
Protocol
price
retested
its
support
zone
between
$4.23
and
$4.48
on
Monday
and
rebounded
10%
in
the
next
few
days.
As
of
Friday,
it
is
up
1.4%
at
$5.
This
support
zone
roughly
coincides
with
the
61.8%
Fibonacci
retracement
level
at
$4.04,
measured
from
its
swing
low
of
$0.97
on
October
19,
2023,
to
a
swing
high
of
$9.01
on
March
15,
2024.
Additionally,
the
formation
of
a
lower
low
on
the
daily
chart
on
July
5
contrasts
with
the
Relative
Strength
Index
(RSI)
indicator’s
higher
high
during
the
same
period.
This
development
is
termed
a
bullish
divergence
and
often
leads
to
the
reversal
of
the
trend
or
a
short-term
rally.
If
this
support
holds,
NEAR
could
rally
roughly
14%
from
the
current
level
of
$5
to
$5.74,
the
previous
weekly
resistance.
If
the
bulls
are
aggressive,
the
overall
crypto
outlook
is
positive
and
NEAR
closes
above
$5.74.
It
could
extend
an
additional
10%
rally
to
its
daily
resistance
level
at
$6.36.
NEAR/USDT
daily
chart
However,
if
NEAR’s
daily
candlestick
closes
below
$4.04
and
establishes
a
lower
low
on
the
daily
timeframe,
it
may
signal
a
shift
in
market
dynamics
that
favors
bearish
sentiment.
Such
a
change
could
nullify
the
bullish
outlook,
leading
to
a
10%
crash
in
NEAR’s
price
to
retest
the
low
of
March
5
at
$3.55.
402017 July 13, 2024 22:14 FXStreet Market News
Ethereum
(ETH)
traders
are
watching
two
key
events
closely:
the
anticipated
approval
of
the
Spot
Ether
ETF
and
the
activities
of
whales,
the
large
wallet
investors
holding
ETH.
An
analyst
has
predicted
that
the
odds
of
Spot
Ether
ETF
is
72.7%
this
week.
Analyst
behind
the
X
handle
@DarkCryptoLord
says
that
the
odds
of
the
SEC
approving
a
Spot
ETH
ETF
is
72.7%
this
week.
ETH
traders
anticipate
the
ETF
approval
to
act
as
a
bullish
catalyst
for
the
altcoin’s
price.
Eric
Balchunas,
Senior
ETF
analyst
at
Bloomberg
shared
his
thoughts
on
the
Ether
ETF
and
said
it
remains
unclear
why
the
US
financial
regulator
is
taking
so
long.
Yeah,
rn
it’s
all
quiet
on
the
Western
Front
re
eth
ETFs.
Nada
from
SEC
this
week.
Unclear
why
they
taking
such
sweet
ass
time.
Every
issuer
is
ready.
Docs
are
ready.
It’s
like
a
rain
delay
in
baseball.
Gotta
just
wait.
Maybe
things
will
move
fast
next
week.
We’ll
see…
https://t.co/o1ZSdIf1nE—
Eric
Balchunas
(@EricBalchunas)
July
12,
2024
Santiment
data
shows
that
Ethereum
supply
on
exchanges
has
climbed
to
its
highest
level
in
2024.
It
is
likely
that
Ether
holders
anticipate
a
rally
in
ETH
price
and
are
waiting
to
take
profits.
19.23
million
Ether
is
being
held
in
wallets
across
crypto
exchanges
per
Santiment
chart.
Supply
on
exchanges
vs.
ETH
price
Analyst
behind
the
X
handle
@follis_
notes
the
similarities
between
Ether
chart
and
Bitcoin’s
prior
to
the
largest
asset
by
market
capitalization
rallying
200%.
If
the
Ether
ETF
garners
as
much
attention
and
interest
from
institutional
investors,
as
Bitcoin
did,
it
is
likely
that
the
altcoin
extends
gains
by
200%.
Everyone
focussed
on
Germany
and
Mt
GoxMeanwhile
the
Ethereum
ETF
is
about
to
launch
and
the
$ETH
chart
looks
identical
to
$BTC
before
it
pumped
+200%
last
yearStudy
ETF
rallies
pic.twitter.com/VWENNnO8dN—
フ
ォ
リ
ス
(@follis_)
July
9,
2024
Altcoins
related
to
Ethereum,
staking
tokens,
staking
tokens,
Layer
2
scaling
assets
could
extend
gains
alongside
Ether.
Bitcoin’s
post-ETF
gains
reflected
in
assets
like
BRC-20
and
related
assets,
if
history
repeats
this
could
occur
for
Ethereum.
At
the
time
of
writing,
Ether
trades
at
$3,152
on
Binance.
402016 July 13, 2024 22:14 FXStreet Market News
Information
on
these
pages
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
Markets
and
instruments
profiled
on
this
page
are
for
informational
purposes
only
and
should
not
in
any
way
come
across
as
a
recommendation
to
buy
or
sell
in
these
assets.
