Daily Market Analysis

Daily F.X. Analysis, April 07 – Dollar Weakens, Risk-off Sentiment Continues to Play! 

On Tuesday, the greenback slipped versus the yen as underlying worries over the economic shock wrought by the coronavirus pressure held many traders on edge. The Britsih Pound clawed back some recent declines versus the U.S. dollar. Still, sentiment for sterling continues to be fragile following British Prime Minister Boris Johnson was transferred to intensive care following his coronavirus signs worsened. While the Japanese yen strengthened after the Japanese Prime Minister Shinzo Abe reveals a massive fiscal incentive worth about $1 trillion to compensate for the economic influence of the pandemic. Overall, the financial markets are trading with risk-off sentiments, keeping the dollar weaker and bullion stronger. Economic Calendar       BTC/USD – Daily Analysis The BTC/USD concluded the week higher about 15.4% at $6,775 and has begun the day with an additional 6% movement to the upside, violating the $7,000 resistance and soaring highs towards $7,300 level.  Comparing the Bitcoin performance relative to its rivals, Ether (ETH) and EOS have placed massive gains of over 16% during the past 24 hours. Consequently, the BTC/USD dominance is down 1.5% at 65%. 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.  Crypto exchanges were not safeguarded from the destruction that drove the S&P 500 and Dow to exhibit some of the most significant losses since the 2008 global financial crisis, and traders

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Daily F.X. Analysis, April 06 – Dollar Weakens, Despite NFP Misses Forecasts! 

The dollar surged to a more than one-week high versus key competitors, making XAU/USD more expensive for traders holding foreign currencies. There are forecasts that the greenback is unlikely to stay solid, and underlying economic stipulations are getting worse. Therefore, the investors aren’t going to get sucked into the short cover on equities.  On the news front, the economic calendar isn’t expected to offer any market-moving event. However, the worse than expected NFP figures from Friday may continue to factor in by traders today. The dollar can stay weaker and may drive other currencies and gold higher. Economic Calendar        BTC/USD – Daily Analysis The BTC/USD is trading bullish, adding nearly 2%, and it is gaining bullish impulse against the U.S. Dollar. The BTC/USD is expected to grow 4%-5% if it breaks over the major $7,000 resistance area. The BTC/USD is bestowing a lot of concrete bullish signs over the $6,700 support versus the U.S. Dollar. The Bitcoin is surrounding the major $7,000 resistance and breach zone. Previously, the BTC/USD showed a bullish break over crossing a bearish trendline with immediate resistance at $6,800, which can be seen on the hourly chart of the BTC/USD pair.   The pair could show a dramatic bullish trend if there is a definite breach of the $7,000 resistance area. The BTC/USD is trading choppy within a narrow range of 6,853 – 6,694. Looking at the 4-hour chart, a downward breakout of 6,696 mark can direct to Bitcoin towards the next support level of

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Daily F.X. Analysis, April 03 – U.S. Nonfarm Payroll Under the Spotlight

On Friday, the U.S. dollar edged toward a 2% weekly rise supported by a bullish wave in the oil price and as investors sought shelter in the wake of worsening economic fallout from the coronavirus pandemic. Later today, the greenback moves will continue to play a significant role, as attention shifts to the Euro area Final Services PMI report. At the same time, the US Non-Farm Payrolls and ISM Non-Manufacturing PMI data are scheduled to release later this Friday. The coronavirus related headline could also drag attention.  Economic Calendar       BTC/USD – Daily Analysis The BTC/USD has entirely recovered from $5,200 to $7,200 in the preceding two weeks, despite the declining desire for high-risk assets, which also covers single-stocks and cryptocurrencies.   Due to a meaningful selloff in the U.S. stock exchange and the worsening Coronavirus pandemic that has since tidied beyond the U.S. and Europe, the price of BTC/USD over continued its downtrend. It declined to $3,600 on crypto exchanges.  The truth that bulls quickly walked in to buy the low and drove the price from $3,600 to $5,200. The BTC/USD price is expected to rally to $8,500 over the short term. Later yesterday, the leading crypto pair BTC/USD seems to have violated the double top resistance level of 6,525, and closing of these candles over this level are suggesting chances of further buying in the Bitcoin pair.  BTC/USD – Daily Technical Levels Support Resistance  6,518        7,190 6,219        7,563 5,846       

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Daily F.X. Analysis, April 02 – U.S. & Eurozone’s Unemployment Claims In Focus! 

