Daily FX Analysis, Sep 02 – Quick Outlook of BTC/USD, AUD/USD and Gold! 

The Dollar Index soared to a two-year high on Friday, climbing 0.6% on the day to 98.81. On Sunday, fresh U.S. and China tariffs progressed into effect. Meantime, the U.S. president proceeded to pile weight on the Federal Reserve, tweeting: “The Euro is falling against the Dollar like crazy, providing them a great export and manufacturing advantage…and the Fed does NOTHING!” The euro fell 0.8% to $1.0991, posting a five-day losing strip to the lowest level since May 2017. Official data revealed that eurozone core CPI rose 0.9% on year in August (vs. +1.0% anticipated and +0.9% in July), while the jobless rate was poised at 7.5% in July (as foreseen). Economic Calendar – Labor Day Holiday     BTC/USD – Daily Forecast Bitcoin developers have been attempting to get the world’s most famous cryptocurrency extra beneficial for payments, with the slightly dubious Lightning Network one of the most attractive projects. Nevertheless, severe safety vulnerabilities have this week been found on the Bitcoin Lightning Network, which could end in users losing their bitcoin if links are not updated. The BTC/USD pair is correcting the cutting rally from the low of $3,236.09 to the high of $13,973.5. Pullbacks that gain support between the 38.2% and 50% retracement levels are deemed strong. A broader pullback under the 61.8% Fibonacci retracement level decreases the likelihood of a resumption of the uptrend. BTC/USD – Daily Technical Levels Support Resistance  9,477.2      9,725.74 9,336.9      9,833.98 9,088.36   10,082.52 Pivot Point 9,585.44  BTC/USD

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Daily FX Analysis, Aug 30 – Quick Outlook of BTC/USD, EUR/USD and GBP/USD! 

On Friday, the market continues to trade the echos coming from the US.GDP figures which came out slightly better than the forecasted one.  According to the “second” estimate released by the Bureau of Economic Analysis, the U.S. Real gross domestic product (GDP) grew at an annual rate of 2% in the second quarter of 2019. In the first quarter, real GDP grew 3.1%.  Eventually, the Greenback buyers were testing the 98.57 resistance handle on the back of US Q2 GDP that came in-line with the forecasts. Meantime, the EUR/USD was underway a strong tumbling rally, targeting the robust 1.1027 support handle.  Economic Calendar – Canadian GDP In Highlights   BTC/USD – Daily Forecast Bitcoin is trading at $9,496, marking a 1.85% price drop on the day. Yesterday, BTC, ETH, and XRP all sank distinctly in price and continues to trade the same price action. BTC, in particular, fell below the $10,000 price point and continued to slip to under $9,500 earlier today.  BTC/USD – Daily Technical Levels Support Resistance  9617 10805.92 9094.65 1472.49 7905.73 12661.41 Pivot Point 10283.57   BTC/USD – Daily Forecast The BTC/USD has traded well in line with our forecast and continued to stay below 9790. Its the same level which was providing supporting the leading crypto pair during the last week.    The Stochastic and RSI still stays in the bearish zone, signalling odds of further selling in the BTC/USD. The sentiment remains bearish as the violation of double bottom has opened further room for selling until

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Daily FX Analysis, Aug 29 – Big Day Eurozone PMI & US Prelim GDP q/q In Highlights! 

On Wednesday, the dollar index, which measures the U.S. currency against a basket of six currencies, surged 0.19% to 98.186. The Chinese yuan trimmed lower to 7.1690 in foreign markets, not distant from the record low of 7.186 it placed on Monday. Quite distinctly, the Greenback was building a mounting wedge pattern, pleasing the bears. Meantime, the USD Index continued to stay well above the red Ichimoku Clouds, aiming the 98.45 resistance handle. On the flip side, 97.16 stable support handle remained as an authoritative stoppage. The RSI stood muted near 55 levels, maintaining a neutral perspective on future actions.  Economic Calendar – Eurozone PMI & US Prelim GDP q/q    BTC/USD – Daily Forecast During the previous session, Bitcoin’s price slid more than $600 in 30 minutes, falling back below $10,000. Bitcoins opened the day at just under $10,200. Over the trading day, BTC broke over $10,250 a few of times. The action finished with a 30-minute sell-off. BTC observed a large pullback from $10,200 to $9,600, followed by a small bounce near $9,740, providing temporary support. At the time of writing, BTC is currently changing hands at $9,700. BTC/USD – Daily Technical Levels Support Resistance  9617         10805.92 9094.65    1472.49 7905.73    12661.41 Pivot Point 10283.57   BTC/USD – Daily Forecast On the 4 hour chart, the BTC/USD was facing solid support around 9790 which has now been violated amid massive sell-off. For now, the BTC/USD has an open room for 9476 and 9300. Let’s

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Daily FX Analysis, Aug 28 – Choppy Sessions, Good Day for Technical Setups!

