Daily F.X. Analysis, Oct 02 – Top Trade Setups In Forex – US ADP Nonfarm Payroll Eyed! 

A day before, the U.S. dollar fell sharply versus most major currencies, after falling from a two-year peak during data revealed the U.S. manufacturing activity shrank at the quickest velocity in more than a decade in September. The weak manufacturing survey from the United States, along with other countries around the world gave a boost to the current expectations of further interest rate cuts from central banks. On the other hand, U.S. Dollars on Tuesday fell across the board on the release of weak manufacturing PMI from the Institute of Supply Management in the United States. The data showed that PMI has dropped to 47.8 points against 49.1 expectations. Economic Calendar – ADP Nonfarm Payroll Eyed     BTC/USD – Daily Analysis Bitcoin price is consolidating mostly in a red zone, losing around 0.50% in the second half of the trading session. The BTC/USD price is gaining significant support at $7500, barring a free-fall. Price action has created a bearish flag formation on the daily chart, directed to a possible breakout south. On the smaller timeframe, the Bitcoin price action remained slightly bearish below 38.2% Fibonacci trading level. The 50 periods EMA is also extending resistance at the same level.   On the other hand, the bearish breakout below $8,000 can extend sell0-off until $7,900. The relative strength index (RSI) has entered the overbought zone and may drive the bearish trend below 8100 today.  BTC/USD – Daily Technical Levels Support Resistance  7,727.14   8,447.94 7,372.57   8,814.17 6,651.77   9,534.97 Pivot Point 8,093.37 BTC/USD –

Read More

Daily F.X. Analysis, Oct 01 – Top Trade Setups In Forex – RBA Cash Rate Focused!

On Monday, China warned the Trump administration against such actions because they could affect the upcoming high-level trade talks in Washington between US-China Officials. In response, Peter Navaro, White House trade adviser, dismissed the reports and said that they are “fake news. The U.S. Dollar Index rose and placed a 4-weeks high on Monday and moved to 99.113. The robust U.S. Dollar made Gold prices to fall below $1500 and set a 2-months low of $1464.  Today, all eyes stay on the RBA Cash Rate as the Reserve Bank of Australia’s governor, Philip Lowe is very likely to cut the interest rates from 1.00% to 0.75%. Lately, the Reserve Bank of Australia’s governor, Philip Lowe, provided confusing directions about the policy. By the time of writing this, the RBA has already cut the interest rate to 0.75% from 1%; the Aussie is still supported as investors have already priced in 25 base point rate cut.  Economic Calendar – RBA Rate Out     BTC/USD – Daily Analysis Bitcoin price action continued mostly stable over the weekend session. The ballooning selling activities thwarted an attempt to break above $8,400. At the same time, the falls beneath $8,000 were defended above $7,900. The Bitcoin has already placed a high of $8,066, following an opening of $8,052. The hourly chart displays the price over the descending trendline resistance. Nevertheless, the immediate bullish trend is capped by moving average resistance.  The 50 SMA is limiting bullish trend at $8,510, and the 100 SMA currently stands

Read More

Daily F.X. Analysis, Sept 30 – Top Trade Setups In Forex – British Fundamentals In Focus! 

  The dollar showed an increase in U.S. Treasury Yields last week due to the possibility of the end of US-China Trade war. That came after the comment of President Trump on upcoming US-China Trade talks in October. Another factor adding in the U.S. Dollar Strength was a report of a possible ceasefire in Yemen by Saudi Arabia, created hope for a reduction in prevailing political tensions in the Middle East. On Sunday, Boris Johnson vowed that he would continue to stay as Prime Minister even if he failed to secure a deal to leave the European Union. He also said to his party that he would deliver Brexit on Oct 31 with or without any agreement. Economic Calendar – U.K. GDP Figures In Focus     BTC/USD – Daily Analysis  The leading cryptocurrency continues it’s bearish momentum following much inkling of a critical move. Bitcoin has undoubtedly taken a direction for the short-term dumping within the asymmetrical triangle support. Prevailing market price broke the $8,000 support and now looks poised to drop further. Bitcoin is now in a new trading range of 8200 – 7700. The 50 periods exponential moving average on the 4-hour chart is signaling selling trend in the BTC/USD.  One of the leading technical tool, the Relative Strength Index (RSI) is steady at 77, entering in the bullish zone, suggesting odds of the buying trend in the BTC/USD.  The BTC/USD is now having a current trading range of 8200 – 7720. The bearish breakout of 7700 can

Read More

Daily F.X. Analysis, Sept 27 – Top Trade Setups In Forex – Dollar Keeps On Strengthening! 

