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On August 19th, Reserve Bank of Australia (RBA) Deputy Governor Hauser reiterated that inflation remains too high and monetary policy needs to continue to curb economic demand and bring it back to the target level. He warned that further interest rate hikes are still under consideration if inflation fails to decline. Hauser stated that the RBA is not predicting a recession, describing the current economic trend as a slowdown rather than a sharp decline, but also noted that upside risks to inflation remain a concern. These remarks echoed his previous emphasis that the RBAs three consecutive interest rate hikes earlier this year, raising the cash rate to 4.35%, reflected policymakers assessment that demand growth exceeded the economys supply capacity, and that the rate hikes would minimize the eventual unemployment rate.Mexican Economy Minister: I met with U.S. Trade Representative Greer to discuss the upcoming round of negotiations on the USMCA and the Section 301 investigation. The meeting was productive. I will keep you informed of the progress.At the close of the morning session, most domestic futures contracts rose, with fuel oil up over 5%, methanol and starch up nearly 3%, and synthetic rubber, asphalt, low-sulfur fuel oil (LU), coking coal, coke, and SC crude oil all up over 2%. On the downside, Shanghai silver fell over 4%, while palladium, lithium carbonate, platinum, soda ash, and container shipping to Europe fell over 2%.Traders: The Reserve Bank of India may be selling dollars to limit the depreciation of the rupee.On August 19th, U.S. Ambassador to Israel Mike Huckabee stated on the 18th that the Israeli army does not need to withdraw from the Gaza Strip until Hamas is "completely disarmed." In an interview with Israels Channel 12 television, Huckabee denied reports of a conflict between Israeli Prime Minister Netanyahu and U.S. President Trumps son-in-law Jared Kushner on the 17th regarding the next phase of the "Gaza peace plan," stating that Israel will not withdraw from the Gaza Strip as long as Hamas retains weapons, and the U.S. "does not expect Israel to withdraw." He also claimed that the U.S. and Israel reached a "very good" agreement. Trump has made it clear that Hamas must disarm and cannot participate in future governance of Gaza.

DOGE Eyes a Return to $0.0850 to Aim for $0.090 as FTX Contagion Declines

Daniel Rogers

Nov 23, 2022 15:37

截屏2022-11-23 下午2.24.11.png 

 

On Tuesday, both Dogecoin (DOGE) and shiba inu coin (SHIB) snapped two-day losing streaks. FTX contagion risk diminished as word of FTX cash holdings and investor interest in FTX assets spread. However, technical indications remain gloomy, with exponential moving averages (EMAs) predicting additional declines.

 

On Tuesday, dogecoin (DOGE) gained 5.23 percent. Reversing Monday's loss of 2.99%, DOGE ended the day at $0.0785. Notably, DOGE closed the day below $0.0800 for the third session in a row.

 

The mid-morning low for DOGE was $0.0729. Avoiding the First Major Support Level (S1) at $0.0715, DOGE climbed to a high of $0.0796 in the early afternoon. At $0.0774, DOGE surpassed the First Major Resistance Level (R1) before retreating. However, a late surge caused DOGE to surpass R1 and close the day at $0.0785.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads as low as 0 pips and a commission rate of $3.50 per 100,000 USD traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

On Tuesday, the price of Shiba inu coin (SHIB) increased by 4.76 percent. SHIB closed the day at $0.000000881, reversing Monday's decline of 4.21%.

 

In line with the larger market, SHIB reached a low of $0.00000817 during midmorning. Finding support at the First Major Support Level (S1) at $0.00000816, SHIB surged to a high of $0.00000883 by early afternoon. At $0.00000873, SHIB surpassed the First Major Resistance Level (R1) and closed the day at $0.00000881.

 

FTX contagion risk diminished on Tuesday, providing assistance to DOGE, SHIB, and the broader market. Updates on FTX's assets revealed a substantial cash position, which would mitigate the impact of the company's bankruptcy on its creditors.

 

Reports that Justin Sun of Tron and Brad Garlinghouse of Ripple are interested in FTX assets generated additional support.

 

Nonetheless, Twitter news remained unfavorable for DOGE. There was no new information on Twitter's resumption of the crypto integration project that would promote DOGE adoption.

 

However, investor sentiment increased significantly this morning. Risk of FTX contagion remains the primary motivator. Until the court reveals who FTX's creditors are, downside risks will persist. On Tuesday, the bankruptcy judge ruling over FTX decided to redact the identities of FTX's creditors.

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