You
should
do
your
own
thorough
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before
making
any
investment
decisions.
FXStreet
does
not
in
any
way
guarantee
that
this
information
is
free
from
mistakes,
errors,
or
material
misstatements.
It
also
does
not
guarantee
that
this
information
is
of
a
timely
nature.
Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
costs
associated
with
investing,
including
total
loss
of
principal,
are
your
responsibility.
The
views
and
opinions
expressed
in
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article
are
those
of
the
authors
and
do
not
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reflect
the
official
policy
or
position
of
FXStreet
nor
its
advertisers.
The
author
will
not
be
held
responsible
for
information
that
is
found
at
the
end
of
links
posted
on
this
page.
If
not
otherwise
explicitly
mentioned
in
the
body
of
the
article,
at
the
time
of
writing,
the
author
has
no
position
in
any
stock
mentioned
in
this
article
and
no
business
relationship
with
any
company
mentioned.
The
author
has
not
received
compensation
for
writing
this
article,
other
than
from
FXStreet.
FXStreet
and
the
author
do
not
provide
personalized
recommendations.
The
author
makes
no
representations
as
to
the
accuracy,
completeness,
or
suitability
of
this
information.
FXStreet
and
the
author
will
not
be
liable
for
any
errors,
omissions
or
any
losses,
injuries
or
damages
arising
from
this
information
and
its
display
or
use.
Errors
and
omissions
excepted.
The
author
and
FXStreet
are
not
registered
investment
advisors
and
nothing
in
this
article
is
intended
to
be
investment
advice.
402014 July 13, 2024 21:39 FXStreet Market News
Information
on
these
pages
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
Markets
and
instruments
profiled
on
this
page
are
for
informational
purposes
only
and
should
not
in
any
way
come
across
as
a
recommendation
to
buy
or
sell
in
these
assets.
You
should
do
your
own
thorough
research
before
making
any
investment
decisions.
FXStreet
does
not
in
any
way
guarantee
that
this
information
is
free
from
mistakes,
errors,
or
material
misstatements.
It
also
does
not
guarantee
that
this
information
is
of
a
timely
nature.
Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
costs
associated
with
investing,
including
total
loss
of
principal,
are
your
responsibility.
The
views
and
opinions
expressed
in
this
article
are
those
of
the
authors
and
do
not
necessarily
reflect
the
official
policy
or
position
of
FXStreet
nor
its
advertisers.
The
author
will
not
be
held
responsible
for
information
that
is
found
at
the
end
of
links
posted
on
this
page.
If
not
otherwise
explicitly
mentioned
in
the
body
of
the
article,
at
the
time
of
writing,
the
author
has
no
position
in
any
stock
mentioned
in
this
article
and
no
business
relationship
with
any
company
mentioned.
The
author
has
not
received
compensation
for
writing
this
article,
other
than
from
FXStreet.
FXStreet
and
the
author
do
not
provide
personalized
recommendations.
The
author
makes
no
representations
as
to
the
accuracy,
completeness,
or
suitability
of
this
information.
FXStreet
and
the
author
will
not
be
liable
for
any
errors,
omissions
or
any
losses,
injuries
or
damages
arising
from
this
information
and
its
display
or
use.
Errors
and
omissions
excepted.
The
author
and
FXStreet
are
not
registered
investment
advisors
and
nothing
in
this
article
is
intended
to
be
investment
advice.
402013 July 13, 2024 21:39 FXStreet Market News
The
US
Dollar
Index
(DXY)
remains
weak
on
Friday,
sitting
at
April
lows.
This
is
largely
a
response
to
the
soft
US
Consumer
Price
Index
(CPI)
figures
on
Thursday,
combined
with
softer
University
of
Michigan
(UoM)
sentiment
data,
both
supporting
the
prospect
of
a
Federal
Reserve
(Fed)
rate
cut
in
September.
Although
the
market’s
confidence
in
a
pending
rate
cut
is
growing,
Fed
officials
have
maintained
a
careful
approach,
emphasizing
their
dependence
on
rigorous
data
analysis
before
initiating
such
substantial
changes.
The
DXY
Index’s
breach
of
its
200-day
Simple
Moving
Average
(SMA)
has
intensified
the
negative
outlook
for
the
USD,
with
indicators
including
the
Relative
Strength
Index
(RSI)
and
the
Moving
Average
Convergence
Divergence
(MACD)
still
deep
in
a
negative
trajectory.
The
index
now
trades
at
its
lowest
level
since
April,
amplifying
the
bearish
sentiment.
But
after
losing
more
than
0.80%
in
just
two
sessions,
a
slight
upward
correction
may
be
possible.
However,
the
overall
technical
outlook
remains
bearish.
