Tag: Daily Brief

Daily Crypto Review, Jun 18 – Binance Pool the Biggest Miner of Craig Wright’s Bitcoin SV – What’s Actually Happening?

The crypto market has spent the past 24 hours testing its support levels after failing to break the resistance levels during yesterday’s price increase. Bitcoin is currently trading for $9,412, which represents a decrease of 0.62% on the day. Meanwhile, Ethereum lost 0.71% on the day, while XRP lost 1.37%.

SwissBorg took the position of today’s biggest daily gainer, with gains of 31.95%. DigiByte lost 7.95% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place since our last report, with its value currently at 65.28%. This value represents a 0.04% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization stayed at the same place as yesterday, with the market’s current value being $267.97 billion. This value represents a decrease of $0.02 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Binance Pool mining the most Bitcoin SV – Why?

Only a year after removing Bitcoin SV from its exchange, news came out that Binance (through its Binance Pool) produces more Bitcoin SV blocks through mining than any other pool. Many people would jump to the conclusion that Binance knows something we don’t, but that really isn’t the case.

Even though Binance Pool is undoubtedly the largest miner of Bitcoin Satoshi’s Vision blocks at the moment (with 26.39% of total Bitcoin SV mining on June 17), it is not Binance who is mining them, but rather the users of the Pool. However, Binance is profiting from the mining operations by imposing a 2.5% pool fee. That being said, it is highly unlikely that Binance will return Bitcoin SV to its exchange, or that its stance on the controversial coin changed.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization spent the past 24 hours testing its support levels, right after failing to break the $9,580 resistance. While the $9,251 level showed strength, bouncing the price back immediately, Bitcoin is still moving down slightly. If nothing changes in terms of volume and market sentiment in general, Bitcoin might have another go at testing this support level.

Bitcoin’s volume has decreased slightly when compared to the previous days, while its RSI level is at 50.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,251

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum made the same move as Bitcoin and had no initiative when it came to a non-correlated movement today. After failing to reach its resistance level of $240, ETH started moving towards the downside. It, however, got stopped by the (possibly) new support level of $228, bouncing the price slightly up towards $235. The price stopped after reaching $235 and started moving sideways, possibly threatening the downside once again.

Key levels to the upside Key levels to the downside

1: $240 1: $228

2: $251.4 2: $225.4

3: $198 3: $217.6

Ripple

XRP had a slightly different movement when compared to BTC and ETH, but with the same sentiment. The third-largest cryptocurrency by market cap failed to reach $0.2 successfully, therefore making the possibility of breaking the resistance almost none-existent in the short-term. This triggered the bears to test the support level of $0.19, which (after some fighting) managed to hold its position. XRP is now trading just above the support line, preparing for the next move.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.178

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 18 – Top Trade Setups In Forex – BOE Rate Decision In Focus!

Post author By Ali B.
Post date 18 June, 2020
No Comments on Daily F.X. Analysis, June 18 – Top Trade Setups In Forex – BOE Rate Decision In Focus!

Let’s keep an eye on the U.K. Monitory Policy meeting, especially on the MPC members voting for the Asset Purchase facility. Overall, the bank isn’t expected to change it’s interest rate today. Besides, the U.S. Jobless Claims and Manufacturing Index will remain in focus.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD prices were closed at 1.12425 after placing a high of 1.12938 and a low of 1.12068. Overall the movement of the EUR/USD pair remained bearish throughout the day. The EUR/USD pair extended its losses for the second consecutive day on Wednesday on the back of the risk-off market sentiment.

The escalating geopolitical tensions in the disputed border between India & China and North Korea and South Kore weighed on the risk-on market sentiment on Wednesday. The risk-off market sentiment was then bolstered by the fears of a fresh second wave of coronavirus after an increased number of infection cases from Beijing and some states of the United States.

To stop the virus from further spread and second wave to emerge, China ordered to impose strict restrictions in 29 communities of Beijing on Wednesday, and hence, risk sentiment dropped. Riskier currency Euro suffered and moved in a downward direction.

Meanwhile, the European Commission presented a “European Strategy” to accelerate the development, manufacturing, and deployment of vaccines against COVID-19. According to the European Commission, the pandemic’s permanent solution was an effective and safe vaccine development.

The announced European Strategy proposed a joint E.U. approach and was built on the mandate received from E.U. health ministers. The latest strategy gave some support to the falling Euro currency and kept a lid on any additional losses.

On the other hand, the chief of Eurogroup meeting, Mario Centeno on Wednesday, said that his decision to step down from his post had no specific political reason but was simply the end of the cycle. He claimed that his tenure was due to the period, and he just did not apply for a second chance. E.U. leaders are due to meet later this week to discuss the trillion-euro fund that will finance the European coronavirus recovery plan.

On the data front, the Consumer price index (CPI) for the year remained in line with the expectations of 0.1%, and the Final Core CPI from the Eurozone also came as expected 0.9% and had a null effect on Euro currency.

On the U.S. front, the Building permits remained flat with the expectations of 1.22M however, the Housing Starts in May were recorded as 0.97 M against the expected 1.1M and weighed on the U.S. dollar.

In his second testimony of Federal Reserve Chairman Jerome Powell, he stressed that Fed would use all of its tools to curb the damage caused by coronavirus pandemic. He also showed that no hike in interest rate was any near in the future. This decision helped the U.S. dollar to find demand in the market, and hence, the EUR/USD pair suffered more on the day.

Daily Support and Resistance

R3 1.1462
R2 1.1408
R1 1.1336

Pivot Point 1.1282

S1 1.1211
S2 1.1156
S3 1.1085

EUR/USD– Trading Tip

The EUR/USD pair is testing the double bottom support level at 1.1210 level in the 4-hour timeframe, and now it’s bouncing off towards 1.12730 level. Continuation of a bullish trend can extend bullish bias until the next resistance level of 1.1340. Elsewhere, a bearish breakout of 1.1210 can trigger selling until 1.1170. Let’s look for selling below 1.1298 and buying above the same level today.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at1.25548 after placing a high of 1.25885 and a low of 1.25106. Overall the movement of GBP/USD remained bearish throughout the day. The pair GBP/USD posted losses for the second consecutive day on Wednesday amid the sudden pick up in the U.S. dollar demand.

The greenback’s relative safe-haven status was continuously benefitted by the growing fears of the second wave of coronavirus and geopolitical tensions in Asia. However, the bearish trend for the GBP/USD pair remained under stress due to the latest optimism related to the Brexit progress.

The market expectations of no-deal Brexit have faded away after the U.K. & E.U. agreed to intensify post –Brexit talks. Besides, UK PM Boris Johnson said that the end of July could reach an outline of a deal. This helped to limit the additional losses in the GBP/USD pair.

Investors are keenly awaiting the update from Bank of England, which will hold its monetary policy meeting on Thursday. Although the moves from BoE in upcoming monetary policy meeting are highly anticipated, market participants still await the monetary policy update.

On the data front, the CPI from the U.K. at 11:00 GMT was released, which showed that during May, CPI remained as expected to be 0.5%. The Core CPI from the U.K. dropped to 1.2% from the expected 1.3% and weighed n GBP.

The P.I. Input for May also dropped to 0.3% against the expected 4.1% and weighed on British Pound. The PPI Output for May reached -0.3% from the anticipated 0.0% and weighed on British Pound. At 11:02 GMT, the RPI for the year in May decreased to 1.0%from the forecasted 1.2% and weighed on GBP. Poor than expected economic data dragged the pair near 1.2500 level on Wednesday. In the meantime, risk-off market sentiment also weighed on GBP/USD risky currency pair.

Daily Support and Resistance

R3 1.2794
R2 1.2741
R1 1.2659

Pivot Point 1.2606

S1 1.2524
S2 1.2471
S3 1.2388

GBP/USD– Trading Tip

On Thursday, the GBP/USD is trading at a level of 1.2580, holding right above a next support level of 1.2550. Continuation of a bullish trend requires the cable to break above 1.2585 level first. The 50 periods EMA is weighting on Sterlin gat 1.2585 level while the RSI and MACD are holding in the bearish zone. Although they are very close to crossover into the bullish zone, so we should wait for a bullish breakout before taking a buy trades. By the way, a bullish breakout of 1.2585 level can extend to buying until the next target level of the level of 1.2685, while bearish breakout of 1.2545 level can lead Sterling to be lower towards 1.2475.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.004 after placing a high of 107.439 and a low of 106.950. Overall the movement of the USD/JPY pair remained bearish throughout the day. After moving in a consolidation phase for the previous two days, the USD/JPY pair finally found a trend to follow on Wednesday and dropped below 107.06 level. The bearish trend of USD/JPY was because of the risk-off market sentiment.

At 4:50 GMT, the Trade Balance of Japan for May showed a deficit of 0.6T against the expected 0.68T and supported the Japanese Yen. The strength of the Japanese Yen dragged the pair USD/JPY lower on Wednesday.

The downward trend was then supported by the U.S. economic docket, which released negative or flat results. At 17:30 GMT, the Building permits for May from the U.S. came flat with the expectations of 1.22M. The Housing Starts in May dropped to 0.97Mfrom the expected 1.10M and weighed on the U.S. dollar.

The decreased housing starts weighed on the U.S. dollar and dragged the USD/JPY prices further. In his second round of testimony to Congress, the Fed Chair, Jerome Powell, told the lawmakers that the U.S. economy was beginning to recover from the worst of coronavirus crisis. He added that to provide support to 25M jobless Americans with ongoing pandemic will need more help.

He said that with interest rates remain near zero for an extended period, the U.S. central bank would have to continue to buy bonds to make the longer-term borrowing cost lower. Powell also said for Congress to extend in some form the extra $600 weekly payments to the unemployed people that were the part of the relief package which was passed in March and will expire in July.

Congress has already allocated 3T USD for coronavirus related economic aid, and the U.S. central bank has also pumped trillions of dollars of credit into the economy to support the economy through the pandemic crisis.

On the other hand, the rising geopolitical tensions in Asia between India and China over their disputed border. The site left 20 Indian soldiers dead in a fistfight and an unspecific number of Chinese casualties.

Meanwhile, the tensions between North Kore and South Korea also escalated after North Korea blew up the de facto embassy of South Korea near both nation’s highly armed border on Tuesday and threatened to send troops. These geopolitical tensions faded away from the market’s risk sentiment, which weighed on USD/JPY, and the pair posted losses on Wednesday.

The risk-off market sentiment was further bolstered by the recent lockdown measures imposed in 29 communities of Beijing to control the increasing number of virus cases. Meanwhile, the Fed Chairman Jerome Powell presented a gloomy outlook for a road to recovery of the U.S. economy and faded away from the optimism of V-shaped global economic recovery, which also weighed on USD/JPY pair.

Daily Support and Resistance

R3 108
R2 107.82
R1 107.57

Pivot Point 107.39

S1 107.14
S2 106.96
S3 106.71

USD/JPY – Trading Tips

The USD/JPY pair is trading at 106.914 level as it continues trading sideways in a wide trading range of 107.620 – 106.630. It failed to break above an immediate resistance level of 107.580. This level is working as resistance for USD/JPY, and the 50 periods EMA is also prolonging strong resistance at 107.580 zones while immediate support lingers nearby 106.600. The USDJPY bearish trend can trigger a sell-off unto the next support level of the 106.017 level today. Let’s wait for the USD/JPY to test the 107.650 level before entering a sell in the USD/JPY.

Good luck!

Tags Daily Brief, Daily Outlook, EUR-USD, Forex, Fundamental Analysis, GBP-USD, Technical Analysis, Technical Outlook, trading, USD-JPY

Forex Market Analysis

Daily F.X. Analysis, June 17 – Top Trade Setups In Forex – FED Chair Testimony In Focus!

Post author By Ali B.
Post date 17 June, 2020
No Comments on Daily F.X. Analysis, June 17 – Top Trade Setups In Forex – FED Chair Testimony In Focus!

On the news side, the CPI figures from the U.K. and Canada will be in focus. These may impact the GBP and Canadian related pairs today. Besides, a major focus will remain on the Fed Chair Powell Testimony, while he isn’t expected to do any change with an interest rate, but the recent series of positive data can make dollar bullish.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD closed at 1.12637 after placing a high of 1.13532 and a low of 1.12276. Overall the movement of the EUR/USD remained bearish throughout the day. After touching a daily high of 1.1353 during the European trading hours, the EUR/USD pair reversed its run in the second half of the day and ended its day with losses. The pair moved into a consolidation phase after dropping 100 pips on Tuesday and posted a daily low below 1.1228.

Furthermore, the rising Treasury bond yields during the American session gave strength to the U.S. dollar after the release of U.S. economic data. The Dollar Index also rose along with the Wall Street Journal. The main indexes if WSJ opened a sharp higher and made the market move higher.

From the European side, at 10:59 GMT, the German Wholesale Price Index (WPI) showed a decline of 0.6%against the expected decline of 1.0% and supported Euro. At 11:00 GMT, the German Final CPI came in line with the expectations of -0.1% in May.

At 14:00 GMT, the ZEW Economic Sentiment index also rose to 58.6 from the expected 53.4 and supported Euro. The German ZEW Economic Sentiment also surged to 63.4 from the expected 60.0. During European trading hours, EUR/USD surged above 1.1353 level due to better than expected macroeconomic data release.

Meanwhile, the U.S. economic docket released the U.S. Retail Sales data for May on Tuesday, showing that the Retail Sales in May increased by 17.7% against the expected 5.5% and supported the U.S. dollar. The stronger U.S. dollar dragged the pair EUR/USD towards its daily lows. The U.S. Dollar Index rose by 0.4% on the day near 97.01, and the 10-year U.S. Treasury bond earned around 3.7% near 0.75%.

After the release of U.S. economic data, the EUR/USD pair started to follow and then remained depressive throughout the day. Jerome Powell, the Chairman of Federal Reserve, commented on the data and said that the Sales figure showed an increase in demand. However, Powell stressed that full economic recovery was uncertain until the public had confidence that the COVID-19 pandemic had controlled.

On Wednesday, European traders will look forward to the release of the Consumer Price Index from Europe, and later in the day, Powell’s testimony will continue for the second day of the semi-annual monetary policy report.

Daily Support and Resistance

R3 1.1462
R2 1.1408
R1 1.1336

Pivot Point 1.1282

S1 1.1211
S2 1.1156
S3 1.1085

EUR/USD– Trading Tip

The EUR/USD is trading at 1.1340, having violated the double top resistance level of 1.1280 level. The extension of a bullish trend can lead the EUR/USD prices further higher until the next target level of 1.1330 level. The MACD and RSI are suggesting bullish bias in the pair, and this bullish bias can help traders to capture a quick buy trade over 1.1270 level today until the next target level of 1.1380, only if 1.1330 gets violated. While support stays at 1.1280 and below this, the next support will stay around 1.1267.

GBP/USD – Daily Analysis

The GBP/USD closed at 1.25722 after placing a high of 1.26873 and a low of 1.25524. Overall the movement of GBP/USD pair remained bearish. The pair in its earlier trading hours on Tuesday moved higher and followed the previous day’s trend and surged to 1.26800 level on the fresh hopes about Brexit negotiations. However, the gains were changed into losses after the concerns related to the second wave of coronavirus infections rose and strengthened the safe-haven U.S. dollar against its main rivals like GBP.

The pair rose on Monday and earlier Tuesday after the optimism surrounding Brexit talks emerged. The U.K. & E.U. committed to approaching the next meeting with new energy and aimed to avoid an unorderly exit from the bloc in December. The Unemployment Rate from the U.K. supported the surge in GBP on Tuesday. The unemployment rate in the U.K. during April decreased from 4.7%of expectations to 3.9% and supported Pound.

However, the pair GBP/USD started to move in the opposite direction after the release of Claimant Count Change that was closely watched by the investors on Tuesday. In May, 528.9K jobless benefits claims made in Great Britain against the expected 405.3K that depressed the GBP and dragged the pair GB/USD with itself.

The U.S. dollar also remained stronger across the board due to multiple factors. One included the better than expected U.S. economic data release included Retail Sales. The Retail Sales in May increased to 17.7% from the expected 5.5% and supported the U.S. dollar.

The strength of the U.S. dollar further dragged the currency pair. The GBP/USD down that day. The fresh concerns about the second wave of coronavirus in China led towards the renewed emergency lockdown after the increasing number of coronavirus cases in Beijing was another reason behind the strength of the safe-haven U.S. dollar on Tuesday was

The downfall of the GBP/USD pair could also be attributed to the political front where no news came out of the recent round of talks between PM Boris Johnson and E.U. commission.

Later in the week, the Bank of England rate decision will also release in which another massive increase in quantitative easing is expected. There are chances of some talks about negative interest rates by Governor Bailey, given the upside-down condition of the market.

Daily Support and Resistance

R3 1.2794
R2 1.2741
R1 1.2659

Pivot Point 1.2606

S1 1.2524
S2 1.2471
S3 1.2388

GBP/USD– Trading Tip

The GBP/USD is trading at a level of 1.2580, holding right above a next support level of 1.2550. Continuation of a bullish trend requires the cable to break above 1.2585 level first. The 50 periods EMA is weighting on Sterlin gat 1.2585 level while the RSI and MACD are holding in the bearish zone. Although they are very close to crossover into the bullish zone, so we should wait for a bullish breakout before taking a buy trades. By the way, a bullish breakout of 1.2585 level can extend to buying until the next target level of the level of 1.2685, while bearish breakout of 1.2545 level can lead Sterling to be lower towards 1.2475.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.314 after placing a high of 107.639 and a low of 107.210. Overall the movement of the USD/JPY pair remained flat throughout the day. The USD/JPY pair remained range bound and did not give any specific movement on Tuesday as the market mood was mixed due to mixed fundamentals.

The Bank of Japan kept its monetary policy steady on Tuesday and signaled that it had taken enough steps in support of economic growth. BoJ has stuck with its view that the economy will gradually recover from the pandemic. BoJ, in its monetary policy meeting, increased the nominal size of its lending packages for cash strapped firms to $1 trillion from about $700 billion announced last month.

The increased lending program from Japan added strength to the Japanese Yen and dragged the pair USD/JPY on Tuesday. While the Chairman of Federal Reserve Jerome Powell warned on Tuesday that the U.S. economy was facing a deep downturn with significant uncertainty about the time and strength of a recovery. He was worried that the longer the recession would last, the worse the damage would be on the job market and businesses.

Powell, in his testimony to Congress, stresses that the Fed was committed to using its all financial tools to lessen the economic damage from the coronavirus crisis. But he was concerned and said that until the public was satisfied that the virus has been contained, the chances for a full recovery were unlikely. He also warned that a downturn for a longer period could impose severe damage, especially to low-income workers who already have been hit hardest.

Daily Support and Resistance

R3 108
R2 107.82
R1 107.57

Pivot Point 107.39

S1 107.14
S2 106.96
S3 106.71

USD/JPY – Trading Tips

On Wednesday, the USD/JPY continues to follow previously discussed technical levels. The Japanese pair is trading sideways as it failed to break above an immediate resistance level of 107.580. This level is working as resistance for USD/JPY, and the 50 periods EMA is also prolonging strong resistance at 107.580 zones while immediate support lingers nearby 106.600. The bearish trend in the USD/JPY pair can trigger a sell-off unto the next support level of the 106.017 level today. Let’s wait for the USD/JPY to test the 107.650 level before entering a sell in the USD/JPY.

Good luck!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, Jun 17 – Craig Wright Called a Thief or a Fraud by the Ex CEO of Mt. Gox

Post author By Ilija Rankovic
Post date 17 June, 2020
No Comments on Daily Crypto Review, Jun 17 – Craig Wright Called a Thief or a Fraud by the Ex CEO of Mt. Gox

The crypto market has taken its time to consolidate throughout the day, as well as possibly test nearest resistance levels. Bitcoin is currently trading for $9,447, which represents an increase of 0.56% on the day. Meanwhile, Ethereum gained 1.6% on the day, while XRP lost 0.07%.

SwissBorg took the position of today’s biggest daily gainer, with gains of 30.87%. DigiByte lost 6.96% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place since we last reported, with its value currently at 65.32%. This value represents a 0.2% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization increased over the course of the day, with the market’s current value being $267.99 billion. This value represents an increase of $2.35 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Craig Wright called a liar or a thief by Mark Karpeles

Former CEO of Mt. Gox Mark Karpeles claims that the 80,000 Bitcoin that Dr. Craig Wright lays claim to was actually stolen from the Mt. Gox exchange in March 2011. This claim isn’t just empty words, as cryptocurrency experts side with Karpeles. The Bitcoin residing at one of the addresses that Craig Wright listed among the numerous addresses he supposedly owns was stolen from Mt. Gox.

Karpeles said, “This was confirmed in 2011, and records are a part of court documents available publicly.”

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization spent the past 24 hours trying to consolidate above $9,251 as well as to test the $9,580 resistance level for a brief amount of time. The resistance was strong, and Bitcoin couldn’t break it, which continued its consolidation within a range bound by $9,251 and $9,580.

Bitcoin’s volume decreased after the recovery bull run ended, while its RSI level currently stagnates at around 51.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,251

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum seems to have had a solid day, not only recovering from the plunge but slowly rising in price as well. However, the most recent sentiment shows that bears are testing how far they can go. Whether bears manage to drive ETH’s price down a bit or not, there’s still a long way until the $225.4 support level.

Ethereum’s volume lower and lower as the time passes, while its RSI level hovers below the value of 50.

Key levels to the upside Key levels to the downside

1: $240 1: $225.4

2: $251.4 2: $217.6

3: $198

Ripple

XRP had a decent day as well, as the price drop ended after the price hit the red descending line and bounced from it. The third-largest cryptocurrency by market cap managed to get back above $0.19 (which is, as we mentioned yesterday, a big deal for XRP) and consolidate above it. The line got tested once, without much success for the bears.

XRP’s volume is a bit below the weekly average (after excluding the volume bumps for upward and downward spikes), while its RSI level is just below 50.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.178

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 16 – Top Trade Setups In Forex – Eyes on U.S. Retail Sales!

Post author By Ali B.
Post date 16 June, 2020
No Comments on Daily F.X. Analysis, June 16 – Top Trade Setups In Forex – Eyes on U.S. Retail Sales!

On the news front, the eyes will remain on the U.K. Jobless Claims and U.S. Retail sales data. Both of the events are expected to perform better than before, but traders are highly doubtful due to lockdown, the numbers can get worse and drive selling trends in the GBP during the European session and USD during the New York session. The yield on U.S. 10 year Treasuries jumped as traders favored risk to the safety of bonds. Furthermore, on Tuesday, Fed Chair Jerome Powell will testify before the virtual hearing of the Senate Banking Committee, and traders will look forward to it for fresh impetus.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair closed at 1.13255 after placing a high of 1.13323and a low of 1.12263. Overall the price action of the EUR/USD remained bullish throughout the trading day, although the EUR/USD pushed lower at the end of last week. After the risk sentiment increased on Monday, the pair EUR/USD reversed its movement and started posting gains.

In earlier sessions’ the U.S. dollar was strong, which kept a lid on EUR/USD pair’s upward movement, but in the late session, the U.S. dollar lost its pace, and the currency pair EUR/USD started to move higher. The U.S. Dollar Index, which gauges the value of the U.S. dollar against the basket of six currencies, spent most of its day in positive territory above 97.00 level but it turned negative in the second half of the day and helped EUR/USD to start posting gains.

On the data front, at 14:00 GMT, the Trade Balance from Eurozone showed a surplus of only 1.2B against the expected 20.3 B in April and weighed on Euro. From the American side, the only data from the U.S. was New York’s Empire State Manufacturing Index, which rose to -0.2 from the expected -30.0 and supported the U.S. dollar.

In the Late session on Monday, Federal Reserve announced that it would begin broad buying of corporate bonds and debts, which boosted the risk appetite in the market and perceived EUR. The air EUR/USD recovered almost all of its previous day’s losses on the back of U.S. dollar weakness after the Fed’s announcement.

According to the Fed, it would start purchasing investment-grade U.S. corporate bonds in a view to secure companies and ensure credit market liquidity due to coronavirus crisis. After this news, risk sentiment was back in the economy, and the EUR/USD pair moved higher. After the Fed announcement, the yield on U.S. 10 year Treasuries jumped as traders favored risk to the safety of bonds. Furthermore, on Tuesday, Fed Chair Jerome Powell will testify before the virtual hearing of the Senate Banking Committee, and traders will look forward to it for fresh impetus.

Daily Support and Resistance

R3 1.1293
R2 1.1275
R1 1.1263

Pivot Point 1.1245

S1 1.1233
S2 1.1215
S3 1.1203

EUR/USD– Trading Tip

The EUR/USD pair is trading at 1.1340, having violated the double top resistance level of 1.1328 level. The continuation of a bullish trend can lead the EUR/USD prices further higher until the next target level of 1.1380 level. The MACD and RSI are suggesting bullish bias in the pair, and this bullish bias can help traders to capture a quick buy trade over 1.1328 level today until the next target level of 1.1380. While support stays at 1.1328 and below this, the next support will stay around 1.1267.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.26059 after placing a high of 1.26063 and a low of 1.24539. Overall the movement of GBP/USD pair remained bullish throughout the day. The Pound jumped from session lows against the dollar on Monday as the U.K. & Brussels agreed to boost up post-Brexit talks. PM Boris Johnson gave hope that the end of next month could reach an outline of a deal.

The lack of progress in negotiations following the latest round of talks between the U.K. & European Union, PM Boris Johnson said that he would personally work with the E.U. to find common ground to break the deadlock. Britain left the European Union in January, but it is still under transition period until 2020 when it should strike a deal over its future trade, travel, security, and financial relations with Europe. Many rounds of trade talks between trade representatives from both parties failed to secure a deal, and then PM Boris Johnson decided to do it himself.

On Monday, PM Boris Johnson held talks with Brussels chief Ursula von der Leyen, and Charles Michael as the European Union finally acknowledged the rejection of the U.K. overextension of the transition period. Both parties have agreed that new momentum in the countdown period to secure a deal was required. Brussels formally accepted that the U.K. would not seek an extension to the transition period, and both parties agreed on work to conclude an agreement by the end of the year. It means both parties are hopeful that an agreement could be reached before the year-end.

The PM Boris Johnson added on Monday after his video conference with E.U. members that there was no reason not to agree to the Brexit deal’s outline by the end of July. E.U. has suggested October 31 as the latest date for a deal to reach. In the time from October to the end of the transition period in December, member states will back and ratify the deal.

The optimism about the Brexit deal gave a push to British Pound, and the pair GBP/USD surged and recovered its previous day’s losses on Monday.

On the other hand, after the announcement of the Federal Reserve to start buying corporate bonds in the secondary market to overcome the losses U.S. economy faced in the coronavirus crisis, the U.S. dollar turned weak and added in the currency pair’s gains.

