Daily Market Analysis

Daily F.X. Analysis, May 07 – U.S. Unemployment Claims In Focus – Brace for Price Action! 

The US dollar traded higher on Thursday morning in Asia due to uncertainty surrounding the market. However, the gold has lost its $1,700 level because the dollar index hit the above high 100s in the wake of increased safe-haven demand. The US Dollar Index that tracks the greenback against a basket of other currencies increased 0.05% to 100.185 by 11:28 AM ET (4:28 AM GMT) as investors looked to the dollar as a safe-haven. Let’s wait for Jobless Claims now.  Economic Calendar          BTC/USD – Daily Analysis The Bitcoin prices showed a slight bears correction, but the overall trading range remains the same around 9,311. Before this, the BTC/USD price gained back a significant portion of its losses from Sunday’s weekly close retracement, and figures show that within a previous hour, the leading cryptocurrency has remained below the $9K mark again.  After allocating the last few days battling to keep prices over the $9,000 resistance, Bitcoin price caused a strong movement by climbing to $9,380 on Wednesday morning. The 3.65% move caught a place on a high volume wave, but the price immediately pulled backward to $9,126 before moving higher to $9,395 at the time of writing. With just four days and 16 hours left before the Bitcoin halving, investors will be carefully watching to see if the top-ranked crypto-asset on can push above the $9,500 resistance to reach $10,000.  BTC/USD – Daily Technical Levels Support Resistance  8,910         9,395 8,674         9,644 8,425 

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Daily F.X. Analysis, May 06 – Series of Eurozone Final Services PMI In Highlights! 

dThe U.S. dollar edged higher on the back of better than expected performance of the Services Sector of the United States in April. At 19:00 GMT, the U.S. Institute of Supply Management released PMI for the Non-Manufacturing Industry, which exceeded the expectations of 37.5 and came in as 41.8 and supported the U.S. dollar.  Later today, the eyes will be on the series of low to medium impact Services PMI figures from the Eurozone. Alongside this, the U.S. ADP figures will also help drive some price action in the market during the U.S. session.  Economic Calendar        BTC/USD – Daily Analysis During the Asian session today, the Bitcoin prices showed a slight bears correction, but the overall trading range remains the same around 8,970/ Before that, the BTC/USD price gained back a significant portion of its losses from Sunday’s weekly close retracement, and figures show that within a previous hour the leading cryptocurrency has remained below the $9K mark again.  Despite testing the $8,500 previously, BTC/USD price immediately rebounded and gained support in the $8,700-$8,850 range before spending the bulk of Monday consolidating in this zone. The BTC/USD prices showed some bearish movement considering a stronger U.S. dollar. However, the dovish monetary policy and low-interest rates from the Federal Reserve are likely to keep the Bitcoin bullish in the wake of potential weakness in USD. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD – Daily Technical

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Daily F.X. Analysis, May 05 – ISM Non-Manufacturing PMI In focus!

On Tuesday, the research firm Markit will report final readings of April Services PMI for the U.K. (12.3 expected) and the U.S. (27.0 expected). The European Commission will post March PPI (-2.7% on year expected). The U.S. Commerce Department will release March’s trade balance (44.2 billion dollars deficit expected). The Institute for Supply Management will publish its Non-manufacturing Index for April (37.8 expected). Economic Calendar           BTC/USD – Daily Analysis During the Asian session, the BTC/USD prices rose to break over the major resistance areas and to trade around $8,943. It crossed over the 200-day SMA (simple moving average), the 200-day EMA (exponential moving average), and the 0.618 Fibonacci Retracement level measured in within $3,600 and $14,000.  The BTC/USD is trading around to their highest levels in approximately two months, up as much as $9,478, following the release of worse than expected Jobless Claims data from the U.S. econoU.S.The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollar. It seems like the BTC/USD prices can remain high for a while now, considering the significantly low-interest rates, which are making dollar weaker versus Bitcoin. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD – Daily Technical Levels Support Resistance  8,689       9,153 8,479       9,408 8,224       9,618 Pivot Point 8,943 BTC/USD – Daily Forecast The BTCUSD prices are on a bullish run,

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Daily F.X. Analysis, May 04 – Eyes on E.U. Economic Forecasts! 