On Thursday, the U.S. dollar is getting stronger day by day due to coronavirus outbreak. The coronavirus cases are not showing any sign of slowing down, somewhat increased fears of a global economic recession.  At the data front, the U.S. initial jobless claims data, which is scheduled to release at 12:30 GMT, is anticipated to report the number of people filing first-time claims for state unemployment insurance of over 4.45 million in the week ended March 27 against preceding week’s figure of 3.283 million as per the forecasted report.  Economic Calendar       BTC/USD – Daily Analysis The BTC/USD seems to have violated the double top resistance level of 6,525, and closing of these candles over this level is suggesting chances of further buying in the Bitcoin pair. The BTC/USD price levels up to the $6,500 but lack bullish momentum to maintain profits towards the next resistance level of $7,000.  Most of the technical indicators follow in support of the bulls who look forth to a growing triangle breakout to $8,000 mark. The BTC/USD price bearish action over the weekend covered the substantial support at $5,800, averting potential losses to $5,000.  On Monday overcame several resistance levels, including $6,200 and $6,400. BTC/USD also stepped above the key $6,500 zone but formed an intraday high at $6,525. The largest cryptocurrency has adjusted downwards to trade at $6,442. Intriguingly, the trend remains strongly bullish, but the volatility is low due to reduced trading volume. BTC/USD – Daily Technical Levels Support Resistance  6,110 

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Daily F.X. Analysis, April 01 – U.S. & Eurozone’s Manufacturing PMI In Highlight!  

On Tuesday, widened the ability of many international central banks to locate dollars through the coronavirus crisis by empowering them to switch their holdings of U.S. Treasury securities for dollar loans. With this, the demand for U.S. dollar soars, driving the competitive securities lower.  The market will be focusing on the U.S. ADP Employment Report, and the ISM Manufacturing data are also scheduled to release in this day later. Let’s take a look. Economic Calendar       Economic Calendar by TradingView     BTC/USD – Daily Analysis The BTC/USD ended the 1st quarter of 2020 in a bearish mode when compared with the start of the year. However, it’s not as bad as the historical losses experienced by worldwide equities. On a 24-hour footing, BTC/USD was in exhibiting bullish momentum along with ETH/USD, which also edged higher slightly. The BTC/USD price levels up to the $6,500 but lack bullish momentum to maintain profits towards the next resistance level of $7,000.  Most of the technical indicators follow in support of the bulls who look forth to a growing triangle breakout to $8,000 mark. The BTC/USD price bearish action over the weekend covered the substantial support at $5,800, averting potential losses to $5,000.  On Monday overcame several resistance levels, including $6,200 and $6,400. BTC/USD also stepped above the key $6,500 zone but formed an intraday high at $6,525. The largest cryptocurrency has adjusted downwards to trade at $6,442. Intriguingly, the trend remains strongly bullish, but the volatility is low due to reduced

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Daily F.X. Analysis, March 31 – Eurozone’s Inflation Report In Focus! 

On the forex front, the U.S. Dollar Index rebounded 0.7% on the day to 99.04, halting a six-day losing streak. Later today, eyes will be on the European Commission will post March CPI (+0.6% on-year expected). The German Federal Statistical Office will report the March jobless rate (5.1% expected). France’s INSEE will release March CPI (+1.0% on-year expected). The U.K. Office for National Statistics will post final readings of 4Q GDP (+1.1% on-year expected). Economic Calendar       BTC/USD – Daily Analysis The leading cryptocurrency opens lower on Tuesday to drop from 6,700 level to trade at 6,400 zones. The BTC/USD has plunged for the second time during the previous week, which has to lead its prices below $6,000 psychological level. On Tuesday, the BTC/USD crossed over $6,000 mark as traders seem to buy cheaper Bitcoin to sell it later at higher prices.  Currently, the Bitcoin is trading at $6,417 has it managed to crossover a horizontal resistance level of 6,000 mark on Monday, where the violation of this level could send the Bitcoin prices towards $5,700 and $5,350. Below this, traders will look to $4,446, where the price previously created a double bottom. It looks like most of the investors disregard Bitcoin’s weekend price action as trading volume reduces through this time. On Tuesday, the prices are gaining support and are likely to drive some bullish momentum in the market.  BTC/USD – Daily Technical Levels Support Resistance  6,174        6,747 5,801       6,946 5,228     

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Daily F.X. Analysis, March 30 – Risk Sentiment Remains Mixed – COVID19 In Play!  

The U.S. dollar closed a week with a bearish bias, and the safe-haven yen rose on Monday, as coronavirus lockdowns tightened across the world. Traders braced for an extended interval of uncertainty. The U.S. dollar soared versus its peer currencies, especially against the Sterling, Euro, Kiwi, and the Aussie. Sterling was last 0.7% softer at $1.2371; the Aussie slipped by nearly the same margin at $0.6134 while the euro was 0.5% weaker at $1.1082. Let’s look at the fundamental and technical outlook of the market.   Economic Calendar        BTC/USD – Daily Analysis The BTC/USD has plunged for the second time during the previous week, which has to lead its prices below $6,000 psychological level. Today’s pullback beneath the $6,000 mark seems to be the weekly and monthly close approach, and, probably, investors could also influence concerns that traditional financial markets such as forex and stock may start to correct itself on Monday, especially during the U.S. opening bell. Currently, the Bitcoin is trading at $6,217 has it managed to crossover a horizontal resistance level of 6,000 mark during the Asian session. Beneath $5,700, $5,350 is the following area of support, and under this level, investors will look to $4,446, where the price previously created a double bottom. It looks like most of the investors disregard Bitcoin’s weekend price action as trading volume reduces through this time. On Monday, the prices are gaining support and are likely to drive some bullish momentum in the market.  BTC/USD – Daily Technical Levels