Daily Support and Resistance

R3 1.2593
R2 1.2568
R1 1.2538

Pivot Point 1.2512

S1 1.2482
S2 1.2456
S3 1.2426

GBP/USD– Trading Tip

On Tuesday, the GBP/USD pair is trading with a bullish bias around 1.2650, but the recent candles seem to peak out of the upward regression channel, which may drive selling in the market. The pair is most likely to find resistance around 1.2707 level, and continuation of a selling trend below this level can lead the pair lower towards 1.2595 and 1.2550 Conversely, a bullish breakout of 1.2707 level can extend buying trend until 1.2805 level in upcoming days.

USD/JPY – Daily Analysis

The USD/JPY was closed at 107.353 after placing a high of 107.552 and a low of 106.583. Overall the movement of USD/JPY remained bullish throughout the day. The USD/JPY gained strength after posting losses for the previous four consecutive days. The stronger U.S. dollar and negative macroeconomic data release from Japan might have added in the strength of this pair USD/JPY.

At 9:30 GMT, the Revised Industrial Production from Japan in April was declined by 9.8% against the forecasted 9.1% and weighed on Japanese Yen and moved the pair USD/JPY in the upward direction on Friday.

The brighter market sentiment due to come back of risk appetite in the market after the possibility of renewed lockdowns increased due to increased fears over the second wave of coronavirus outbreak.

The fears of the renewed spread of virus grew after the U.S. reported more than 2 million coronavirus cases as of June 12, and the infection cases were reported from the most populous states of America. The high level of new infections was reported from California, Texas, and Florida, which raised the possibility of a new wave of COVID-19 and prompted risk aversion.

Risk appetite increased the demand for the U.S. dollar across the board as the bar for renewed restrictions of lockdown raised. Federal Reserve has already announced that the road to economic recovery will be longer than expected, which indicated more need for stimulus packaged from governments.

However, the U.S. Dollar Index was up to 97 levels on Friday, and the strength of the U.S. dollar pushed the USD/JPY pair above 107.5 level.

Another factor aiding in the U.S. dollar’s strength was better than expected macroeconomic data from the USA. At 19:00 GMT, the Prelim Consumer Sentiment from the University of Michigan (UoM) surged to 78.9 in June from the expected 75.0 and supported the U.S. dollar. The Import Prices in May also increased by 1.0% from 0.6% of forecast and supported the U.S. dollar. The Prelim UoM Inflation expectation in June was reported as 3.0%.

Daily Support and Resistance

R3 107.93
R2 107.75
R1 107.54

Pivot Point 107.36

S1 107.15
S2 106.97
S3 106.75

USD/JPY – Trading Tips

The USD/JPY pair is trading sideways as it failed to break above an immediate resistance level of 107.500. This level is working as resistance for USD/JPY, and the 50 periods EMA is also prolonging strong resistance at 107.650 zones while immediate support lingers nearby 106.600. The bearish trend in the USD/JPY pair can trigger a sell-off unto the next support level of the 106.017 level today. Let’s wait for the USD/JPY to test the 107.650 level before entering a sell in the USD/JPY today.

Good luck!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Price Action, Technical Analysis, Technical Outlook, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, Jun 16 – BTC Whale Count Back To Dec 2017 Levels; BTC Back Above $9,000

Post author By Ilija Rankovic
Post date 16 June, 2020
No Comments on Daily Crypto Review, Jun 16 – BTC Whale Count Back To Dec 2017 Levels; BTC Back Above $9,000

The crypto market has taken the day to restore its price level to the pre-drop of June 15. Bitcoin is currently trading for $9,386, which represents an increase of 1.46% on the day. Meanwhile, Ethereum lost 0.05% on the day, while XRP gained 1.85%.

Verge took the position of today’s biggest daily gainer, with gains of 21.03%. Flexacoin lost 13.05% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at exactly the same place since we last reported, with its value currently at 65.52%. This value represents a 0% difference when compared to yesterday’s value.

The cryptocurrency market capitalization increased over the course of the day, with the market’s current value being $265.64 billion. This value represents an increase of $11.37 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin whales returning to pre-December 2017 pump levels

The number of investors that are holding an immense amount of Bitcoin (otherwise known as Bitcoin whales) is starting to approach the level that the crypto community hadn’t seen since the 2017 levels when Bitcoin rallied to $20,000.

According to Glassnode’s report dating June 15, we can see steady growth in the number of Bitcoin whales (traders holding over 1000 BTC) since April 2019.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization managed to return to its pre-price drop level, reaching back above $9,000. Bitcoin has skipped the $9,120 and $9,251 levels as well, currently stabilizing between $9,251 and $9,580.

Bitcoin’s volume increased during the rally but returned to the previous levels, while the RSI level increased to 50.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,120

2: $9,735 2: $9,251

3: $9,870 3: $8,980

Ethereum

Ethereum also had a correction over the day, bouncing above the $225.4 and trying to consolidate. However, the price action looks like the $225.4 level will be tested to the downside. If it stays strong, traders will have a chance to possibly enter a strong position towards the upside from there.

Ethereum’s volume increased both during the price spike as well as in general. Its RSI level is currently at 43.5.

Key levels to the upside Key levels to the downside

1: $240 1: $225.4

2: $251.4 2: $217.6

3: $198

Ripple

XRP moved back above the $0.19 during the day, which represents a great bullish sign for it. Unlike with Bitcoin and Ethereum, XRP doesn’t have many support levels below $0.178, and dropping below it would be extremely bearish. However, the recent price increase returned XRP’s price to pre-price drop levels.

XRP’s volume returned to average after a slight increase due to the price increase, while its RSI level came to 50.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.178

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 15 – Top Trade Setups In Forex – Stronger Dollar In Play!

Post author By Ali B.
Post date 15 June, 2020
No Comments on Daily F.X. Analysis, June 15 – Top Trade Setups In Forex – Stronger Dollar In Play!

On Monday, the fears of the renewed spread of virus grew after the U.S. reported more than 2 million coronavirus cases as of June 12, and the infection cases were reported from the most populous states of America. The high level of new infections was reported from California, Texas, and Florida, which raised the possibility of a new wave of COVID-19 and prompted risk aversion.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair closed at 1.12563 after placing a high of 1.13403 and a low of 1.12124. Overall the movement of the EUR/USD pair remained bearish throughout the day. At 11:45 GMT, the French Final CPI for May came in as 0.1% against the expected 0.0% and supported Euro. At 13:00 GMT, the Italian Quarterly Unemployment Rate came in as 8.9% against the expected 8.8% and weighed on Euro. At 14:00 GMT, the Industrial Production in April was declined by 17.1% against the forecasted decline of 19.0% and weighed on Euro.

Poor than expected macroeconomic data from Eurozone weighed on shared currency Euro and dragged the pair EUR/USD to one week’s lowest level near 1.1212. On the other hand, the greenback was stronger on Friday, and the U.S. Dollar Index (DXY) jumped to 97.15 level. The strength of the U.S. dollar also added to the downfall of the EUR/USD currency pair at the ending day of the week.

From the American side, at 17:30 GMT, the Import Prices in May were surged by 1.0%, which were previously forecasted to increase by 0.6% and supported the U.S. dollar. At 19:00 GMT, the Prelim UoM Consumer Sentiment increased to 78.9 from the anticipated 75.0 in June and supported the U.S. dollar. The Prelim UoM Inflation Expectations decreased to 3.0% from previous months’ 3.2% in June and supported the U.S. dollar. After better than expected data from the American side, the pair EUR/USD was further dragged down towards its six day’s lowest level.

Furthermore, the Commissioner President of the European Union, Von der Leyen, will meet the Prime Minister of the United Kingdom, Boris Johnson, on Monday to revive the talks related to the post-Brexit deal. So far, there hasn’t been much progress on a free-trade agreement between U.K. & Brussels while there is not much time left to extend the deadline for a deal till end-2020.

However, on Thursday and Friday this week, the E.U. leaders will meet to discuss the proposed recovery fund to overcome the economic damage caused by the pandemic. All members except the Frugal Four I,e Netherland, Austria, Demark, and Sweden, support the recovery fund. All member’s acceptance is needed for the recovery fund to succeed, and any delay will be a major setback for the shared currency Euro.

Daily Support and Resistance

R3 1.1293
R2 1.1275
R1 1.1263

Pivot Point 1.1245

S1 1.1233
S2 1.1215
S3 1.1203

EUR/USD– Trading Tip

The EUR/USD pair is trading at 1.1260 level, having entered into the oversold zone. Today, we can expect bullish correction until 1.1270 and 1.1290 levels, which marks 50% and 61.8% Fibonacci retracement levels. Below these levels, the EUR/USD pair can show selling bias again as the 50 EMA can pressure the pair for selling. On the lower side, support continues to hold around 1.12250 and 1.1208.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.25414 after placing a high of 1.26533 and a low of 1.24735. Overall the movement of GBP/USD pair remained bearish throughout the day. The GBP/USD pair was dropped to its lowest of 8 days on Friday due to mediocre than expected economic data release and U.S. dollar strength. At the ending day of the week, British Pound dropped against the U.S. dollar after the British GDP contracted by a quarter year-on-year in April.

At 11:00 GMT, the Gross Domestic Product (GDP) in April from the United Kingdom was dropped to -20.4% from the expected -18.6% and weighed on GBP. The Manufacturing Production for April also dropped to negative 24.3% from the expectations of -15.0% and weighed on British Pound.

The Industrial Production in April was dropped to -20.3% against the forecasted -15.0% and added in the weight of British Pound. However, at 11:02 GMT, the Goods Trade Balance for April showed a deficit of 7.5B against the forecasted deficit of 11.0B and supported Pound.

At 11:03 GMT, the Construction Output in April was recorder to decline by 40.1% against the forecasted 240% decline and weighed on British Pound. However, the Index of Services was declined by 9.9% against the expected decline of 10.6%.

At 13:30 GMT, the Consumer Inflation Expectations for the United Kingdom were dropped to 2.9% for this quarter from 3.0% of the previous quarter. At 18:08 GMT, the Institute of Economic and Social Research (NIESR) Estimate for GDP in May was -17.6% against the previous months’ -10.3%. At 18:30 GMT, the C.B. Leading Index for April was dropped by 2.9% from the previous month’s 1.2%.

The poor-than-expected macroeconomic data from Great Britain exerted negative pressure on British Pound and dragged the pair to its one week’s lowest level below 1.2500 level.

Apart from negative macroeconomic data, the uncertainty surrounding Brexit also weighed on British Pound on Friday ahead of the PM Boris Johnson’s video conference with European Council President Charles Michel, European Commission President, Ursula von der Leyen and European Parliament President David Sassoli on Monday.

The lack of progress in Brexit talks with Brussels and the calls to review the policy options, including negative interest rates by BoE has also been lagging in the recovery of Pound. Ahead of the BoE meeting, it has already been confirmed on Friday that U.K.’s economy has contracted by 20.4% in April. This means that BoE will likely announce further easing in its policy next week. The current purchase plan of BOE comprises 200 Billion GBP, which is likely to extend further in the next meeting.

Furthermore, the latest round of talks with Brussels failed to deliver any significant progress in the post-Brexit trade deal, which has raised the odds for a no-deal exit from the E.U. As the transition period will expire on January 1, 2021.

On the other hand, from the American Side, the Prelim Consumer Sentiment from the University of Michigan increased in June to 78.9 from the expected 75.0 and supported the U.S. dollar. The U.S. dollar was already strong in the market, and after this release, it exerted even more pressure on the GBP/USD pair.

Daily Support and Resistance

R3 1.2593
R2 1.2568
R1 1.2538

Pivot Point 1.2512

S1 1.2482
S2 1.2456
S3 1.2426

GBP/USD– Trading Tip

The GBP/USD pair is trading with a bearish bias at a depth of 1.2470, following a downward channel extending resistance around the value of 1.2540. On the 4 hour timeframe, the Cable has entered the oversold zone as we can see the RSI and MACD both were holding below 20 and below 0 levels, respectively. On the lower side, the Cable may find initial support at a level of 1.2385 after the violation of 1.2455 level. On the higher side, the GBP/USD prices may find resistance at 1.2543 area today. Let’s consider sell positions below 1.2450 level.

USD/JPY – Daily Analysis

The brighter market sentiment due to come back of risk appetite in the market after the possibility of renewed lockdowns increased due to increased fears over the second wave of coronavirus outbreak.

However, the U.S. Dollar Index was up to 97 levels on Friday, and the strength of the U.S. dollar pushed the USD/JPY pair above 107.5 level.

Daily Support and Resistance

R3 107.93
R2 107.75
R1 107.54

Pivot Point 107.36

S1 107.15
S2 106.97
S3 106.75

USD/JPY – Trading Tips

The USD/JPY pair fell sharply after violating the upward channel, which supported the pair around 107.500. For now, this level is working as resistance for USD/JPY. The 50 periods EMA is also extending strong resistance at 107.650 area while immediate support stays around 106.600. The bearish trend in the USD/JPY pair can trigger a sell-off until the next support level of the 106.017 level today. Let’s wait for the market to test the 107.650 level before entering a sell in the USD/JPY today.

Good luck!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, Jun 15 – Bitcoin Under $9,000; What Happens Next?

Post author By Ilija Rankovic
Post date 15 June, 2020
No Comments on Daily Crypto Review, Jun 15 – Bitcoin Under $9,000; What Happens Next?

The crypto market has been relatively stable over the weekend only to drop in the past couple of hours. Bitcoin fell under $9,000, which brought other cryptos’ prices down. Bitcoin is currently trading for $8,962, which represents a decrease of 4.47% on the day. Meanwhile, Ethereum lost 6.13% on the day, while XRP lost 4.34%.

Flexacoin took the position of today’s biggest daily gainer, with gains of 18.57%. Loopring lost 17.68% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place since we last reported, with its value currently at 65.52%. This value represents a 0.24% difference to the upside when compared to Friday’s value.

The cryptocurrency market capitalization decreased over the course of the weekend, with the market’s current value being $254.27 billion. This value represents a decrease of $10.24 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Bitcoin transaction fee average decreased by 91%

The average fee for Bitcoin transactions has dropped under the $1 mark, meaning it is back to levels previously seen only before the Bitcoin reward halving.

According to data shown by the crypto analytics website BitInfoCharts, Bitcoin transaction fees decreased by 91% from May 20 until June 14. With the fees going down from $6.65 to $0.56, we can certainly see the improvement in the tx fee department of Bitcoin.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization had a slow weekend of consolidation after the 11 June price drop. While many analysts were suggesting a bull run, Bitcoin dropped in price yet again, this time below $9,000. The move reached $8,900 before stabilizing between $9,980 and $9,120 level.

Bitcoin’s volume seems to be following a pattern of decreasing its volume from day to day until a spike happens, which brings its volume up.

Key levels to the upside Key levels to the downside

1: $9,120 1: $8,980

2: $9,251 2: $8,820

3: $9,580 3: $8,650

Ethereum

Ethereum has been pretty stable over the weekend and had low volatility as well as volume. Bitcoin’s move towards the downside dragged it down as well, pulling the price down to $217 levels. The $217.6 level held greatly, stopping the bearish move in its tracks.

Ethereum’s volume increased from almost non-existent to almost the levels of the June 11 price drop.

Key levels to the upside Key levels to the downside

1: $225.4 1: $217.6

2: $240 2: $198

3: $251.4 3: $193.6

Ripple

XRP spent the weekend performing slightly worse than the aforementioned Ethereum and Bitcoin, slowly losing value as it went towards the $0.19 level. However, the most recent price drop brought its price to $0.182 levels, where it was stopped by the long-term descending trend line.

XRP’s volume increased slightly as the bearish move occurred, while its RSI level entered the oversold territory.

Key levels to the upside Key levels to the downside

1: $0.19 1: $0.178

2: $0.2

3: $0.205

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, Jun 12 – BTC Plunging To Two-Week Lows; Binance Launching BTC Futures Contracts

Post author By Ilija Rankovic
Post date 12 June, 2020
No Comments on Daily Crypto Review, Jun 12 – BTC Plunging To Two-Week Lows; Binance Launching BTC Futures Contracts

The crypto market has plunged over the course of the day, bringing the overall crypto market to a two-week low point. Bitcoin is currently trading for $9,337, which represents a decrease of 5.51% on the day. Meanwhile, Ethereum lost 6% on the day, while XRP lost 5.61%.

DigiByte took the position of today’s biggest daily gainer, with gains of 5.14%. Loopring lost 20.86% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place since we last reported, with its value currently at 65.28%. This value represents a 0.6% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization decreased greatly over the course of the day, with the market’s current value being $264.51 billion. This value represents a decrease of $16.72 billion when compared to the value it had yesterday.

What happened in the past 24 hours

500 Crypto Companies in Estonia losing their permits

Estonia is one of the European Union’s most crypto-friendly countries when it comes to regulation. However, due to the $220 billion scandal regarding money laundering through crypto, Estonia started cracking down on many licensed cryptocurrency companies. So far, over 500 companies have lost their permits.

Honorable Mention

Cryptocurrency exchange powerhouse Binance has just launched a new Bitcoin futures product. The launch came through despite institutional investors visibly showing uncertainty about the future of cryptocurrencies.

In a blog post that came directly from Binance on June 11, the company revealed its quarterly futures contracts product is going live. The first contracts will have a settlement due in September.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has spent the day plunging to its two-week lows, falling as low as $9,070. The $9,251 line has, however, held up, and BTC is now consolidating above it. The downward-facing move should be over for now as RSI stepped into oversold while the volume faded.

Bitcoin’s volume increased multiple-fold over the course of the price dump but has since returned to its average levels.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,251

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum followed Bitcoin’s initiative to move towards the downside and fell as low as $225. However, the $225.4 support line held up and stopped the move from going any further. Ethereum has recovered slightly and is now trading at a $233 level.

Ethereum’s volume increased drastically during the peak of the move but has since returned to normal. Its RSI level has entered the oversold territory but has (again) returned above it once the pressure faded.

Key levels to the upside Key levels to the downside

1: $240 1: $225.4

2: $251.4 2: $217.6

3: $260 3: $198

Ripple

XRP did not stray away from other cryptocurrencies in terms of market direction. The third-largest cryptocurrency by market cap has broken the range it was trading in for a long time as it fell below the $0.2 support level. The downward-facing move reached $0.184 before going up. XRP is still trying to find equilibrium and a place to consolidate at, and it is still uncertain whether that will be above or below the $0.19 level.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.178

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 11 – Top Trade Setups In Forex – Brace for Eurogroup Meetings!

Post author By Ali B.
Post date 11 June, 2020
No Comments on Daily F.X. Analysis, June 11 – Top Trade Setups In Forex – Brace for Eurogroup Meetings!

On the news front, the market will be focusing on the Eurogroup meeting, which is usually held in Brussels and attended by the Eurogroup president, Finance Ministers from euro area member states, the Commissioner for economic and monetary affairs, and the President of the European Central Bank. The agenda will be to discuss upcoming policies considering the economic slowdown driven by the coronavirus. Besides, the U.S. Unemployment Claims will also remain in the highlights today.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.13753 after placing a high of 1.14222 and a low of 1.13214. Overall the movement of the EUR/USD pair remained bullish throughout the day. The EUR/USD pair rose to its three months highest level on Wednesday after the Federal Reserve’s monetary policy decision. The currency pair crossed the level of 1.1400 on the back of broad-based U.S. dollar weakness that day.

The Fed left its interest rates unchanged at 0-0.25% on Wednesday and projected a contraction of 6.5% this year along with the unemployment reaching 9.3% for this year. Furthermore, the bank has shown its commitment to support the credit flow to household and business by increasing its Treasury security purchases.

Though negative interest rate was not expected from the Fed but taking the pledge to keep the interest rates at low near zero until market participants did not expect 2022, this moved the investors to sell the U.S. dollar, which in turn gave a push to EUR/USD pair.

Adding in the upward movement of EUR/USD pair on Wednesday was the poor than expected economic data from the U.S. At 17:30GMT, both CPI & Core CPI readings from the U.S. came in as -0.1% against the expected 0.0% during May and exerted pressure on the U.S. dollar. AT 23:00 GMT, the Federal Budget Balance showed a deficit of 398.8B against the expected deficit of 580.0B and weighed on the U.S. dollar.

The broad-based U.S. dollar weakness pushed EUR/USD pair above 1.1400 level on Wednesday. While the U.S. Dollar Index also fell to 3 months low against its rival currencies. U.S. stocks also turned negative and posted losses on Wednesday.

On the other hand, at 11:45 GMT, the French Industrial Production was dropped by -20.1%against the expected -10.0% during April and weakened Euro. Furthermore, On Wednesday, the European Commission said that Russia and China were running targeted influence operations and disinformation campaigns in the European Union and its neighborhood and also around the globe.

Daily Support and Resistance

R3 1.1522
R2 1.1473
R1 1.1422

Pivot Point 1.1372

S1 1.1321
S2 1.1271
S3 1.122

EUR/USD– Trading Tip

The EUR/USD continues to trade sideways in a narrow trading range of 1.1400 – 1.1348 level, and right now, it seems to test the lower boundary of this range. On the lower side, the next target level appears to be 1.1270. Currently, the pair is facing immediate support around 1.1340 level, and closing of candles above this level may lead the EUR/USD prices to further lower towards 1.1400. The 50 EMA is also suggesting a bullish bias for the EUR/USD pair as the pair has closed a Doji candle right above the EMA. On the higher side, a violation of 1.1400 resistance can lead to EUR/USD prices until 1.1465. Odds of bullish bias remains solid today.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.27457 after placing a high of 1.28130 and a low of 1.27060. Overall the movement of GBP/USD pair remained bullish throughout the day. The currency pair GBP/USD continued its bullish trend for the 10th consecutive day and maintained its bullish streak on Wednesday on the back of the latest monetary policy decision by Federal Reserve.

On Wednesday, the U.S. Fed announced its monetary policy decision in which it held its interest rates on the same level near zero and did not go for negative interest rates. However, the Fed also announced to hold the interest rates at the same level until the end of 2022. Federal Reserve also announced that over the coming months, it would increase the holdings of Treasury securities and agency residential and mortgage-backed securities at the current level to support the credit flow to households and businesses. This all was decided to sustain smooth market functioning and defend the U.S. economy.

Additionally, the Open market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will keep a close eye on market conditions to adjust its plans as needed.

The DXY fell off from 96 levels and was down by 0.5% on Wednesday, the dovish statement from Fed weighed on the U.S. dollar and hence, GBP/USD pair reached near 3-months highest level.

On the other hand, Brexit trade negotiations did not go well between the U.K. and Brussels, and the U.K. wanted to reach an agreement with the E.U. this year. There are no chances of even any progress in trade talks with the deadline to seek an extension coming closer day by day.

According to the boss of the U.K.’s most influential business group, the CBI, U.K.’s economy was not ready to withstand the additional disruption of no-deal Brexit. The furlough scheme and grants will end at once, and then thousands of businesses and millions of jobs will likely hit the water. A CBI member, Carolyn Fairbairn, said that British firms do not have the resilience to cope with leaving the European Union without any deal after the losses of the coronavirus crisis.

On Wednesday, GBP/USD prices rose above the level of 1.27710 but dropped below it and continued moving in a confined range. The surge in prices was due to the broad-based U.S. dollar weakness after the Fed’s statement and economic data release. At 17:30, The CPI & Core CPI for May from the U.S. showed a decline of 0.1% against the expected 0.0% and weighed on the U.S. dollar. The weak dollar pushed GBP/USD pair on the higher level.

Daily Support and Resistance

R3 1.2912
R2 1.2863
R1 1.2804

Pivot Point 1.2755

S1 1.2696
S2 1.2647
S3 1.2588

GBP/USD– Trading Tip

The GBP/USD pair is trading with a bearish bias at 1.2650 level ever since it has violated the upward channel on the lower side. On the 4 hour timeframe, the Cable has closed a strong bearish engulfing candle, which suggests a dominance of sellers in the market as this can trigger selling until 1.2625 level. Immediate support can be found around 1.2625, while a breakout of this can trigger more selling until the next support level of 1.2582 level. Let’s look for selling trades below 1.2690 level today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.123 after placing a high of 107.872 and a low of 106.987. Overall the movement of the USD/JPY pair remained bearish that day. AT 4:50 GMT, the Core Machinery Orders from Japan for April dropped to -12% against the expected -7.5% and weighed on Japanese Yen. The PPI for the year from Japan was declined by 2.7% against the expected decline of 2.4% and exerted pressure on JPY.

On the other hand, at 17:30 GMT, the CPI and the Core CPI during May from the United States was dropped to -0.1% from 0.0% of expectations and weighed on the U.S. dollar. The Federal Budget Balance for April was declined by 398.8B against the expected 580.8B.

The poor than expected CPI & Budget data from the United States on Wednesday weighed on the U.S. dollar, which dragged down the USD/JPY pair with itself. Furthermore, the dovish statement from the Federal Reserve will keep its interest rates on hold at a level near zero until the end of 2022. U.S. economy was not in good condition, and the projections made by the Fed about the economic contraction this year was 6.5% and of unemployment to be raised by 9.3.

Fed reduced its interest rates in March to near zero amid coronavirus crisis and said that until the economy was back on track Federal Reserve has pledged to maintain low rates. Fed has provided trillions of dollars to its financial system, Treasury purchases to support business, state, and local governments. It also started a new program to lend to small, medium-sized firms. Wall Street, major indices such as the S&P 500 and Dow Jones Industrial Average were negative that day, and the U.S. dollar index also fell to fresh three months low against major currencies.

Daily Support and Resistance

R3 108.58
R2 108.23
R1 107.67

Pivot Point 107.33

S1 106.77
S2 106.43
S3 105.87

USD/JPY – Trading Tips

The USD/JPY is trading sharply bearish below 107.100 level, having violated the upward trendline at 107.600. Below this, the pair has a great potential to go for a 107.08 level, while a bearish breakout of 107.082 can dip further until 106.770. On the 4 hour chart, the MACD, and RSI, both are holding in the selling zone, demonstrating that there’s further room for selling in the USD/JPY pair. Let’s consider taking selling trades below 107.33 today. Good luck!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, Jun 11 – Chinese Crypto Traders’ Bank Accounts Getting Frozen; BTC Attempting To Break $10,000

Post author By Ilija Rankovic
Post date 11 June, 2020
No Comments on Daily Crypto Review, Jun 11 – Chinese Crypto Traders’ Bank Accounts Getting Frozen; BTC Attempting To Break $10,000

The crypto market has spent the day with increased volatility as Bitcoin was trying to pass the $10,000 mark. While the level got rejected once again, the price increase did happen. Bitcoin is currently trading for $9,941, which represents an increase of 1.69% on the day. Meanwhile, Ethereum gained 2.18% on the day, while XRP gained 0.81%.

