Tag: Daily Brief

Daily FX Analysis, Sep 05 – Top Trade Setups In Forex – Brace for ADP Nonfarm Payroll! 

The U.S. dollar fell during the previous session after New York Federal Reserve President John Williams said the economy looks “weaker than previously thought” and the central bank needs to stay flexible. His remarks were enough to drive sharp bearish moves in the dollar and bullish moves in the precious metal gold.  The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.5% to 98.415.  Today, the market will be focusing on the advance NFP figures and crude oil inventories from the United States to drive further trends in the market. Economic Calendar – ADP NFP Figures Highlights        BTC/USD – Daily Forecast On Thursday, the leading cryptocurrency Bitcoin (BTC) continues to trade sideways within a narrow trading range of 10,650 – 10,350. The pair continues to eye $11,000, with mostly registering minor gains on the day.  Bitcoin (BTC) price was testing support at $10,500 on Sept. 4 after its latest move upwards began to stabilize. After displaying an extraordinary price movement of violating 9890 on Wednesday, the Bitcoin is holding in a narrow range of 10,750 to 10,350.  Speaking about the technical side, the BTCUSD is likely to go after 11000 levels, but before this, we may experience a slight bearish retracement in Bitcoin, and that’s exactly what BTC is doing right now. The RSI and Stochastics, both of the leading indicators have come our of the bullish zone; in fact, it’s entering the oversold zone now. Investors seem to

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Daily FX Analysis, Sep 04 – Top Trade Setups In Forex – BOC In Highlights! 

During the early Asian session, the U.S. dollar gave up a two-year high reached on Wednesday versus a basket of six major currencies to trade at 98.915. Besides, the index also gave up ground to the yuan and steady against the euro, with one euro buying $1.0975. The British pound slipped dramatically on Wednesday in the wake of a parliamentary vote removing the door for another Brexit delay, while the dollar drifted lower after soft manufacturing data generated sentiments of aggressive U.S. policy easing. Economic Calendar – BOC Policy Rate In Highlights  On the technical side, the focus stays on a series of high impact economic events such as monetary policy decisions from the Bank of Canada, U.K’s Inflation Report Hearings and Trade Balance figure from Canada. BTC/USD – Daily Forecast On Wednesday, the leading cryptocurrency Bitcoin (BTC) continues to eye $11,000, with mostly registering minor gains on the day. The price of Bitcoin (BTC) has surged over the past few days and has again passed the $10,500, the triple top level.  Bitcoin continues to display extraordinary price movement after trading close to $10,300 for the better part of the day. At the time of writing this setup, the leading cryptocurrency is trading at $10,718 — up 2.9% on the day,  The BTCUSD has already violated the immediate resistance area of 10,500 after violating the psychological area of 10,000. On the upper side, the BTCUSD is likely to go after 11000 levels, but before this, we may experience a slight

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Daily FX Analysis, Sep 03 – Trade Idea’s for BTC EUR & AUD – RBA Cash Rate In Focus!

On Monday, the greenback has been the undisputable leader of the Forex board, particularly through the last week of trading, in what shifted a rather momentous month of August, characterised by the intensification of the US-China trade war, with the latest releases to hike tariffs coming into effect this last Sunday.  Earlier today, during the Asian session open, the dollar index was at its highest in more than two years versus the bucket of 6 major currencies, while global stocks were punished by U.S.-China trade disputes. China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday. With that, the market continues to follow the safe-haven appeal, keeping investors cautious. Economic Calendar – RBA Rate & ISM Manufacturing     BTC/USD – Daily Forecast The price of Bitcoin (BTC) has surged over the past few days and has again passed the $10,000 threshold. Previously, the Bitcoin lost $600 just in the course of a half-hour — sinking below the $10,000 mark before collapsing to a weekly low of $9,362 on Aug. 29. The price has slowly increased since then and is currently trading over $10,400, up 6.54% from its previous 24-hour value. The BTCUSD has already violated the immediate resistance area of 9791 and the psychological area of 10,000. Previously we discussed, the BTC has reversed from a suggested support area of 9315. Sentiment remained bullish with an immediate resistance around 9,800 and 10,049. On the

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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 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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Daily FX Analysis, Aug 16 – Major Trade Setups & Economic Events!

On Friday, the U.S. dollar index experienced gains following a surge in U.S. retail sales eased concerns about the world’s top economy. Previously, the greenback was on track for a weekly gain versus safe-haven currencies such as the Japanese yen and the Swiss franc, pointing to some respite for frayed nerves following fears of recession and rallies in Hong Kong rattling financial markets. With that, one this is clear; the market is trading risk-off sentiment and investors are looking to park their investments into the non-risky or safe-haven assets such as gold, silver, and Japanese yen while sell-off is experienced in stock markets. Bitcoin, on the other hand, traded yesterday upwards and moved to $10,407, representing a 0.82% price increase on the day. Bitcoin has consolidated from just under $10,000 to over $12,000 this month and had most recently been on a downward streak. BTCUSD continues to hold below the strong resistance level of 10,400, currently dropping to near $10,000. Yesterday’s move looks like a lower’s high. Therefore the next target can be a lower low around 9,682. However, a bullish breakout of 10,420 can lead BTC towards 10,600 and 10,900. Economic Calendar – U.S Building Permits & Consumer Confidence!     EUR/USD – Slips Lower Amid Descending Triangle Breakout The EUR/USD pair declined to a new 2-week low of 1.1091, as US economic figures shocked to the upside, while ECB’s Rehn discoursed about “significant” stimulus required. US Retail Sales increased by 0.7% in July, more than doubling the 0.3% boost expected.

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Daily FX Analysis, Aug 15 – Major Trade Setups & Economic Events!

On Thursday, the U.S. dollar index continues to trade choppy due to lack of market-moving fundamentals. The market is currently trading the Risk-off theme which is driven by global slowdown across the board, for instance, a day before we saw weakening German data as well as a big miss on China data. As per Reuters poll of foreign exchange strategists, the Chinese yuan is likely to decline further beyond the current 7 per dollar rate across the upcoming year as Beijing steps back from managing the currency amid tariff threats from Washington. Bitcoin also remained in highlights, especially after BTC/USD found itself trading around $9,700, down a jaw-dropping 8% in the past 24 hours. This move surprised many traders as the drop came after Goldman Sachs analyst recently claimed that Bitcoin could soon hit $14,000, adding that BTC’s medium-term prospects are looking surprisingly bullish. Economic Calendar – U.S & U.K’s Retail Sales In Play! Retail Sales m/m – 8:30 GMT The UK retail sales, listed to be published later this session at 8:30 GMT, is expected to sink -0.3% m/m in May, following a 1.0% figure seen in June. Indeed, no-Brexit sentiments and ongoing geopolitical tensions between the U.S. and China is making consumers frightened which is causing a drop in retail sales. Worse than expected figures may put extra weight on Sterling today. US Retail Sales – 12:30 GMT The US economy is focused on consumption and inflation figures as this has been an opulent cause of the growth of late.

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