The U.S. dollar remains weaker due to more than expected unemployment claims. The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollar.  Later today, during the New York session, the market will be following ISM Manufacturing PMI from the United States. Later today, the eyes will remain on the E.U. Economic Forecasts as it may help drive some movement in the market today.  Economic Calendar          BTC/USD – Daily Analysis During the previous week, the BTC/USD prices soared sharply to violate major resistance areas and to trade around $9,400. It crossed over the 200-day SMA (simple moving average), the 200-day EMA (exponential moving average), and the 0.618 Fibonacci Retracement level measured in within $3,600 and $14,000.  The BTC/USD prices soared to their highest levels in approximately two months, up as much as $9,478, following the release of worse than expected Jobless Claims data from the U.S. econoU.S.The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollaU.S. It seems like the BTC/USD prices can remain high for a while now, considering the significantly low-interest rates, which are making dollar weaker versus Bitcoin. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD – Daily Technical Levels Support Resistance  8,689       9,153 8,479       9,408 8,224       9,618 Pivot Point 8,943 BTC/USD – Daily

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Daily F.X. Analysis, April 30 – ECB Monetary Policy In Highlights! 

A day before, the U.S. dollar weakened after the Federal Reserve kept the Fed fund interest rates steady and reiterated a pledge to do what it needs to shore up the economy that has been punished by business shutdowns due to the novel coronavirus. The dollar has declined over 3% after mounting a more than the three-year high of 102.99 in late March as global central banks initiated massive incentive measures to preserve economies from the coronavirus pandemic. The Fed’s statement was released after the economic data exhibited that the U.S. economy shrank in the first quarter. Economic Calendar        BTC/USD – Daily Analysis On Wednesday, during the U.S. session, the BTC/USD pair soared dramatically to trade at 8,900 levels, and it seems to head toward $10,000 soon. The bitcoin price surged over 30% since the end of March, has almost erased its coronavirus crash losses—and is beating the U.S. S&P 500 index along with most other major markets. On Wednesday, Bitcoin (BTC) price shattered by a range of essential resistance levels as investors ponied up and initiated their target on the $9K level. Today’s $1,123 wave enabled Bitcoin price to violate several crucial levels, such as the major resistance at $8,000 and $8,500. With the move above $8,000, the BTC/USD has also cleared the yearly pivot level of $8,100, which makes it bullish for now. Let’s look at the technical side of the market.  BTC/USD – Daily Technical Levels Support Resistance  8,540      9,137 8,147     

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Daily F.X. Analysis, April 29 – Brace for the U.S. GDP & FOMC Today! 

On Wednesday, the dollar was on the rear foot as the slowing range of the coronavirus and progress to re-open economies boosted the trader’s mood, ahead of major central bank meetings. Traders will be waiting to inspect if the U.S. central bank provides any evidence on its projected policy path following it reacted to the economic desolation of the COVID-19 pandemic by severing rates, buying bonds, and backstopping credit markets.   Economic Calendar            BTC/USD – Daily Analysis A day before, the leading cryptocurrency Bitcoin continued to trade sideways in the wake of thing trading volume in the market. The trend is bearish while its volatility is increasing. BTC/USD is dancing at $7,683, although it has touched $7,795 (intraday high) to the upside. So far, the Bitcoin prices continue to move in a tight trading range of 7,625 – 7,800. Traders seem to wait until the bitcoin prices violate this range and determine the apparent trend. Hence, we can do sideways trading until this range gets violated.  Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week’s accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance.  BTC/USD – Daily Technical Levels Support Resistance  7,694        7,815 7,622        7,864

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Daily F.X. Analysis, April 28 – U.S. C.B. Consumer Confidence In Highlights! 

A day before, the U.S. dollar slipped across the board as various countries laid out plans to loosen limitations on businesses that have been blocked in the wake of novel coronavirus outbreak, increasing risk appetite and reducing demand for the safe-haven U.S. currency. The significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the latest updates from COVID19, European Spanish Unemployment Rate, and U.S. consumer confidence figures, which are expected to release during the trading sessions today.  Economic Calendar        BTC/USD – Daily Analysis On Monday, the Bitcoin prices haven’t changed much due to a lack of liquidity in the market. Even today, on Tuesday, the Bitcoin prices continue to move in a tight trading range 7,625 – 7,800. We can’t have much of the trading opportunity until the bitcoin prices break this range and determine the clear trend. Elsewhere, we can do choppy sessions until this range gets violated.  Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week’s accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance.  BTC/USD – Daily Technical Levels Support Resistance  7,685       7,847 7,579       7,904 7,522       8,010 Pivot Point 7,741 BTC/USD –

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Daily F.X. Analysis, April 27 – Choppy Sessions Amid Mixed Risk Sentiment! 

