Daily Market Analysis

Daily F.X. Analysis, April 22 – U.K. Inflation Reports in Focus! 

On Tuesday, the U.S. dollar surged versus a basket of major currencies as traders explored the safety of the world’s most liquid currency as a fall in oil prices drained desire for risky assets. The U.S. crude oil traded into the negative zone for the first time in history on Monday, as a dramatic drop in global oil usage due to the coronavirus pandemic constitutes a supply excess and a deficiency of storage capacity. Today, the focus will remain on the UK CPI reports, let’s brace for it.  Economic Calendar          BTC/USD – Daily Analysis The Bitcoin traded with a slight bullish bias at 6,911 area after completing the Fibonacci retracement level around 6,788 level. It seems like the U.S. citizens are using a portion of their $2,000 stimulus plan in Bitcoin and other cryptocurrencies.  On Monday and Tuesday, the BTC/USD price slips from the previous week’s high of $7,314, to trade at $6,750. However, the BTC/USD price grew slightly on Wednesday during the Asian session.   The BTC/USD is exhibiting indications of an upside revision from the $6,761 low versus the greenback. A few major obstacles are operating around the $6,955 and $7,030 trading levels. There is a major bearish trend line building with resistance at $7,030 on the hourly timeframe of the BTC/USD. With this, the BTC/USD pair could extend trading lower towards a support area of $6,550, where the buyers are likely to emerge. BTC/USD – Daily Technical Levels Support Resistance  6,798        6,968

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Daily F.X. Analysis, April 21 – Brace for German ZEW Economic Sentiment! 

On Tuesday, the U.S. dollar resumed its mounting against currencies of U.S. oil yielders, as traders continued to be nervous following a historic fall in U.S. crude futures to beneath zero and shied away from risk even as the benchmark jumped back. Later in the day, eyes will be on the Eurozone Economic Sentiment figures, which will help drive movement in the Euro currency pair.   Economic Calendar        BTC/USD – Daily Analysis The Bitcoin traded with a bearish bias to trade at 6,861 area after having violated the immediate support level of 7,000 level. Americans are now spending part of their $2,000 stimulus plan in Bitcoin and other cryptocurrencies.  The BTC/USD price slips from the previous week’s high near $7,314, examining support at $6,750, although recovery is initiated, targeting $7,000. The BTC/USD price grew marginally towards the end of last week. The bullish force seemed to have been a technical breakout backed by revived enthusiasm among traders due to several factors, including the block reward halving competition coming up in May and the incentive plan that American people are receiving from the government.  The stimulus plan is meant to support the residents from the traumas of the COVID-19 pandemic on the U.S. and the global market. Besides, the dramatic increase in the number of jobless claims also seems to weigh on the demand for crude oil.  BTC/USD – Daily Technical Levels Support Resistance 6,999       7,130 6,936       7,196 6,806      7,327 Pivot Point 7,066 BTC/USD

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Daily F.X. Analysis, April 20 – Eyes on E.U. Trade Balance & German Buba Report!  

On Monday, the eyes will remain on the German PPI, current account, and Trade balance figures. But these are low impact economic events and may not be able to drive sharp price action today. The U.S. President Donald Trump showed some willingness for another relief package while also pushing for an economic reopen plan. Economic Calendar        BTC/USD – Daily Analysis During the weekend, the BTC/USD price traded sharply bullish to crossover the next resistance level of $7,200, soaring towards the next resistance level of $7,293 to briefly escape the resistance cluster the price has been trapped within since April 6. The traders are currently focusing focused on pushing the price over the $7,258 resistance to aim for the next resistance level of $8,000.  On the way, the Bitcoin may find next resistance, and the strongest one, if I must say, $7,400 is the next significant level. The Bitcoin prices are crossing over the resistance level of 7,140, which opens up a room for further buying until 7,430 resistance levels. In any case, the BTC/USD price is stable above $7,000, but a violation of this level could cause a drop until $6,500, the support level from the last week. BTC/USD – Daily Technical Levels Support Resistance  6,999        7,130 6,936        7,196 6,806        7,327 Pivot Point 7,066 BTC/USD – Daily Forecast On Monday, the Bitcoin prices are crossing over the resistance level of 7,140, which opens up a room for further buying

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Daily F.X. Analysis, April 17 – Eurozone CPI Figures In Focus

