Tag: Support and Resistance

AUD/USD Stays On Bullish Track – Is It going to Violate 0.6500?

The AUD/USD pair is flashing green and struggling to hit above the 0.6500 level while taking bids near the 0.6485 level and representing 0.20% gains on the day mainly due to the fresh selling in the U.S. dollar.  The improving risk sentiment in the market also providing support to the Australian dollar an keeps the currency pair bullish. The AUD/USD is trading at 0.6483 and consolidates in the range between the 0.6451 – 0.6492. However, the traders are keenly awaiting the Federal Reserve Chairman Jerome Powell’s speech on economic issues. The greenback looking flat and struggles to gain any meaningful traction by the expectations that the Fed might be required to drive interest rates below zero. However, the expectations for negative Fed rates further bolstered after the U.S. President Donald Trump on Tuesday urged the U.S. central bank to do more policy easing. While the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.90 at 2:50 AM ET (0650 GMT). The reason for the risk-on market sentiment could be attributed to the Better-than-expected UK growth numbers. The fresh ease in the Australian-China trade tensions also keeps the market light, with S&P 500 futures turn positive above 2,800 levels.  Moreover, the latest gains in the gold prices and copper prices also contributed to the commodity-currency, the Aussie bullish omentum. Meanwhile, markets digest the in-line with estimates Australian Wage Price Index data released in Asia. Fig 1 – AUDUSD 4H Chart Technically, the AUD/USD

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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

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Daily F.X. Analysis, April 10 – Good Friday, U.S. Inflation in Highlights! 

On Friday, the greenback started to trade on a tenuous footing and mostly showing a weekly loss in the wake of the massive new lending program from the U.S. Federal Reserves to deal with the COVID 19, which is hurting the business and economic growth drastically. On Friday, the eyes will remain on the U.S. CPI reports, which may help drive some price action during the U.S. session, elsewhere, the European sessions are likely to offer choppy trading sessions.  Economic Calendar       BTC/USD – Daily Analysis A day before, the BTC/USD fell to trade above $7000 psychological level as it was dispensing a few bearish signs beneath the $7,400 resistance zone versus the U.S. Dollar. The BTC/USD is currently failing, and it could prolong its inclination towards $7,100 or $6,800.  The BTC/USD is fighting to break above the next resistance level of $7,400 and $7,500 versus the U.S. Dollar. The bears are gradually taking control, and they are anticipated to target $7,000. There was a breach beneath a significant bullish trend line with support around $7,300 on the hourly chart of the BTC/USD pair. The BTC/USD pair could improve distinctly towards the $7,100 support or $6,800. Roughly 4-weeks ago, the global equities markets were in trouble as traders eventually recognized that the coronavirus was not just an illness limited to China, but rather a worldwide pandemic which could lastingly damage markets over the globe.  BTC/USD – Daily Technical Levels Support Resistance  7,177         7,405 7,039     

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Daily F.X. Analysis, March 13 – Risk Sentiment Remains Mixed, Coronavirus Plays! 

On Friday, the U.S. dollar stood tall as traders pushed for the world’s most liquid currency amid intensifying panic regarding the Coronavirus while the euro aided losses following the European Central Bank disappointed traders by not lowering the interest rates.  The market is likely to trade on mixed sentiment despite a list of European economic events that are due to come out during the European session today. Coronavirus panic is sharing the stage and has become the main highlight of these days, overshadowing economic events. Economic Calendar    Economic Calendar by TradingView   BTC/USD – Daily Analysis The BTC/USD price fell to $3,864 (new 2020) lows amid a massive cryptocurrency selloff. The breakdown, which occurred late February following Bitcoin price hit its 2020 high at $10,533, was connected to the fatal Coronavirus. Nevertheless, market volatility and panic tried to take advantage to drive one of the most serious selloffs in the cryptocurrency market with the BTC/USD plunging to $3,864  Bitcoin sellers have not left any stone unturned to reach $3,000 zone. The selloff in the whole cryptocurrency market has also entered extreme levels with higher than $110 billion washed off like a spot of dirt on white linen. BTC/USD – Daily Technical Levels Support     Resistance  5,024.56      7,114.43 4,252.86      8,432.6 2,162.99    10,522.47 Pivot Point 6,342.73 BTC/USD – Daily Forecast The Bitcoin is having one of it’s worst days, as it’s price dipped dramatically from 8,000 marks to 3,750. On the higher side, the leading crypto pair

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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

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Daily F.X. Analysis, March 09 – Market Shakes Amid Risk-Off, What’s Going On? 

