Daily F.X. Analysis, September 10 – Top Trade Setups In Forex - U.K. Labor Report Ahead!
By Eaglefx On September 10, 2019 in Daily Market Analysis
The U.S. dollar index sailed lower as traders risk appetite increased after the forex gained support on a statement of German stimulus plans, reducing uncertainties of a no-deal Brexit and expectations of an invention in the Sino-U.S. trade war.
Risk-On Sentiment
The risk sentiment is turning has shifted from risk-off to risk-on, primarily due to lack of developments in the U.S. China trade war and Brexit.
Moreover, the CPI figures from one of the worlds biggest economy China has been optimistic. China's consumer price index (CPI) mounted above the trend in August. According to the National Bureau of Statistics, China's CPI increased by 0.7% in August, up from 0.4% in July.
Economic Calendar - U.K.'s Labor Market Report In Focus
BTC/USD - Daily Forecast
Bitcoin (BTC) has been consolidating in a narrow range for the better part of the day. Bitcoin seems to be staying over the $10,300 price point. The coin marked a low of $10,080 prior ahead of moving to an intraday high of around $10,400 and is currently trading at $10,354, dispensing a tiny loss of 0.41% on the day.
The technical side of the market hasn't changed much as the BTCUSD continues to hold below 50 periods EMA, which is extending strong resistance at 10,400.
Below this level (10,400), the Bitcoin is likely to go after 9,820 level as the RSI and Stochastics have entered the selling zone, crossing below 50 regions.
BTC/USD - Daily Technical Levels
Support Resistance
10055.76 10785.19
9768.66 11227.52
9039.23 11956.95
Pivot Point 10498.09
BTC/USD – Daily Forecast
The BTC/USD is holding in below strong support become resistance level of 10,450 level, and on the lower side, the immediate support is prevailing at 10,050. The leading cryptocurrency is likely to continue trading within this range. However, the bearish breakout can trigger sell-off until 9,890, and bullish breakout may lead it towards 10,789.
EUR/USD – Trading the Sideways Range
The single currency Euro continues to trade sideways within a narrow trading range of 1.166 and 1.1020. The pair rallied a bit on Monday from 1.1020 level.
At this point, I believe there is loads of resistance around 1.1060 level that will proceed to produce issues, so consequently, I predict that the market will run into many barriers.
The 1.11 EUR level extends massive resistance on the 4 hourly timeframes, and I think that the 50 days EMA moving towards that level will proceed to produce some hurdles for the Euro.
Considering this, I believe it's implausible that we go much higher, and I will see for hints of exhaustion to take advantage of the market.
EUR/USD - Daily Technical Levels
Support Resistance
1.1012 1.1049
1.0997 1.1072
1.096 1.111
Pivot Point 1.1035
EUR/USD – Daily Forecast
A day before, the EUR/USD completed bearish retracement at 1.1030 level and bounced off to trade at 1.1050 trading level. For now, the EUR/USD faces the initial resistance at the 1.1074/84 bands, the double top level completes, and this time it will become the triple top.
I would be bullish above 1.1035 level to target 1.1060 and 1.1100 in case of bullish breakout today.
GBP/USD - Jumps to Highest Level In Six Weeks
On Monday, the British Government has affirmed Parliament will be suspended from Monday 09 until October 14. The movement to prorogue Parliament devises the Prime Minister Boris Johnson independence to explore ways to legitimately bypass having to request the European Union for another Brexit delay.
Therefore, the British Pound has been an uprising against its peers such as Euro, Greenback and other major Forex pairs as investors judge the Brexit swing has once again turned away from a 'no deal' Brexit.
On Tuesday, the technical side of the market continues to stay bullish after the GBP/USD managed to close 4-hour candles above the 1.2330 support area.
The RSI and Stochastic levels are holding above 50, suggesting bullish bias among traders. During the 50 periods, EMA is also indicating the bullish trend in GBP/USD.
GBP/USD - Daily Technical Levels
Support Resistance
1.2264 1.233
1.2238 1.237
1.2171 1.2436
Pivot Point 1.2304
GBP/USD – Daily Forecast
Sterling has strong support at 1.2330 and the bearish breakout of which can trigger a sell-off until 1.2275. While the continuation of a bullish trend can lead GBP/USD towards 1.2400 and 1.2424.
All the best for Monday.