The U.S. dollar continues to lose its buying momentum across the board, as the U.S. stocks futures and the Asian equities are flashing green as the renewed hopes for coronavirus treatment. The U.S. dollar slipped on Friday following a news report showing a sign of success in a COVID-19 treatment medication trial, while fresh proposals to reopen the U.S. economy prompted fresh optimism and risk appetite.  Economic Calendar         BTC/USD – Daily Analysis Following a narrow trading session for the previous few days between $6800 – $7000, it initially began with a sharp drop below the critical $6600 support. Whereas the daily low was around $6472, which is the next-mentioned support level we had stated here yesterday. However, it was only a quick glitch below the $6600 because, for the following hours, we saw Bitcoin trading safely above the fundamental level. Nevertheless, it has shifted increasingly challenging to maintain gains towards $7,000. For this purpose, another improvement on Thursday pushed Bitcoin beneath various support levels of $6,800 and $6,600.  Currently, the BTC/USD trades slightly over $7,000. Following the breach of the $7,000 trading level, along with the descending trendline, as can be observed on the subsequent 4-hour chart, BTC/USD is likely to face resistance around $7150 – $7200 at first. Besides, the next resistance can prevail around a 10-day peak at around $7400 – $7500. The latter is the highest-level Bitcoin price had witnessed considering the COVID-19.  BTC/USD – Daily Technical Levels Support Resistance  6,676       7,376 6,238 

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Daily F.X. Analysis, April 16 – Brace for U.S. Jobless Claims Today! 

The U.S. .dollar is gaining bullish momentum in the wake of mixed retail sales data; however, on Thursday, the greenback could lose its bids during the U.S. trading hours if President Trump surprises markets by announces guidelines for an early restoring of the economy at a news conference on Thursday. While Trump said that we had passed the peak on new cases, and it’s fascinating. Let’s look at today’s analysis.  Economic Calendar         BTC/USD – Daily Analysis The BTC/USD has spent the week striving to profit from the fall it confronted during the previous week amid a drop from $7,441. The digital asset took a breather over $6,500 and even improved topping levels past $6,900.  Nevertheless, it has shifted increasingly challenging to maintain gains towards $7,000. For this purpose, another lower improvement on Wednesday pushed Bitcoin beneath various support levels of $6,800 and $6,600.  The bearish bias spread below $6,500 before obtaining cover at the 38.2% Fibonacci retracement mark taken within the last swing high at $10,567 to a swing low $3,854. A slight bounce from this mark catapulted BTC/USD over $6,600. However, the next short term, hurdle at $6,700, is still attaining in the way.  BTC/USD – Daily Technical Levels Support Resistance  6,644        6,881 6,552        7,027 6,315         7,264 Pivot Point 6,790 BTC/USD – Daily Forecast On Thursday, the BTC/USD price is holding around 6,643 area, bouncing off above the previously suggested support level of 6,577. This support level is

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Daily F.X. Analysis, April 15 – Eyes on U.S. Retail Sales and BOC Policy Decision! 

The greenback crawled lower, but gains in riskier currencies were capped as traders worried about company earnings and braced for Chinese trade data likely to show the full impact of the coronavirus health crisis on economic activity. Later today, eyes will remain on the U.S. retail sales and Canadian monetary policy decisions, which are expected to drive market movement during the U.S. session.   Economic Calendar        BTC/USD – Daily Analysis The International Monetary Fund (IMF) has issued a stark forecast that the worldwide economic slowdown triggered by ‘the great lockdown’ will get much worse before it gets better. The BTC/USD prices shifted distinctly to trade at 6,575 area, which marks as a double bottom on the 4-hour timeframe. Above this, the Bitcoin may show slight bullish correction until 6,850, but a violation of the descending triangle pattern along with bearish engulfing candle on the 4-hour timeframe is supporting bearish bias among traders. Today, chances of a bearish breakout remain strong; therefore, the bearish breakout of 6,577 level can extend selling until 6,170. BTC/USD is fighting to break above the next resistance level of $7,000 and $7,250 versus the U.S. Dollar. The bulls are gradually taking control, and they are anticipated to target $7,000. The Bitcoin failed to break the significant support level of around $6,550 on the hourly chart of the BTC/USD pair. The pair could improve distinctly towards the $7,100 support or $6,800. BTC/USD – Daily Technical Levels Support Resistance  6,761        6,962.9 6,666   

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Daily F.X. Analysis, April 14 – Risk-off Sentiment, G7 Meetings In Highlights! 

  On Tuesday, the greenback crawled lower, but gains in riskier currencies were capped as traders worried about company earnings and braced for Chinese trade data likely to show the full impact of the coronavirus health crisis on economic activity. Later today, eyes will remain on the G7 meeting, which is expected to drive market movement during the U.S. session… Economic Calendar         BTC/USD – Daily Analysis The BTC/USD prices slipped sharply to trade at 6,575 area, which marks as a double bottom on the 4-hour timeframe. Above this, the Bitcoin may show slight bullish correction until 6,850, but a violation of the descending triangle pattern along with bearish engulfing candle on the 4-hour timeframe is supporting bearish bias among traders. Today, chances of a bearish breakout remain strong; therefore, the bearish breakout of 6,577 level can extend selling until 6,170. BTC/USD is fighting to break above the next resistance level of $7,000 and $7,250 versus the U.S. Dollar. The bulls are gradually taking control, and they are anticipated to target $7,000.  The Bitcoin failed to break the significant support level of around $6,550 on the hourly chart of the BTC/USD pair. The pair could improve distinctly towards the $7,100 support or $6,800. BTC/USD – Daily Technical Levels Support Resistance  6,672        6,944 6,510        7,054 6,238       7,326 Pivot Point 6,782 BTC/USD – Daily Forecast The BTC/USD is recovering after testing the support level of the 6,575 area, which marked as a

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Daily F.X. Analysis, April 10 – Good Friday, U.S. Inflation in Highlights! 