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Daily F.X. Analysis, March 27 – COVID19 Continues to Dominate the Market 

The fundamental side of the market remains light due to a lack of market-moving macroeconomic indicators. Eyes will stay on COVID 19 and how different nations are looking to deal with it. The coronavirus death losses in Spain officially crossed the China figures and becoming the 2nd-highest in the world. The health system is falling under the weight of the disease. However, the coronavirus outbreak is not showing any sign of slowing down in the Eurozone.  Economic Calendar      BTC/USD – Daily Analysis The BTC/USD extends trading within the same trading range of 6,850 to 6,575. We may see further trends in Bitcoin only when it breaks either on the higher side or the lower side. The COVID-19 pandemic proceeds to display with terrible consequences beyond the globe, desperate measures to keep the economy floating continue to be steered by global governments.  Presently, the most striking illustration is the U.S., which lately announced an extensive quantitative easing plan and also entered an agreement for a $2 trillion stimulus program. The extensive quantitative easing means will cause the Federal Reserve to buy assets “in the quantities required to accommodate smooth market functioning.  Right after the decision was made, the leading cryptocurrency Bitcoin rallied nearly 10% from $6,300 to $6,900. At the moment, the BTC/USD has sunk to $6,630, and crypto markets have remained relatively stable during the day. BTC/USD – Daily Technical Levels Support Resistance 6,507      6,962 6,228     7,139 5,772     7,594 Pivot Point 6,683 BTC/USD – Daily

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Daily F.X. Analysis, March 26 – U.K. Bank of England Rate Decision In Focus! 

On Thursday, the U.S. dollar has soared nearly 7% in the last 15 days, as concerns across the economic fallout of the coronavirus pandemic have pointed traders towards the U.S. dollar, often regarded as a haven of last resort. It has settled near multi-year highs despite the U.S. Federal Reserve’s attempts to facilitate a global deficit of dollars. Considering this, the U.S. Senate unanimously announced a $2.2 trillion emergency aid plan yesterday as the United States recorded over 200 coronavirus-related deaths. With this, the dollar is getting a bit weaker, and stock markets are gaining support.  Economic Calendar      BTC/USD – Daily Analysis The BTC/USD extends trading within the same trading range of 6,850 to 6,575. As the COVID-19 pandemic proceeds to display with terrible consequences beyond the globe, desperate measures to keep the economy floating continue to be steered by global governments.  Presently, the most striking illustration is the U.S., which lately announced an extensive quantitative easing plan and also entered an agreement for a $2 trillion stimulus program. The extensive quantitative easing means will cause the Federal Reserve to buy assets “in the quantities required to accommodate smooth market functioning.  Right after the decision was made, the leading cryptocurrency Bitcoin rallied nearly 10% from $6,300 to $6,900. At the moment, the BTC/USD has sunk to $6,630, and crypto markets have remained relatively stable during the day. BTC/USD – Daily Technical Levels Support Resistance 6,507        6,962 6,228       7,139 5,772       7,594 Pivot Point

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Daily F.X. Analysis, March 25 – U.K. Inflation & Durable Goods In Focus! 

Global financial markets continue to remain on knees in the wake of an increased number of coronavirus cases around the globe. On the forex front, the ICE U.S. Dollar Index dropped a further 0.5% on the day to 101.60.  Today, eyes will remain the U.K. Office for National Statistics will release February CPI (+1.7% on-year expected). The U.S. Commerce Department will release February durable goods orders (-1.0% on month expected). The FHFA will release January House Price Index (+0.4% on month expected). Economic Calendar      BTC/USD – Daily Analysis The BTC/USD price edge higher today, recovering from $5,688 to a daily high at $6,600. The leading cryptocurrency asset defied the most serious concerns of analysts by operating over the $5,400 support, and presently, Bitcoin continues to show increasing strength in the light of wilting stock markets.  The Bitcoin price is now trading beneath the $6,200 and $6,000 support marks. There is a crucial contracting triangle developing with support around $5,780 on the hourly graph of the BTC/USD.  The BTC/USD pair could either drop dramatically below $5,750, or it might strive a fresh surge to $6,500. One of the significant price levels to be conscious of is the $5,400 mark. If Bitcoin drops beneath that level, it will be a very bearish plot for crypto as a whole. Although the price increased to a daily high of $6,400 on Sunday, a closing of daily price over $5,900 is necessary. BTC/USD – Daily Technical Levels Support Resistance 6,507        6,962

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