MARKET OUTLOOK Q3 2023
As we cross into the second half of 2023, we have updated the market outlook with the dollar bullish across major pairs. Presently we have bearish setups we are monitoring. Later on, we will update our outlook as more setups present themselves.
On the 4-hour chart, we anticipate a break in structure thereafter a bullish retracement where we will place our sell limit orders in the unmitigated order block. Our target profit market is the 20,000 price handle though we see BTC USD falling further toward the 12-15,000 price handle.
Though our outlook is bearish, we can only confirm it once the pair crosses the 1940-1930 region thereby breaking internal structure. IF that happens we will have a confirmed shift in market structure. Our intention is to await a bullish retracement to 1980, 1990, 2001, or 2028 price handles where we will place our sell limit orders targeting the liquidity at 1812 near the weekly swing structure.
Similar to the XAUUSD outlook, on the daily timeframe, we are awaiting the break of the Key structure Daily (KSD). Once we have the break of KSD, we anticipate a bullish correction targeting the unmitigated region at 1.225, representing our sell limit region. Our targeted exit is the liquidity sitting at a 1.19 price handle.
As we await the Bank of Canada (BOC) interest rate decision, we presently have a break of structure. We anticipate a bullish retracement targeting the fresh order block (FOB) where we have our sell limit orders. Our targeted exit is the liquidity at 1.62 or 1.60 price handles.
Following the unexpected rate hike by the Royal Bank of Australia (RBA), the Australian dollar is enjoying strong bullish momentum though it’s a correction in a larger bearish trend. We are anticipating sell limit entries at the conservative area of 0.909 price handle. Our profit target is the fresh order block (FOB) at 0.87 or the liquidity below at 0.866.