On Monday, the buck dropped against the euro and yen as a slip in oil prices coupled with coronavirus concerns to push U.S. yields to historic lows. Oil prices fell 30% after Saudi Arabia shocked traders with a promise to slash prices and increase output following the breakdown of an OPEC supply contract. Here’s what to trade today. Economic Calendar       BTC/USD – Daily Analysis The BTC/USD trades bearish and concludes to 10%, and it split the key $8,000 support versus the U.S. Dollar. The BTC/USD price is now exposed, but the $7,500 support zone could spark improvement in the short term.  The BTC/USD is dipping heavily under the $8,200 and $8,000 support levels versus the U.S. Dollar. The price split many major supports, which also includes the 100-day SMA. There was a breach beneath a significant bullish trend line with support at $8,670 on the daily graph of the BTC/USD pair. The next crucial support on the downside is around the $7,500 area, where the bulls are expected to arrive. BTC/USD – Daily Technical Levels Support     Resistance  8,366.21     9,174.52 7,983.12     9,599.74 7,174.81    10,408.05 Pivot Point 8,791.43 BTC/USD – Daily Forecast There’s a flood of sellers in the market as the Bitcoin prices have dropped from 9,100 to trade lower at 7,790, and it’s likely to drop further until 7,666. Whereas, violation of this level can drop further until 7.350. The MACD is signalings odds of further selling bias in the Bitcoin.   EUR/USD –

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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

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Daily F.X. Analysis, February 27 – U.S. Prelim GDP Under Spotlight! 

On Thursday, the dollar held profits against the yen as growing concerns that a coronavirus break is converting into a pandemic sent traders to the safety of U.S. Treasuries. The greenback also traded around a three-month top against the British Pound in the wake of worries Britain’s trade discussions with the European Union were delaying and dampened expectations for enormous fiscal spending. Most currencies remained locked in tight ranges as traders tensely monitor the global outbreak of the coronavirus that began in China. The virus is presently growing faster outside of China than inside, arousing concerns that the economic influence of travel curbs, supply chain interruptions, and falling markets might be far more significant than earlier anticipated. On Thursday, the focus will remain on the series of fundamentals from the U.S., especially the Prelim GDP q/q and Core durable goods.  Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD has exhibited terrible price action has on Wednesday. The market has shifted away from the highs observed on February 13. The BTC/USD is trading 3% lower on another day for crypto markets. The leading crypto pair has made a fresh lower high lower low pattern, and things could get more serious. The cryptocurrency exchanges were shaken a day before in the wake of a flurry of selling that noticed more than $190 million worth of longs and shorts liquidated on well-known derivatives exchange BitMEX. A day before, the BTC/USD market closes under 9,000, which is indicating odds of further selling

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Daily F.X. Analysis, February 26 – U.S. New Home Sales In Highlights

On Wednesday, the greenback dollar sustained losses as growing expectations of a U.S. rate decrease and threats from U.S. health administrators regarding the spread of the coronavirus called into the subject. It seems to the strength of U.S. financial assets as investors are avoiding Euro since the Italy issue.  On the fundamental side, eyes will remain on the U.S. Consumer confidence data, which may trigger some buying in the U.S. dollar today. Overall, the market is again likely to follow technical trading levels. Economic Calendar       BTC/USD – Daily Analysis  The BTC/USD bearish leg continues under $9,100 following support at $9,500 was broken. A potential double-bottom pattern could shortly lead the BTC/USD towards $10,000. Following the shattering of the critical support at $9,500, sellers’ morale fired up amazingly. Previous week’s support at $9,300 seemed to accommodate very little to prevent the energized bearish lot.  The BTC/USD continued the bearish leg to $9,090 (daily low). The price is trading bearish, falling by 1.84% towards the conclude the Asian session. Whereas, an attempt to pull the price upwards has scored a significant barrier at $9,200. Alternatively, BTC/USD is switching hands at $9,142 while the trend continues to lead to the south, perhaps, in the wake of a stronger dollar. BTC/USD – Daily Technical Levels Support    Resistance  9,449.46      9,802.61 9,292.61      9,998.91 8,939.46    10,352.06 Pivot Point 9,645.76  BTC/USD – Daily Forecast The BTC/USD continues to trade in a bearish mode at 9,095. Today, the leading pair is

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