Tag: EUR/USD

Daily F.X.Analysis, May 13 – UK GDP and Fed Chair Speak In Focus! 

The dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. Let’s wait for Fed Chair’s speech today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices continue to consolidate with in the same trading range of 9,000 – 8,600 level. The BTC/USD price prolongs restoration over $8,900 but declines below $9,000. Gains over $9,000 would open the way to barter with the resistance at $9,532. Bitcoin buyers are eventually rising from their hiding following a grisly four days.  The largest cryptocurrency has fought with improvement from the weekend lows at $8,100. Nevertheless, progress has been made towards $9,000 after the seller congestion zone at $8,900 was cleared. The BTC/USD is trading at $8,910, following a trivial improvement from a high of $8,979. The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish

Read More

Daily F.X. Analysis, May 11 – Stronger Dollar Sentiment Amid Positive NFP! 

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week.  The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230.  BTC/USD – Daily Technical Levels Support Resistance  8,054       9,485 7,376      10,239 6,622 

Read More

Daily F.X. Analysis, May 08 – Big Day, the U.S. Non-farm Payroll Ahead! 

The U.S. dollar lost its traction after the release of Unemployment Claims for last week. Around 3.1M people reported to file claims for jobless benefits from the U.S. on Thursday and weighed on the U.S. dollar. However, it’s going to be a busy day for the U.S. dollar in the wake of high impacted labor market figures, which are due during the U.S. session today.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD is on the verge of a major breakout over a key mark of resistance after it examined $9,400 once again during yesterday evening. All of the dominoes have apparently fallen into position for BTC/USD as it advances its third block reward splitting in 11 years, with several traders demanding that it will work as an impetus for the bull market. The major level of resistance to look out for is $9,550, as this begins back to the $20,000 top in December 2017 with denials occurring along the way at $13,150, $12,500, and $10,500. Being able to achieve a daily or weekly over $9,550 would imply a clear change in the market from May when Bitcoin dropped to as low as $3,850. If a move to the upside occurs this weekend, it will symbolize a period of bullish trading above the coming weeks with targets commencing to begin over $13,000. BTC/USD – Daily Technical Levels Support Resistance  9,332      10,367 8,669     10,739 8,297     11,403 Pivot Point 9,704 BTC/USD – Daily Forecast The BTC/USD

Read More

Daily F.X. Analysis, April 16 – Brace for U.S. Jobless Claims Today! 

The U.S. .dollar is gaining bullish momentum in the wake of mixed retail sales data; however, on Thursday, the greenback could lose its bids during the U.S. trading hours if President Trump surprises markets by announces guidelines for an early restoring of the economy at a news conference on Thursday. While Trump said that we had passed the peak on new cases, and it’s fascinating. Let’s look at today’s analysis.  Economic Calendar         BTC/USD – Daily Analysis The BTC/USD has spent the week striving to profit from the fall it confronted during the previous week amid a drop from $7,441. The digital asset took a breather over $6,500 and even improved topping levels past $6,900.  Nevertheless, it has shifted increasingly challenging to maintain gains towards $7,000. For this purpose, another lower improvement on Wednesday pushed Bitcoin beneath various support levels of $6,800 and $6,600.  The bearish bias spread below $6,500 before obtaining cover at the 38.2% Fibonacci retracement mark taken within the last swing high at $10,567 to a swing low $3,854. A slight bounce from this mark catapulted BTC/USD over $6,600. However, the next short term, hurdle at $6,700, is still attaining in the way.  BTC/USD – Daily Technical Levels Support Resistance  6,644        6,881 6,552        7,027 6,315         7,264 Pivot Point 6,790 BTC/USD – Daily Forecast On Thursday, the BTC/USD price is holding around 6,643 area, bouncing off above the previously suggested support level of 6,577. This support level is

Read More

Daily F.X. Analysis, April 15 – Eyes on U.S. Retail Sales and BOC Policy Decision! 

The greenback crawled lower, but gains in riskier currencies were capped as traders worried about company earnings and braced for Chinese trade data likely to show the full impact of the coronavirus health crisis on economic activity. Later today, eyes will remain on the U.S. retail sales and Canadian monetary policy decisions, which are expected to drive market movement during the U.S. session.   Economic Calendar        BTC/USD – Daily Analysis The International Monetary Fund (IMF) has issued a stark forecast that the worldwide economic slowdown triggered by ‘the great lockdown’ will get much worse before it gets better. The BTC/USD prices shifted distinctly to trade at 6,575 area, which marks as a double bottom on the 4-hour timeframe. Above this, the Bitcoin may show slight bullish correction until 6,850, but a violation of the descending triangle pattern along with bearish engulfing candle on the 4-hour timeframe is supporting bearish bias among traders. Today, chances of a bearish breakout remain strong; therefore, the bearish breakout of 6,577 level can extend selling until 6,170. BTC/USD is fighting to break above the next resistance level of $7,000 and $7,250 versus the U.S. Dollar. The bulls are gradually taking control, and they are anticipated to target $7,000. The Bitcoin failed to break the significant support level of around $6,550 on the hourly chart of the BTC/USD pair. The pair could improve distinctly towards the $7,100 support or $6,800. BTC/USD – Daily Technical Levels Support Resistance  6,761        6,962.9 6,666   