Aave took the position of today’s biggest daily gainer, with gains of 20.26%. WAX lost 20.34% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased since we last reported, with its value currently at 65.34%. This value represents a 0.14% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization increased slightly over the course of the day, with the market’s current value being $281.26 billion. This value represents an increase of $3.57 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Are Chinese bank accounts getting frozen by the government?

Almost 4,000 Chinese bank accounts have reportedly been frozen by the local government due to cryptocurrency trading. According to a report published on Monday, the Chinese police force froze the bank accounts of thousands of OTC traders from the Chinese province of Guangdong.

The report stated that the authorities started freezing bank accounts on Thursday. While the law enforcement is claiming that they are freezing only accounts tied to illicit activities, retail investors saw their bank account frozen after buying cryptocurrency on credible crypto exchanges.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization has spent the day preparing for a move towards the upside. The price attempted to break the $10,000 threshold several times, each time being unsuccessful. However, even though the price point got rejected, Bitcoin gained some value and managed to pass $9,870 (which is being tested at the time of writing).

If Bitcoin manages to pass $10,000, it can face resistance above the $10,300 level.

Key levels to the upside Key levels to the downside

1: $10,010 1: $9,870

2: $10,355 2: $9,735

3: $9,580

Ethereum

Ethereum also made a move towards the upside while attempting to break its resistance level of $251.4. While the break is (so far) unsuccessful, it seems like the second-largest cryptocurrency by market cap has strong support in both the $240 level and the 21-period moving average, which means that the price will not dramatically fall without a fight.

Ethereum’s volume increased drastically during the peak of the move towards the upside but started to fade as the $251.4 level kept resisting.

Key levels to the upside Key levels to the downside

1: $251.4 1: $240

2: $260 2: $225.4

3: $217.6

Ripple

XRP stayed in its tight range over the course of the day, bound by the $0.2 support and $0.205 resistance level. While its price increased slightly, XRP didn’t make a determined move towards the upside (like Bitcoin and Ethereum did).

While scalp traders might enjoy the ranging moves, a confirmed break to either the upside or downside will benefit any trader as the move would most likely be easy to spot and profit from.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, Jun 10 – Crypto Ransomware Cartels Forming; Market Preparing For A Move

Post author By Ilija Rankovic
Post date 10 June, 2020
No Comments on Daily Crypto Review, Jun 10 – Crypto Ransomware Cartels Forming; Market Preparing For A Move

The crypto market has spent the day without much movement and with low volatility. Bitcoin is currently trading for $9,737, which represents an increase of 0.54% on the day. Meanwhile, Ethereum gained 0.18% on the day, while XRP lost 0.78%.

Swiss Borg took the position of today’s biggest daily gainer, with gains of 18.23%. HedgeTrade lost 7.87% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased since we last reported, with its value currently at 65.20%. This value represents a 0.92% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization increased slightly over the course of the day, with the market’s current value being $277.69 billion. This value represents an increase of $1.61 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Crypto Ransomware Cartel?

Ransomware attacks started happening all over the world recently. They were performed by well-known cybercriminal groups, which are reportedly teaming up and creating cartel-style alliances, all with the idea to pressure their respective victims into paying the ransom requests.

The central feature to show that this is happening is that the gang notes that Ragnar Locker, which is a ransomware group, provided this info, as the title of the blog post they have posted says: “MAZE CARTEL Provided by Ragnar.”

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has spent the day without much movement. As we noted yesterday, the $9,735 level was breached to the downside but was not confirmed (the lack of confirmation made us think that the move might be corrected soon). Bitcoin regained its price as well as the $9,375 level. There aren’t many opportunities for traders at the moment, but scalp traders might use the fact that Bitcoin is fluctuating around $9,735 and testing support and resistance levels above and below it.

Key levels to the upside Key levels to the downside

1: $9,870 1: $9,735

2: $10,010 2: $9,580

3: $9,250

Ethereum

Ethereum had no movement throughout the day, as it stayed within a one-dollar range. The second-largest cryptocurrency by market capitalization is secured by the 21-period moving average on its downside, while it has absolutely no volume to even try to test the upper levels.

Ethereum’s volume is extremely low while its RSI level is flat for a couple of days, sitting at 53.

Key levels to the upside Key levels to the downside

1: $251.4 1: $240

2: $260 2: $225.4

3: $217.6

Ripple

XRP slowly moved towards the $0.2 downside and tested the level after failing to break $0.205 due to the lack of volume. The third-largest cryptocurrency by market cap is in an inverse spot to Ethereum, as both the 21-period and 50-period moving averages are guarding the upside rather than the downside. XRP will require a substantial increase in volume in order to break this range. On top of that, unless it gets “pulled” up by Bitcoin or fundamentals, XRP is most likely to go under $0.2.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 10 – Top Trade Setups In Forex – US CPI and FOMC In Play!

Post author By Ali B.
Post date 10 June, 2020
No Comments on Daily F.X. Analysis, June 10 – Top Trade Setups In Forex – US CPI and FOMC In Play!

It’s going to be a busy day from the trading viewpoint as the U.S. CPI and FOMC will be the main highlight of the day. FED isn’t expected to cut the rates, but the CPI figures are expected to improve a bit, just like labor market figures. The dollar can stay stronger on sentiments until the actual data comes out.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/US is trading with a bullish bias below 1.1366 level. The price action of the EUR/USD pair remained flat throughout the Asian session. The President of the ECB (European Central Bank), Christine Lagarde, said that the central bank’s measure to fight the coronavirus crisis was proportionate to the severe risks facing its mandate. Lagarde said during a hearing at the Committee on economic and monetary affairs of the European Parliament, which was conducted via video conference that the crisis-related measures were temporary, targeted, and proportionate.

Besides, the ECB announced an additional 600 billion euros in its pandemic emergency purchase program (PEPP) and scaled up its previous 750 billion Euro, to extend the program till mid-2021. According to Lagarde, ECB continuously monitors the proportionality of its instruments, and she said that the net effects to be gained by PEPP expansion were overwhelmingly positive. The need for expansion was to avoid any deeper recession and quickening the pathway towards normalization.

When asked about the German court ruling of the ECB’s massive public sector purchase program, she said she was confident that a solution could be found because it was addressed to the German federal government and the German Parliament. On the data front, at 11:00 GMT, the German Industrial Production showed a decline of 17.9% in April against the expectations of 16% and weighed on shared currency euro. AT 13:30 GMT, the Sentix Investor Confidence from the Eurozone for June decline to 24.8 from the expected reduction of 22.0 and weighed on Euro.

The depressed Euro after inferior to expected German Industrial Production dragged the pair EUR/USD with itself to the low of 1.12680.

Meanwhile, Lagarde’s Speech explaining the benefits of ECB’s latest expansion in PEPP provided strength to Euro, which pushed the EUR/USD pair higher. For now, the eyes will remain on the U.S. CPI and FOMC data while the FED isn’t expected to change its policy rate, but the CPI can be a main driver in the market.

Daily Support and Resistance

R3 1.1516
R2 1.1441
R1 1.1391

Pivot Point 1.1316

S1 1.1267
S2 1.1191
S3 1.1142

EUR/USD– Trading Tip

On Wednesday, the EUR/USD is consolidating in a narrow trading range of 1.1370 – 1.1276 level, and right now, it seems to break out of this trading range. On the lower side, the next target level seems to be 1.1185. Currently, the pair is facing immediate support around 1.1274 level, and closing of candles below this level may lead the EUR/USD prices further lower towards 1.1185 level, which is extended by the 50 EMA level. On the higher side, resistance holds at 1.1315 level today. Odds of bearish bias remains solid today.

GBP/USD – Daily Analysis

The GBP/USD continues to extend its 8-day winning streak and soars to 1.2766, the highest since March 12, 2020, mainly due to the broad-based U.S. dollar strength triggered by the geopolitical tensions between the Korean neighbors. Currently, the GBP/USD is holding at 1.2769 and consolidates in a new trading range of 1.2702 – 1.2815. However, the Brexit concerns remain on the card while showing no progress, which ultimately exerted some downside pressure on the British Pound and contributed to the currency pair declines.

It should be noted that the British retailers reported a sharp drop in annual sales last month, but less bad than April due to some COVID-19 restrictions eased, and more customers started online shopping.

At the data front, the British retail consortium May total sales -5.9% YoY vs. April -19.1% pct YoY, second-biggest fall since records began in 1995. The British retail consortium May like-for-like sales +7.9% YoY vs. April +5.7% YoY, excluding temporarily closed stores and including online sales. In the meantime, the Barclaycard U.K. may consider consumer spending -26.7% YoY vs. April -36.5% YoY.

However, the reason for limiting further losses in the currency pair could be attributed to the report that the United Kingdom and Japan are set to discuss the post-Brexit trade deal on the day which could underpin the cable pair.

At the USD front, the broad-based U.S. dollar recovered its previous session losses and drawing bids at press time as investors awaiting the next moves from the U.S. Federal Reserve ahead of its policy meeting. The U.S. dollar gains were further bolstered by the risk-off market sentiment triggered by the growth in geopolitical stresses between the Korean neighbors. However, the U.S. dollar’s bullish bias turned out to be one of the key factors that kept a lid on profits in the GBP/USD currency pair. Whereas, the U.S. Dollar Index that tracks the greenback against a basket of other currencies increased by 0.10% to 96.707 by 12:53 AM ET (5:53 AM GMT).

The U.S. 10-year Treasury yields fell 4-basis points (bps) to 0.844% while the stocks in Asia and the U.S. stock futures reported modest losses. The lack of significant data/events will urge the Cable traders to look for further details on risk catalysts for a fresh impetus. The UK-Japan trade talks and the US-China tension could offer hints and can help the greenback to gains further bullish traction.

Daily Support and Resistance

R3 1.2926
R2 1.2841
R1 1.2787

Pivot Point 1.2702

S1 1.2647
S2 1.2563
S3 1.2508

GBP/USD– Trading Tip

The bullish bias in the GBP/USD continues to dominate the market, and it’s leading the GBP/USD prices higher towards 1.2760 while the next resistance holds around 1.2816 level. Continuation of an upward trend can lead Sterling towards 1.2866 level while the support holds around 1.2707 level today. Below this, the prices can drop to 1.2638 level. On the 4 hour timeframe, the Cable has formed an upward channel that may keep the Sterling bullish today. Let’s look for buying over 1.2702 level today.

USD/JPY – Daily Analysis

The USD/JPY is trading dramatically bearish, falling from 107.900 level to 107.300. The USD/JPY remained strongly bearish throughout the Asian session, and it posted a steeper loss on Tuesday, followed by Mondays’ bearish trend amid the broad-based U.S. dollar weakness and improved Japanese economic outlook.

At 4:52 GMT, the Current Account Balance for April came short of expectations of 0.33T as 0.25T and weighed on Japanese Yen. The Final GDP Price Index for the year came in line with the expectations if 0.9%. At 10:02 GMT, the Economy Watchers Sentiment, however, came in favor of Japanese Yen as 15.5 against the expected 12.6.

The preliminary reading of Japan’s Q1 GDP moved from -0.9% to -0.6% and came in better, which indicated the readiness of Japanese policymakers with extra stimulus if needed to fight against the pandemic.

Moreover, the better outlook of Japan’s current economic condition supported the Japanese Yen on Monday and weighed on the USD/JPY pair.

On the other hand, despite upbeat economic data from the U.S., the greenback lost its demand due to the drop in risk barometer that day. The rush of traders’ return from riskier assets weighed on the U.S. dollar and made it weak.

Daily Support and Resistance

R3 109.26
R2 108.91
R1 108.33
Pivot Point 107.97
S1 107.39
S2 107.03
S3 106.45

USD/JPY – Trading Tips

The USD/JPY is trading sharply bearish at 107.300 level, having violated the upward trendline at 107.600. Below this, the pair has a great potential to go for a 107.08 level, while a bearish breakout of 107.082 level can dip further until 106.770 level. On the 4 hour chart, the MACD, and RSI, both are holding in the selling zone, demonstrating that there’s further room for selling in the USD/JPY pair. Let’s consider taking selling trades below 107.97 today. Good luck!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, trading, USDJPYU

Forex Market Analysis

Daily F.X. Analysis, June 9 – Top Trade Setups In Forex – European GDP in Highlights!

Post author By Ali B.
Post date 9 June, 2020
No Comments on Daily F.X. Analysis, June 9 – Top Trade Setups In Forex – European GDP in Highlights!

On the news front, the Eurozone is due to release series of high impact events that may drive movements in the Euro related currency pairs. The events like trade balance, GDP, and final employment change will be in the highlights.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/US prices were closed at 1.12937 after placing a high of 1.3196 and a low of 1.12680. Overall the movement of the EUR/USD pair remained flat throughout the day.

On Monday, the President of the European Central Bank, Christine Lagarde, said that the central bank’s measure to fight the coronavirus crisis was proportionate to the severe risks facing its mandate.

Lagarde said during a hearing at the Committee on economic and monetary affairs of the European Parliament, which was conducted via video conference, that the crisis-related measures were temporary, targeted, and proportionate.

On Thursday in its monetary policy decision, ECB announced an additional 600 billion euros in its pandemic emergency purchase program (PEPP) and scaled up its previous 750 billion Euro, to extend the program till mid-2021.

According to Lagarde, ECB continuously monitors the proportionality of its instruments, and she said that the net effects to be gained by PEPP expansion were overwhelmingly positive. The need for expansion was to avoid any deeper recession and quickening the pathway towards normalization.

On the data front, at 11:00 GMT, the German Industrial Production showed a decline of 17.9% in April against the expectations of 16% and weighed on shared currency euro. AT 13:30 GMT, the Sentix Investor Confidence from the Eurozone for June decline to 24.8 from the expected reduction of 22.0 and weighed on Euro.

The depressed Euro after inferior to expected German Industrial Production dragged the pair EUR/USD with itself to the low of 1.12680.

Meanwhile, Lagarde’s Speech explaining the benefits of ECB’s latest expansion in PEPP provided strength to Euro, which pushed the EUR/USD pair higher.

Lagarde’s Speech and economic data from Eurozone moved in the opposite direction, and hence, the pair EUR/USD remained flat throughout the day as it closed at the same level it was started with. No data was to be released from the American side, so the pair followed Euro’s directions.

Daily Support and Resistance

R3 1.1357
R2 1.1338
R1 1.1327

Pivot Point 1.1308

S1 1.1296
S2 1.1278
S3 1.1266

EUR/USD– Trading Tip

The EUR/USD is consolidating in a narrow trading range of 1.1370 – 1.1276 level, and right now, it seems to break out of this trading range. On the lower side, the next target level seems to be 1.1185. Currently, the pair is facing immediate support around 1.1274 level, and closing of candles below this level may lead the EUR/USD prices further lower towards 1.1185 level, which is extended by the 50 EMA level. On the higher side, resistance holds at 1.1315 level today. Odds of bearish bias remains solid today.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.27235 after placing a high of 1.27358 and a low of 1.26278. Overall the movement of GBP/USD remained bullish throughout the day. The broad-based U.S. dollar selling bias after the positive tone around greenback followed by Friday’s job report vanished pushed the pair GBP/USD higher on Monday. The currency pair GBP/USD raised for the 8th consecutive day on Monday and continued its bullish rally.

The weakness of the U.S. dollar was attributed to weak U.S. yields. The U.S. dollar index (DXY) turned negative on the day and fell back to below 97.00 level. The U.S. stock was high on the back of increased risk appetite.

On the other hand, the E.U. chief negotiator, Michel Barnier, was supposed to present a compromise proposal on access to British waters during the latest round of talks, but at the last minute, he was blocked to present the proposal by its member states with large fishing communities.

E.U. now expects the talks to drag into October, but the U.K. has ruled it out and said that it was unacceptable. E.U. wanted to intensify and accelerate its work to make progress with the negotiations, and the U.K. need to prepare its businesses for a new trading environment.

On the fishing issue, the E.U. wants the U.K. to follow the structures of standard fisheries policy (CFP) from the end of 2020. But British fishing communities claim that the policy left the U.K. with far too few fish to catch, so they want to be an independent coastal state from the end of 2020. On the data front, there was no macroeconomic data to be released from both sides so, the pair continued following its previous day’s trend and posted gains on the back of the risk-on market sentiment.

Daily Support and Resistance

R3 1.28
R2 1.2765
R1 1.2742

Pivot Point 1.2707

S1 1.2684
S2 1.2649
S3 1.2627

GBP/USD– Trading Tip

The GBP/USD’s overall trend is bullish as the pair continues to reach 1.2690 levels, having violated the triple top level on the 4-hour timeframe. The pair is retracing a bit; perhaps, investors are doing some profit-taking before taking any additional buying position in Sterling. Bullish trend continuation leads to GBP/USD prices towards the next resistance level of 1.2760 level. Above this, the next resistance holds around 1.2795 level. Conversely, the support is likely to be found around 1.2665 and 1.2601 level today. Let’s look for selling below 1.2707 and buying above this level today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 108.426 after placing a high of 109.691 and a low of 108.232. Overall the movement of the USD/JPY pair remained strongly bearish throughout the day. The pair USD/JPY posted a steeper loss on Monday amid the broad-based U.S. dollar weakness and improved Japanese economic outlook. The pair dropped on Monday after posting gains for the previous four consecutive days.

On the data front, at 4:50 GMT, the Bank Lending for the year from Japan increased to 4.8% in May from 2.9% in April. The Final GDP for the quarter decreased by 0.6% against the expected decline of 0.5% and weighed on Yen. At 4:52 GMT, the Current Account Balance for April came short of expectations of 0.33T as 0.25T and weighed on Japanese Yen. The Final GDP Price Index for the year came in line with the expectations if 0.9%. At 10:02 GMT, the Economy Watchers Sentiment, however, came in favor of Japanese Yen as 15.5 against the expected 12.6.

Moreover, the better outlook of Japan’s current economic condition supported the Japanese Yen on Monday and weighed on the USD/JPY pair.

Daily Support and Resistance

R3 110.81
R2 110.25
R1 109.34

Pivot Point 108.79

S1 107.88
S2 107.33
S3 106.42

USD/JPY – Trading Tips

The USD/JPY fell dramatically to violate the narrow trading range of 109.800 – 109.255, and now it’s trading somewhere around 107.900. On the 4 hour timeframe, the USD/JPY is likely to find support at 107.900, and below this, the upward trendline may extend support around 107.600 level. The Japanese currency pair has already crossed below 50 EMA, favoring selling bias in the pair today. Let’s consider taking selling trades below 108.50 today. Good luck!

Tags Daily Brief, Dollar, Euro, EURUSD, Forex, Fundamental Analysis, GBPUSD, Pound, Technical Analysis, Technical Outlook, trading, USDJPY, yen

Crypto Market Analysis

Daily Crypto Review, Jun 09 – Bitcoin Gaining 700% Soon? Analyst Estimates BTC At $75,000

Post author By Ilija Rankovic
Post date 9 June, 2020
No Comments on Daily Crypto Review, Jun 09 – Bitcoin Gaining 700% Soon? Analyst Estimates BTC At $75,000

The crypto market has spent the day mostly with low volatility, except for the past few hours when the price bounced up and down quickly before returning to its original values. Bitcoin is currently trading for $9,700, which represents a decrease of 0.56% on the day. Meanwhile, Ethereum lost 0.04% on the day, while XRP gained 0.16%.

Kyber Network took the position of today’s biggest daily gainer, with gains of 9.7%. Divi lost 23.7% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly since we last reported, with its value currently at 66.12%. This value represents a 0.87% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization decreased slightly over the weekend, with the market’s current value being $276.08 billion. This value represents a decrease of $0.24 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin soon at $75,000?

Bitcoin analysis from Timothy Peterson (Cane Island Alternative Advisor) shows a strong possibility of BTC going to $75,000. The analysis is based on finding an uncanny similarity to Bitcoin’s chart movement in 2013. Peterson called this similarity “almost perfect.”

Peterson tracked Bitcoin’s price recovery from its 3,600 lows from mid-March, which (as he noted) looks almost exactly like the price action from seven years ago. If the price action from seven years ago can be translated into the future, Bitcoin should move 700% to the upside, giving it a price of around $75,000.

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has spent the day mostly without any large price fluctuations. The market has been slow except for one single candle which tried to break both the upside and downside key levels but failing to do either completely.

Bitcoin’s volume is on the same levels as over the past week, while its RSI level fell to 50. The key level of $9,735 will be moved to the “upside” once the break is confirmed.

Key levels to the upside Key levels to the downside

1: $9,870 1: $9,735

2: $10,010 2: $9,580

3: $9,250

Ethereum

Ethereum had quite a slow day as well, with its price making a move only in a recent couple of candles. While one candle was strictly bullish, the other one had large wicks to both the upside and downside. The 21-period moving average seems to be holding the price quite well.

Ethereum’s volume increased in the past few candles, while its RSI level came down to 54.

Key levels to the upside Key levels to the downside

1: $251.4 1: $240

2: $260 2: $225.4

3: $217.6

Ripple

XRP made a move towards the upside and spent the whole day trying to break the $0.205 resistance level. However, the move was unsuccessful, triggering a severe drop, which even broke the $0.2 support level for a few minutes. However, the bulls came back almost instantly and picked up where they left off, threatening the $0.205 resistance level once again.

A break above $0.205 with an increase in volume (or a confirmation of breaking $0.205) could be a good trading opportunity for scalp traders.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 8 – Top Trade Setups In Forex – Dollar Strengthens Over NFP!

Post author By Ali B.
Post date 8 June, 2020
No Comments on Daily F.X. Analysis, June 8 – Top Trade Setups In Forex – Dollar Strengthens Over NFP!

On the news front, the eyes will remain on the German Industrial Production m/m and ECB President Lagarde Speaks. Both of these may have an impact on the Euro related currency pairs.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.12911 after placing a high of 1.13835 and a low of 1.12781. Overall the movement of EUR/USD remained bearish throughout the day. The EUR/USD pair rose to 1.13835 near 13-weeks highest level but failed to remain there and broke its nine days bullish streak and fell on Friday amid U.S. dollar strength across the board after the release of US Non-Farm Employment Change.

The pair EUR/USD was on bullish track after the announcement of an additional 600 billion euros in the emergency package from the European Central Bank on Thursday. The package was announced to cover up the losses faced after the coronavirus induced lockdowns across the globe and its impact on the global economy.

The additional 600 billion euros by ECB in its pandemic emergency purchase program (PEPP) made the total size of aid provided after the coronavirus crisis to 1.35 trillion euros. ECB also said that the updated forecast about GDP showed a contraction of 8.7% this year, and the inflation expectations were to rise by 0.3% this year and 0.8% in next year. EUR/USD moved in an upward direction after the ECB’s PEPP announcement and continued to follow the trend in early sessions on Friday and rose above 13-weeks higher level.

However, after the release of US Non-Farm Employment Change, the pair EUR/USD started to move in the opposite direction at the ending day of the week. At 17:30 GMT, the Non-Farm Employment Change from the United States showed that 2.509M people were hired in May against 7.750M of job loss expectations. A stronger than expected job report from the U.S. gave strength to the U.S. dollar across the board and weighed on EUR/SD pair.

Adding in the strength on the U.S. dollar was the Unemployment Rate, which came in as 13.3% against the expectations of 19.4% and further dragged down the pair EUR/USD pair.

On the other hand, from the Europe side, at 11:00 GMT, the German Factory Orders for April were also released which showed that factory orders were reduced by 25.8% in April against the expected drop of 20% and weighed on Euro which ultimately dragged the pair in a downward trend.

Daily Support and Resistance

R3 1.1357
R2 1.1338
R1 1.1327

Pivot Point 1.1308

S1 1.1296
S2 1.1278
S3 1.1266

EUR/USD– Trading Tip

The EUR/USD is also following a bearish trend on the back of a stronger dollar. Currently, the pair is facing immediate support around 1.1284 level, and closing of candles below this level may lead the EUR/USD prices further lower towards 1.1244 level, the support, which is extended by the 50 EMA level. On the higher side, resistance holds at 1.1315 level today. Odds of bearish bias remains solid today.

GBP/USD – Daily Analysis

The GBP/USD was closed at 1.26689 after placing a high of 1.26901 and a low of 1.25828. Overall the movement of GBP/USD pair remained bullish throughout the day. The pound rose for 7th consecutive day on Friday amid the rising hopes for a deal between E.U. & U.K. but lost some of its daily gains after the release of U.S. on-Farm Employment Change.

Matt Hancock, the Cabinet Minister of the U.K., said that a trade deal with the E.U. was still possible on very reasonable demands. In the latest rounds, both sides admitted that a little progress was made, and they were very hopeful that no-deal outcomes to the talks could be avoided.

The U.K. & E.U. differences have remained under four key points of fisheries: competition rules, governance, and police cooperation. UK PM Boris Johnson and President of European Commission, Ursula von der Leyen, are expected to meet later this month.

The U.K. has only until the end of June to apply for the extension of the transition period, but Johnson has ruled it out. However, the hopes that U.K. & E.U. will reach a deal after the described little progress in talks from both sides increased, and hence, the pair GBP/USD found traction in the market.

Whereas, the investors think that chances for no-deal Brexit were more than ever because the coronavirus pandemic will lead to one of the worst recessions in modern history, and investors think that hardcore Brexiteers will use the recession as a perfect distraction to get to a no-deal Brexit done.

On the data front, at 12:30 GMT, the Halifax Housing Price Index for May from the United Kingdom was declined by 0.2% against the expected decline of 0.7% and supported British Pound which ultimately pushed the GBP/USD pair on bullish track on Friday and added in the pair gains.

Meanwhile, the U.S. dollar strength after the release of US Non-Farm Employment Change exerted pressure on the rising prices of GBP/USD pair on Friday and made it lose some of its daily gains.

Daily Support and Resistance

R3 1.28
R2 1.2765
R1 1.2742

Pivot Point 1.2707

S1 1.2684
S2 1.2649
S3 1.2627

GBP/USD– Trading Tip

On Monday, the technical side of the GBP/USD seems bullish as the pair continues to reach 1.2690 levels, having violated the triple top level on the 4-hour timeframe. The GBP/USD pair has formed an upward regression trend channel, and it’s driving further buying trend in the Cable. Bullish Continuation of a bullish trend can lead to GBP/USD prices towards the next resistance level of 1.2760 level. Above this, the next resistance holds around 1.2795 level. Conversely, the support is likely to be found around 1.2665 and 1.2601 level today. Let’s look for selling below 1.2707 and buying above this level today.

USD/JPY – Daily Analysis

The USD/JPY was closed at 109.573 after placing a high of 109.848 and a low of 109.042. Overall the movement of USD/JPY remained bullish throughout the day. The USD/JPY pair surged for the fourth consecutive day on Friday and gained some strong follow-through traction after the release of surprisingly stronger than expected U.S. monthly jobs data. The headline data of Friday, NFP, showed that 2.509M jobs were added in May, whereas the forecast was about 8M job loss.