On Friday, the U.S. dollar climbed to a three-week peak versus the basket of six major currencies. Most of the bullish trend was boosted by tightness in the money markets of the United States. Whereas traders came out of their positions in Euro due to intensified political tightness, and a depressing economic outlook pondered on the Sterling and Euro. Consequently, the dollar index, which gauges the buck’s power against other currencies, traded bullish adding 0.16% at 99.2, its highest since Sept 3. Get ready for  Economic Calendar – Core Durable Goods Orders Up Next     BTC/USD – Daily Analysis  The leading cryptocurrency continues it’s bearish momentum following much inkling of a critical move. Bitcoin has undoubtedly taken a direction for the short-term dumping within the asymmetrical triangle support. Prevailing market price rests on $8,000 support but looks poised to drop further. Bitcoin is now in a new trading range of 8200 – 7720. The 50 periods exponential moving average on the 4-hour chart is signaling selling trend in the BTC/USD.  The Relative Strength Index (RSI) is trading at 77, entering in the bullish zone, suggesting odds of the buying trend in the BTC/USD.  The BTC/USD is now having a current trading range of 8200 – 7720. The bearish breakout of 7700 can extend bearish rally until 7425. BTC/USD – Daily Technical Levels Support  Resistance  7,727.14    8,447.94 7,372.57    8,814.17 6,651.77   9,534.97 Pivot Point 8,093.37 BTC/USD – Daily Forecast The BTC/USD continues to trade lower amid a stronger dollar. The

Read More

Daily F.X. Analysis, Sept 26 – Top Trade Setups In Forex – Safe Haven Gets Into the Dollar! 

During the previous session, the U.S. dollar went dramatically bullish, putting gold and other rival currencies on to their knees. The greenback gained extensive support on Thursday as traders welcomed the U.S. President Donald Trump’s indications of progress toward a trade agreement with China.  Moreover, President Trump also doubted the possibility of an impeachment inquiry, making much progress in the short term. Consequently, the greenback posted its sharpest intraday gain in three months during the late New York sessions. However, it’s trading sideways in Asian trade session today.  Economic Calendar – ECB, BOE & U.S. GDP In Focus!      BTC/USD – Daily Analysis A day before, the Bitcoin price made a sharp bearish move, sinking almost 16% from the daily open at $9,691 to a fresh low at $8,164. In the meantime, the BTC/USD price violated reliable support at $9,090 and broke out of a long-held trading range of 10,250 – 9,810.  Let us recall, one of the major reasons behind such a massive fall in Bitcoin is that the traders pulled out around $30 billion from the market.  Well, what’s next?    On the 4-hour chart, you can see the Bitcoin is now facing sturdy resistance at 38.2% Fibonacci trading level of 8656 The intraday Relative Strength Index (RSI) is trading at 44, still holding in the bearish zone, suggesting odds of the further bearish trend in the BTC/USD.  The BTC/USD is now maintaining a new trading range of 8656 – 8200. Whereas, the bearish breakout of 8200

Read More

Daily F.X. Analysis, Sept 25 – Top Trade Setups In Forex – Stronger Dollar Sentiment Dominates!  

On Wednesday, the U.S. dollar index that measures the dollar’s strength against a basket of peer currencies surged 0.2% to 98.10. Traders are now looking for further developments in the United States after House Speaker Nancy Pelosi announced a formal impeachment probe into President Donald Trump. The risk appetite rose after Trump’s trussed at Iran, along with oil-related geopolitical tensions in the Middle East, also sent yellow metal gold toward the $1,550 zone. Economic Calendar – Stronger Dollar Plays      BTC/USD – Daily Analysis What a day for the bitcoin, the leading crypto fell dramatically to trade at 8,537.5, losing around -1227.1 and -12.57% for the day.   Over the period of just 30 minutes, starting at 16:00 UTC on Sept 24, bitcoin prices fell beneath $8,000 — its weakest point since June 12 of this year.  Besides, $30 billion has been pulled out of the market across 24 hours as traders attempted to close their trades amid a frenzied sell-off. On the 4-hour timeframe, the BTC/USD is now facing substantial resistance at 38.2% Fibo level of 8650 area. Sights are now steadily set on the 200-day moving average (MA) that would formally consider the inauguration of a fresh bear market should a firm close below $8,311 occur. BTC/USD – Daily Technical Levels Support     Resistance  9,554.67    10,281.34 9,238.5      10,691.84 8,511.83     11,418.51 Pivot Point 9,965.17 BTC/USD – Daily Forecast The BTC/USD has violated and broken below the descending triangle pattern support of 9300 on

Read More

Daily F.X. Analysis, Sept 24 – Top Trade Setups In Forex – BoJ Gov Kuroda Set to Speak! 

A day before on Monday, the dollar spiked higher while global shares slipped as European stock indices clocked their severest day in a month after dark business activity figures in Europe escalated the fears of a potential recession.  On Tuesday, the single currency euro is trading into losses after soft economic figures on German manufacturing knocked down the trader’s confidence. Whereas, the greenback found broad support as investors watched for indications of progress from Sino-U.S. trade negotiations. Economic Calendar – BOJ Gov Kuroda Speaks     BTC/USD – Daily Analysis The BTC/USD seems to have violated the support level of 9,800 as it trades at 9,700 area during the Asian session. Lately, the leading cryptocurrency pair fell dramatically from 10,000 trading area to 9,600 zones.  On the 4-hour timeframe, the BTC/USD is facing support at the “double bottom” level of 9,600. Closing of BTC/USD above this level is signaling chances of a bullish reversal. Below this, the BTC/USD has a probability of going after 9,475.  The relative strength index is finally peaking out of the oversold zone, suggestings odds of a bullish retracement in the BTC/USD today. On the chart, you can also see the Fibonacci indicator. The BTC/USD may gain bullish momentum until 38.2% Fibo levels at 9,785 while above this 50% Fibo level will be extending resistance at 9,850.  BTC/USD – Daily Technical Levels Support    Resistance  9,554.67     10,281.34 9,238.5       10,691.84 8,511.83      11,418.51 Pivot Point 9,965.17 BTC/USD – Daily Forecast Bitcoin’s medium-term

Read More

Daily F.X. Analysis, Sep. 23 – Top Trade Setups In Forex – ECB Draghi In Highlights! 