Read More

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

Read More

Daily F.X. Analysis, March 12 – European Central Bank Ready to Release 

The ECB remains in the highlights due to its monetary policy meeting and rate decision. Odds of rate change are pretty low, but considering the behavior of major central banks around the globe, traders are pricing in chances of a rate cut or further Q.E. to accommodate the economy against the Coronavirus. This can drive selling in the Euro today. Economic Calendar     BTC/USD – Daily Analysis The BTC/USD tanks further as the WHO reports the Coronavirus as a global pandemic. The BTC/USD remains exposed to drops, particularly with the strong resistance and weak support in court.  The cryptocurrency market, the stock exchange, and other worldwide markets are suffering in the wake of fears that the Coronavirus could become uncontrollable. The World Health Organization (WHO) has considered the deadly COVID-19 a global pandemic. This comes as countries take steps to either carry the virus or hold it at bay. The global financial markets remain to undergo troubles, including the BTC/USD.  The leading crypto has disappointed and failed to gain demand, especially in a situation of global emergencies such as the Coronavirus. Instead, the BTC/USD has extended to the tank bottom by the side with the other traditional businesses. BTC/USD – Daily Technical Levels Support     Resistance  7,617.2         7,973.43 7,426.55      8,139.01 7,070.32     8,495.24 Pivot Point 7,782.78 BTC/USD – Daily Forecast The BTC/USD continues to trade lower but mostly with in the same trading range that we spoke about earlier. It’s maintaining the 8,200 – 7,600

Read More

Daily F.X. Analysis, March 02 – Eyes on U.K. Manufacturing PMI Figures! 

On Monday, the index is looming the range of 4-week lows in around 98.00 level, as traders continue to price in the possible rate cut by the Federal Reserve (even ahead of the FOMC meeting) on March 17-18.  The greenback, in terms of the U.S. Dollar Index (DXY), has begun the week well into the opposing area and tested fresh lows in the region of 97.80, where sits the vital 200-day SMA. On the news side, eyes will remain on the U.K. manufacturing PMI figures.  Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD price has confident inception to the week’s trading as it’s price increased during the Asian session on Monday amid the bullish building momentum. The BTC/USD is edged higher around 1% while trading at $8,614.  The BTC/USD price has elevated upwards from an initial price of $8,525.75, although it also registered an intraday low of $8,485.52. The daily graph reveals Bitcoin trading beneath the moving averages where the 200-day SMA is narrowing upward progress at $8,760.46 and the 50-day SMA keeping the ground at $9,276.  The 61.8% Fibonacci level of the previous swing high at $10,537 to a swing low of $6,438.93 will further limit the profits towards $9,000. BTC/USD – Daily Technical Levels Support    Resistance  8,521.14      8,916.46 8,281.9       9,072.54 7,886.58    9,467.86 Pivot Point 8677.22 BTC/USD – Daily Forecast On Monday, the Bitcoin prices continue to trade around the support level of 8,475. Whereas, the 50 periods EMA extends resistance

Read More

Daily F.X. Analysis, February 28 – German CPI & Franch GDP In Focus! 

A day before, the U.S. dollar slipped as traders bet the Federal Reserve would lower interest rates to compensate the influence of the spreading coronavirus, providing the signal euro its most significant daily gain since May 2018. On the news front, the economic calendar is almost muted, which is why the focus will remain on the technical outlook. No significant price action is expected so far. Sideways and choppy sessions are due to thin trading volume. Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD price disappoints to maintain this level, then a fresh lower low under the Feb.4 price of $9,089 is possible. Below $9,089, the next level of support can be seen at the 200-day moving average that is also at $8,800. The BTC/USD is presently recovering from the $8,512 weekly low versus the greenback. Nevertheless, BTC/USD is still covering many key hurdles near $9,000, and it could return its decay. BTC/USD is exhibiting symptoms of a short term upward retracement from $8,512 versus the greenback.  The sellers are still in control, except there is a definite break over $9,000 and $9,200. There is possibly a bearish flag forming with support around $8,735 on the hourly graph of the BTC/USD pair. The BTC/USD could continue its drop beneath the $8,735 and $8,600 mark in the near term. BTC/USD – Daily Technical Levels Support     Resistance  8,595.6       9,015.6 8,365.3      9,205.3 8,175.6       9,435.6 Pivot Point 8,785.3 BTC/USD – Daily Forecast The BTC/USD extends

Read More

Daily F.X. Analysis, February 25 – C.B. Consumer Confidence In Highlights! 

On the forex front, the U.S. Dollar Index was little changed at 99.29, compared with 99.26 in the prior session. The German Federal Statistical Office will post the final readings of 4Q GDP (+0.3% on-year expected and previously estimated). France’s INSEE will report February indicators on business confidence (103 expected) and manufacturing confidence (99 expected). In the U.S., the Conference Board will publish February Consumer Confidence Index (132.1 expected). S.P./Case-Shiller will report the 20-City Composite Home Price Index for December (+0.4% on month expected), the FHFA will release November House Price Index (+0.4% on month expected), and the Richmond Federal Reserve will release its Manufacturing Index for February (10 expected). Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD price remained range-bound during the day; however, it ultimately slipped down 3.28% to $9,473 through the U.S. evening hours. Many BTC/USD supporters assume that the leading asset is negatively correlated to traditional markets and have often proposed that traders will refer to it as a hedge in case of volatility in the markets, but that was not the situation today. Bitcoin fought to stay over $9,750 and dipped towards the $9,500 support versus the Greenback. BTC price could drop if it sinks beneath the critical $9,500 support.   A solid support is building on the downside around the $9,500 region. There is a crucial bearish trend line setting with resistance around $9,640 on the hourly timeframe of the BTC/USD pair (data feed from Kraken). The pair could make either soar over

Read More
Top