Adding in the optimism was the unemployment rate, which beat the market expectations and was reported as 13.7% against 19.4% of expectations. Better than expected, data from the U.S. economy raised the bars for recent optimism over the sharp V-shaped recovery for global economic recovery. This increased the already stronger risk appetite In the market and hence, the USD/JPY pair gained for the 4th consecutive day on Friday.

At 4:30 GMT, the Household Spending for the year from Japan was declined by 11.1% against the expected decline of 12.8% and supported the Japanese Yen. At 10:00 GMT, the Leading Indicators from Japan remained flat with the expectations of 76.2%.

From the American side, the Average Hourly Earnings in May was declined by 1.0%, whereas it was expected to rise by 1.0%. The US Non-Farm Employment Change showed that 2.509M people were hired back in May, which were expected to show job loss of 7.750M people. The Unemployment Rate in April fell short of 19.4% expectations and came in as 13.3% and supported the U.S. dollar.

Daily Support and Resistance

R3 109.79
R2 109.74
R1 109.67

Pivot Point 109.62

S1 109.56
S2 109.5
S3 109.44

USD/JPY – Trading Tips

The USD/JPY is consolidating in a narrow trading range of 109.800 – 109.255. The stronger than expected NFP figures drove buying in the USD/JPY pair on Friday, but now the traders seem to capture retracement in the market. A bearish breakout of 109.280 level can drive selling until the next support level of 109, which marks 38.2% Fibonacci retracement. The 50 EMA and MACD both are supporting the buying trend in the USD/JPY pair, and it can lead the USD/JPY prices further higher today. On the higher side, the resistance holds around 109.850. Let’s wait for a breakout of 109.800 – 109.255 to determine further trends in the USD/JPY pair. All the best for today!

Tags Daily Brief, Dollar, Euro, EURUSD, Forex, Fundamental Analysis, GBPUSD, Pound, Technical Analysis, Technical Outlook, trading, USDJPY, yen

Crypto Market Analysis

Daily Crypto Review, Jun 08 – Cryptos Preparing For The Next Move – What To Expect?

Post author By Ilija Rankovic
Post date 8 June, 2020
No Comments on Daily Crypto Review, Jun 08 – Cryptos Preparing For The Next Move – What To Expect?

The crypto market has spent this weekend mostly with low volatility and one Bitcoin’s sudden price spike, which triggered the market for a short while. Bitcoin is currently trading for $9,755, which represents an increase of 0.59% on the day. Meanwhile, Ethereum gained 0.42% on the day, while XRP lost 0.7%.

Loopring took the position of today’s biggest daily gainer, with gains of 21.23%. IOST lost 3.13% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly since we last reported, with its value currently at 65.25%. This value represents a 0.11% difference to the upside when compared to Friday’s value.

The cryptocurrency market capitalization decreased slightly over the weekend, with the market’s current value being $276.32 billion. This value represents an increase of $1.33 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Another ransomware attack targeting the aerospace industry

ST Engineering Aerospace’s subsidiary (located in the US) suffered a ransomware attack that extracted somewhere around 1.5TB of sensitive data from their database. This Singapore-based company was, as the report says, attacked by the well-known ransomware organization called Maze.

The report shows that the data stolen by these criminals is related to many things, including contract details with various governments, organizations, as well as airlines across the globe.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has spent the weekend without much turbulence. The price was on a slow downward-facing path, testing and slowly breaking narrow ranges until bulls seem to have had enough. The price then jumped up from $9,350 to $9,820 before coming back to the levels it is at at the moment. The $9,735 level is currently being tested.

Bitcoin’s volume was decreasing gradually throughout the weekend until the most recent rise, which caused the price to go up.

Key levels to the upside Key levels to the downside

1: $9,870 1: $9,735

2: $10,010 2: $9,580

3: $9,250

Ethereum

Ethereum’s chart looks similar to Bitcoin’s chart, though the moves to both the upside and downside aren’t as pronounced. The second-largest cryptocurrency by market cap gradually decreased in price until the bulls stepped in and brought the price from $235 to $245. The bottom of this descending mini-trend was seemingly the 50-period moving average.

Ethereum’s volume increased during the upswing but quickly returned to its usual (low) levels.

Key levels to the upside Key levels to the downside

1: $251.4 1: $240

2: $260 2: $225.4

3: $217.6

Ripple

XRP has spent the weekend trading within a narrow range, bound by $0.2 support and $0.205 resistance level. Both of these levels got tested, but none showed any definitive signs of breaking. XRP’s future price direction will most likely be determined by Bitcoin’s next move.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 5 – Top Trade Setups In Forex – Eyes on U.S. Non-farm Payroll!

Post author By Ali B.
Post date 5 June, 2020
No Comments on Daily F.X. Analysis, June 5 – Top Trade Setups In Forex – Eyes on U.S. Non-farm Payroll!

On the news front, it’s likely to be a busy day with most of the focus staying on the European Central Bank’s monetary policy meeting. ECB’s Main Refinancing Rate holds at 0%, and So far, the ECB isn’t expected to change it. However, we need to closely monitor the Press conference as the hawkish or dovish remarks from President Christine Lagarde can drive price action in the EUR/USD pair today. Besides, the dollar may stay supported ahead of the NFP figures coming out on Friday.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD currency pair continues to draw bids and hit above the new three-month high of 1.1370 marks as the investors continue to cheer the bigger-than-expected coronavirus emergency purchase program (PEPP) announced by the European Central Bank (ECB) on Thursday to boost the economic recovery. The ECB expanded PEPP by EUR600 billion. On the other hand, the broad-based U.S. dollar modest strength turned out to be one of the key factors that kept a lid on any additional gains in the pair, at least for now. The EUR/USD is trading at 1.1368 and consolidates in the range between the 1.1325 – 1.1377. However, the traders seem cautious to place any strong position ahead of the German Factory Orders.

At the data front, the German Factory Orders are scheduled to release at 06:00 GMT, which is expected to drop by 19.7% month-on-month in April, having fallen 15.6 in March. On an annualized basis, the industrial orders dropped by 7.4% in April.

Despite the predictions of a sharper drop in the Factory Orders, the shared currency continues to draw bids, backed by the hopes of coronavirus emergency purchase program announced by the European Central Bank (ECB).

On the other hand, the IHS Markit’s German Purchasing Managers’ Index (PMI) for manufacturing was revised downwards to 36.6 in May from the preliminary figures of 36.8, even after it improving slightly from April’s 34.5. The Germany manufacturing sector continued to weaken last month, possibly due to the weakening demand triggered by the coronavirus pandemic. Manufacturing production was already down 7-8% from a peak in late 2017 even before the onset of the pandemic, and now that figure looks to be in the region of 25-30%,” IHS Markit reported.

The decline in the German Factory Orders by the big margin could push the EUR/USD currency pair lower below 1.1300. As well as, if the U.S. dollar takes bids on the worsening market mood, the currency pair extend further declines towards 1.1243 (5-DMA). For now, the traders are waiting for the U.S. NFP data tp drive market movement.

Daily Support and Resistance

R3 1.157
R2 1.1466
R1 1.1402

Pivot Point 1.1298

S1 1.1233
S2 1.113
S3 1.1065

EUR/USD– Trading Tip

The EUR/USD continues to trade bullish around 1.1360, heading towards the next resistance level of 1.1450 level. The European Central Bank policy decision drove a recent jump in Euro, and now the U.S. NFP will be taking over the game during the U.S. session. So, we can expect EUR/USD to face a strong hurdle around 1.1450 level along with support level around 1.1247. The 50 EMA is suggesting bullish bias along with the MACD indicator, which is holding and forming histograms over the 0 level. Let’s look for buying positions above 1.1298 level today and selling below 1.1458.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.25957 after placing a high of1.26331 and a low of 1.25005. Overall the movement of GBP/USD pair remained bullish throughout the day. The GBP/USD pair rose for the 6th consecutive day on Thursday and peaked since April 30 after posting 0.5% losses on that day. The GBP/USD pair first dropped and lost ground in early trading session but managed to find support and ended its day with a bullish bias.

The selling bias in GBP was due to a lack of progress in the current round of Brexit negotiations on the future relationship. The 4th round of talks will end on Friday, and more chances for no-deal persists in the market as hopes for mutual concessions on fisheries and trade came and went throughout the talks.

However, the U.K. risk of falling to world trade organizations rule instead of having a deal with E.U. has been increased as BoE issued notice to be prepared for the worst-case scenario I,e no-deal Brexit. These fears amongst investors related t no-deal Brexit also kept the British Pound under pressure on Thursday and caused the early drop of GBP/USD pair.

Another factor involving in the downward movement of GBP/USD pair in the early trading session was the poor than expected Construction PMI from the U.K., which dropped to 28.9 in May from 29.5 of expectations and weighed on GBP.

But in later sessions after the release of American economic data, the pair started to rise again and started following its previous day’s trend. At 17:30 GMT, the Unemployment Claims for last week were reported as 1.88M from the U.S. against the expected jobless claims as 1.82M and weighed on the U.S. dollar. The Revised Nonfarm Productivity for the quarter dropped to -0.9% against the forecasted -2.5% and weighed on the U.S. dollar.

At 19:30 GMT, the Trade Balance also showed a deficit of 49.4B against the expected deficit of 41.5B in April and weighed on the U.S. dollar.

The weakness of the U.S. dollar on Thursday gave a push to GBP/USD, and it started to move in an upward trend again. On the other hand, racial tensions in the U.S. were calmed a bit after the three additional police officers involved in the murder of George Floyd were filed with charges. However, the unrest was primarily ignored by the market participants despite its potential impact on the U.S. elections.

Daily Support and Resistance

R3 1.2787
R2 1.271
R1 1.2652

Pivot Point 1.2576

S1 1.2518
S2 1.2442
S3 1.2384

GBP/USD– Trading Tip

On Friday, the GBP/USD continues trading bullish to reach at 1.2650 levels, having violated the triple top level on the 4-hour timeframe. The GBP/USD pair has formed an upward regression trend channel, which is supporting further buying in the Cable.

Continuation of a bullish trend can lead to GBP/USD prices towards the next resistance level of 1.2690 level. Above this, the next resistance holds around 1.2765 level. Conversely, the support is likely to be found around 1.2605 and 1.2550 level today. Let’s look for buying over 1.2605 level ahead of NFP data today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 108.899 after placing a high of 108.980 and a low of 108.420. Overall the movement of the USD/JPY pair remained bullish throughout the day. The USD/JPY pair extended its previous day’s gains and rose above 108.900 level pacing a high since April 9 on the back of increased risk appetite. The risk-on market sentiment weighed on safe-haven Japanese Yen and pushed the USD/JPY pair above multi week’s highest level.

The U.S. dollar index slipped to its three-month low level due to increased global risk sentiment after the hopes for faster recovery increased due to easing lockdown restrictions. The DXY fell to 97.19 low from 97.63 on the day. Despite the drop in the U.S. Dollar Index, the pair USD/JPY managed to post gains on the back of the strong U.S. equity market.

On the other hand, China’s headlines stopped buying U.S. farm goods and were proven false after the reports suggested that Chinese state-owned firms bought U.S. soybean cargo this week. This raised the optimism that US-China worries would become less. It was also supported by the comments from U.S. Senator Grassley, who said that the US-China trade deal was on track.

Meanwhile, at 17:15 GMT, the US ADP Non-Farm Employment Change for May showed a decline in the number of jobless people to 2.76M from the forecasted 9.0M and helped the U.S. dollar to gain traction. At 18:45 GMT, the Final Services PMI from the U.S. came in line with the expectations of 37.5. At 19:00 GMT, the ISM Non-Manufacturing PMI showed a surge to 45.4 from the expected 44.2 for May and supported the U.S. dollar. The Factory orders in April were declined by 13% against the expected decline of 13.7%. Let’s brace for the U.S. Nonfarm payroll data today.

Daily Support and Resistance

R3 109.93
R2 109.56
R1 109.35

Pivot Point 108.98

S1 108.76
S2 108.4
S3 108.18

USD/JPY – Trading Tips

On Friday, the USD/JPY bullish bias continues to drive buying to lead the pair towards 109.350 level. The USD/JPY pair is now breaking above 109.280 level, and above this, the next target is likely to be found around 110. The 50 EMA and MACD both are supporting the buying trend in the USD/JPY pair, and it can lead the USD/JPY prices further higher today. On the lower side, the support holds around 108.640, but the recent bullish engulfing candle and upward price action in the safe haven pair can drive further buying in the USD/JPY pair. Let’s look for buying over 109 levels today. All the best for today!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, Jun 05 – Hackers Target US Universities After “Kidnapping” a Whole Town; BTC Used as Ransom

Post author By Ilija Rankovic
Post date 5 June, 2020
No Comments on Daily Crypto Review, Jun 05 – Hackers Target US Universities After “Kidnapping” a Whole Town; BTC Used as Ransom

The crypto market has spent the day with low volatility as it was trying to consolidate. Bitcoin is currently trading for $9,778, which represents an increase of 1.31% on the day. Meanwhile, Ethereum gained 0.16% on the day, while XRP lost 0.7%.

Wax took the position of today’s biggest daily gainer, with gains of 62.34%. Zilliqa lost 8.4% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly since we last reported, with its value currently at 65.14%. This value represents a 0.07% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization increased slightly as most cryptos gained some value when compared to yesterday. The market’s current value is $277.65 billion. This value represents an increase of $2.3 billion when compared to the value it had yesterday.

What happened in the past 24 hours

NetWalker attacking US universities with ransomware

A ransomware gang called NetWalker claims to have successfully attacked three large US universities within the last seven days. They say that their latest attack was aimed against the University of California San Francisco, while that they also attacked Michigan State University and Columbia College of Chicago.

NetWalker threatened to leak all the sensitive data they have acquired in less than a week if they don’t receive a crypto payment in Bitcoin. The information came from Michigan State, Columbia College of Chicago, and UCSF themselves.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has spent the day slowly testing its support and resistance levels. After breaking the $9,735 to the upside but failing to conquer $9,870, Bitcoin started to drop in price and retest $9,735 as a support level. It has held up quite nicely so far, with no indications of BTC falling below it with this volume.

Bitcoin’s volume reduced drastically when compared to the past week, while its RSI is at 58.

Key levels to the upside Key levels to the downside

1: $9,870 1: $9,735

2: $10,010 2: $9,580

3: $9,250

Ethereum

Ethereum had a great little run towards the upside yesterday, passing the $240 level and trying to consolidate above it. The consolidation has continued since, with Ethereum successfully getting $240 as a support level. The 4-hour 21-period moving average seems to be holding the price above the level as well.

Ethereum’s volume drastically reduced and is almost non-existent, while its RSI level is at 56.

Key levels to the upside Key levels to the downside

1: $251.4 1: $240

2: $260 2: $225.4

3: $217.6

Ripple

XRP didn’t perform its consolidation, as well as Ethereum, did after a good run towards the upside they had. The third-largest cryptocurrency by market cap fell under the $0.205 level after testing its strength as a support level. However, the current increase in volume indicates that XRP might get above it once again.

XRP’s volume was mostly lower than yesterday, while its RSI level is at 50.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 4 – Top Trade Setups In Forex – Eyes on ECB Policy Meeting!

Post author By Ali B.
Post date 4 June, 2020
No Comments on Daily F.X. Analysis, June 4 – Top Trade Setups In Forex – Eyes on ECB Policy Meeting!

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.12334 after placing a high of 1.12577 and a low of 1.11665. Overall the movement of the EUR/USD pair remained bullish throughout the day. The EUR/USD pair extended its previous bullish rally for 8thconsecutive day on Wednesday and surged to its highest level since March 12 at 1.12500 level. The risk-on market sentiment continued to weigh the U.S. dollar and pushed the EUR/USD pair on an upward trend.

The U.S. Dollar Index was calm during the European trading hours at 97.50, but after the release of economic data, Index lost its traction and was dragged down. At 12:15 GMT, the Spanish Services PMI for May surged to 27.9 against the expected 24.7. At 12:45 GMT, the Italian Services PMI also exceeded the expectations of 26.2 and came in as 28.9. At 12:50 GMT, the French Services PMI for May increased to 31.1 against the expected 29.4. At 12:55 GMT, the German Final Services PMI also surged to 32.6 from 31.4 of expectations. At 13:00 GMT, the Final Services PMI for the whole Eurozone exceeded the expectations of 28.7 and came in as 30.5 to make Euro stronger against the U.S. dollar.

At 12:55 GMT, the German Unemployment Change showed that 238K people lost their jobs in April against the expectation of 188K. At 13:00 GMT, the Italian Monthly Unemployment Rate decreased to 6.3% from the expected 9.2% and supported Euro. At 14:00 GMT, the PPI for the month of April from the whole bloc was declined by 2.0% against the forecasted decline by 1.8% and weighed on Euro. However, the whole bloc’s unemployment rate was recorded as 7.3% against the expected 8.2% in April and supported Euro.

Better than expected Services PMI and Unemployment data from the whole bloc and its countries gave a push to Euro prices against the U.S. dollar and moved EUR/USD pair in an upward trend on Wednesday.

Daily Support and Resistance

R3 1.1362
R2 1.131
R1 1.1272

Pivot Point 1.1219

S1 1.1181
S2 1.1128
S3 1.109

EUR/USD– Trading Tip

The single currency Euro also took a bearish turn against the U.S. dollar to complete 61.8% Fibonacci retracement at 1.1215 level today. This level is extending solid support to the EUR/USD, and violation of this level can extend the EUR/USD pair until 1.1190 level. While above 1.1212 level, the EUR/USD can bounce off until 1.2305 level. Let’s wait for the ECB rate decision to determine further trends in the EUR/USD.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.25749 after placing a high of 1.26148 and a low of 1.25448. Overall the movement of GBP/USD pair remained bullish throughout the day. Sterling rose to its five-week highest level on Wednesday, and the pair GBP/USD continued to post gains for the 5th consecutive day on the back of the risk-on market sentiment. U.S. dollar was under heavy pressure amid risk appetite despite U.S. unrest and good economic data. The recent reopening of economies from across the globe boosted investors’ confidence in global economic recovery in the second half of the year, which was also backed by the recent economic data which has already has started to show the signs of betterment.

Markets moved towards riskier assets, including GBP and hence, the pair GBP.USD gained traction in the market. At 13:30 GMT, the Final Services PMI from Great Britain surged to 29.0 from the expected 27.9 and supported Sterling. The ADP Non-Farm Employment Change reported a job loss of 2.76M against the expected job loss of 9.0M. At 19:00 GMT< the ISM Services PMI from the U.S. also increased to 45.4 from 44.2 expected.

However, the gains in GBP/USD pair remained under pressure due to looming Brexit risks after the Bank of England warned the city to prepare for no-deal Brexit. The final round of talks between the E.U. & U.K. has been started, but the chances to secure a deal are highly unlikely.

The governor of Bank of England, Andrew Bailey, told the British biggest lenders to bolster their preparations for a no-deal Brexit. He said that it was Bank of England’s duty to prepare the U.K.’s financial system for all risks that it might face. And to do so, the warning to be ready for the worst-case scenario was issued. This warning by BoE kept a lid on any additional gains in GBP/USD pair on Wednesday.

Daily Support and Resistance

R3 1.2684
R2 1.265
R1 1.2612

Pivot Point 1.2578

S1 1.254
S2 1.2506
S3 1.2468

GBP/USD– Trading Tip

The GBP/USD was trading with a bullish bias to reach at 1.2600 levels, testing the triple top level on the 4-hour timeframe. The bullish channel has driven a bearish correction in the pair, and on the 4-hour chart, the GBP/USD seems to have more potential for selling until the next support area of 1.2475 level. The MACD has also crossed below 0, which demonstrates initiation of a selling bias, and it may lead the Cable lower to 1.2479 level. Consider taking selling trades over below 1.2600 today.

USD/JPY – Daily Analysis

The U.S. dollar index slipped to its three months low level due to increased global risk sentiment after the hopes for faster recovery increased due to easing of lockdown restrictions. The DXY fell to 97.19 low from 97.63 on the day. Despite the drop of the U.S. Dollar Index, the pair USD/JPY managed to post gains on the back of strong U.S. equity market.

On the other hand, the headlines of China stopped buying U.S. farm goods and were proven false after the reports suggested that Chinese state-owned firms bought U.S. soybean cargo this week. This raised the optimism that US-China worries would become less. It was also supported by the comments from U.S. Senator Grassley, who said that the US-China trade deal was on track.

Daily Support and Resistance

R3 109.71
R2 109.35
R1 109.12

Pivot Point 108.77

S1 108.54
S2 108.19
S3 107.96

USD/JPY – Trading Tips

The USD/JPY bullish bias violated the series of resistance levels to lead the USD/JPY currency pair towards 108.770 level. The closings of bullish engulfing and three white soldiers candlestick patterns are likely to drive further buying until 109.125 level today. On the 4 hour timeframe, the USD/JPY pair has crossed over 50 EMA and has closed a few candles above resistance become support area of 108.350, which is supporting bullish bias among traders. The USD/JPY pair may find support at 108.350 and resistance at 109.125 level while the breakout of this range will determine the next trend in the pair. Today let’s consider buying over 108.35. All the best for today!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Price Action, Technical Analysis, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, Jun 04 – The US Becoming The New Mining Giant; Cryptos On The Rise

Post author By Ilija Rankovic
Post date 4 June, 2020
No Comments on Daily Crypto Review, Jun 04 – The US Becoming The New Mining Giant; Cryptos On The Rise

The crypto market has spent the day slowly gaining upward momentum and testing resistance levels. Bitcoin is currently trading for $9,655, which represents an increase of 1.55% on the day. Meanwhile, Ethereum gained 3.21% on the day, while XRP gained 1.3%.

HedgeTrade took the position of today’s biggest daily gainer, with gains of 29.13%. ABBC Coin lost 4.23% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly since we last reported, with its value currently at 65.07%. This value represents a 0.15% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization increased slightly as most cryptos gained some value when compared to yesterday. The market’s current value is $275.19 69.53 billion. This value represents a decrease of $14 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The US becoming the new mining giant

Marathon Patent Group, a US-based company, announced that it had installed 700 units of Bitcoin mining application-specific integrated circuit (ASIC) units.

According to the June 3 announcement, Marathon Patent Group has installed 700 Whatsminer M30S+ ASICs that were produced by MicroBT. On top of that, the company is reportedly waiting for a delivery from BitMain (the leading mining ASIC producer) of 1,160 AntminerS19 Pro units.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has spent the day slowly testing resistance levels and gaining a slight bit of value. Once the price stabilized around the $9,450 level, Bitcoin started working its way up, slowly testing and then passing the $9,580 level. It is now in the process of testing this level to determine whether it will turn into support or if the price will go back down.

Bitcoin’s volume reduced drastically when compared to yesterday, while its RSI is at 52.

Key levels to the upside Key levels to the downside

1: $9,735 1: $9,580

2: $9,870 2: $9,250

3: $10,010 3: $9,120

Ethereum

Ethereum has outperformed Bitcoin on the daily as it made more bold moves throughout the day. The second-largest cryptocurrency by market capitalization did the same as Bitcoin, just with a larger percentage gain. Its price stabilized around the $235 level before it started moving up, passing the $240 resistance and reaching $246.3. The price is now on a slight decline and possibly testing the $240 level.

Ethereum’s volume came back to below-normal levels after yesterday’s downswing, while its RSI level is at 58.5.

Key levels to the upside Key levels to the downside

1: $251.4 1: $240

2: $260 2: $225.4

3: $217.6

Ripple

XRP didn’t do anything to differ that much from the other two aforementioned cryptocurrencies. The third-largest cryptocurrency by market cap managed to reach past the $0.205 level after a whole day of slowly moving up. It is currently in the process of testing the level as support. XRP’s moves above $0.205 are seemingly more violent and volatile, while the moves below it are slower and more gradual.

Key levels to the upside Key levels to the downside

1: $0.214 1: $0.205

2: $0.227 2: $0.2

3: $0.19

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 3 – Top Trade Setups In Forex – Brace for Advance NFP Figures!

Post author By Ali B.
Post date 3 June, 2020
No Comments on Daily F.X. Analysis, June 3 – Top Trade Setups In Forex – Brace for Advance NFP Figures!

On Wednesday, the market is likely to exhibit sharp price actions in the wake of series of high impact economic events such as Final Services PMI, G7 Meeting, ADP Non-farm payroll, and Canadian monetary policy meetings. Most of the price action is expected to be driven by Advance Non-farm payroll figures, which are expected to perform slightly better than the previous month. It can drive buying in the U.S. dollar.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.11687 after placing a high of 1.11958 and a low of 1.11149. Overall the movement of the EUR/USD pair remained bullish throughout the day. The EUR/USD pair extended its bullish rally for the 7th straight day on Tuesday due to risk-on market sentiment and made the risk-sensitive Euro to outperform the U.S. dollar. The pair rose to its highest since mid-march near 1.1196.

At 11:45 GMT, the Budget Balance from the French government was issued, which showed a deficit of 92.1B. AT 12:00 GMT, the Spanish Unemployment Change was decreased to 26.6K from the expected 230.3K and supported Euro, which ultimately raised EUR/USD prices on Tuesday.

The U.S. dollar weakened against its rivals, and the U.S. Dollar Index dropped to its lowest level in12 weeks at 97.43. The weakened U.S. dollar also gave support to EUR/USD gains on Tuesday.

On Wednesday, for Euro traders, the unemployment data will be looked upon for fresh impetus. While on Thursday, the European Central Bank will announce its monetary policy decision, which will be under close watch by the investors.

It is widely expected that ECB would extend the PEPP program to a total of 1 Trillion euros. If that happens, it would further add in the EUR/USD gains. Furthermore, on Tuesday, the European Commission started a process that could lead to reforms of drug manufacturing pharmaceuticals to limit shortages of vaccines and antibiotics and the availability of medicine more easily.

The move came in after the E.U. faced many difficulties in fighting the COVID-19 pandemic related to the healthcare shortcomings due to dependency of the bloc on foreign supplies of essential drugs and chemicals from India and China.

According to the European Commission, there was a need to build a holistic patient-centered pharmaceutical Strategy that could cover the whole life cycle of pharmaceutical products i,e from its scientific discovery to authorization and patients access.

Daily Support and Resistance

R3 1.129
R2 1.1243
R1 1.1208

Pivot Point 1.1161

S1 1.1125
S2 1.1079
S3 1.1043

EUR/USD– Trading Tip

The bullish bias of the EUR/USD pair continues to drive an upward trend in the market, as it leads to EUR/USD prices to 1.1204. The pair is likely to find immediate support around 1.1150 level, while resistance holds around 1.1236 level. The overall trend is bullish, but we can expect a slight retracement until 1.1180 level before seeing additional buying.

