A day before, the Greenback plunged modestly against the Japanese yen, proposing traders were sceptical of the confidence shown by President Donald Trump on the likelihood of a U.S.-Chinese trade deal days after the two nations increased tariffs against each other.

The U.S. stock whipsawed initially jumping higher but then dipping on the back of tweets from an editor at the Chinese state news outlet, while the market continues to follow tweets from U.S. President Trump.

Lately, tweeting has become and is considered as a medium of choice to shake the markets as it relates to trade. China recently brought new tariffs, and bullying from President Trump intensified the trade war late last week. Consequently, safe-haven assets such as gold and Japanese yen are peaking.

Economic Calendar 



BTC/USD – Daily Forecast

Bitcoin may be holding above $10,000 at the moment. However, the danger of dropping to lower levels is immense. The recovery from August lows stalled unable to make headway above towards $13,000. If the support formed by the confluence at $ 9852.20 gives in to the ongoing retraction, BTC/USD will likely plunge towards $7,500.

BTC/USD – Daily Technical Levels

10142.9 10532.01

9916.35 10694.57

9527.24 11083.68

Pivot Point 10305.46


BTC/USD – Daily Forecast

I will be looking to trade choppy by staying bullish above 9790 and bearish below 10400.

EUR/USD – Oversold Euro, Looking to Retrace

The EUR/USD pair traded seesawing near 1.1100 figure, concluding the day with moderate losses around 1.1090. The U.S. dollar bestowed an odd behaviour over the board, as risk aversion drove the financial world. Following the stock market opened time, the yield-curve reversal steepened, with the benchmark yield on the 10-year Treasury note at 1.47% and that of the 2-year note at 1.52%. With this, the stock markets gain a bit of support along with U.S. dollar.

EUR/USD currency pair was flashed red yesterday, fell 0.10% and close under 1.11. The market movement is leaving the clue that the trader’s focus has shifted to the aggressive rate cut view by the European Central Bank, which is due next month.


For now, the EUR/USD is likely to gain support around 1.1065 and 1.1050 while the resistance stays at 1.1115. The RSI is massively oversold, holding below 20, suggesting chances of a bullish reversal in EUR/USD. However, the EMA is likely to keep EUR/USD lower below 1.1100.

EUR/USD – Daily Technical Levels

Support Resistance

1.108 1.111

1.1068 1.1128

1.1037 1.1159

Pivot Point 1.1098

EUR/USD – Daily Forecast

I will be looking to stay bearish below 1.1098 to target 1.1065 and 1.1050. On the flip side, buy positions on bullish breakout of 1.1110 will be preferred.

GBP/USD – Fibonacci Extension In-Play

A day before on Tuesday, the GBP/USD pair reached a fresh August high of 1.2309, keeping up with the gains by the end of the day, as speculative interest dropped the dollar on concerns of a US recession, while Sterling gained support in headlines signalling that opposition MPs accepted on a strategy to block a no-deal Brexit.

Besides that, the market focus was on the round that the United Kingdom is going for elections soon after the British Fiance Minister’s office refused his speech before 24 hours of the release of the new plan. Moreover, the Chancellor Sajid Javid will release a new spending plan on the 4 September.

The Cable is battling with the 38.2% retracement of its fresh daily decline held between 1.2557 and 1.2014. 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

1.2226 1.2328

1.2167 1.237

1.2066 1.2471

Pivot Point 1.2268

GBP/USD – Daily Forecast

I will be looking to stay bullish above 1.2268 with a target of 1.2328 and 1.237 on the upper side.

All the best!

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