On Friday, the greenback started to trade on a tenuous footing and mostly showing a weekly loss in the wake of the massive new lending program from the U.S. Federal Reserves to deal with the COVID 19, which is hurting the business and economic growth drastically. On Friday, the eyes will remain on the U.S. CPI reports, which may help drive some price action during the U.S. session, elsewhere, the European sessions are likely to offer choppy trading sessions.  Economic Calendar       BTC/USD – Daily Analysis A day before, the BTC/USD fell to trade above $7000 psychological level as it was dispensing a few bearish signs beneath the $7,400 resistance zone versus the U.S. Dollar. The BTC/USD is currently failing, and it could prolong its inclination towards $7,100 or $6,800.  The BTC/USD is fighting to break above the next resistance level of $7,400 and $7,500 versus the U.S. Dollar. The bears are gradually taking control, and they are anticipated to target $7,000. There was a breach beneath a significant bullish trend line with support around $7,300 on the hourly chart of the BTC/USD pair. The BTC/USD pair could improve distinctly towards the $7,100 support or $6,800. Roughly 4-weeks ago, the global equities markets were in trouble as traders eventually recognized that the coronavirus was not just an illness limited to China, but rather a worldwide pandemic which could lastingly damage markets over the globe.  BTC/USD – Daily Technical Levels Support Resistance  7,177         7,405 7,039     

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Daily F.X. Analysis, April 09 – Busy Day, GDP & Labor Market Reports In Focus!  

A day before, the greenback remained firmed as confidence that the coronavirus crisis was reducing has faded, boosting traders’ anxieties over the economic influence of the pandemic. The single currency euro amongst was the primary loser versus the U.S. dollar. Yesterday, the EUR/USD dropped after the greenback suffered its worst slide versus a basket of currencies in almost two weeks. Today, eyes will be on the series of high impact events from the U.K., U.S., and Canada.  Economic Calendar       BTC/USD – Daily Analysis The leading cryptocurrency BTC/USD is dispensing a few bearish signs beneath the $7,400 resistance zone versus the U.S. Dollar. The BTC/USD is currently failing, and it could prolong its inclination towards $7,100 or $6,800.  The BTC/USD is fighting to break above the next resistance level of $7,400 and $7,500 versus the U.S. Dollar. The bears are gradually taking control, and they are anticipated to target $7,000. There was a breach beneath a significant bullish trend line with support around $7,300 on the hourly chart of the BTC/USD pair. The BTC/USD pair could improve distinctly towards the $7,100 support or $6,800. Roughly 4-weeks ago, the global equities markets were in trouble as traders eventually recognized that the coronavirus was not just an illness limited to China, but rather a worldwide pandemic which could lastingly damage markets over the globe.  BTC/USD – Daily Technical Levels Support Resistance  7,221        7,430 7,113        7,531 6,904       7,740 Pivot Point 7322.09 BTC/USD – Daily

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Daily F.X. Analysis, April 08 – Mixed Risk Sentiments FOMC Meeting Minutes

On Wednesday, the U.S. dollar found a footing as traders reacted to safe-havens, reclining some risk currency gains produced on concerns the coronavirus crisis in Europe and New York was reducing. The greenback extended versus most of the major’s currencies besides the Japanese yen, a day after experiencing its severest decline versus a basket of forex currencies. The safe-haven surge was sparse but picked speed in early Asian trading, especially after the bullish rally in Asian stock markets lost steam and bonds, and gold prices improved. Economic Calendar       BTC/USD – Daily Analysis The BTC/USD recovers the chances of bullish recovery to $8,000 ere May 2020 halving. The Bitcoin is following a bullish bias, with immediate to be found at $7,400 and $7,500, respectively. A day before, the BTC/USD prices slipped to test the support level around 7,060, but the closings of candles above this support level may drive bullish bias for the Bitcoin today.  The BTC/USD bulls are indeed in power to lead a breakout not only over $7,000 but also $7,400. Improvement from the $6,000 area has taken a long time with various limits at $6,400, $6,800 and $7,000 being in the way. Nevertheless, BTC/USD is now consolidating at $7,365.  Intraday metrics confirm the price having scored nearly 2% on its value on the day after having a retracement over $7,201. The primary goal for the buyers is to push for profits over $7,400. This could improve the investor’s confidence in the recovery, and targeting $8,000 resistance

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