GBP/USD – Daily Analysis

The GBP/USD was closed at 1.25514 after placing a high of 1.25758 and a low of 1.24782. Overall the movement of GBP/USD remained bullish throughout the day. The GBP/USD pair continued its bullish track and rose for the 4th consecutive day on Tuesday and crossed a level of 1.25700 on the back of broad-based U.S. dollar weakness. Another factor in the upward rally of GBP/USD, along with the U.S. dollar weakness, was Pound’s strength due to renewed optimism in Brexit developments.

According to Brussels sources reported in The Times, U.K. was expected to signal compromises on fisheries and some trade rules if the E.U. agreed to back down from its demand for regulatory alignment and fishing access.

After this statement came into the market, the demand for British Pound increased, which raised the bars for GBP/USD pair across the board. However, the rally was on its way to posting remarkable gains but was dragged down after U.K.’s Prime Minister dismissed the report for compromising on key sticking points that have paused the progress in the post-Brexit deal.

The U.K. rather expressed its desire to take control over access to its waters and fish after the transition period ends. U.K. showed disagreement to stick with the E.U.’s Common Fisheries Policy in which fishing quotas for E.U. member states are fixed.

The official spokesman of Prime Minister Boris Johnson said that the reports suggesting that the U.K. was ready to compromise on fishing and its waters were only “wishful thinking by E.U.” The remarks added to the growing concerns over the lack of progress on negotiations. The final round of detailed negotiations took effect from today, and results will be under close observation by British Pound traders. It should be noted that if both parties failed to secure a deal or agree on a point, it would demand an extension in the transition period. But Johnson has promised not to extend this period, which will lead to no-deal Brexit.

Boris Johnson has suggested the country would accept a no-deal Brexit if London and Brussels failed to agree on new trade rules by December 31.

On the economic data front, at 11; 00 GMT, the Nationwide HPI dropped to -1.7% against the expected drop by-1.0%.

At 13:30 GMT, the Mortgage Approvals from the U.K. came in as 16K against the expected 34K and weighed on Pound. The Net Lending to Individuals came in negative as -6.9B against the expected 1.7B. A sharp fall in U.K. Mortgage approvals in April and House price suffering kept a lid on additional gains of GBP/USD.

Daily Support and Resistance

R3 1.2691
R2 1.2634
R1 1.2592

Pivot Point 1.2535

S1 1.2493
S2 1.2436
S3 1.2395

GBP/USD– Trading Tip

The GBP/USD continues trading bullish as it has violated the double top resistance area around 1.2545 level, and now it’s testing the upward channel, which extends resistance around 1.2603. Bullish crossover of 1.2603 level is now likely to extend the buying trend until 1.2690. While the support level stays at 1.2550 today. On the 4-hour timeframe, the 50 EMA is suggesting bullish bias, and now the MACD is suggesting buying trend in the GBP/USD pair as the histograms are forming above zero levels. Consider taking buying trades over 1.2605 and selling below the same level today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 108.675 after placing a high of 108.770 and a low of 107.512. Overall the movement of USD/JPY remained bullish throughout the day. The pair USD/JPY moved beyond 108.00 level and extended its gains to the fresh seven weeks high of 108.77. The increased risk appetite caused the upbeat movement of USD/JPY after the easing of lockdown measures from across the globe, which raised optimism about the quick economic recovery.

Despite the broad-based U.S. dollar weakness, the pair USD/JPY took its pace on the upside due to underpinned demand for safe-haven Japanese Yen in the risk-on market sentiment. On the other hand, the U.S. Dollar Index, which measures the value of the U.S. dollar against the basket of six currencies, fell 0.30% around 97.5 level on Tuesday.

President Donald Trump vowed to use military action against the increasing protests near the White House, which raised fears for even more disruptive economy of the United States. The protests were against the killing of an unarmed black man George Floyd in police custody two weeks ago. Other than that, China halted the purchases of U.S. Soybeans and pork on Tuesday against U.S. decision to revoke the special status of Hong Kong, which increased the ongoing tensions between the world’s two largest economies. China’s move could also lead towards the cancellation of phase one trade deal, which both parties signed in January.

On the data front, there was no economic report released by the United States on Tuesday, which left the pair at the mercy of market risk sentiment, which eventually drove the pair to 7 weeks’ highest level.

However, on Japan front, at 4:50 GMT, the Monetary Base for the year from Japan was increased to 3.9% from the forecasted 2.6% and supported the Japanese Yen. Traders will be waiting for the U.S. response against the move by China to halting the purchases of U.S. agricultural goods.

Daily Support and Resistance

R3 108.33
R2 108.1
R1 107.84

Pivot Point 107.61

S1 107.36
S2 107.12
S3 106.87

USD/JPY – Trading Tips

Tags Daily Brief, EUR-USD, Forex, Fundamental Analysis, GBP-USD, Technical Analysis, Technical Outlook, trading, USD-JPY

Crypto Market Analysis

Daily Crypto Review, Jun 03 – Large BTC Miner Capitulation Causing The Price Drop? BTC Under $10,000 Again

Post author By Ilija Rankovic
Post date 3 June, 2020
No Comments on Daily Crypto Review, Jun 03 – Large BTC Miner Capitulation Causing The Price Drop? BTC Under $10,000 Again

The crypto market has declined and lost all the gains it made yesterday. This was all due to, allegedly, a large unknown Bitcoin miner moving and selling his coins. Bitcoin is currently trading for $9,514, which represents a decrease of 6.12% on the day. Meanwhile, Ethereum lost 3.99% on the day, while XRP lost 4.09%.

Flexacoin took the position of today’s biggest daily gainer, with gains of 13.68%. Nexo lost 17.32% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly since we last reported, with its value currently at 65.22%. This value represents a 0.64% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization decreased drastically as most cryptos went back down in price when compared to yesterday’s value. The market’s current value is $269.53 billion. This value represents a decrease of $14 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Miners selling more BTC than they created

One of the largest unknown mining pools moved and sold thousands of Bitcoin, which allegedly triggered the price crash. This miner has produced 51 blocks over the past four days, earning 637.5 BTC in that period (this represents 9% of the total rewards mined in that period).

While some speculate that this mining pool is capitulating, it might be that it is only moving and selling Bitcoin as it reached the price point they want to sell at.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization lost all of the gains it made just a day after breaking $10,000. The move towards the downside was just as sharp as the one to the upside and with even greater volume. While the price fell to $9,120 at one point, it stabilized just below the $9,580 resistance level.

Bitcoin’s volume is still elevated from the bearish move, while its RSI fell to 46.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,250

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum followed Bitcoin’s spike yesterday as well as its collapse today. The second-largest cryptocurrency by market cap fell down to the $225.4 level before bouncing back and consolidating at above-$235 levels. Ethereum’s move towards the downside also managed to surpass the upswing in terms of magnitude as well as volume.

Ethereum’s volume came back to normal after the downswing, while its RSI level is at 52.5.

Key levels to the upside Key levels to the downside

1: $240 1: $225.4

2: $251.4 2: $217.6

3: $260 3: $198

Ripple

XRP also had quite a violent day in terms of price movement. The third-largest cryptocurrency by market cap lost all its gains in a matter of minutes as its price fell from $0.215 all the way down to $0.197. However, the price went up slightly and started consolidating at the $0.202 level, right in between the support of $0.2 and resistance of $0.205.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, Jun 02 – Bitcoin Above $10,000; BTC Miners Selling More Than They Mine

Post author By Ilija Rankovic
Post date 2 June, 2020
No Comments on Daily Crypto Review, Jun 02 – Bitcoin Above $10,000; BTC Miners Selling More Than They Mine

The crypto market has spent the day making moves to the upside as Bitcoin broke $10,000. Bitcoin is currently trading for $10,115, which represents an increase of 6.14% on the day. Meanwhile, Ethereum gained 4.96% on the day, while XRP gained 3.68%.

Nexo took the position of today’s biggest daily gainer, with gains of 20.30%. Flexacoin lost 12.56% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly since we last reported, with its value currently at 65.86%. This value represents a 0.24% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization increased drastically as most cryptos went up in price when compared to yesterday’s value, with its current value being $283.53 billion. This value represents an increase of $16.27 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Miners selling more BTC than they created

A report shows that Bitcoin miners sold 11% more Bitcoin than they were able to generate over the same period. The report comes from the ByteTree chain analysis portal.

According to ByteTree’s metric that tracks Bitcoin wallet addresses that are associated with miners, somewhere around 5,800 BTC was generated in the past seven days, while over 6,500 were sold by performing so-called “first spend” transactions.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization finally broke $10,000 in an explosive attempt. After days of consolidation around the $9,300-$9,800 level, Bitcoin soared and went past many resistance levels, only to land back in the ascending trend it was in a while ago. The trend clearly keeps Bitcoins price within it (as shown on the chart), which is certainly a good thing in the short-term. However, long-term, this trend will be unsustainable. Traders can look for the exit from the trend as an opportunity to make a trade.

Bitcoin’s volume increased greatly during the spike but has since returned to normal. Its RSI level is in the overbought territory at the moment.

Key levels to the upside Key levels to the downside

1: $10,350 1: $10,010

2: $10,500 2: $9,870

3: $9,735

Ethereum

Ethereum followed Bitcoin’s spike and caught the train to the upside as well. The second-largest cryptocurrency by market cap managed to break the $240 resistance level and establish itself just below the $251.4 resistance, which it got rejected from overtaking.

Ethereum’s volume is currently normalizing, while its RSI level is walking on the overbought territory line.

Key levels to the upside Key levels to the downside

1: $251.4 1: $240

2: $260 2: $225.4

3: $217.6

Ripple

XRP didn’t do anything out of the ordinary and followed Bitcoin’s initiative towards the upside as well. The third-largest cryptocurrency by market cap is possibly creating a double top after being rejected from the $0.214 resistance level, which may open up short trades with the target of $0.205. However, traders may want to wait for confirmation in terms of volume or some other metric.

XRP’s volume increased (on average) in the past few days), while its RSI level is currently at 62.5.

Key levels to the upside Key levels to the downside

1: $0.214 1: $0.205

2: $0.227 2: $0.2

3: $0.19

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, June 2 – Top Trade Setups In Forex – Risk Sentiment Remains Mixed!

Post author By Ali B.
Post date 2 June, 2020
No Comments on Daily F.X. Analysis, June 2 – Top Trade Setups In Forex – Risk Sentiment Remains Mixed!

The U.S. dollar after this lost demand in the market and Wall Street’s main indexes started to move in positive territory. The U.S. Dollar Index dropped below 98, which further pushed the rising prices of EUR/USD pair on Monday.

On the news side, the economic calendar isn’t likely to have any high impact on economic events. Therefore, the market will wait for ADP figures tomorrow and NFP figures by the end of the week.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.11337 after placing a high of 1.11539 and a low of 1.11003. Overall the movement of the EUR/USD pair remained bullish throughout the day. On Monday, the EUR/USD pair rose for the 6th consecutive day, extended its previous day gains, and moved above 1.11500 level, which was highest since March 17.

Most major European markets were closed due to Whit Monday, which limited the trading activity for a large part of the day. Data from the United States showed that ISM Manufacturing PMI in May came in worse than expectations and weighed on the U.S. dollar. The ISM Manufacturing PMI was expected to rise by 43.6pints, but instead, it came as 43.1.

The European Commission has approved Latvia’s support program to support tourism operators worth 800,000 euros. The tourism operators cover travelers’ repatriation costs in the context of the coronavirus outbreak. The Latvia support program was approved on March 19 and was amended on April 3 and May 8.

Furthermore, the European Commission also launched a dialogue initiative with the financial sector. The first roundtable meeting between the European Commission and the European financial sector, including business and consumer representatives, has launched. This meeting was conducted to find out the best practices to support E.U. citizens & businesses.

At the data front, at 12:15 GMT, the Spanish Manufacturing PMI came in line with the expectations of 38.3. The Italian Manufacturing PMI at 12:45 GMT exceeded the expectations of 35.5 and came in as 45.4.

Daily Support and Resistance

R3 1.122
R2 1.1187
R1 1.1161

Pivot Point 1.1128

S1 1.1101
S2 1.1069
S3 1.1042

EUR/USD– Trading Tip

The bullish bias of the EUR/USD continues to prevail in the market as the EUR/USD is heading north towards the next target level of 1.1150 level. A bullish breakout of 1.1150 level may lead the pair towards 1.1220 level today while support holds around 1.1080 level. Bullish bias seems dominant today. Consider taking buying trades over 1.1140 level to target 1.1199.

GBP/USD – Daily Analysis

The GBP/USD was closed at 1.24884 after placing a high of 1.25064 and a low of 1.23236. Overall the movement of GBP/USD pair remained bullish throughout the day. The British Pound rose to near one month high against the U.S. dollar on Monday, ahead of Brexit talks, which are scheduled on Tuesday. Market participants are cautious and fear that the U.K. and E.U. might fail to make progress on upcoming trade talks. Sterling rose above 1.2500 level, which is its highest since May 5.

The chances for any real progress in negotiations between the E.U. and U.K. are very low, and that is why GBP/USD was raised on Monday on the back of increased risk sentiment. Time for agreeing to extend the transition period by June 30 deadline is running out when the U.K. had already denied extending the transition period, the risk for no-deal Brexit increased and made investors cautious.

Market participants are buying Sterling with hope for failure in the next round of talks and catching big moves on Tuesday, and this large buying on Monday gave a push to GBP/USD pair. No-deal Brexit would further harm the already disturbed economy of Great Britain due to the coronavirus crisis, and it would make the recovery even more difficult.

Some market participants think that the increased economic growth concerns have made Britain’s bargaining power a little less, and they are waiting to place any big move.

On the data front, at 13:30 GMT, The Final Manufacturing PMI from Britain in the month of May came in line with the expectations of 40.7. The U.S. dollar was weak across the board due to the poor-than-expected ISM Manufacturing PMI release, which came in short of expected 43.5 as 43.1 and weighed on the U.S. dollar. The weak U.S. dollar further added in the upward trend of GBP/USD on Monday.

Daily Support and Resistance

R3 1.2744
R2 1.2626
R1 1.256

Pivot Point 1.2441

S1 1.2375
S2 1.2256
S3 1.219

GBP/USD– Trading Tip

The GBP/USD continues trading bullish as it has violated the double top resistance area around 1.2545 level. Bullish crossover of this level is now likely to extend the buying trend until 1.2600, but on the way, the upward channel’s upward trendline is expected to provide resistance around 1.2560, while the support level stays at 1.2480 today. On the 4-hour timeframe, the 50 EMA is suggesting bullish bias, and now the MACD is suggesting buying trend in the GBP/USD pair as the histograms are forming above zero levels. Consider taking buying trades over 1.2510 and selling below the same level today.

USD/JPY – Daily Analysis

The USD/JPY was closed at 107.587 after placing a high of 107.855 and a low of 107.376. Overall the movement of USD/JPY remained bearish throughout the day. The pair USD/JPY started its week on the back foot as the U.S. dollar faced pressure due to increased protests across the U.S. The U.S. Dollar Index extended its losses and moved below the handle of 98.

Thousands of protesters came out to the streets of cities around the U.S. despite curfew orders on Monday. The protests were against the killing of George Floyd, a black man in police custody. Angry protests continued nationwide a week after George Floyd’s death. Reports of looting, destruction, and firing came in from across the cities. On Monday, police used tear gas to clear a path for Donald Trump to visit a damaged church. Thousands of arrests have been made, and five deaths and millions of dollars in property damage were reported, which made investors sell the U.S. dollar, and hence, the U.S. dollar became weak across the board.

On the US-China front, the news conference of Donald Trump failed to entertain the hopes of new sanctions on China on Friday. Trump refrained from imposing new sanctions on China against the new security law on Hong Kong rather than announced to halt the U.S. relationship with WHO.

The threats of revoking phase-one trade deal, which was signed in January, are increasing day by day with the increasing tensions between China & the United States.

On the data front, at 4:50 GMT, the Capital Spending for the quarter from Japan was increased by 4.3% against the declined forecast of 5.1% and gave strength to JPY. At 5:30 GMT, the Final Manufacturing PMI for May came in line with the expectations of 38.4 from Japan. The stronger than expected data from Japan gave strength to the Japanese Yen and added in the downward pressure of the USD/JPY pair.

At 18:45 GMT, the Final Manufacturing PMI for May came in line with the expectations of 39.8. At 19:00 GMT, the closely watched ISM Manufacturing PMI fell short of expected 43.5 and released as 43.1 and weighed on the U.S. dollar.

The Construction Spending for the month fell less than expected -6.5% as -2.9% and supported the U.S. dollar. The ISM Manufacturing Prices rose to 40.8against the 40.0 of expectations and supported the U.S. dollar.

The closely watched and long-awaited ISM Manufacturing PMI fell short of expectations and weighed on the U.S. dollar resulted in a downward trend of USD/JPY at the starting day of the week.

Daily Support and Resistance

R3 108.33
R2 108.1
R1 107.84

Pivot Point 107.61

S1 107.36
S2 107.12
S3 106.87

USD/JPY – Trading Tips

On Tuesday, the USD/JPY pair continues to trade sideways, maintaining the same trading range of 107.950 – 107.400. On the 4 hour timeframe, the USD/JPY pair has crossed below 50 EMA and has also formed a bearish engulfing candle supporting bullish bias among traders. The USD/JPY pair may find support at 107.425 and resistance at 107.900 level while the breakout of this range will determine the next trend in the pair. Today let’s consider buying over 107.400 and resistance around 107.900. All the best for today!

Tags Daily Brief, EUR-USD, Forex, Fundamental Analysis, GBP-USD, Technical Analysis, Technical Outlook, trading, USD-JPY

Crypto Market Analysis

Daily Crypto Review, Jun 01 – Ether and XRP making moves; McAfee Calls His Prediction Nonsense

Post author By Ilija Rankovic
Post date 1 June, 2020
No Comments on Daily Crypto Review, Jun 01 – Ether and XRP making moves; McAfee Calls His Prediction Nonsense

The crypto market has spent the weekend mostly without any big moves. Bitcoin is currently trading for $9,469, which represents a decrease of 1.75% on the day. Meanwhile, Ethereum lost 4.2% on the day, while XRP lost 1.37%.

Zilliqa took the position of today’s biggest daily gainer, with gains of 8.93%. Matic Network lost 12.56% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly since we last reported, with its value currently at 65.62%. This value represents a 0.77% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization increased when compared to Friday’s value, with its current value being $266.8 billion. This value represents an increase of $1.3 billion when compared to the value it had on Friday.

What happened in the past 24 hours

John McAfee on his prediction

John McAfee, a controversial cryptocurrency advocate, posted a tweet stating that his previous prediction of Bitcoin reaching $1 million a nonsense and that people who believed his prediction are absurd.

He repeated that the prediction was a joke and that the statement is ridiculous, as “If Bitcoin ever hit $1 million, it’s market cap would be greater than the entire North American Continent GDP.”

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization spent the weekend without much movement, except for the one push towards $10,000, which got shut down pretty quickly. Bitcoin is currently almost at the same place as when we last reported on Friday. It is bound within the resistance level of $9,580 and support of $9,250.

Bitcoin’s volume is slightly lower than during the past week, while its RSI is currently at 55.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,250

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum has, unlike Bitcoin, made some moves over the weekend. The second-largest cryptocurrency by market capitalization surpassed its $225.4 resistance level, turning it into support. The push towards the upside even broke $240, but quickly returned below it. The move was accompanied by soaring volume.

Ethereum’s volume is currently normalizing, while its RSI level came back from the overbought levels and is now at 60.

Key levels to the upside Key levels to the downside

1: $240 1: $225.4

2: $251.4 2: $217.6

3: $198

Ripple

XRP’s chart showed us quite a bit of volatility throughout the weekend. The third-largest cryptocurrency by market cap had a bull run, which broke the $0.2 resistance without any effort, $0.205 resistance with a bit of effort, and then stopped at $0.214 when the bulls ran out of steam. The price has since returned to the $0.205 levels, where XRP is fighting for whether the price will end up above or below it.

XRP’s volume increased when compared to the previous week, while its RSI level is currently at 53.5

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227 3: $0.1785

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, May 29 – Bitcoin above $9,500; Goldman’s Criticism vs. Grayscale’s Optimism

Post author By Ilija Rankovic
Post date 29 May, 2020
No Comments on Daily Crypto Review, May 29 – Bitcoin above $9,500; Goldman’s Criticism vs. Grayscale’s Optimism

The crypto market has spent the day gaining some more value, with Ethereum performing the best out of the top10 cryptos. Bitcoin is currently trading for $9,512, which represents an increase of 4.15% on the day. Meanwhile, Ethereum gained 7.92% on the day, while XRP gained 2.24%.

Bancor took the position of today’s biggest daily gainer, with gains of 33.09%. Theta lost 6.56% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place since we last reported, with its value currently at 66.39%. This value represents a 0.02% difference to the downside when compared to yesterday’s value.

The cryptocurrency market capitalization increased when compared to yesterday’s value, with its current value being $265.5 billion. This value represents an increase of $9.18 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Goldman Sachs vs. Bitcoin investors

Goldman Sachs announced in its most recent conference call with investors that Bitcoin is not an asset class and that people shouldn’t invest in it. However, Bitcoin investors seem to not follow this advice, as the largest crypto by market cap increased from $8,800 to over $9,500 since then.

The rise may be somewhat related to recent news from Grayscale, a financial institution that believes in Bitcoin. Grayscale Bitcoin Trust analysis has shown that Grayscale has bought 150% of the newly-mined Bitcoin since the halving.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization came back above $9,000 yesterday, only to break out again and push for $9,500 today. The move was stopped by $9,580 and Bitcoin went down slightly since. However, the outlook seems quite bullish and the possibility of breaking $10,000 in the short-term is incredibly high.

Bitcoin’s volume is returning to normal after a surge during the big price increase, while its RSI on the 4-hour chart approaches 66.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,250

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum has finally gathered enough bullish pressure to attempt a break of a long-time resistance of $217.6. The push was successful and Ethereum is now trading at $220 after being stopped by the $225.4 resistance. This move is very important for Ethereum as it shows that its moves do not fully rely on Bitcoin’s initiative (or that even if they do, they can do better than Bitcoin).

Ethereum’s volume is above average for the whole day, while its RSI level on the 4-hour chart is at 72.3.

Key levels to the upside Key levels to the downside

1: $225.4 1: $217.6

2: $240 2: $198

3: $251.4 3: $193.6

Ripple

XRP’s chart shows that the third-largest cryptocurrency (XRP retook the third place from USDT with its most recent move) by market cap is in a pretty important stage. While the most recent move broke it from the loop of constantly making new lower highs, the move got stopped by the horizontal $0.2 resistance level.

XRP’s volume is higher than average for the whole day, while its RSI level is just under 60.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.1785

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 28 – Top Trade Setups In Forex – Prelim GDP In Highlights!

Post author By Ali B.
Post date 28 May, 2020
No Comments on Daily F.X. Analysis, May 28 – Top Trade Setups In Forex – Prelim GDP In Highlights!

On the news front, the U.S. GDP figures will remain the main highlight of the day. It’s expected to be weak, which may drive weakness in the U.S. dollar. The durable goods orders are also likely to come out during the U.S. session and may drive bullish bias in gold and bearish trend in USD.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.10090 after placing a high of 1.10307 and a low of 1.09337. Overall the movement of the EUR/USD pair remained bullish throughout the day. The EUR/USD pair followed its previous day’s move and posted gains on Wednesday for the 3rd consecutive day on the back of new plans of European Union to borrow 750 billion euro to aid economic recovery. The pair EUR/USD climbed to its highest level of 1.10307 since early April on Wednesday.

The European Union unveiled its plans for a 750 billion euros recovery fund, which would help the region to face the worst economic crisis since the 1930s. The total of 750 billion euros includes 500 billion euros in grant and 250 billion euros in loans to member states. However, this plan still requires the backing of all 27 member states, which is more than the Franco-German proposal worth 500 billion euros that was revealed last week.

If member states approve the proposal, some funds will take effect from 2020, but the most significant portion of the proposal would come next year when the first bonds were issued. However, some market participants raised concerns about the lack of details on how the bonds issued will finance the funds.

The proposal was announced ahead of the European Central Bank’s monetary policy meeting, which is due next week, which will provide the bloc’s economic outlook in coronavirus crisis. The proposal lifted the demand for a single currency across the board and supported EUR/USD prices.

Furthermore, on Wednesday, the President of European Central Bank, Christine Lagarde, said that the 19 member euro area economy would likely contract by 8%-12% this year. She said that the previously estimated contraction in the Eurozone economy was recorded as 5%, which has probably become outdated now. She added that Eurozone might be somewhere between medium and severe scenarios.

In April, ECB estimated that the euro area’s GDP could fall by between 5% and 12% in 2020 due to the coronavirus pandemic, which had medium scenario as 8% contraction. This was depended on the duration of containment measures and the effectiveness of policies and measures to diminish the crisis.

Lagarde also announced that European Central Bank would soon publish a fresh forecast about GDP in early June. On the other and, U.S. dollar faced some pressure on Wednesday, and after dropping to its lowest level in 23 days at 98.72, the U.S. dollar Index raised beyond 99.00 and settled there in late session.

The U.S. economic data showed that the Richmond Fed Manufacturing Index advanced to -27 in May from -53 of April and beat the market expectations of-47. This supported the U.S. dollar across the board ad limited the EUR/USD pair’s gains on Wednesday.

Daily Support and Resistance

R3 1.1126
R2 1.1061
R1 1.1021

Pivot Point 1.0956

S1 1.0915
S2 1.0851
S3 1.081

EUR/USD– Trading Tip

The EUR/USD pair continued to exhibit bullish bias, having violated the triple top resistance level of 1.1004 level. Bullish crossover of the triple top-level is likely to drive more buying in the pair. On the higher side, the EUR/USD prices may head further towards 1.1056 resistance while the next resistance holds around 1.1139. The EUR/USD pair may find immediate support at 1.0995 and 1.0975 level.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.22601 after placing a high of 1.23538 and a low of 1.22041. Overall the movement of GBP/USD pair remained bearish throughout the day. The GBP/USD pair dropped sharply on Wednesday on the back of speculations over Bank of England, potentially cutting interest rates into negative territory and lost near 1% on the day after reaching a high of 1.2353.

Sterling’s mood was generally soured after the comments of chief economist Andy Haldane and Governor Andrew Bailey, who seemed to put the possibility of negative interest rates on the table.

According to Haldane, the consequences of Britain’s banks and lenders’ negative interest rates were the key factors for the Bank of England to consider before making any decision. Haldane said that reviewing and doing were different things, and Bank of England was currently in review phase and has not reached on doing phase yet.

Last week, Governor Andrew Bailey also said that he was less opposed to the negative interest rates given the coronavirus crisis’s circumstances. He also said that there were mixed reviews in the market about the experience of other central banks’ negative interest rates.