402010 July 13, 2024 21:14 FXStreet Market News
During
Friday’s
trading
session,
the
NZD/JPY
pair
continued
its
substantial
drop
from
Thursday,
recording
a
further
loss
of
0.20%
and
settling
at
96.65.
The
pair
remains
well
below
the
20-day
Simple
Moving
Average
(SMA)
of
97.80,
reinforcing
the
bearish
outlook
in
the
short
term.
The
daily
chart
signals
sustained
negative
conditions.
The
Relative
Strength
Index
(RSI)
improved
slightly
from
Thursday’s
session
but
still
remains
in
the
negative
territory
at
40,
indicating
a
continued
declining
market
momentum.
The
Moving
Average
Convergence
Divergence
(MACD)
concurs
with
this
scenario,
printing
rising
red
bars
indicative
of
rising
selling
activity.
Bearing
in
mind
the
bearish
momentum,
immediate
support
levels
lie
at
96.50
96.00,
and
95.50.
Breaking
these
points
would
further
validate
the
bearish
perspective.
On
the
other
hand,
resistance
encounters
are
expected
at
past
support
levels
of
97.00,
97.70
(20-day
SMA),
and
the
critical
level
of
98.00.
402009 July 13, 2024 21:14 FXStreet Market News
Information
on
these
pages
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
Markets
and
instruments
profiled
on
this
page
are
for
informational
purposes
only
and
should
not
in
any
way
come
across
as
a
recommendation
to
buy
or
sell
in
these
assets.
You
should
do
your
own
thorough
research
before
making
any
investment
decisions.
FXStreet
does
not
in
any
way
guarantee
that
this
information
is
free
from
mistakes,
errors,
or
material
misstatements.
It
also
does
not
guarantee
that
this
information
is
of
a
timely
nature.
Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
costs
associated
with
investing,
including
total
loss
of
principal,
are
your
responsibility.
The
views
and
opinions
expressed
in
this
article
are
those
of
the
authors
and
do
not
necessarily
reflect
the
official
policy
or
position
of
FXStreet
nor
its
advertisers.
The
author
will
not
be
held
responsible
for
information
that
is
found
at
the
end
of
links
posted
on
this
page.
If
not
otherwise
explicitly
mentioned
in
the
body
of
the
article,
at
the
time
of
writing,
the
author
has
no
position
in
any
stock
mentioned
in
this
article
and
no
business
relationship
with
any
company
mentioned.
The
author
has
not
received
compensation
for
writing
this
article,
other
than
from
FXStreet.
FXStreet
and
the
author
do
not
provide
personalized
recommendations.
The
author
makes
no
representations
as
to
the
accuracy,
completeness,
or
suitability
of
this
information.
FXStreet
and
the
author
will
not
be
liable
for
any
errors,
omissions
or
any
losses,
injuries
or
damages
arising
from
this
information
and
its
display
or
use.
Errors
and
omissions
excepted.
The
author
and
FXStreet
are
not
registered
investment
advisors
and
nothing
in
this
article
is
intended
to
be
investment
advice.
402007 July 13, 2024 20:39 FXStreet Market News
Information
on
these
pages
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
Markets
and
instruments
profiled
on
this
page
are
for
informational
purposes
only
and
should
not
in
any
way
come
across
as
a
recommendation
to
buy
or
sell
in
these
assets.
You
should
do
your
own
thorough
research
before
making
any
investment
decisions.
FXStreet
does
not
in
any
way
guarantee
that
this
information
is
free
from
mistakes,
errors,
or
material
misstatements.
It
also
does
not
guarantee
that
this
information
is
of
a
timely
nature.
Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
costs
associated
with
investing,
including
total
loss
of
principal,
are
your
responsibility.
The
views
and
opinions
expressed
in
this
article
are
those
of
the
authors
and
do
not
necessarily
reflect
the
official
policy
or
position
of
FXStreet
nor
its
advertisers.
The
author
will
not
be
held
responsible
for
information
that
is
found
at
the
end
of
links
posted
on
this
page.
If
not
otherwise
explicitly
mentioned
in
the
body
of
the
article,
at
the
time
of
writing,
the
author
has
no
position
in
any
stock
mentioned
in
this
article
and
no
business
relationship
with
any
company
mentioned.
The
author
has
not
received
compensation
for
writing
this
article,
other
than
from
FXStreet.
FXStreet
and
the
author
do
not
provide
personalized
recommendations.
The
author
makes
no
representations
as
to
the
accuracy,
completeness,
or
suitability
of
this
information.
FXStreet
and
the
author
will
not
be
liable
for
any
errors,
omissions
or
any
losses,
injuries
or
damages
arising
from
this
information
and
its
display
or
use.
Errors
and
omissions
excepted.
The
author
and
FXStreet
are
not
registered
investment
advisors
and
nothing
in
this
article
is
intended
to
be
investment
advice.