During the previous session, the U.S. dollar index was crossing the centerline of the Bollinger Bands, heading to the upper vicinity of the indicator. After shaking the market on Monday, President Trump was on the tape, making remarks from the G7 meeting in Europe.

The President stated that China has stretched out to his cottage and was ready to come back to the negotiating desk. He also sought to soothe the markets by striking a more friendly tone. Trump also clarified that China necessitated the US more than the US needed China as he proceeded to seek the upper hand on the Chinese.

Economic Calendar – CB Consumer Confidence Up Next!



BTC/USD – Daily Forecast

BTC/USD moved from 10,182 to 10,680 in ten minutes In the Asian session.  We know that a volatile consolidation range of between $14,000 and $9,800 will likely be met with an explosive breakout.

However, If trading volume levels don’t rise soon, which is lowest due to summer holidays, Bitcoin price will likely see another drop which could create a lower low on the 4-hour chart, anywhere between $8,800 and $8,100. If price levels drop below $8,100, it’s wise to assume the trend is bearish and to be more cautious when taking long positions.

BTC/USD – Daily Technical LevelsSupport Resistance

10142.9 10532.01

9916.35 10694.57

9527.24 11083.68

Pivot Point 10305.46


BTC/USD – Daily Forecast

On the technical front, the BTC/USD is still facing double bottom support around 9,780. Bitcoin has already completed correction until 10,200, and now chances of a bullish breakout look dominant.

Closing of more candles over 10,200, will trigger buying until 10,700. Closing of candles below 9,780 can lead BTC/USD towards 9,400. On the bigger timeframe, in case of a drop below $8,100, it’s wise to assume the trend is bearish and to be more cautious when taking long positions.

EUR/USD – Sideways Channel Breakout

The EUR/USD showcased a steady slump today after making a decisive move yesterday to justify the downtrend channel. EUR/USD was barely holding above the 1.1100 figure, neutral to bearish in the short-term.

Fundamentally at the German GDP front, the data is expected to represent the economy contracted by 0.1% in the 2nd quarter. Besides this, the recession is already priced in. Therefore, the EUR/USD pair could not move if the data issues in line with estimates.


Today, if the EUR/USD prices manage to stay strong beyond 1.1177, 50% Fibonacci retracement of 1.1221 and August 06 high near 1.1251 will please buyers. On the downside, 1.1113/10 including August 19-22 tops, holds the keys to pair’s further declines to last week’s low near 1.1050 and then to the monthly bottom surrounding 1.1027.

EUR/USD – Daily Technical Levels

Support Resistance

1.1058 1.1108

1.1036 1.1135

1.0987 1.1185

Pivot Point 1.1086

EUR/USD – Daily Forecast

I will be looking to take buy positions on bullish breakout of 1.1110 and sell position below 1.1085 today.

GBP/USD – U.S. China Trade War Shakes the Market

The Cable is battling with the 38.2% retracement of its fresh daily decline held between 1.2557 and 1.2014. On Monday, the initial response to the US-China trade-war drove GBP/USD during the Asain session, and GBP/USD spiked to 1.2275.

For now, the volatility has reduced, and sellers seem to step back as the quote retraces to 1.2204, the double bottom support area.

The trade and political headlines will be the key to forecast near-term market direction, a Bank Of England’s announcement concerning external monetary policy member Silvana Tenreyro, manufacturing data from the United States and the 2nd-tier data consumer sentiment will also entertain the momentum traders.

Sterling has already retraced back up to 1.2250, the 38.2% Fibonacci retracement level and even below this at 1.2225 in the wake of profit-taking. Now the GBP/USD may find an immediate support at1.2210 will act as immediate support.

GBP/USD – Daily Technical Levels

Support Resistance

1.2152 1.2317

1.2048 1.2378

1.1883 1.2543

Pivot Point 1.2213

GBP/USD – Daily Forecast

I will be looking to stay bullish above 1.2213 with a target of 1.2317 and 1.2378 on the upper side.

All the best!

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