On Tuesday, Haldane said that some of the data came in just a shade better than the “scenario for the economy,” which was published by BoE earlier this month. Haldane added that risks remained there that the recovery could be slower as companies and consumers were still cautious because of the possible second wave of coronavirus.

Apart from possible negative interest rates, the Brexit trade agreement’s lack of progress also added to the downward movement of Pound on Wednesday. The United Kingdom has refused to extend the transition period beyond the end of the year, which has increased the odds of a no-deal Brexit, which has exerted negative pressure on British Pound.

However, there were reports on Tuesday that the E.U. might give up its demand for access to the U.K.’s fishing waters to push the paused trade negotiations between the U.S. & E.U. On the U.S. dollar front, the U.S. Dollar Index rose beyond 99.00 and settled there in late session on Wednesday and added the daily losses of GBP/USD pair.

Daily Support and Resistance

R3 1.259
R2 1.2477
R1 1.2405

Pivot Point 1.2292

S1 1.222
S2 1.2107
S3 1.2035

GBP/USD– Trading Tip

The GBP/USD slipped lower after facing resistance around 1.2360 level, which was extended by an upward channel. On the 4-hour timeframe, the 50 EMA is still bullish, but the MACD is suggesting odds of selling bias in the GBP/USD pair as the histograms are forming below zero levels. Today, the Sterling may find immediate support around 1.2225 level while the closing of candles above this level may drive buying until 1.2300 and 1.2360 level. While the violation of support is likely to push the cable further lower until 1.2160 level. Consider taking buying trades over 1.2162 and selling below the same level today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.714 after placing a high of 107.945 and a low of107.364. Overall the movement of the USD/JPY pair remained bullish throughout the day. The USD/JPY pair surged on Wednesday on the back of the increased mixed market sentiment; the market participants were caught between the opening up of global economy from COVID-19 lockdown and the pressure of the second wave of the virus, emerging trade wars and the long term effects of Hong Kong fight.

On Wednesday, the cold war between China & the U.S. escalated after U.S. Secretary of State; Mike Pompeo reported the U.S. congress that Trump administration no longer consider the status of Hong Kong autonomous from China.

The decision to revoke the Hong Kong autonomous status from China by the United States came in against the new security law introduced by China recently. The law will be presented to the Chinese Parliament on Thursday for approval.

The relation between China and the United States was already disturbed due to the U.S. allegations on China about the spread of coronavirus pandemic and pressuring WHO to refrain it from taking any early action to combat the virus. China has denied such allegations and blamed them back on the U.S. that it was covering its failure to contain the virus by blaming it on China. The safe-haven demand increased after this news, and Japanese Yen gained traction, which kept a lid on any additional gains of the pair USD/JPY.

Daily Support and Resistance

R3 108.39
R2 108.16
R1 107.86

Pivot Point 107.63

S1 107.33
S2 107.1
S3 106.79

USD/JPY – Trading Tips

The USD/JPY prices continue to trade sideways within a narrow trading range of 107.899 – 107.650 level. We may see further trends in the USD/JPY pair as soon as this trading range gets violated. On the higher side, a bullish breakout of 108.450 level while bearish breakout of 107.650 level can lead USDJPY prices lower to 107.350. Let’s look for choppy trading until the trading range gets violated.

All the best for today!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, Trade Setup, trading

Crypto Market Analysis

Daily Crypto Review, May 28 – “We Are All Satoshi” – Craig Wright Exposed?

Post author By Ilija Rankovic
Post date 28 May, 2020
No Comments on Daily Crypto Review, May 28 – “We Are All Satoshi” – Craig Wright Exposed?

The crypto market has spent the day trying to reach new highs (and mostly succeeding in doing that). Bitcoin is currently trading for $9,229, which represents an increase of 4.22% on the day. Meanwhile, Ethereum gained 3.04% on the day, while XRP gained 1.67%.

Electroneum took the position of today’s biggest daily gainer, with gains of 17.25%. Theta lost 0.97% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased quite a bit since we last reported, with its value currently at 66.41%. This value represents a 0.74% difference to the upside when compared to yesterday’s value.

The cryptocurrency market capitalization increased when compared to yesterday’s value, with its current value being $256.32 billion. This value represents an increase of $7.2 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Craig Wright exposed?

The Kleiman estate legal team has announced that they have submitted evidence of 145 addresses so far claimed by Craig Wright are not controlled by him at all. They said that the new evidence proves the “CSW Filed List” is definitively not a list of Wright’s Bitcoin addresses, but instead a “purposeful fabrication” by Wright.

May 24 brought us a Bitcoin transaction signed by the private keys that belong to one of the CSW filed list addresses, saying, “Craig Steven Wright is a liar and a fraud. He doesn’t have the keys used to sign this message … We are all Satoshi.”

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization came back above $9,000 yet again as bulls came into the market. The price increase was most likely caused by the confirmation that the message sent from one of the CSW list addresses (which is supposedly owned by Satoshi Nakamoto) claiming that he is a fraud.

Bitcoin’s volume returned to normal after a surge during the big price increase, while its RSI on the 4-hour chart approaches 61.

Key levels to the upside Key levels to the downside

1: $9,250 1: $9,120

2: $9,580 2: $8,980

3: $9,735 3: $8,820

Ethereum

Ethereum has spent the day following Bitcoin’s initiative and pushing towards the upside. The second-largest cryptocurrency by market capitalization managed to reach $209 before losing momentum. While the uptick Ethereum has made is good, the fact that ETH has created another lower high does not look well as far as mid-term analysis is concerned.

Ethereum’s volume doubled during the uptick, while its RSI started reverting after reaching the value of 58.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP’s chart looked a lot like Ethereum’s chart yet another time. The fourth-largest cryptocurrency by market cap has created another lower high after a move up that brought it (briefly) to just above $0.2. However, the movement lost momentum, and XRP seems to be in a downturn at the moment.

XRP’s volume increased to several times its average during the uptick but quickly returned to its average levels. Its RSI on the 4-hour chart is currently at 54.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.1785

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, May 27 – BTC Transaction Fees Down More Than 50%

Post author By Ilija Rankovic
Post date 27 May, 2020
No Comments on Daily Crypto Review, May 27 – BTC Transaction Fees Down More Than 50%

The crypto market has spent the day slowly testing out immediate support and resistance levels. Bitcoin is currently trading for $8,836, which represents a decrease of 1.28% on the day. Meanwhile, Ethereum lost 0.37% on the day, while XRP gained 0.08%.

SOLVE took the position of today’s biggest daily gainer, with gains of 15.32%. Theta Fuel lost 10.48% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased quite a bit since we last reported, with its value currently at 65.77%. This value represents a 0.34% difference to the downside.

The cryptocurrency market capitalization decreased when compared to yesterday’s value, with its current value being $249.12 billion. This value represents a decrease of $0.87 billion when compared to the value it had yesterday.

What happened in the past 24 hours

BTC transaction fees

After spiking to Feb 2018 level-highs just a week ago, the average Bitcoin transaction fee has dropped by more than 50%.

The data shows that Bitcoin’s average fee fell from $6.65 on May 20 all the way down to $3.07 on May 25, representing a nearly 54% decrease.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization had quite a slow day of testing its support and resistance levels. As it failed to break $8,980 resistance line, Bitcoin started dropping towards the downside and only stopping at the $8,650 support level. However, the bounce from the $8,650 level was strong enough to put Bitcoin back to where it was, practically nullifying all efforts made by both the bulls and the bears.

Bitcoin is still trading between the $8,820 support and $8,980 resistance. Breaking above the resistance level could trigger another strong push towards the upside, while a break below the support is less valuable as a signal (unless accompanied by a strong volume and goes below $8,650).

Key levels to the upside Key levels to the downside

1: $8,980 1: $8,820

2: $9,120 2: $8,650

3: $9,250 3: $8,000

Ethereum

Ethereum has spent most of the day dropping towards the $198 support line and testing its strength. The level held strong, and ETH bulls came in and picked up the slack and struck when bears were weakened from the push. Ethereum has, over a couple of hours, managed to reach $205 levels.

Ethereum’s volume is still incredibly small, while its RSI is in the middle of the value range.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP’s chart looked a lot like Ethereum’s chart yet again. The price has fallen slightly as bears tried to take over the market, but it then corrected to the upside and came back to the previous levels. Out of the three cryptocurrencies we are covering, XRP was the only one that ended up in the green today.

XRP’s volume decreased slightly when compared to yesterday, while its RSI stayed just below the middle of the value range.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.1785

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, May 26 – Tether (USDT) now Third-Largest Cryptocurrency by Market Cap; XRP Down to Fourth

Post author By Ilija Rankovic
Post date 26 May, 2020
No Comments on Daily Crypto Review, May 26 – Tether (USDT) now Third-Largest Cryptocurrency by Market Cap; XRP Down to Fourth

The crypto market has spent the day trying to slowly regain the lost value. However, most of the cryptocurrencies failed in doing so, which triggered a small pullback. Bitcoin is currently trading for $8,893, which represents an increase of 0.52% on the day. Meanwhile, Ethereum lost 0.4% on the day, while XRP lost 0.06%.

THETA took the position of today’s biggest daily gainer, with gains of 16.53%. Theta Fuel lost 19% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased quite a bit since we last reported, with its value currently at 66.11%. This value represents a 0.22% difference to the upside.

The cryptocurrency market capitalization decreased when compared to yesterday’s value, with its current value being $249.89 billion. This value represents a decrease of $5.87 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Tether

Tether (USDT) has managed to overtake Ripple’s XRP and became the third-largest cryptocurrency by market capitalization. Ripple has, as a consequence, fell to fourth place.

While many explain this event with XRP’s failure to gain adoption amongst retail investors, Tether’s insane volume, as well as constant total market cap additions, made this “dethroning” event possible.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization tried to recover from its most recent bear push which brought it under $9,000. It tried to revitalize and go for the $9,000 push even though the volume was quite low. As expected, the move got stopped at $8,980 and Bitcoin retraced to $8,820, where the support stopped the move.

Bitcoin is currently trading between the $8,820 support and $8,980 resistance. Breaking above the resistance level might trigger another strong push up, while a break below the support has less of a chance of turning into a sharp move down.

Key levels to the upside Key levels to the downside

1: $8,980 1: $8,820

2: $9,120 2: $8,650

3: $9,250 3: $8,000

Ethereum

Ethereum has, after bouncing from the $198 level, started to recover and gain a bit of value slowly. However, the most recent Bitcoin move stopped Ether from freely rising even more, triggering a stagnation (or a slow retracement) phase.

Ethereum’s volume is incredibly small, while its RSI is in the middle of the value range, both suggesting that there is no independent move on the horizon.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP’s chart looked a lot like Ethereum’s chart in the past couple of days. The now-fourth-largest cryptocurrency by market cap was slowly rising towards its $0.2 resistance, when it was stopped by Bitcoin’s retracement after failing to break $9,000. XRP retraced just slightly, and is already stabilizing.

XRP’s volume decreased slightly when compared to yesterday, while its RSI stayed in the middle of the value range.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.1785

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 26 – Top Trade Setups In Forex – CB Consumer Confidence Ahead

Post author By Ali B.
Post date 26 May, 2020
No Comments on Daily F.X. Analysis, May 26 – Top Trade Setups In Forex – CB Consumer Confidence Ahead

The U.S. dollar, which behaves like a safe-haven asset during political uncertainty & market turmoil, rose to a one-week high against the basket of 6 currencies, but it started to erase its daily gains in late London Session. Tensions between U.S. &China have increased since the coronavirus outbreak, over which both countries have exchanged accusations of cover-ups and lack of transparency with the world. The signs for easing tensions between the two biggest economies of the world are decreasing day by day and have created an uncertain environment in the market weighing on the market.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.08964 after placing a high of 1.09144 and a low of 1.08702. Overall, the EUR/USD pair showed a null movement on Monday as the open and closed levels were almost the same.

On Monday, the EUR/USD pair moved in a tight range between 1.087 to 1.089 while managed to cut earlier losses and touched 1.091 level. The upbeat movement in the previous trading session on Monday for the pair was due to the German IFO Business Climate, which came in favor of EUR for May.

At 11:00 GMT, the German Final GDP for the quarter came in line with the expectations of -2.2% and had null-effect on the currency pair. However, at 13:00 GMT, the German IFO Business Climate, which measures the business conditions and expectations from Eurozone, was released as 79.5 against the expectations of 78.3 and April’s 74.2. The Index rebounded from the expectations and recovered from its worst decline in April on the reopening of Europe’s largest economy, which boosted corporate hopes.

At 17:56 GMT, the Belgian NBB Business Climate was dropped by 34.4 points against the expected decline of 29.7 and April’s 36.1. The more than expected decline in Belgian Business Climate weighed on EUR currency and dragged down the pair EUR/USD in late sessions.

In the meantime, the pair kept looking at U.S. dynamics for near term directions with the latest US-China & Hong Kong conflict which has reduced the importance of coronavirus development as the primary driver of global price action.

In this time, when investors are cautious about adding to their equity holdings because of the uncertain conditions of the post-lockdown world, Germany’s IFO institute survey for May granted some relief to them.

The lockdown measures introduced in mid-March have put the global economy on track for a recession this year. In recent weeks, the world’s market has only been held up due to the stimulus measures taken by central banks.

EUR remained steady on Monday near 1.09 level and recovered from earlier losses, as the focus of market participants shifted to the proposal the European Commission will release on Wednesday.

On Wednesday, the European Central Bank’s president Christine Lagarde will speak, and traders will be looking at it for fresh bids along with the EMU’s Consumer Confidence & Advanced Inflation data from Eurozone. On Tuesday, Consumer Confidence by the Conference Board is due to release. The Claims & Durable Goods Orders will be published on Thursday later this week.

Daily Support and Resistance

R3 1.0965
R2 1.094
R1 1.092

Pivot Point 1.0895

S1 1.0875
S2 1.085
S3 1.0829

EUR/USD– Trading Tip

The EUR/USD pair is on a bullish run, trading over 1.0914 level, having violated the horizontal resistance level of 1.0914 level. Above 1.0914, we may see the EUR/USD prices heading further higher towards the next resistance area of 1.0590. The EUR/USD pair had completed 50% Fibonacci retracement at 1.0885 and has bounced off over this level. For now, the pair is holding over 50 EMA, which is also suggesting the chances of a bullish trend continuation. We should consider taking buying positions over 1.0894 today while selling should be preferred only below this level.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.21752 after placing a high of 1.22034 and a low of 1.21637. Overall the movement of GBP/USD pair remained flat throughout the day. The GBP/USD pair remained flat and moved on a consolidating range on Monday as investors were cautious about the relaxation of lockdown measures, which gave a push to equities while ding the U.S. dollar demand.

On Monday, the Prime Minister of the U.K. instructed officials to draw up plans to reduce the involvement of Huawei Technologies Co in the U.K.’s fifth-generation mobile networks in the wake of the COVID 19 outbreak.

Johnson gave his officials instructions to draw up plans for reducing China’s involvement in the 5G infrastructure of the U.K. to a scale of zero by 2023. It looks like China’s pandemic handling has triggered calls from U.K.’s PM to rethink having closer ties with China.

In January, the U.K.’s government decided to give Huawei a limited role in 5G wireless networks and fiber. PM Johnson has amicable ties with U.S. President Donald Trump, and it looks like Johnson has taken this step to improve his relationship with the U.S.

Furthermore, on Brexit front, the trade negotiations between E.U. & U.K. have been negative for Sterling throughout the session and will likely remain the same in the coming days. The chances for hard-Brexit have increased as the UK-EU transition period is coming closer day by day, and there are no signs of any deal happening sooner. However, calls to extend the transition period have made due to pandemic; this decision will have to be made by June 30. But PM Johnson and negotiating team from the U.K. has so far been unequivocal that no extension would be made.

Johnson had articulated the Brexit deal with a clear timeline and has promised not to make any changes or compromise or bow to pressure for an extension. The deadline to call for an extension is coming up next month, and this has exerted downside pressure on GBP.

In the absence of any macroeconomic data from the U.K. and U.S. side due to bank holiday, the pair GBP/USD remained flat on Monday and continued its previous moves.

Daily Support and Resistance

R3 1.225
R2 1.2227
R1 1.2209

Pivot Point 1.2186

S1 1.2167
S2 1.2145
S3 1.2126

GBP/USD– Trading Tip

On Tuesday, the GBP/USD prices continue to trade in line with our previous forecast as the sideways trading range remains intact. The overall trading range remains 1.2170 – 1.2270. In the 4 hour timeframe, we can see a symmetric triangle pattern, which is exhibiting indecision among traders. On the downside, the GBP may gain support against the U.S. dollar around 1.2170 level, and violation of this level may extend selling until the next support area of 1.2080. Consider taking buying trades over 1.2186 and selling below the same level today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.704 after placing a high of 107.780 and a low of 107.556. Overall the movement of the USD/JPY pair remained bullish throughout the day. The USD/JPY pair fluctuated in a tight range of 15 pips because of the absence of American traders for Memorial Day.

On Monday, Japanese Prime Minister Shinzo Abe lifted the coronavirus state of emergency in Tokyo and other areas. The nationwide end of restrictions and reopening of businesses were to take effect as of Monday.

The Japanese PM also introduced a new plan for a new stimulus package to support the businesses and Japan’s economy hit by the COVID-19 pandemic. Abe said that Japan has managed to bring the epidemic under control, and the exit from it was in sight. However, this announcement from Abe had little to no impact on JPY’s movement against its rival currencies.

Meanwhile, on the US-China relation front, China’s move to impose a new security law on Hong Kong has escalated concerns about the stability of the city and global trade prospects, which upset the United States and thus, US-Sino relation worsen even more.

The U.S. dollar, which behaves like a safe-haven asset during political uncertainty & market turmoil, rose to a one-week high against the six currencies. Still, it started to erase its daily gains in the late London Session. Tensions between U.S. &China have increased since the coronavirus outbreak, over which both countries have exchanged accusations of cover-ups and lack of transparency with the world. The signs for easing tensions between the two biggest economies of the world are decreasing day by day and have created an uncertain environment in the market weighing on the market.

Furthermore, the USD/JPY pair moved very little on Monday amid thin trading conditions. At the same time, the U.S. dollar Index remained flat near 99.80 level throughout the day as investors showed no interest in the greenback. Moreover, the market participants will be looking at the release of the Corporate Service Price Index and All Industry Activity Index from Japan on Tuesday. From the American side, the Fed National Activity Index and New Homme Sales & C.B. Consumer Confidence data will be under consideration.

Daily Support and Resistance

R3 108.03
R2 107.91
R1 107.8

Pivot Point 107.68

S1 107.57
S2 107.45
S3 107.35

USD/JPY – Trading Tips

On Tuesday, the USD/JPY continues following the same technical setups that we spoke about on a previous day. The pair is still trading choppy, but it’s peaking out of tight trading range of 107.630 – 107.350. Above 107.650 level, we may see USD/JPY prices heading towards the next resistance level of 108.130. The ascending triangle pattern was already violated, and the upward trendline is expected to keep the USD/JPY supported around 107.350. Breakout of USD/JPY support area of 107.35 can lead the USD/JPY prices towards 106.850. So let’s consider taking buying trades over 107.68 today.

All the best for today!

Tags Daily Brief, EUR-USD, EURUSD, Forex, Fundamental Analysis, GBP-USD, GBPUSD, Technical Analysis, Technical Outlook, USD-JPY, USDJPY

Crypto Market Analysis

Daily Crypto Review, May 25 – Bitcoin Under $9,000; Goldman Sachs Hosting a Conference Call on Crypto

Post author By Ilija Rankovic
Post date 25 May, 2020
No Comments on Daily Crypto Review, May 25 – Bitcoin Under $9,000; Goldman Sachs Hosting a Conference Call on Crypto

The crypto market has spent the weekend retracing as Bitcoin fell under $9,000. Bitcoin is currently trading for $8,790, which represents a decrease of 5.05% on the day. Meanwhile, Ethereum lost 3.15% on the day, while XRP lost 3.4%.

Theta Fuel took the position of today’s biggest daily gainer, with gains of 59.67%. DxChain Token lost 19.32% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased quite a bit since we last reported, with its value currently at 65.89%. This value represents a 1.16% difference to the downside.

The cryptocurrency market capitalization decreased when compared to Friday’s value, with its current value being $256.67 billion. This value represents a decrease of $5 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Goldman Sachs hosting a conference on crypto

Goldman Sachs, the largest investment bank in the world, will host a conference call titled US Economic Outlook & Implications of Current Policies for Gold, Inflation, and Bitcoin on May 27.

The event will be hosted by Sharmin Mossavar-Rahmani, the Chief Investment Officer of Goldman Sachs’ Investment Strategy Group, Harvard economics professor Jason Furman, as well as Goldman Sachs’ chief economist Jan Hatzius.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization had quite turbulent weekend as its price dropped below $9,000. The 4th failed attempt of going above $10,000 on May 20 confirmed the appearance of another bearish turn for Bitcoin. However, the most recent events regarding Bitcoin mining, Satoshi Nakamoto and many more made bulls scared and bears more eager to sell their Bitcoin.

The price found support at the $8,650 level, with it currently pushing towards $8,820.

Key levels to the upside Key levels to the downside

1: $8,980 1: $8,820

2: $9,120 2: $8,650

3: $9,250 3: $8,000

Ethereum

While Ethereum did follow Bitcoin in its move towards the downside, it did not quite match its intensity. The second-largest cryptocurrency by market cap retraced as bears took over the market, but only fell in price up to the $198 support level. It has consolidated since and even made moves towards regaining previous highs.

Ethereum’s volume increased greatly during the price drop but normalized as the price found support.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP was, just like the aforementioned Ethereum, matching Bitcoin in price direction, but not in intensity. The third-largest cryptocurrency by market cap entered a short bull period, which brought it to $0.19 levels before recovering to a price closer to $0.195.

XRP’s volume was normal throughout the price drop, while its RSI level bounced from the oversold territory to (at the time of writing) 37.7.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.1785

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, May 22 – Bitcoin at $9,000; Craig Wright Has The Keys to 820,000 BTC?

Post author By Ilija Rankovic
Post date 22 May, 2020
No Comments on Daily Crypto Review, May 22 – Bitcoin at $9,000; Craig Wright Has The Keys to 820,000 BTC?

The crypto market has spent the day following Bitcoin’s spike down, most likely due to the fear of Satoshi Nakamoto moving their funds (which is most likely not true, as the more likely scenario would be that one of the miners was moving the BTC). Bitcoin is currently trading for $9,091, which represents a decrease of 4.2% on the day. Meanwhile, Ethereum lost 4.38% on the day, while XRP lost 0.55%.

OmiseGO took the position of today’s biggest daily gainer, with gains of 65.98%. THETA lost 16.34% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place since we last reported, with its value currently at 67.05%. This value represents a 0.03% difference to the downside.

The cryptocurrency market capitalization decreased when compared to yesterday’s value, with its current value being $251.67 billion. This value represents a decrease of $10.92 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Kleiman vs. Wright getting heated

Ira Kleiman’s legal team announced that Dr. Craig Wright already has keys to the encrypted file that is believed to contain more than 820,000 Bitcoin. The Kleiman estate is currently suing Wright over the Bitcoin he allegedly mined by partnering with the late Dave Kleiman. On the other side, Wright claims there was no partnership.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization had quite a price drop in the past 24 hours. Most likely sparked up by news of someone moving Bitcoin mined in the first month of Bitcoin’s existence, as well as new information on the Craig Wright case, investors have started to get cautions and exit their positions, bringing BTC to under $9,000 at one point. After falling to $8,800, Bitcoin bulls woke up and lifted the price above $9,000, where it is standing at the moment. Bitcoin is currently trying to pass the $9,210 resistance level.

Key levels to the upside Key levels to the downside

1: $9,250 1: $9,120

2: $9,580 2: $8,980

3: $9,735 3: $8,820

Ethereum

Ethereum followed Bitcoin and dropped in value quite a bit over the past 24 hours. The second-largest cryptocurrency by market cap even fell to $190 at one point, before being picked up by the bulls. It is currently trying to establish its position above the $198 support level, which it seems it will succeed in doing.

Ethereum looks like it might make a head and shoulders pattern, which will be a safe trade (if it plays out correctly). However, it is too early to speculate on such things.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

Even though XRP was the most stable cryptocurrency out of the top3 in the past couple of days (including today), it is far from being completely stable. The third-largest cryptocurrency by market cap dropped below its $0.2 support level (now turned resistance). XRP has since consolidated and is trying to pass $0.2 to the upside.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.1785

3: $0.214

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 22 – Top Trade Setups In Forex – ECB Monetary Policy Meeting Accounts Ahead!

Post author By Ali B.
Post date 22 May, 2020
No Comments on Daily F.X. Analysis, May 22 – Top Trade Setups In Forex – ECB Monetary Policy Meeting Accounts Ahead!

The U.S. Dollar Index (DXY) fell about 0.25% on the day to post the lowest close since May. Powell said that Fed might need to introduce more stimulus measures if the economic lockdown remains there for a long time. He also added that banks should prepare themselves for the bankruptcies of nonfinancial companies. Let’s keep an eye on U.K. Retail sales and ECB Monetary Policy Meeting Minutes.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD prices were closed at 1.09777 after placing a high of 1.09988 and a low of 1.09185. Overall the movement of EUR/USD remained bullish throughout the day. The EUR/USD pair remained near 1.1000 after the release of FOMC meeting minutes. The surge in the EUR/USD pair suggested that the pair might break its 7-week range and move further to earn more gains.

The FOMC minutes failed to impress the market as there was no surprise element in Powell’s presentation and was ignored by market participants. It was widely expected that the coronavirus outbreak would continue to weigh on the economy, and the economic outlook would remain somewhat pessimistic. Greenback holds onto its losses as there was no room for surprises in the minutes of the meeting.

On the data front, at 13:00 GMT, the Current Account Balance from the Eurozone showed a balance of 27.4B during March against 37.8B of February. At 14:00 GMT, the Final CPI from Eurozone for the year declined to 0.3% against the expectations of 0.4% and weighed on EUR. The Final Core CPI for the year came in line with the hopes of 0.9%.

At 19:00 GMT, the Consumer Confidence on the Eurozone economic condition showed a decline to 19 forms the forecasted decline of 23 and supported EUR. The market participants ignored the poor than expected CPI from Eurozone, and EUR got its support after the release of consumer confidence, which showed less decline than expected.

Furthermore, the latest Franco-German proposal for a 500 euros fund to fight coronavirus crisis helped EUR pair to gain traction in the market and remain stronger than other currencies; this ultimately supported the upward trend of EUR/USD pair.