The global stock market indices and the U.S. dollar seems to be proposing a potential turning point with the stimulus trade. Global stocks have been broadly backed by unique stimulus from central banks and states, but that appears to be missing some of its firepowers, while the constant demand for U.S. Bonds has buoyed the greenback.  The subsequent significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the Japanese unemployment rate and the latest updates from COVID19.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD price continues to soar week in and week out, as another 9% has been combined to its price since the previous Sunday. Nevertheless, with the block reward halving being presented over two weeks away, and drilling pressure set to grow 5% further. The BTC/USD prices have abruptly jumped over $7,700, implying the remainder of the weekend, along with the weekly close will produce higher than usual levels of activity. The progress to $7,708 was short-lived but almost set a higher high above Thursday’s dramatic wave to $7,742.  Currently, the BTCUSD price is trading sideways between $7,600-$7,769 as traders have violated the intraday pivot point level of 7,632 to press the price above $7,600. Bullish seems stronger today.  BTC/USD – Daily Technical Levels Support Resistance  7,557        7,776 7,413        7,851 7,338       7,995 Pivot Point 7632 BTC/USD – Daily Forecast During the previous week, the BTC/USD

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Daily F.X. Analysis, April 24 – Brace for Retail Sales & German Business Climate! 

The U.S. .dollar traded with a bullish bias versus the currencies of oil raisers on Thursday as a recovery in crude prices from an unexpected breakdown only partly soothed markets uncertainty by the massive coronavirus-led decline in global demand. The Euro held poised toward the greenback and the pound ahead of an of the meeting of European Union executives on the bloc’s acknowledgment of the economic turbulence generated by the global coronavirus pandemic. On the news front, the eyes will remain on the U.K. retail sales, German Ifo Business Climate, and U.S. durable goods orders; however, almost all of the economic events are expected o perform worse than the previous economic data.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD prices are exhibiting indications the market is more confident about the cryptocurrency. The Bitcoin prices showed some dramatic buying after the violation of the symmetric triangle pattern on the 4-hour timeframe.  The world’s leading cryptocurrency jumped 10% on Thursday before the expiration of April CME futures. Overall the prices surged from $7,018 level to place a high of around $7,765. The BTC/USD futures contract for the month of April ended at $7,115 on Thursday. Whereas, the contract for the month of May delivery came in almost $40 above the previous price, signaling a positive outlook. At this moment, the BTC/USD has settled back around 7,429 – a critical support level that traders seem to watch closely. It will be interesting to see how traders respond to this level

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Daily F.X. Analysis, April 23 – Manufacturing & Services PMI’s In Highlights! 

On Thursday, the greenback accelerated ahead versus the currencies of oil yielders as a bounce-back in crude prices from an abnormal collapse only partly soothed markets weakened by the massive coronavirus-led decline in global demand. Today, the market’s focus is going to be on the manufacturing and services PMI figures, which are scheduled to come out from the Eurozone. Let’s take a look at the significant trade setups.   Economic Calendar        BTC/USD – Daily Analysis The BTC/USD price has started trading in the bullish region around 7,147 area during the Asian session. The BTC/USD has tested and already violated the psychological resistance level of $7000. The Bitcoin price has also crossed over the 50 periods exponential moving average and is already trading over the 200 simple moving average on the 4-hour timeframe.  The price action in Bitcoin is looking strong, as we can observe from the chart here, but the high of 7466.00 is likely to be taken out for the bulls to remain in charge.  If that doesn’t appear then, the price could look for support levels around 6,818.58; that level seems solid as it has been examined a few times in the past. The next major downside target stays at $6500, which, if breached, could invite a huge wave of selling. BTC/USD – Daily Technical Levels Support Resistance  6,913       7,219 6,730       7,342 6,424       7,648 Pivot Point 7,036 BTC/USD – Daily Forecast The BTC/USD prices showed slight surged to trade below 7,212

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