On Monday, the U.S. dollar is supported as the market’s appetite for risk cautiously restored following discussions in Washington between U.S. and China. Investors feel more confident about the market, primarily because the trade talks are described as “productive.” The greenback overtook against the safe-haven yen but trimmed lower against the trade-exposed forex currencies, for instance, the Australian and New Zealand dollars, which surged on the wary risk-on mood. Today’s one of the major highlights includes the ECB President Draghi Speech which may help us drive some movements in the market.  Economic Calendar – ECB Draghi Speech      BTC/USD – Daily Analysis During the previous week, there were big moves in BTC/USD which finally fell below the $10,400 resistance area against the U.S. Dollar.  The BTC/USD dipped distinctly beneath the $10,000 support level to test the $9,650 point.  Lately, the leading crypto pair bounced off over the $10,000 and $10,200 trading zones. Nevertheless, the price fought to shatter the $10,400 resistance zone and the 100 SMA.  Consequently, the BTC/USD formed a double top pattern of around $10,083 area and closed candles below this. Now the same level is driving the bearish trend in the BTC/USD.   BTC/USD – Daily Technical Levels Support   Resistance  10,054.17    10,218.93 9,977.28      10,306.8 9,812.52      10,471.56 Pivot Point 10,142.04 BTC/USD – Daily Forecast Despite volatile session, the BTC/USD continues to trade in the same trading range of 9297 – 10250. BTC/USD is trading at 9957 right now, with immediate support at

Read More

Daily F.X. Analysis, September 20 – Top Trade Setups In Forex – Dollar Weakens Over Profit Taking! 

The U.S. Dollar kept trading within a tight range, as investors were divided on the U.S. interest-rate outlook. The Dollar Index slipped 0.2% on the day to 98.34 on Thursday, and it moved to 97.847, losing 0.2% for the day.  The British pound rose 0.4% to $1.2523 after media reported that European Commission President Jean-Claude Juncker expects a Brexit deal to be reached by October 31.  The Bank of England held its benchmark rate unchanged at 0.75% as expected, reiterating that the future rate path would largely depend on the outcome of Brexit. U.K. official data showed that retail sales fell 0.2% on month in August (expected to be flat). Economic Calendar – CAD Retail Sales Ahead    XAU/USD – Gold – Daily Analysis  On Wednesday when Federal Reserve cut the Interest rates by 0.25%, the Gold fell immediately. The Fed left traders with uncertainty about any further monetary easing as Fed Chairman Jerome Powell said that the cut was made to support the economy through weakened global growth and to boost the inflation and there was no guarantee over any further rate deductions.  Gold was supposed to move in bullish trend after the fed decision and interest rates cut should have weakened the greenback. However, the lack of commitment towards further monetary easing by the Federal Reserve gives strength to the US Dollar and put pressure on Gold, making it shortly after the news.  Two more Fed Policy meetings are remaining in October and December this year. The chances

Read More

Daily F.X. Analysis, September 19 – Top Trade Setups In Forex – Three Rate Decisions in a Row! 

On Wednesday, the Greenback strengthened and traded around a seven-week high versus the yen, following the Federal Reserve slashes in the interest rates. The rate cut is done by a quarter of a percentage point, as anticipated, but gave an ambiguous viewpoint on future easing. On the other hand, the U.S. greenback reached session top against the yen following the Fed rate cute, standing in seven of the previous eight sessions. The U.S. Fed extended the nod to continuing global risks and “vulnerable” market investment and exports, therefore, the lowering interest rates by 25 basis points may help the U.S. economy getting a bit of stability.  On Thursday, we have monetary policy decisions due from the BOE, SNB, and BOJ. It’s going to be a busy day, so let’s get prepared for it.  Economic Calendar – BOE, BOJ and SNB Rate Deicsions     BTC/USD – Daily Analysis Bitcoin is yet nearby the supply-demand junction area of $10,200 – $10,400. This region also includes the two major moving average lines: The 50-days and the 100-days. In the event of a bullish breakout of the triangle discussed previously and moving average ranges $10,500, we can assume the next critical point to be $10,800. Above this, we may see BTC going towards $11,000 resistance level.  Let’s say, if Bitcoin plans to violate the 11K level, the same level may work as a support, instead of resistance.  On the bearish side, a decline of $10,200 (the prevailing price range) will carry Bitcoin to

Read More
Top