Tag: Daily Brief

Daily F.X. Analysis, April 30 – ECB Monetary Policy In Highlights! 

A day before, the U.S. dollar weakened after the Federal Reserve kept the Fed fund interest rates steady and reiterated a pledge to do what it needs to shore up the economy that has been punished by business shutdowns due to the novel coronavirus. The dollar has declined over 3% after mounting a more than the three-year high of 102.99 in late March as global central banks initiated massive incentive measures to preserve economies from the coronavirus pandemic. The Fed’s statement was released after the economic data exhibited that the U.S. economy shrank in the first quarter. Economic Calendar        BTC/USD – Daily Analysis On Wednesday, during the U.S. session, the BTC/USD pair soared dramatically to trade at 8,900 levels, and it seems to head toward $10,000 soon. The bitcoin price surged over 30% since the end of March, has almost erased its coronavirus crash losses—and is beating the U.S. S&P 500 index along with most other major markets. On Wednesday, Bitcoin (BTC) price shattered by a range of essential resistance levels as investors ponied up and initiated their target on the $9K level. Today’s $1,123 wave enabled Bitcoin price to violate several crucial levels, such as the major resistance at $8,000 and $8,500. With the move above $8,000, the BTC/USD has also cleared the yearly pivot level of $8,100, which makes it bullish for now. Let’s look at the technical side of the market.  BTC/USD – Daily Technical Levels Support Resistance  8,540      9,137 8,147     

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Daily F.X. Analysis, April 29 – Brace for the U.S. GDP & FOMC Today! 

On Wednesday, the dollar was on the rear foot as the slowing range of the coronavirus and progress to re-open economies boosted the trader’s mood, ahead of major central bank meetings. Traders will be waiting to inspect if the U.S. central bank provides any evidence on its projected policy path following it reacted to the economic desolation of the COVID-19 pandemic by severing rates, buying bonds, and backstopping credit markets.   Economic Calendar            BTC/USD – Daily Analysis A day before, the leading cryptocurrency Bitcoin continued to trade sideways in the wake of thing trading volume in the market. The trend is bearish while its volatility is increasing. BTC/USD is dancing at $7,683, although it has touched $7,795 (intraday high) to the upside. So far, the Bitcoin prices continue to move in a tight trading range of 7,625 – 7,800. Traders seem to wait until the bitcoin prices violate this range and determine the apparent trend. Hence, we can do sideways trading until this range gets violated.  Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week’s accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance.  BTC/USD – Daily Technical Levels Support Resistance  7,694        7,815 7,622        7,864

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Daily F.X. Analysis, April 28 – U.S. C.B. Consumer Confidence In Highlights! 

A day before, the U.S. dollar slipped across the board as various countries laid out plans to loosen limitations on businesses that have been blocked in the wake of novel coronavirus outbreak, increasing risk appetite and reducing demand for the safe-haven U.S. currency. The significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the latest updates from COVID19, European Spanish Unemployment Rate, and U.S. consumer confidence figures, which are expected to release during the trading sessions today.  Economic Calendar        BTC/USD – Daily Analysis On Monday, the Bitcoin prices haven’t changed much due to a lack of liquidity in the market. Even today, on Tuesday, the Bitcoin prices continue to move in a tight trading range 7,625 – 7,800. We can’t have much of the trading opportunity until the bitcoin prices break this range and determine the clear trend. Elsewhere, we can do choppy sessions until this range gets violated.  Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week’s accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance.  BTC/USD – Daily Technical Levels Support Resistance  7,685       7,847 7,579       7,904 7,522       8,010 Pivot Point 7,741 BTC/USD –

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Daily F.X. Analysis, April 27 – Choppy Sessions Amid Mixed Risk Sentiment! 

The global stock market indices and the U.S. dollar seems to be proposing a potential turning point with the stimulus trade. Global stocks have been broadly backed by unique stimulus from central banks and states, but that appears to be missing some of its firepowers, while the constant demand for U.S. Bonds has buoyed the greenback.  The subsequent significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the Japanese unemployment rate and the latest updates from COVID19.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD price continues to soar week in and week out, as another 9% has been combined to its price since the previous Sunday. Nevertheless, with the block reward halving being presented over two weeks away, and drilling pressure set to grow 5% further. The BTC/USD prices have abruptly jumped over $7,700, implying the remainder of the weekend, along with the weekly close will produce higher than usual levels of activity. The progress to $7,708 was short-lived but almost set a higher high above Thursday’s dramatic wave to $7,742.  Currently, the BTCUSD price is trading sideways between $7,600-$7,769 as traders have violated the intraday pivot point level of 7,632 to press the price above $7,600. Bullish seems stronger today.  BTC/USD – Daily Technical Levels Support Resistance  7,557        7,776 7,413        7,851 7,338       7,995 Pivot Point 7632 BTC/USD – Daily Forecast During the previous week, the BTC/USD

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Daily F.X. Analysis, April 24 – Brace for Retail Sales & German Business Climate! 

The U.S. .dollar traded with a bullish bias versus the currencies of oil raisers on Thursday as a recovery in crude prices from an unexpected breakdown only partly soothed markets uncertainty by the massive coronavirus-led decline in global demand. The Euro held poised toward the greenback and the pound ahead of an of the meeting of European Union executives on the bloc’s acknowledgment of the economic turbulence generated by the global coronavirus pandemic. On the news front, the eyes will remain on the U.K. retail sales, German Ifo Business Climate, and U.S. durable goods orders; however, almost all of the economic events are expected o perform worse than the previous economic data.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD prices are exhibiting indications the market is more confident about the cryptocurrency. The Bitcoin prices showed some dramatic buying after the violation of the symmetric triangle pattern on the 4-hour timeframe.  The world’s leading cryptocurrency jumped 10% on Thursday before the expiration of April CME futures. Overall the prices surged from $7,018 level to place a high of around $7,765. The BTC/USD futures contract for the month of April ended at $7,115 on Thursday. Whereas, the contract for the month of May delivery came in almost $40 above the previous price, signaling a positive outlook. At this moment, the BTC/USD has settled back around 7,429 – a critical support level that traders seem to watch closely. It will be interesting to see how traders respond to this level

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Daily F.X. Analysis, April 23 – Manufacturing & Services PMI’s In Highlights! 

On Thursday, the greenback accelerated ahead versus the currencies of oil yielders as a bounce-back in crude prices from an abnormal collapse only partly soothed markets weakened by the massive coronavirus-led decline in global demand. Today, the market’s focus is going to be on the manufacturing and services PMI figures, which are scheduled to come out from the Eurozone. Let’s take a look at the significant trade setups.   Economic Calendar        BTC/USD – Daily Analysis The BTC/USD price has started trading in the bullish region around 7,147 area during the Asian session. The BTC/USD has tested and already violated the psychological resistance level of $7000. The Bitcoin price has also crossed over the 50 periods exponential moving average and is already trading over the 200 simple moving average on the 4-hour timeframe.  The price action in Bitcoin is looking strong, as we can observe from the chart here, but the high of 7466.00 is likely to be taken out for the bulls to remain in charge.  If that doesn’t appear then, the price could look for support levels around 6,818.58; that level seems solid as it has been examined a few times in the past. The next major downside target stays at $6500, which, if breached, could invite a huge wave of selling. BTC/USD – Daily Technical Levels Support Resistance  6,913       7,219 6,730       7,342 6,424       7,648 Pivot Point 7,036 BTC/USD – Daily Forecast The BTC/USD prices showed slight surged to trade below 7,212

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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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