The U.S. Dollar Index eased from a 3-weeks high, down 0.1% on the day to 98.21. Major U.S. stock indexes closed mixed, as the S&P 500 (-6 points or -0.2% to 3087) snapped a 3-day winning streak while the Dow Jones Industrial Average (+10 points to 27691) edged up to a fresh record high. The Nasdaq Composite was down 11 points (-0.1%) to 8464.
European stocks were lacking momentum, as the Stoxx Europe 600 was little changed. Germany’s DAX declined 0.2%, the U.K.’s FTSE 100 fell 0.4%, while France’s CAC closed flat. U.S. bond markets were closed for the Veteran’s Day. Spot gold slipped 0.2% to $1,455 an ounce extending its losing streak to a third session.
Economic Calendar – Trump’s Speech on the Radar
BTC/USD – Daily Analysis
Bitcoin (BTC) will surpass the market cap of gold and could eventually be worth $1 million, well-known industry numbers. In a string of tweets on Nov. 10, Bobby Lee, who discovered the Chinese cryptocurrency exchange BTC and presently operates a Bitcoin wallet startup, displayed as the freshest voice in the expanding discussion on Bitcoin versus gold.
Robust dollar drives the BTC/USD prices nearby 8,600 low on Monday. The sharp sell-off came following the BTC/USD broke symmetric triangle pattern on the hourly graph. During the early Asian session, the BTC/USD has opened higher with a passage as investors appear to make profit-taking at the start of the new week.
The BTC/USD has formed a bearish engulfing pattern on the hourly chart, which is suggesting the chances of a bearish reversal in the BTC/USD. The pair may continue to face resistance at 9110 levels along with support at 8850 and 8625 today.
BTC/USD – Daily Technical Levels
Pivot Point 8,903.51
BTC/USD – Daily Forecast
On Tuesday, the BTC/USD continues to trade under pressure around 8,700 amid a stronger dollar. On the 4 hour chart, the BTC/USD has completed 50% Fibonacci retracement at 8,645, and this level is now working as a support for today. On the upper side, the BTC/USD has an immediate resistance at 8,750, and the violation of this level can extend buying until 8,865.
EUR/USD – Profit Taking in Dollar
The euro edged up 0.1% to $1.1034. The ZEW German Current Situation Index will be released later today (-22.3 expected).
The downside remains capped amid expectations of an improvement in the German ZEW Survey, which is seen rebounding from -22.8 to -13.0 in November. Moreover, the latest Politico report, indicating the E.U. officials that U.S. President Trump is ready to remove auto tariff decision for six more months, also gives some support to the EUR buyers but didn’t leave much more positive impact on the EUR currency because of the USD strength.
The ZEW survey results in November will be released for Germany (current situation -22.3, expectations -13.0 expected) and the eurozone. The Bank of France will post October Industry Sentiment Indicator (97 expected). The U.K. Office for National Statistics will report jobless rate for the three months to September (steady at 3.9% expected). The National Federation of Independent Business (NFIB) will release October Small Business Optimism Index (102.0 expected).
EUR/USD – Daily Technical Levels
Pivot Point 1.1031
EUR/USD – Daily Forecast
The EUR/USD is trading below a strong support 1.1010 level extending by, and closing of bullish candle followed by a bearish trend is signaling chances of a bullish reversal in the EUR/USD. On the upper side, the immediate resistance stays at 1.1050 and 1.1080 later on. But bearish breakout of 1.1010 should also be eyed to target 1.0990.
GBP/USD – Claimant Count Change In Focus
The British pound rose 0.5% to $1.2854. Brexit Party leader Nigel Farage said his party would not contest the 317 constituencies won by the Conservatives at the last election. U.K. Prime Minister Boris Johnson tweeted: “The Conservatives only need nine more seats to win a majority and leave by the end of January with a deal.”
On the other hand, official data showed that the U.K. GDP grew 1.0% on year in the third quarter (+1.1% on-year expected, +1.3% in the second quarter). Later today, the jobless rate for the three months to September will be reported (steady at 3.9% expected).
The Brexit party leader Nigel Farage’s step back from 317 voters won by Toris increase the chanced of another Conservative leadership and smooth Parliament functioning following the United States departure from the bloc.
If talking about apart from monthly employment data on the economic calendar, there is very little chance to look for anywhere else ahead of the release United Kingdom September month Average Earnings and Unemployment rate will join October month’s Claimant Count Change to move the GBP at 09:30 AM GMT.
GBP/USD – Daily Technical Levels
Pivot Point 1.2789
GBP/USD – Daily Forecast
The GBP/USD reversed after having less worse than expected GDP figures, which signaled better growth in the U.K. economy. On the news, the GBP/USD soared to violate a bearish trendline resistance level of 1.2815. For now, the Cable is gaining support around 1.2840, and above this, the bullish trend can extend buying until 1.2890.
All the best for today.