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

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Daily FX Analysis, Aug 27 – Boosted Haven Appeal Weights on Dollar, What’s on the Chats Today?

During the previous session, the U.S. dollar index was crossing the centerline of the Bollinger Bands, heading to the upper vicinity of the indicator. After shaking the market on Monday, President Trump was on the tape, making remarks from the G7 meeting in Europe. The President stated that China has stretched out to his cottage and was ready to come back to the negotiating desk. He also sought to soothe the markets by striking a more friendly tone. Trump also clarified that China necessitated the US more than the US needed China as he proceeded to seek the upper hand on the Chinese. Economic Calendar – CB Consumer Confidence Up Next!     BTC/USD – Daily Forecast BTC/USD moved from 10,182 to 10,680 in ten minutes In the Asian session.  We know that a volatile consolidation range of between $14,000 and $9,800 will likely be met with an explosive breakout. However, If trading volume levels don’t rise soon, which is lowest due to summer holidays, Bitcoin price will likely see another drop which could create a lower low on the 4-hour chart, anywhere between $8,800 and $8,100. If price levels drop below $8,100, it’s wise to assume the trend is bearish and to be more cautious when taking long positions. BTC/USD – Daily Technical LevelsSupport Resistance 10142.9 10532.01 9916.35 10694.57 9527.24 11083.68 Pivot Point 10305.46   BTC/USD – Daily Forecast On the technical front, the BTC/USD is still facing double bottom support around 9,780. Bitcoin has already completed correction until 10,200,

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Daily FX Analysis, Aug 26 – Top Trade Setups In Forex, Safe Haven In Play!

China’s precision trade war confusion and fear tariff hits were clocked perfectly to make Trump seem bad before the G-7 and to steal some of the Jackson Hole thunder. Nevertheless, as usual, it was Trump’ twitter hurricane that stole the show. The investors are accustomed to harsh assaults on Jay Powell, but similarly depicting President Xi an opponent of the U.S. with the same brushstroke transmitted shockwaves into global capital markets. It was Trump’s extreme invasion that sent the dollar plunging as it threw more fuel on the currency war debate. With President Trump’s latest tweets articulating like situations are about to re-escalate significantly, no one wanted to be caught short USD, Fixed Income or Gold heading into a weekend fraught with the potential G-7 headline risk. Economic Calendar – Core Durable Goods Orders & G7 In Focus     BTC/USD – Daily Forecast Bitcoin (BTC) has built up a solid upside momentum through early Asian hours on Monday. The leading coin has grown from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes. At the time of writing, BTC/USD is changing hands at $10,419, up nearly 3% since the beginning of the day.   BTC/USD – Daily Technical Levels Support Resistance 10142.9 10532.01 9916.35 10694.57 9527.24 11083.68 Pivot Point 10305.46 Technically, the BTC/USD is facing double bottom support around 9,780. BTC has already completed correction until 10,200, and now chances of a bullish breakout look dominant. Closing of more candles above 10,200,

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Daily FX Analysis, Aug 23 – Fed Chair Powell & Jackson Hole Symposium In Focus!

A day before, the ECB Meeting minutes recorded that the estimate for the economy persists weaker and additional stimulus would begin as early as in September. Greenback had secured a choppy performance on Thursday, and same continues for Friday as it remaining within 98.14/98.38 range levels. Summer vacations are causing a lack of volatility in the market, which is why we aren’t seeing trendy trades. However, we may experience some movement on the back of economic events. Brace yourself. Economic Calendar – Fed Chair Powell Speaks in Highlights Today, the market prepares to trade major events like Canadian Core Retail Sales m/m, Fed Chair Powell Speaks and Jackson Hole Symposium.   BTC/USD – Daily Forecast Bitcoin price on is trading in negative territory, nursing steep losses of some 7% in the session. The bear market continues to drag prices down across the board, with a lack of slowdown in sight. Now if the trend is to turn down the 9467.57 low will be a major level as a break would make a lower high followed by a lower wave low. Technically, the BTC/USD is facing double bottom support around 9,780. We may see bullish correction until 10,200, but chances of a bearish breakout look dominant. Closing of more candles above 9,780 will trigger buying, and closing of candles below 9,780 can lead BTC/USD towards 9,400. All the best and have a profitable day!   EUR/USD – ECB Meeting Minutes Fails to Surprise The EUR/USD was almost near its opening mark as the day was

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Daily FX Analysis, Aug 22 – FOMC Brings No Surprises, Eyes on PMI Figures!