Daily Support and Resistance

R3 1.1067
R2 1.1038
R1 1.0994

Pivot Point 1.0965

S1 1.092
S2 1.0892
S3 1.0847

EUR/USD– Trading Tip

On Friday, the EUR/USD prices are holding at 1.0940 as these were facing strong resistance around 1.0993, which marks the triple top resistance level and can trigger selling in the pair. Conversely, the EUR/USD pair may find support around 1.0883, once the 1.0993 level gets violated. The MACD is recently forming selling candles, which suggests the trend of the sale in the pair. So the overall trading range can be from 1.0994 level to 1.0886. On Friday, we can look for selling trades under 1.0965 for 40/50 pips profit.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.22225 after placing a high of 1.22495 and a low of 1.21855. Overall the movement of GBP/USD pair remained bearish throughout the day. The GBP/USD pair continued to follow its previous day’s trend of downward movement and dropped on Thursday as well. The decline in currency pair could be attributed to the increasing speculations that the Bank of England will consider to ease monetary policy further. The Governor of Bank of England, Andrew Bailey, said that he had changed his position into negative interest rates given the crisis.

He added that more easing measures from the Bank of England were more likely, but the interest rates were below on his priorities. He said that though it was not the time for negative interest rates, they could not be excluded from options.

Furthermore, on the lack of progress on trade talks with the European Union, the U.K. was driving its way towards no-deal Brexit. This raised fear amongst investors and raised uncertainty about the future relationship of Great Britain with E.U., making GBP weaker on the board. In the current context of coronavirus shutdown, the U.K. economy was already disturbed, and chances for an unfriendly exit from E.U. along with coronavirus would impact highly negative on the common currency.

On the data front, at 13:30 GMT, the Flash Manufacturing PMI from Great Britain showed a surge in Index with 40.6 points against the 35.1 of forecast and supported GBP. Sterling was also supported by Flash Services PMI, which exceeded the expectations of 24.1 and came in as 27.8. From the U.S. side, the increased Jobless Claims last week by 2.43M weighed on the U.S. dollar. However, the Flash Manufacturing PMI, which was key data on Thursday from the American side, came in support of the U.S. dollar when released as 39.8 against the expectations of 39.3.

The strong U.S. dollar on Thursday amid better than expected PMI data added in the downfall of GBP/USD pair.

Daily Support and Resistance

R3 1.232
R2 1.2285
R1 1.2255

Pivot Point 1.222

S1 1.219
S2 1.2155
S3 1.2124

GBP/USD– Trading Tip

The GBP/USD continues to trade within the same technical levels, which we discussed a day before. The Cable is facing resistance around 1.2269 level, and it continues to develop doji and bearish engulfing candles below 1.2269 zones, which has driven a bearish retracement in the Cable. On the lower side, the Sterling may find support against the U.S. dollar around 1.2170 level. The MACD and 50 EMA are supporting selling bias in the pair. Today, the release of U.K. Retail Sales m/m may help drive further movement in the market. Therefore, the bullish breakout of 1.2270 level can lead the Sterling prices towards 1.2360. While breakout of the support level of 1.2169 may lead the Sterling pair towards the 1.2080 support zone.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.604 after placing a high of 107.847 and a low of 107.415. Overall the movement of the USD/JPY pair remained bullish throughout the day. At 4:50 GMT, Japan’s Merchandise Trade Balance for April showed a deficit of 1.0 Trillion Japanese Yen on Thursday. At 5:30 GMT, the Flash Manufacturing PMI came in as 38.4 during May compared to 41.9 of April.

The exports from Japan showed a decline of 21.9% and imports by 7.2%, while overall trade balance showed a deficit and weighed on Japanese Yen. The weak JPY gave strength to the USD/JPY pair on Thursday.

On the American side, the U.S. jobless Claims for the past week exceeded over 2.43M from the expectations of 2.4M and weighed on the U.S. dollar at 17:30 GMT. The Philly Fed Manufacturing Index for May declined by 43.1 against 40.0 expected and weighed on the U.S. dollar.

However, at 18:45 GMT, the Flash manufacturing PMI from the U.S. for the month of May surged to 39.8 against the expected 39.3 and supported the U.S. dollar. The Flash Services PMI for May also exceeded to 36.9 from 32.6 of expectations.

The C.B. Leading Index for April was expected to be declined by 5.5%, but in actual, it showed a decline of 4.4% and supported the U.S. dollar. The Existing Home Sales remain flat with expectations of 4.33M.

Better than expected economic data from the United States gave strength to the U.S. dollar and moved USD/JPY pair in an upward direction to post daily gains. On the other hand, Fed Chairman Jerome Powell showed concerns about the economic indicators to hit their bleakest levels since the Great Depression. He said that the U.S. economy was facing a whole new level of uncertainty amid the coronavirus crisis.

Daily Support and Resistance

R3 108.21
R2 108.04
R1 107.83

Pivot Point 107.65

S1 107.44
S2 107.26
S3 107.05

USD/JPY – Trading Tips

On Friday, the USD/JPY continues trading sideways in between 107.630 – 107.350. Above 107.650 level, we may see USD/JPY prices heading towards the next resistance level of 108.130. The ascending triangle pattern was already violated, and the upward trendline is expected to keep the USD/JPY supported around 107.350. Breakout of USD/JPY support area of 107.35 can lead the USD/JPY prices towards 106.850. So let’s consider taking buying trades over 107.350 today.

All the best for today!

Tags Daily Brief, Dollar, Euro, EURUSD, Forex, Fundamental Analysis, GBPUSD, Pound, Technical Analysis, Technical Outlook, trading, USDJPY, yen

Forex Market Analysis

Daily F.X. Analysis, May 21 – Top Trade Setups In Forex – Services & Manufacturing PMI!

Post author By Ali B.
Post date 21 May, 2020
No Comments on Daily F.X. Analysis, May 21 – Top Trade Setups In Forex – Services & Manufacturing PMI!

On the news front, the EUR, GBP, and USD remain in the highlight due to manufacturing and services. The PMI figures are expected to improve all of the economies, perhaps due to smart lockdown strategy, which may have driven some business activity during the last month.

Economic Events to Watch Today

EUR/USD – Daily Analysis

Daily Support and Resistance

R3 1.1097
R2 1.1048
R1 1.1014

Pivot Point 1.0966

S1 1.0932
S2 1.0884
S3 1.0849

EUR/USD– Trading Tip

The EUR/USD prices are facing strong resistance around 1.0993, which marks the triple top resistance level and can trigger selling in the pair. Conversely, the EUR/USD pair may find support around 1.09512, and below this, the next support is likely to be seen around 1.0910. The bearish bias remains strong today. On the downside, the EUR/USD has odds of bouncing off above 1.0933.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.22375 after placing a high of 1.22875 and a low of 1.22212. Overall the movement of GBP/USD pair remained bearish throughout the day. The GBP/USD pair remained in a consolidation phase on Wednesday and showed a slight bearish movement amid poor than expected economic data from Great Britain. The CPI, RPI & PPI data showed a decline in the month of April and provided a weak economic outlook and weighed on GBP, which ultimately dragged the GBP/USD pair on Wednesday.

At 11:00 GMT, the Consumer Price Index (CPI) for the year from the United Kingdom fell short of expected 0.9% ad came in as 0.8% and weighed on GBP. The PPI Input in the month of April showed a decline of 5.1% against the expected decline of 4.2% and weighed on Pound. The PPI output of April also declined by 0.7% from the forecasted decline of 0.5% and weighed on GBP.

At 11:02 GMT, the Core CPI for the year from the United Kingdom came in line with the expectations of 1.4%. The RPI for the year from Britain also declined to 1.5% from 1.6% of expectations and weighed on GBP. At 13:30 GMT, the HPI for the year from Great Britain exceeded the expectations of 1.5% and came in as 2.1% and supported Pound.

Apart from economic data, news about considering negative rates as an option by BoE added in the pressure on GBP on Wednesday. According to Governor Andrew Bailey, the Bank of England studied how low U.K. interest rates can be cut even more to cope with the coronavirus crisis and did not exclude the idea of lowering borrowing costs below zero.

Daily Support and Resistance

R3 1.2346
R2 1.2317
R1 1.2279

Pivot Point 1.225

S1 1.2211
S2 1.2183
S3 1.2144

GBP/USD– Trading Tip

After exhibiting sharp bullish trends, the GBP/USD faced resistance around 1.2269 level. As we can see on the 4-hour chart, the pair has closed doji and bearish engulfing candles below 1.2269 zones, which has driven a bearish retracement in the Cable. On the lower side, the Sterling may find support against the U.S. dollar around 1.2170 level. The MACD and 50 EMA are supporting selling bias in the pair. Today, the release of UK PMI figures may help drive further movement in the market. Therefore, the bullish breakout of 1.2270 level can lead the Sterling prices towards 1.2360. While breakout of the support level of 1.2169 may lead the Sterling pair towards the 1.2080 support zone.

USD/JPY – Daily Analysis

The USD/JPY was closed at 107.535 after placing a high of 107.982 and a low of 107.335. Overall the movement of the USD/JPY pair remained bearish throughout the day. After posting gains for the previous two sessions, the USD/JPY pair starting to lose on Wednesday amid broad-based U.S. dollar weakness and renewed safe-haven demand.

The U.S. dollar remained weak on Wednesday after Federal Reserve failed to provide any surprising element in its April meeting minutes. The Fed Chairman Jerome Powell said that risk remained on the downside and held the interest rates on the same level.

Powell said that the second wave of coronavirus would impact on U.S. economy with more intensity, and the lockdown in that time would be stricter and for the longer time period, which would cause massive destruction of U.S. economy.

Powell showed his concerns about the impact of the second wave of coronavirus, which was still onboard due to no improvement in vaccine trials. Powell said that the lower-income households would suffer more due to another wave of the virus if it happened.

However, adding in the U.S. dollar weakness, the uncertainty about the potential coronavirus vaccine emerged in the market. After the trails of the Moderna vaccine in 6 monkeys, it was reported that all six monkeys out of which 3 received the vaccine were tested positive for COVID-19. The virus was found in the noses on all monkeys who participated in animal trials for that vaccine. This report decreased the risk sentiment in the market and added uncertainty.

Daily Support and Resistance

R3 108.57
R2 108.28
R1 107.91

Pivot Point 107.62

S1 107.25
S2 106.96
S3 106.59

USD/JPY – Trading Tips

The USD/JPY mostly remains mostly bearish following a bullish breakout of the choppy trading range of 107.480 – 107.029 level. For now, the pair is holding at 107.630, having immediate support around 107.500. Above this level, we may see USD/JPY prices heading towards the next resistance level of 108.130. The ascending triangle pattern has already been violated, and it’s expected to kee the USD/JPY supported around 107.500. So let’s consider taking buying trades over 107.500 today.

All the best for today!

Tags Daily Breif, Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Price Action, Technical Analysis, Technical Outlook, Trade Setup, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, May 21 – Satoshi Nakamoto Moving Crypto? Crypto Payments Available on Shopify

Post author By Ilija Rankovic
Post date 21 May, 2020
No Comments on Daily Crypto Review, May 21 – Satoshi Nakamoto Moving Crypto? Crypto Payments Available on Shopify

The crypto market has spent the day slightly retracing, with most of its cryptocurrencies being in the red. Bitcoin is currently trading for $9,505, which represents a decrease of 2.41% on the day. Meanwhile, Ethereum lost 1.59% on the day, while XRP lost 1.57%.

THETA took the position of today’s biggest daily gainer, with gains of 29.39%. Steem lost 17.74% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance moved down slightly since we last reported, with its value currently at 67.08%. This value represents a 0.38% difference to the downside.

The cryptocurrency market capitalization decreased when compared to yesterday’s value, with its current value being $262.25 billion. This value represents a decrease of $4.01 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Crypto payments on Shopify

Shopify platform sellers can now utilize cryptocurrencies in their online stores after a partnership with CoinPayments (a crypto payment processor) reached a deal with Shopify.

“Shopify is a natural fit for us,” said CoinPayments CEO Jason Butcher, and also added that “it just makes sense to create an integration that enables secure, easy, and cost-effective transactions.

Honorable mention

On May 20, Reports show that Satoshi Nakamoto may have shown up and reactivated himself. The news came out as someone tried to move 50 Bitcoin that were mined all the way back in Feb 2009.

What’s more interesting is that the Bitcoin that were moved were actually the ones that Craig Wright said he owns.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization spent the past 24 hours in a slight downturn. The drop below $9,735 as well as $9,580 was stopped by the ascending trend, which is being tested at the time of writing. In order not to become even more bearish, Bitcoin has to reach over the trend line and establish itself above some of the horizontal support levels, or to fall within the trend and continue moving like that.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,250

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum has been quite inactive when compared to Bitcoin in the past 24 hours. The second-largest cryptocurrency by market cap dropped a few percent on the day but held up quite good within a range bound by $198 to the downside and $217.6 to the upside. More so, the price has held above $200, which is a great show of strength.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP has spent yet another day pretty much doing the same thing. The third-largest cryptocurrency by market cap almost didn’t move throughout the day, only dropping slightly to the $0.2 support level.

XRP’s volume is still incredibly low, while its RSI is at the value of 45.

Key levels to the upside Key levels to the downside

1: $0.214 1: $0.205

2: $0.227 2: $0.2

3: $0.235 3: $0.19

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 20 – Top Trade Setups In Forex – European CPI Figures Ahead!

Post author By Ali B.
Post date 20 May, 2020
No Comments on Daily F.X. Analysis, May 20 – Top Trade Setups In Forex – European CPI Figures Ahead!

The U.S. Federal Reserve will release its latest FOMC meeting minutes. The European Commission will post the May Consumer Confidence Index (-23.7 expected) and final readings of April CPI (+0.4% on-year expected). The U.K. Office for National Statistics will release April CPI (+0.9% on-year expected).

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD prices were closed at 1.09228 after placing a high of 1.09759 and a low of 1.09020. Overall the movement of the EUR/USD pair remained bullish throughout the day. After gaining almost 100 pips on Monday, the EUR/USD pair rose to near its highest level in 2 weeks of 1.0976 level on Tuesday. The upbeat market mode was derived by the Franco-German recovery fund proposal, which was announced on Monday and provided a boost to the single currency EUR.

The Vice President of the European Commission, Valdis Dombrovskis, said that the European Stability Mechanism (E.S.) strongly supported the Franco-German proposal. Commission was also looking forward to presenting the proposal in the upcoming European summit on May 27.

Following the previous day’s gains, the EUR/USD pair continued to rise and was further supported by the better than expected economic data release on Tuesday.

At 14:00 GMT, the ZEW Economic Sentiment from the European Union showed that the economic outlook of the Eurozone in the view of institutional investors and analysts increased to 46.0 from the expected27.4 and supported EUR.

The German ZEW Economic Sentiment also showed an improved economic outlook after releasing as 51.0 against the expected 30.0 during the month of May and supported EUR.

The better than the expected economic outlook of the whole bloc, along with Germany even in the lockdown time, gave a sudden push to the already prevailing bullish trend in EUR/USD and rose its prices above two weeks high. However, pair failed to hold its gains and started to drop in late-session but managed to end its day with a bullish candle.

On the other hand, the greenback lost its demand in the absence of any significant economic data. Only Housing Starts in the month of April were released from the U.S. on Tuesday, which declined to 0.89M against the 0.95 forecasted and weighed on the U.S. dollar.

Meanwhile, the Fed Chair Jerome Powell also refrained from providing any specific surprising remarks about the economy or policy outlook and hence kept the U.S. dollar under pressure. He said that the Fed would remain committed to using its all tools to recover the U.S. economy from a corona-induced crisis. U.S. Dollar Index fell near 99.50 level on that day.

Daily Support and Resistance

R3 1.1089
R2 1.1008
R1 1.0961

Pivot Point 1.088

S1 1.0833
S2 1.0752
S3 1.0705

EUR/USD– Trading Tip

The technical outlook for EUR/USD pair seems bullish as the pair is trading at 1.0938, having formed a bullish engulfing pattern above an immediate support level of 1.0918 level. On the 4 hour timeframe, the pair is also forming a higher high and higher low pattern, which can drive further buying trends in the EUR/USD pair. The MACD is bullish, while the 50 EMA is also supporting the bullish bias among traders. The pair has the potential to trade towards north to target 1.0993 triple top area while support holds at 1.0918 and 1.08850 level today.

GBP/USD – Daily Analysis

The GBP/USD prices were closed at 1.22482 after placing a high of 1.22961 and a low of 1.21839. Overall the movement of GBP/USD pair remained bullish throughout the day. The GBP/USD pair rose for 2nd consecutive day on Tuesday amid the broad-based U.S. dollar weakness and better than expected employment data from the U.K.

The U.S. dollar was already under pressure the previous day after the announcement of the Franco-German recovery fund proposal, which consists of 500 Billion euros. The increased risk appetite in the market also made the U.S. dollar weaker on Tuesday.

Furthermore, better than expected U.K. employment data on Tuesday gave strength to GBP and raised GBP/USD prices. The office for National Statistics reported that U.K. Unemployment Rate in April dropped to 3.9% from the expected 4.4% and supported GBP.

Despite the decreased unemployment rate, around 857K people filed for jobless claims in April against the forecasted 675K. The decreased unemployment rate, which covers three months to March, showed that unemployment might have fallen sharply during April considering the increased numbers of jobless claims that month.

Meanwhile, U.K. announced a new tariff regime for Brexit that will remove tariffs on 30 billion pounds worth of imports or about 60% worth of trading coming into the U.K. The latest tariff named U.K. Global Tariff (UKCT) will become effective from January 2021 when the transition period will end.

AT 11:00 GMT, the Claimant Count Change for April showed that almost 856.5K people applied for jobless benefit claims against the expectations of 675.0K and weighed on Sterling. At 11:02 GMT, the Average Earning Index for the quarter showed a decline to 2.4% from the expected 2.7% and weighed on U.S. Dollar. However, the Unemployment rate for March showed a decline to 3.9% against the anticipated 4.4% and supported Pound.

Daily Support and Resistance

R3 1.2411
R2 1.2319
R1 1.2257

Pivot Point 1.2166

S1 1.2104
S2 1.2013
S3 1.195

GBP/USD– Trading Tip

On Wednesday, the GBP/USD traded sharply bullish to trade at 1.2245 level despite the release of worse than expected Labor market reports from the U.K. At the moment, Cable faces resistance around 50 EMA, which holds at 1.2255 level. The closing of candles below 1.2260 can drive selling. Still, considering the recent bullish engulfing and long histograms of GBP/USD pair, we may see a continuation of a bullish trend in the Sterling. On the upper side, the violation of 1.2246 level may lead Sterling towards 1.2318 today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.700 after placing a high of 108.086 and a low of 107.261. Overall the movement of the USD/JPY pair remained bullish throughout the day. The pair USD/JPY moved above 108.00 level on Tuesday, which was the one-month top-level amid increased risk-on market sentiment. The safe-haven Japanese Yen was under pressure after the latest optimism related to the encouraging initial results of coronavirus vaccine trials. Weaker Yen moved the USD/JPY pair in the opposite direction and made it to post gains above 108.00 level.

The intraday selling bias towards the Japanese Yen increased after the Bank of Japan called out for an unscheduled meeting on Friday. This fueled speculations that Bank would announce more easing measures.

The strong positive momentum due to weakened Yen lifted the USD/JPY prices to its highest level since April 13. However, the rally remained limited due to the rising concerns about the US-China relationship.

Another reason behind the limited rally on Tuesday was the fears about the second-wave of coronavirus. Senators questioned the Fed Chair Jerome Powell and the U.S. Treasury Secretary Steven Mnuchin about their stewardship of specific aspects of the $2 trillion package on Tuesday.

The Senate Banking Committee held its first look at spending under the package announced in March to assist people affected by the coronavirus pandemic. Mnuchin and Powell showed different perspectives on the economic outlook. Mnuchin remained optimistic and said that in the second half of 2020, the economy would see an upturn, while Powell suggested that congress might need more than trillions to aid the economy.

Daily Support and Resistance

R3 108.04
R2 107.78
R1 107.56

Pivot Point 107.3

S1 107.09
S2 106.82
S3 106.61

USD/JPY – Trading Tips

On Wednesday, the USD/JPY mostly remains mostly bearish following a bullish breakout of the choppy trading range of 107.480 – 107.029 level. For now, the pair is holding at 107.630, having immediate support around 107.500. Above this level, we may see USD/JPY prices heading towards the next resistance level of 108.130. The ascending triangle pattern has already been violated, and it’s expected to kee the USD/JPY supported around 107.500. So let’s consider taking buying trades over 107.500 today. All the best for today!

Tags cable, Daily Brief, Dollar, EUR, Euro, Europe, EURUSD, Forex, Fundamental Analysis, GBPUSD, Pound, Technical Analysis, Technical Outlook, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, May 20– Will BTC reach $20,000 in 2020? Option Traders Say No

Post author By Ilija Rankovic
Post date 20 May, 2020
No Comments on Daily Crypto Review, May 20– Will BTC reach $20,000 in 2020? Option Traders Say No

The crypto market has spent the day moving towards the upside. While most of the market is in the green, the majority of cryptocurrencies didn’t move much. Bitcoin is currently trading for $9,757, which represents an increase of 1.23% on the day. Meanwhile, Ethereum gained 0.87% on the day, while XRP gained 1.12%.

Steem took the position of today’s most prominent daily gainer, with gains of 23.81%. Electroneum lost 12.87% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance moved up slightly since we last reported, with its value currently at 67.46%. This value represents a 0.03% difference to the upside.

The cryptocurrency market capitalization increased slightly when compared to yesterday’s value, with its current value being $264.26 billion. This value represents an increase of $0.02 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin options market speaks about the BTC price

The Bitcoin options market spoke about Bitcoin’s price in the future (or at least their prediction). The options market, which is mostly dominated by Deribit and CME, predicted a 9% chance of Bitcoin reaching past its all-time high of $20,000 by the end of the year.

As Bitcoin has a tendency to prolong its rally six to eight months after its halving event, Bitcoin options traders exercise cautious trading in the medium-term.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization spent the past 24 hours being indecisive in terms of where its future path will be. It reached past the $9,735 resistance line, turning it to support once again. However, the main trend isn’t decided quite yet, as these small support and resistance levels aren’t strong enough to determine a trend.

Bitcoin’s volume dropped over the past 24 hours, while its RSI level stayed pretty stable around the 55 mark.

Key levels to the upside Key levels to the downside

1: $9,870 1: $9,735

2: $10,010 2: $9,580

3: $10,505 3: $9,250

Ethereum

Ethereum didn’t make any major moves in the past 24 hours. The second-largest cryptocurrency by market cap is taking its time to consolidate and prepare for the next move (to either side).

Ethereum has recently gained most of its value based on fundamentals. ETH traders should take that into consideration before doing any trading just based on technicals.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP is proving that it has become a relatively stable cryptocurrency day in and day out. The third-largest cryptocurrency by market cap almost didn’t move at all, hovering around the $0.205 level. While it has spent most of the day below it, $0.205 level is now acting as slight support.

XRP’s volume decreased slightly in the past 24 hours, while its RSI level currently stands at the value of 56.

Key levels to the upside Key levels to the downside

1: $0.214 1: $0.205

2: $0.227 2: $0.2

3: $0.235 3: $0.19

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 19 – Top Trade Setups In Forex – Buckle Up for Fed Chair Powell Testimony!

Post author By Ali B.
Post date 19 May, 2020
No Comments on Daily F.X. Analysis, May 19 – Top Trade Setups In Forex – Buckle Up for Fed Chair Powell Testimony!

On Tuesday, eyes will be on the U.K. Jobless claims data, which are coming out shortly. COVID could badly impact the news release, and it may drive selling bias in the Sterling pairs. Besides, the G7 meeting and Fed Chair Powell testimony will also remain in the highlights today.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD prices were closed at 1.09141 after placing a high of 1.09268 and a low of 1.07966. Overall the EUR/USD pair remained strongly bullish throughout the day. The EUR/USD pair surged to its highest since May 5 on the back of a proposal, which was announced by France & Germany on Monday. Both countries joined to provide $543 in recovery fund, which would offer grants to regions of the bloc, which were highly affected by coronavirus pandemic.

They also proposed to allow the European Commission to borrow more money on markets to finance the fund. The president of the European Central Bank, Christine Lagarde, has been urging more fiscal measures and welcomed and targeted the Franco-German proposal. She said that monetary policy transmission was as important as the policy, and there was no risk to the euro currency, which was irreversible.

Single currency euro gained on Monday due to the jointly raised debt from France & Germany. The pair EUR/USD rose above 1.0900 level and gave a robust bullish move on that day. The U.S. dollar, on the other hand, remained weaker due to increased risk appetite in the market after the hopes for a possible COVID019 vaccine increased in the market. The optimism raised after the first trial of the vaccine gave early reports positively and increased the demand for riskier assets like EUR/USD pair.

The markets were fueled by the increased hopes for a vaccine and the rising risk-appetite in the market along with the announcement of a recovery fund worth 500 billion euros by German Chancellor Merkel and French President Macron. The fund was introduced to reduce the effect of coronavirus pandemic on the region’s economy.

Across Europe, many measures have been taken to reduce the coronavirus impact on the economy, including PEPP bond purchases by ECB, the 55billio package from Italy government, and the extension of job retention scheme from the U.K.’s Chancellor. Apart from the measures mentioned above to recover the eurozone’s economy, more measures might include more asset purchases in June.

Daily Support and Resistance

R3 1.1089
R2 1.1008
R1 1.0961

Pivot Point 1.088

S1 1.0833
S2 1.0752
S3 1.0705

EUR/USD– Trading Tip

The EUR/USD is trading at 1.0817, trading below 50 periods EMA resistance at 1.0838 level. Last week, the pair bounced off over the double bottom support level of 1.07756. The direct currency pair is consolidating in a sideways range of 1.09070 – 1.09250, and violation of this will determine further trends in the market. On the higher side, the EUR/USD pair may head upward until the next target level of 1.0956 level while support holds at 1.08850 today.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.21952 after placing a high of 1.22272 and a low of 1.20752. Overall the movement of GBP/USD pair remained bullish throughout the day. The pair GBP/USD spiked to fresh daily gains around 1.2200 level during early American sessions on the back of broad-based U.S. dollar weakness and increased risk appetite.

GBP was dropping continuously in previous sessions on the back of delayed Brexit talks, which could result in no-deal Brexit. Still, on Monday, it showed a recovery after the renewed U.S. dollar selling bias. The Sterling was supported by the weak U.S. dollar on Monday and was forced to move upward.

In recent months, the trade talks between the U.K. & E.U. has shown no progress due to increased frustrations over each other’s ideological approach and lack of understanding. Diplomats & officials had forecasted that before the deadline of June 30, the questions would be raised in the market for companies about future trade between U.K. & E.U. Before coronavirus, the total amount of trade between the world’s fifth-biggest economy and its biggest trading bloc accounted for 650 billion pounds.

The negotiation between U.K. & E.U. has been affected due to video-conferencing; officials suggested that if they had to conduct meeting in a face-to-face environment, then results would have been different.

