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Futures Market News, April 1st: 1. WTI crude oil futures trading volume was 1,351,483 lots, an increase of 372,279 lots from the previous trading day. Open interest was 2,031,325 lots, an increase of 2,417 lots from the previous trading day. 2. Brent crude oil futures trading volume was 213,541 lots, an increase of 43,528 lots from the previous trading day. Open interest was 298,303 lots, a decrease of 1,923 lots from the previous trading day. 3. Natural gas futures trading volume was 487,441 lots, an increase of 171,828 lots from the previous trading day. Open interest was 1,514,966 lots, an increase of 7,285 lots from the previous trading day.On April 1st, the Reserve Bank of India (RBI) abruptly ordered a crackdown on rupee put options on Friday evening, triggering emergency liquidations in the banking sector and putting up to $30 billion in arbitrage trading under pressure. After trading resumed on Monday, the market panicked over a liquidity crunch. Sources estimated that banks liquidated between $4 billion and $10 billion in positions that day. This means that the vast majority of these positions remain to be liquidated before the April 10th deadline. Because the Indian foreign exchange market was closed for holidays on Tuesday and Wednesday, Mondays liquidation wave caused the rupee to fall to a record low of 94.80, marking the largest intraday fluctuation since 2013. This intervention by the central bank is one of the toughest measures against currency speculation in a decade. Despite Trumps signals of a possible withdrawal from Iran, the high oil prices resulting from the Iran war continue to push up Indias trade deficit and inflation. Analysts from institutions such as Wells Fargo warn that a rupee falling to 100 to the US dollar is almost a certainty. Currently, as banks are forced to buy dollars domestically to cover their short positions overseas, the onshore-offshore forward spread has surged to its highest level since 2020.The yield on 40-year Japanese government bonds fell 12.0 basis points to 3.795%.April 1st, Futures News: Economies.com analysts latest view: Spot gold has recorded consecutive gains in recent intraday trading, mainly benefiting from dynamic support above the EMA50 moving average. This further strengthens the dominance of the short-term corrective upward wave, especially as the price moves along the support trendline, and the Relative Strength Index (RSI) also releases positive signals. These factors collectively support the continuation of bullish momentum. However, we note that these technical indicators have entered severely overbought territory, which may limit further gains and push prices towards a slowdown or consolidation in the short term.April 1st, Futures News: Economies.com analysts latest view: WTI crude oil futures have risen again in recent intraday trading and are preparing to test the strong resistance level of $100.00. The current price continues to trade above the 50-day EMA, finding dynamic support and further solidifying the stability of the short-term uptrend, especially given that the price is moving along the support trendline. We also note that the Relative Strength Index (RSI) is beginning to show a positive golden cross signal, after it had previously entered deep oversold territory, contrasting with the price action. This phenomenon suggests that the market may be forming a positive divergence, thereby increasing the probability of continued upward price movement in the near future.

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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