The U.S. Federal Reserve’s FOMC Meeting Minutes fails to surprise the market with hawkish bias. As per the minutes from the Federal Reserve’s July 30-31 monetary policy meeting, two of the Fed policymakers voiced their preference to make a 50 basis point rate cut in July rather than a 25 basis point cut to address the low inflation. The U.S. Federal Reserve policymakers were intensely divided over whether to cut interest rates. Minutes from the two-day meeting published yesterday on Wednesday revealed policymakers’ final decision to reduce the central bank’s benchmark interest rate by a quarter percentage point carried more opposition than was displayed in the rate-setting panel’s 8-2 vote, published after the meeting adjourned on July 31. Economic Calendar – Eurozone’s PMI Figures Today, the market prepares to trade the series of manufacturing and services PMI data from Eurozone.     EUR/USD – Manufacturing & Services PMI In Focus Despite mixed FOMC report, the EUR/USD pair managed to maintain its sideways range of 1.1115 – 1.1070. Traders are finding no solid reason to derive breakout of the range, however, today it has a good chance of breaking out of the range. It’s especially a busy day ahead on the Eurozone economic calendar. Important stats due out of the Eurozone include August prelim private division PMI figures out of France, Germany, and the Eurozone. In addition to PMI figures, the ECB monetary policy meeting minutes are also due out later today.   It’s been the 6th consecutive day, the EUR/USD continues to consolidate in

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Daily FX Analysis, Aug 21 – Brace for FOMC Meeting Minutes, Major Trade Setups!

While people enjoy summer holidays, the financial markets are experiencing thin volatility and lack of trading volume, which is why the Asian session has remained a bit quiet from the trading viewpoint. During the previous sessions, a decline in Treasury yields sent bank shares lower, which undermined the financial sector-weighted S&P 500 and Dow. Benchmark 10-year yield dropped nearly five basis points on Tuesday, or 0.05 percentage points, to 1.54% and triggered the risk-off sentiment for the second time this week. BTC/USD Bitcoin is trading at $10,200 amidst a building bearish momentum. BTC/USD is likely to plunge under $10,000 and even explore last week’s lows $9,469 as Bitcoin has already completed 61.8% Fibonacci retracement on the 4 hourly timeframes. Economic Calendar – FOMC Meeting Minutes As the markets prepare for the FOMC meeting minutes due out later today, Boris Johnson will be in focus early in the day.     EUR/USD – Going Nowhere, Sideways Channel Plays On Wednesday, the EUR/USD pair continues to consolidate within a narrow trading range of 1.1115 – 1.1070 as investors are finding no solid reason to determine the trend in Euro and US dollar. Previously, the single currency Euro experienced a macroeconomic setback, as data from the Union was generally discouraging. However, German PPI m/m data managed to underpin Euro’s demand. German PPI – For July 2019, the PPI (Producers Price Index) soared by 1.1% compared with the similar month of the preceding year. In June 2019 the annual rate of change all over had been +1.2%,

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Daily FX Analysis, Aug 20 –Major Trade Setups In Forex & German PPI Ahead!

The Asian session has been a bit quiet on the economic calendar as traders seem to be out on summer holidays, so we are facing a lack of volatility and trade opportunities in the market. Thus, there are no quantitative stats to present direction through the early part of the day. On the monetary policy front, the RBA meeting minutes provided the Aussie Dollar with direction. Quick Look on RBA Meeting Minutes Prominent features from the RBA meeting minutes included: Members anticipated 2nd quarter growth to be more solid. RBA Members also anticipated supply disruptions and mining investment to be scarcer of a burden on exports. Partial indicators point to subdued consumption growth in the quarter, however. The RBA expected dwelling investment to have declined further in the quarter. Public demand and non-mining business investment were expected to have continued to support growth. The unemployment rate stays at 5.2%. Whereas the unemployment rate remains unchanged, the employment to population ratio and participation rate prevailed around record highs. BTC/USD Bitcoin price rebounded recently and climbed above the $10,700 resistance against the US Dollar. The price is currently trading nicely above $10,500, but facing hurdles near $11,000.There is a mixing bullish trend line likely to extend support near $10,250 on the hourly chart of the BTC/USD pair. The price is likely to climb higher if it breaks the $11,000 resistance area in the near term. Economic Calendar – German PPI In Focus     EUR/USD – Horizontal Resistance Pushes Euro Lower On Tuesday, the EUR/USD pair lost

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