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Bitcoin's over 24% increase in just 6 days is due to several significant events. Deutsche Bank's search for a crypto-license and the race to create a Bitcoin ETF fund are the main reasons why BTC began to climb again towards 30,000. USD. On June 15, BlackRock filed a Bitcoin Spot ETF application with the SEC, the United States Securities and Exchange Commission. Yes, to the same SEC that is pursuing cryptocurrency exchanges such as Binance or Coinbase.   It is worth noting that the SEC has definitively rejected such applications in the past, however, the latest attempt was made by the largest player in the asset management market. In reaction to these events, Invesco applied for the creation of such a fund many times in the past. The third applicant turned out to be WisdomTree, which also intends to apply for the creation of a cryptocurrency exchange fund ETF in the United States. An interesting event in the context of the increase in the value of Bitcoin is also WallStreet's support for new digital asset platforms - EDX Markets. Although there is still a long way to ATH, interest in the oldest cryptocurrency is still very high. The actions of the SEC did not scare off investors, which could have been suggested by the record transfer of BTC from crypto-miners.   Technical Market Outlook: The BTC/USD pair has been seen rallying over 24% from the low made at the level of $24,753, so the last local high made at the level of $30,777. The bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The market conditions are extremely overbought on the H4 time frame chart and on a Daily time frame chart. The next target for bulls is still seen at the level of $32,350.  

Litecoin ended its sell-off and now is trading at 84.27 far above yesterday's low of 81.77. Bitcoin's current growth helped the altcoin to rebound as well. It has increased by 3.23% from yesterday's low to 84.41 today's high. Despite the current rebound, LTC/USD is still down by 1.86% in the last 24 hours and by 3.19% in the last 7 days. The buyers are still in the game but a larger growth is still far from being confirmed. LTC/USD Uptrend Intact!   As you can see on the H4 chart, the rate dropped within a down channel. This could represent a bullish formation. The altcoin turned to the upside again after retesting the uptrend line. The false breakdowns announced that the sell-off could be over. The weekly pivot point of 85.93 and the downtrend line represent upside obstacles and immediate targets.   LTC/USD Outlook! A valid breakout above the downtrend line may announce a larger growth and is seen as a buying opportunity.    

AUD/USD rallied by 97 pips from last Thursday, 29 June low of 0.6593. Staged a minor bullish breakout ahead of RBA’s monetary policy decision today. Watch 0.6630 key short-term support to maintain the current bullish tone. Since its 0.6593 minor low printed last Thursday, 29 June, the AUD/USD has managed to stage a rebound of 97 pips to print an intraday high of 0.6692 yesterday, 3 July ahead of Australia central bank, RBA’s monetary policy decision out later today at 0430 GMT. The interest rates futures market has implied a reduction in the odds of a 25 basis points (bps) hike due to the recent softer-than-expected annualized monthly CPI data for May; 5.6% from 6.8% in April and below expectations of 6.1%. As of 3 July 2023, the ASX 30-day interbank cash rate futures has priced in a 16% chance of a 25 bps hike on the cash rate, down from a 53% chance that was priced two weeks ago on 16 June.     Fig 1: AUD/USD short-term trend as of 4 Jul 2023 (Source: TradingView, click to enlarge chart) Minor bullish breakout The AUD/USD has managed to exit from the upper limit of a minor descending channel that was in place since its 16 June 2023 high of 0.6900 now acting as a pull-back support at 0.6630. This latest set of price actions has indicated that the minor downtrend phase from the 16 June 2023 high of 0.6900 to the 29 June 2023 low of 0.6593 is likely to have ended.     Short-term positive momentum has resurfaced The hourly RSI oscillator has just broken above a corresponding resistance at the 47 level after it exited from its oversold region last Thursday 29 June. Watch the 0.6690 short-term pivotal support (the pull-back of the former minor descending channel resistance & former minor swing high area of 29/30 June 2023) and clearance above 0.6790 (20-day moving average) sees the next resistance coming in at 0.6790. However, failure to hold above 0.6630 negates the bullish tone to expose the 0.6580/6550 key medium-term pivotal support zone.    

GBP/USD Yesterday, volatility was weak, however, the price has consolidated above the target level of 1.2678 on the daily chart. The Marlin oscillator is trying to rise in the positive area, now the price can reach the target level of 1.2785.     If the pound needs to develop a decline, it should consolidate below yesterday's low, then there will be an opportunity to work out fairly strong levels like 1.2600, 1.2572.   On the 4-hour chart, the price is consolidating above the 1.2678 level, above the balance indicator line. The Marlin oscillator is moving sideways in the uptrend territory. Rising signs prevail. If the price fails to reach 1.2785, a breakout of the MACD line around the 1.2745 mark will still be a good attempt to do so.    

In recent sessions, the price of gold has experienced a retreat, approaching the vicinity of $1,900 per ounce. This raises the question of what lies ahead for gold prices and whether the King of Metals will find support at this level to initiate a bounce back. However, it is worth noting that gold has already demonstrated a strong rebound from its previous low, just below the $1,900 mark. In addition, it has broken its short-term bearish trend and surpassed several static resistances, including the significant level of $1,940. Currently, gold finds itself in a congestion area between $1,955 and $1,970, with the next notable resistances located at $1,985 and eventually $2,000. One important factor to consider is the divergence between gold and long-term real interest rates, which historically has exhibited a correlation of over 80%, particularly in the last five years. This divergence is currently significant and may need to return to more normal levels in due course. While real interest rates have recently experienced a modest decline of around 20 basis points, dropping from 1.79% to 1.574%, sustaining gold at its current levels would require either a significant bond rally or a resurgence of inflationary pressures.     FXMAG.COM: The gold price has made a retreat to the vicinity of $1,900 per ounce. What's next for gold prices - will the King of Metals find support there from which to bounce?   Marco Turatti: Gold has already rebounded strongly from its low just below $1900 ($1892, a strong support area) and has been bid for several sessions (as has Silver) now; besides, it has broken the short term bearish trend that began in early May and also several static resistances including the important $1940 one. It is currently in the congestion area between $1955 and $1970 and the next strong resistances will be at $1985 first and then $2k (as can be seen at approximately 1% intervals). We continue to think that the divergence with long-term real rates - with which historically and certainly in the last 5 years Gold has had a correlation of more than 80% - is considerable and will have to return to more normal levels at some point. It is true that in the last few days real rates have fallen by about 20bps (from 1.79% to 1.574%), but to justify Gold at these levels we will have to see either a notable bond rally or a resurgence of inflationary pressures.