Britain left the European Union on January 31, and both sides now run under a tight schedule to sign a deal before 2021, when on 31st December U.K. will leave E.U. with or without a deal. U.K. wanted a free trade agreement with E.U. just like Canada has with E.U. or Japan while E.U. has been arguing for a wider agreement, including Britain’s proximity to the bloc.

Daily Support and Resistance

R3 1.2411
R2 1.2319
R1 1.2257

Pivot Point 1.2166

S1 1.2104
S2 1.2013
S3 1.195

GBP/USD– Trading Tip

The GBP/USD traded sharply bullish to trade at 1.2245 level despite the release of worse than expected Labor market reports from the U.K. At the moment, the cable is facing resistance around 50 EMA level, which holds at 1.2255 level. The closing of candles below 1.2260 can drive selling. Still, considering the recent bullish engulfing and long histograms of GBP/USD pair, we may see a continuation of a bullish trend in the Sterling. On the upper side, the violation of 1.2246 level may lead Sterling towards 1.2318 today.

USD/JPY – Daily Analysis

The USD/JPY was closed at 107.327 after placing a high of 107.503 and a low of 107.058. Overall the movement of the USD/JPY pair remained bullish that day. Despite U.S. dollar weakness, USD/JPY pair rose on Monday to touch a fresh daily high above 107.500 level and posted gains of 0.32% on that day.

The risk-on market sentiment on that day weighed on safe-haven Japanese Yen after the hopes about quick global economic recovery re-emerged in the market. A coronavirus vaccine trial gave hopes to the possible cure for the virus and revived optimism in the market to raise stock indexes.

A company named Moderna has announced that its first human trials for its coronavirus vaccine reported more or similar blood levels, which include virus-fighting antibodies in participants than the recovered patients of COVID-19. It reported that the vaccine could help improve the immune system.

According to the New York Times, A phase 1 study by Moderna has developed the vaccine in collaboration with the National Institute of Allergy, and Infectious Diseases has gone very well. Phase 2 of the study has been granted an expected enroll of 600 volunteers half older than 55 to provide additional immunogenicity data. Phase 3 will begin in July, which will aim at proving that vaccines could actually prevent the viral disease.

Meanwhile, the risk-sensitive currencies like EUR and GBP gained a lot of traction in the market against the U.S. dollar, which weighed on the U.S. dollar and decreased its demand on Monday. The U.S. dollar index, which measures the value of the U.S. dollar against the basket of six currencies, lost more than 0.5% on Monday and fell near 99.80 level.

Daily Support and Resistance

R3 108.04
R2 107.78
R1 107.56

Pivot Point 107.3

S1 107.09
S2 106.82
S3 106.61

USD/JPY – Trading Tips

The technical side of the USD/JPY mostly remains the same as the pair continues to exhibit choppy sessions in between 107.480 – 107.029 level. Overall, the pair has formed an ascending triangle pattern, and it’s been trading within the same triangle pattern. Bullish crossover of 107.485 level may extend buying until the next resistance level of 107.650, and violation of this could determine the actual trend in the pair. So far, the traders seem confused over the market sentiments. On the lower side, the pair is facing support by the upward trendline, which holds around 107 mark. Let’s trade choppy until the violation occurs.

All the best for today!

Tags Daily Brief, EUR-USD, Forex, Fundamental Analysis, GBP-USD, Technical Analysis, Technical Outlook, trading, USD-JPY

Crypto Market Analysis

Daily Crypto Review, May 19 – Bitcoin Not Producing Enough Blocks?

Post author By Ilija Rankovic
Post date 19 May, 2020
No Comments on Daily Crypto Review, May 19 – Bitcoin Not Producing Enough Blocks?

The crypto market has spent the day either stagnating or slowly moving to the downside. Bitcoin is currently trading for $9,643, which represents a decrease of 2.5% on the day. Meanwhile, Ethereum lost 1.02% on the day, while XRP lost 0.6%.

SOLVE took the position of today’s most prominent daily gainer, with gains of 20.58%. Crypterium lost 12.01% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance moved down slightly since we last reported, with its value currently at 67.43%. This value represents a 0.05% difference to the downside.

The cryptocurrency market capitalization decreased slightly when compared to yesterday’s value, with its current value being $264.31 billion. This value represents a decrease of $0.9 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin produced less than 100 blocks in a 24h period

Data presented by Bitcoin analysts known as digitalik.net shows that Bitcoin’s network generated only 95 blocks on Sunday. Bitcoin’s network generated less than 100 blocks in a 24 hour period only eight days in the last ten years, mostly in 2017.

The block time is mostly attributed to the Bitcoin halving, as the event decreased the profit margins of many miners.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization had a bearish outlook throughout the past 24 hours. It fell below the $9,735 support level (which is now acting as resistance) and established its price there. The price started going up and tested the level, now as resistance, but failed to break it. The whole day was accompanied by low volume

When it comes to trading Bitcoin, breakout traders should either wait for a big bull run that will break $10,000 or some form of a heavy volume drop towards the downside. As we stated yesterday, traders that like trading ranging moves might use leverage to scalp a few dollars here and there on moves such as the one that happened today.

Key levels to the upside Key levels to the downside

1: $9,735 1: $9,580

2: $9,870 2: $9,250

3: $10,010 3: $9,120

Ethereum

Ethereum spent the day consolidating after the move towards the upside. After failing to reach past $217.6, Ethereum retraced slightly. Due to the extremely low volume, ETH currently has no potential to go up or down in any significant way.

Ethereum gained most of its value based on fundamentals. ETH traders should take that into consideration before trading just based on technicals.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP has been the most stable cryptocurrency out of the top3 in the past week. The third-largest cryptocurrency by market cap moved only slightly to the downside in the past 24 hours, breaking the $0.205 support level. The low volume currently makes XRP almost untradeable.

The volume increased slightly during yesterday’s spike but returned to its usual low levels today. Its RSI level currently stands at the value of 50.

Key levels to the upside Key levels to the downside

1: $0.214 1: $0.205

2: $0.227 2: $0.2

3: $0.235 3: $0.19

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 18 – Top Trade Setups In Forex – Sideways Trading In Play!

Post author By Ali B.
Post date 18 May, 2020
No Comments on Daily F.X. Analysis, May 18 – Top Trade Setups In Forex – Sideways Trading In Play!

On the news front, the economic calendar remains busy on Friday. Today’s releases may trigger some price action in the Euro and U.S. related pairs, especially on the release of German GDP, Eurozone Flash GDP, and U.S. core retail sales figures, which are due to come out during European and U.S. session respectively.

Economic Events to Watch Today

EUR/USD – Daily Analysis

During the early Asain trading session, the EUR/USD pair was closed at 1.08181 after placing a high of 1.08509 and a low of 1.07887. Overall the movement of the EUR/USD pair remained bullish throughout the day.

EUR/USD pair gained on Friday after falling for two consecutive days and recovered some of its weekly losses at the ending day of the week.

The pair recovered its upward trend on the back of stronger EUR against weaker USD. Euro remained robust due to better than expected economic data from the whole bloc, and the U.S. dollar was ineffective due to poor than expected data on Friday. At 11:00 GMT, the German Purchasing Price Index for April was released, which showed a decline of 0.7% against the expected decline of 0.6% and weighed on single currency Euro. At 11:45 GMT, the French Final CPI for April came in as 0.0% against the expected 0.1% and weighed on Euro.

At 13:00 GMT, the German Prelim GDP for the quarter came in line with the expectations of -2.2%. At 14:00 GMT, the Flash Employment Change for the quarter came in as -0.2% against the expectations of -2.0% and supported Euro. The Flash GDP for the whole bloc during the quarter came in line with the expected -3.8%. The Trade Balance for the whole bloc showed a surplus by 23.5B against the expected 17.2B and supported Euro.

Better than expected Employment data and Trade Balance from the whole bloc gave strength to the single currency and moved the pair towards the upside. On the other hand, the U.S. dollar was weaker against EUR due to poor than expected Retail Sales and Industrial Production data on Friday. The headline U.S. Retail Sales dropped by 16.4% during the month of April and weighed on the U.S. dollar while the Core Retail Sales were dropped by 17.2%, which added in the weakness of the dollar against Euro and moved the pair EUR/USD on the upside direction.

The U.S. Industrial Production showed a decline by 11.2% in the month of April against the forecasted decline by 11.5%, despite falling under the expected figure, the drop in U.S. industrial production gave an impact of weak U.S. economy and weighed on U.S. dollar. Stronger Euro against U.S. dollar and weaker dollar combined gave a push to EUR/USD pair on Friday to place a high of 1.08509.

Daily Support and Resistance

S1 1.0673
S2 1.0758
S3 1.079

Pivot Point 1.0843

R1 1.0874
R2 1.0928
R3 1.1013

EUR/USD– Trading Tip

The EUR/USD is trading at 1.0817, trading below 50 periods EMA resistance at 1.0838 level. Last week, the pair bounced off over the double bottom support level of 1.07756. On the 4 hour chart, the EUR/USD is closing candles within a symmetric triangle pattern, which drives mixed sentiment in the market. Extension of selling below 1.0843 level may lead the EUR/USD prices towards 1.07782 level, and below this, the next support is likely to be found around 1.0730. Consider staying bullish above and bearish below 1.0770 level today.

GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.21040 after placing a high of 1.22386 and a low of 1.31013. Overall the movement of pair remained bearish throughout the day. The GBP/USD pair was dropped to its fresh seven-week lowest level near 1.2100 on Friday on the back of the sudden pickup in demand for the U.S. dollar at last hours. Despite poor than expected Retail Sales data from the United States on Friday, the pair GBP/USD was dropped to its multi-week low level at the ending day of the week.

The growing fears of second-wave of coronavirus faded the hopes for quick global economic recovery and weighed on the U.S. dollar. The already weaker trend was then escalated after the relationship between the United States and China started to become even worse. The Sino-US relation headed towards a renewed trade war, especially after the U.S. commerce department cited security concerns against China on Friday. The U.S. Commerce Dept. took another step to cut off Chinese telco Huawei from the overseas chip manufacturing companies.

The U.S. also accused Huawei of building backdoors in network infrastructure to help the Chinese government spying efforts. Huawei repeatedly denied this accusation of spying efforts by Trump’s administration. Chinese officials have said they would respond to this, which decreased the risk appetite and gave a push to the greenback’s perceived safety-haven status. This ultimately dragged down the pair GBP/USD on Friday as there was no economic data to be released from the United Kingdom. The pair’s movement was solely dependent on the greenback’s demand.

Furthermore, over the weekend, the Cabinet Office Minister Michael Gove said that Brexit negotiations were going well, but E.U. needed to show some flexibility. He added that very little progress was made after the third Brexit talks, which were conducted on Friday. Both sides have shown frustration over the slow progress in trade talks, and the U.K. has geared up its preparations to leave the block without any deal. The U.K. has already said that it will not extend the negotiations process beyond December 31.

The sticking point during the negotiations has been the access to fishing waters. E.U. wanted to have the same access they had to the U.K.’s fishing water, but Britain was not allowing it. If no-deal Brexit happened then, both parties would have to follow the rules of the World Trade Organization. On the other side, E.U.’s top negotiator, Mr. Barnier, has said that the U.K. could not have the best of both worlds, and if it were meant to be No-deal Brexit, then E.U. would step up to prepare for no-deal outcomes.

The E.U. has also denied that the U.K. was wrong to think that slowing the process of talks would end up E.U. accepting the deal at any price. Growing fears of No-deal Brexit also caused GBP’s weakness against the U.S. dollar and dragged the pair to its lowest for seven weeks.

Daily Support and Resistance

R3 1.2137
R2 1.2123
R1 1.2104
Pivot Point 1.209
S1 1.2071
S2 1.2057
S3 1.2038

GBP/USD– Trading Tip

The GBP/USD fell into the oversold zone to trade at 1.2070 level, but the recent closing of Doji candle and bullish engulfing above 1.2076 support zone is likely to drove bullish correction in the market. On the higher side, the GBP/USD is likely to provide resistance around 1.2177, while the support level continues to hold around 1.2070. Below this, the next support could be found around 1.2040, which is extended by the bottom of the downward channel and can be seen on the 4-hour chart. Let’s consider staying bullish above 1.2070 today.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.086 after placing a high of107.434 and a low of 106.855. Overall the movement of the USD/JPY pair remained bearish throughout the day. The decreased appetite for the risk helped the safe-haven JPY to gather strength in the early American trading session and dragged the USD/JPY pair prices on Friday below the 107 level. However, the pair USD/JPY managed to erase some of its daily losses after gaining traction in the late trading session.

At 4:50 GMT, the Purchasing Price Index for the year from Bank of Japan was released, which dropped to -2.3% against the forecasted decline by -1.4% and weighed on JPY. From the American side, the closely watched Retail Sales data was released, which came in poor than expectations and weighed on the U.S. dollar. At 17:30 GMT, the Core Retail Sales for April dropped by 17.2% compared to -8.6% forecasted. The Retail Sales from the United States also declined in April by 16.4% while it was expected to be decreased by 12%.

More than expected decline in the total value of sales at the retail level from the United States during the previous month showed a decline in consumer spending and gave the negative impact of the U.S. economy, which in turn weighed on U.S. currency. Weak USD dragged the USD/JPY pair along with it below the 107 level on Friday.

The Empire State Manufacturing Index showed a decline to 48.5 against the expected reduction of 65.0. At 18:15 GMT, the Capacity Utilization Rate, which measures the capacity by which raw-material was used by manufacturers during April increased to 64.9% from the forecasted 63.9% and supported USD.

The Industrial Production in April also dropped by 11.2% but remained less than the forecasted decline of 11.3%. At 19:00 GMT, the Consumer Sentiment from the University of Michigan showed an improvement in consumers’ confidence over the U.S. economy when released as 73.7 against 68.0 in May.

Daily Support and Resistance

R3 109.37
R2 108.57
R1 108.12

Pivot Point 107.33

S1 106.88
S2 106.09
S3 105.64

USD/JPY – Trading Tips

On Monday, the USD/JPY traded bearishly to trade below the support level of 107, which marked the 50% Fibonacci retracement level. The USD/JPY is holding at 107.05, where the 50 EMA is supporting the pair, and it may drop further below the 107 level. At the moment, the 4-hour candle appears to close below 107 support become resistant, and this may drive more selling in the USD/JPY pair. The pair may extend selling until 106.600 level, whereas the closing of buying candles above 107 can trigger bullish bias until 107.50. By the way, bearish bias seems solid today. All the best for today!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, Trade Setup, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, May 18 – Robert “Rich Dad Poor Dad” Kiyosaki predicts $75,000 BTC

Post author By Ilija Rankovic
Post date 18 May, 2020
No Comments on Daily Crypto Review, May 18 – Robert “Rich Dad Poor Dad” Kiyosaki predicts $75,000 BTC

The crypto market has spent the weekend mostly trying to break its resistance levels, which it did to a certain extent. Still, Bitcoin is under $10,000, and the general trend direction is not completely bullish. Bitcoin is currently trading for $9,778, which represents an increase of 2.62% on the day. Meanwhile, Ethereum gained 5.91% on the day, while XRP gained 1.17%.

Numeraire took the position of today’s most prominent daily gainer, with gains of 11.28%. Electroneum lost 14.78% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance moved down slightly since we last reported, with its value currently at 67.48%. This value represents a 0.73% difference to the downside.

The cryptocurrency market capitalization increased slightly when compared to Friday’s value, with its current value being $265.23 billion. This value represents an increase of $6.13 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Robert Kiyosaki bullish on Bitcoin

Robert Kiyosaki, a famous businessman and best selling author (most famous by his book “Rich Dad, Poor Dad”) has announced his bullish stance on Bitcoin and even made a prediction regarding its price.

Kiyosaki tweeted that BTC’s price is heading towards $75,000 in three years. He also mentioned that he holds gold and silver besides Bitcoin.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization spent the weekend mostly testing new resistance levels and then retracing slightly to the most recent supports. All in all, the weekend was net-positive for Bitcoin as its price increased slightly. The $9,735 resistance level was broken, and Bitcoin is consolidating above it.

When it comes to trading Bitcoin, breakout traders would either wait for a big bull run that will break $10,000 or a heavy volume drop towards the downside. On the other hand, traders that like ranging moves might use leverage to scalp a few dollars here and there, as Bitcoin is currently moving within a few narrow support-resistance levels.

Key levels to the upside Key levels to the downside

1: $9,870 1: $9,735

2: $10,010 2: $9,580

3: $10,500 3: $9,250

Ethereum

Unlike Bitcoin, Ethereum did not move slowly to the upside. The second-largest cryptocurrency by market cap rushed to the upside, reaching the $217.6 resistance level where it lost the momentum. However, the gains ETH made over the weekend were greater than Bitcoin. The sudden surge in price was mostly due to good news and ETH-based events during this weekend.

Without the additional boost in terms of fundamentals, or Bitcoin breaking $10,000, Ethereum will have a hard time going above $217.6 level.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP spent the weekend moving sideways for the most part, with the exception of one slight move to the upside, which brought it above the $0.205 resistance. The third-largest cryptocurrency by market cap has finally broken the pattern of going above and below the $0.2 support, but only up to the $0.205 level.

The volume increased slightly during the spike, while the RSI level currently stands at the value of 60.

Key levels to the upside Key levels to the downside

1: $0.214 1: $0.205

2: $0.227 2: $0.2

3: $0.235 3: $0.19

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 15 – Top Trade Setups In Forex – U.S. Retail Sales in Highlights!

Post author By Ali B.
Post date 15 May, 2020
No Comments on Daily F.X. Analysis, May 15 – Top Trade Setups In Forex – U.S. Retail Sales in Highlights!

Economic Events to Watch Today

EUR/USD – Daily Analysis

During the early Asain trading session, the EUR/USD currency pair flashing green, but remains trading in the confined range around above the 1.0800 level ahead of Germany’s preliminary gross domestic product (GDP) for the first quarter. The broad-based U.S. dollar modest weakness helping the currency pair to stay positive and kept a lid on any additional losses, at least for now. For example, the currency pair is looking directionless as the S&P 500 is sidelined, and the Asian stocks are adding in a mixed performance.

The EUR/USD is trading at 1.0806 and consolidates in the range between the 1.0798 – 1.0809. However, the traders are keenly awaiting Germany’s preliminary gross domestic product ahead of a strong position.

At the data front, Germany’s preliminary gross domestic product (GDP) for the first quarter, which is scheduled to publish at 06:00 GMT, is anticipated to show the old continent’s biggest economy declined by 2.2%, having increased by 0.4% in the final 3-months of 2019. It should be noted that the GDP prints of -2.2% or lower would be considered the worst reading since the ist-quarter of 2009.

Germany had declared a secure national lockdown on March 22, which meant the economic activity came to a stop only in the last 8 or 9 of the 1st-quarter. In contrast, Germany is dependent on the dragon nation, which had already faced a sharp recession in the activity in the first two months of the year, mainly due to the coronavirus pandemic.

Therefore, there are many chances that Germany reporting a bigger-than-expected recession in the first quarter will not be rejected. As we already mentioned, the economists are expecting a 2.2% decrease, as per Germany’s DIW economic institute, the economy expected declined by 2% in the first quarter. Alternatively, the DIW expects a 10% decline in the GDP in the second quarter.

Moving on, the EUR/USD currency pair may not pay any significant attention if the GDP prints in line with estimates as the market already priced in the worst condition of significant economies during the March and more so in April caused by coronavirus outbreak.

The currency pair could be able to take bids only if prints would be a surprise beat on expectations, but the gains would be temporary or short-lived if the risk sentiment turns heavy. Looking forward, market participants now look forward to Germany’s preliminary gross domestic product (GDP) for the first quarter, which is scheduled to publish at 06:00 GMT. The trade/virus updates could also entertain market traders.

Daily Support and Resistance

S1 1.0673
S2 1.0758
S3 1.079
Pivot Point 1.0843
R1 1.0874
R2 1.0928
R3 1.1013

EUR/USD– Trading Tip

On Friday, the EUR/USD is trading at 1.0807, bouncing off over the double bottom support level of 1.07756. On the 4 hour chart, the EUR/USD is closing bullish candles above upward channel trendline, but at the same time, the 50 EMA and horizontal resistance seem to drive bearish sentiment for the EUR/USD pair. Extension of selling below 1.0843 level may lead the EUR/USD prices towards 1.07782 level, and below this, the next support is likely to be found around 1.0730. Consider staying bullish above and bearish below 1.0770 level today.

GBP/USD – Daily Analysis

The GBP/USD currency pair failed to stop its 5-day losing streak and dropped below the 1.2210 level while representing 0.15% losses on the day mainly due to the Brexit worries and coronavirus crisis. The broad-based U.S. dollar over-all bullish sentiment also weighed on the currency pair and kept the pair down. The GBP/USD is trading at 1.2208 and consolidates in the range between the 1.2203 – 1.2237. However, the traders are cautious about placing any strong position as they are keenly awaiting today’s U.S. consumer-centric data.

At the Brexit front, the European Union (E.U.) and the United Kingdom moderators are still pushing to cancel Brexit talk, which decided to happen through video conferences. At the same time, the European Commission’s (E.C.) took legal action against the U.K., which made talks tougher to happen. The European Commission initiated legal proceedings against the U.K. on Thursday, while accusing the U.K. about failing to comply with E.U. law on free movement which eventually keeps the cable currency under pressure and contributes to the pair’s declines.

On the flip side, the UK PM Boris Johnson keeps its preference high toward border checks at the Northern Ireland (N.I.) while the N.I. Secretary Brandon Lewis has repeatedly said there shall not be a border down the Irish Sea.

At the coronavirus front, the infected cases by coronavirus reached around 233 thousand overall in England, including 25 thousand in London,

as per the latest research by the Public Health England (PHE) and Cambridge University. In the meantime, the United Kingdom is talking with Swiss drugmaker Roche Holding AG about to buy an accurate COVID-19 antibody test after getting preliminary approval by the European Union and the United States.

Apart from this, the Bank Of England governor Andrew Bailey showed a willingness to take further action but denied rate cuts. The reason for the pairs bearish moves could also be attributed to the statement of the British central bank’s citizen panel in which they expect COVID-19 to have a large and enduring influence on the economy and society more broadly.

At the USD front, the broad-based U.S. dollar bolsters by the receding expectations of negative Fed rate and the increased probabilities of further stimulus from the government. While the Dollar Index (DXY), a gauge of the greenback versus significant currencies, remains mildly bid around 100.30 by the press time.

Daily Support and Resistance

R3 1.2577
R2 1.2508
R1 1.2422

Pivot Point 1.2353

S1 1.2268
S2 1.2198
S3 1.2113

GBP/USD– Trading Tip

On the last trading day of the week, the GBP/USD is trading sideways at 1.2200 after breaking below the narrow trading range of 1.2320 – 1.2245. The Cable has formed a new range of 1.2245 – 1.2186, however it’s still holding below 50 EMA, which is extending resistance around 1.2260 level today. On the 4 hour chart, the GBP/USD is gaining support at 1.2180 level while the 50 EMA and horizontal resistance stay at a level of 1.2245.

The violation of the sideways trading range of 1.2245 – 1.2180, and the release of U.S. retail sales may help drive breakout in the GBP/USD pair.

The GBP/USD pair may lead its prices towards an immediate support level of 1.2190 and 1.2150 in case of positive date; elsewhere, the GBP/USD pair may soar towards 1.2240 and 1.2310.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.224 after placing a high of 107.363 and a low of 106.773. Overall the movement of the USD/JPY pair remained bullish throughout the day. After dropping below 107 level on Thursday, the USD/JPY pair regained its strength and posted gains for the day on the back of the improved market sentiment. The increased claims for jobless benefits from the United States during the last week failed to weigh on the U.S. dollar. A total of 2.9M Americans applied for unemployment benefits in the previous week against the expected 2.5M.

At 17:30 GMT, the Unemployment Claims for last week exceeded the expectations of 2500K and came in as 2981K and weighed on the U.S. dollar. The Import Prices for April were declined by 2.6% against the forecasted decline by 3.1% and supported the U.S. dollar.

The U.S. Dollar Index ignored the job data from the United States and moved above 100.40 level on Thursday, which helped USD/JPY pair to stretch its gains. Another factor adding in the upward trend of the USD/JPY pair was the comments from Donald Trump in support of the dollar. He said that a strong dollar was a great thing that could help in fast economic recovery after the coronavirus, this triggered the U.S. dollar buying wave and extended USD/JPY pair’s gains.

From the Japan side, at 4:50 GMT, The M2 Money Stock for the year from Japan was recorded as 3.7% against the forecast of 3.4% and supported Japanese Yen. At 10:59 GMT, the Prelim Machine Tool Orders for the year showed a decline of -48.3% in comparison to the previous -40.7%.

Daily Support and Resistance

R3 109.37
R2 108.57
R1 108.12

Pivot Point 107.33

S1 106.88
S2 106.09
S3 105.64

USD/JPY – Trading Tips

The safe-haven Japanese yen continues to trade in line with our previous forecasts. On Friday, the USD/JPY traded bearishly to trade below the support level of 107, which marked the 50% Fibonacci retracement level. The USD/JPY is holding at 107.05, where the 50 EMA is supporting the pair, and it may drop further below the 107 level. At the moment, the 4-hour candle appears to close below 107 support become resistant, and this may drive more selling in the USD/JPY pair. The pair may extend selling until 106.600 level, whereas the closing of buying candles above 107 can trigger bullish bias until 107.50. By the way, bearish bias seems solid today. All the best for today!

Tags Daily Brief, Dollar, EUR-USD, Euro, Forex, Forex Academy, Fundamental Analysis, GBP-USD, Pound, Technical Analysis, Technical Outlook, yen

Crypto Market Analysis

Daily Crypto Review, May 15 – Bitcoin Rejected from $10,000 – What’s Next?

Post author By Ilija Rankovic
Post date 15 May, 2020
No Comments on Daily Crypto Review, May 15 – Bitcoin Rejected from $10,000 – What’s Next?

The crypto market has spent the past day testing its support and resistance levels and was generally in a state of indecisiveness. Bitcoin is currently trading for $9,671, which represents an increase of 1.65% on the day. Meanwhile, Ethereum gained 0.57% on the day, while XRP lost 0.03%.

OmiseGO took the position of today’s most prominent daily gainer, with gains of 27.28%. Crypterium lost 15.56% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance moved up slightly once again since we last reported, with its value currently at 68.21%. This value represents a 0.45% difference to the upside.

The cryptocurrency market capitalization increased slightly when compared to yesterday’s value, with its current value being $259.1 billion. This value represents an increase of $2.42 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Visa files a Patent for Digital Currency

Visa has filed a patent application with the US Patent and Trademark Office to create digital currency on its own blockchain. While the patent was filed all the way back in Nov 2018, Visa decided to publish the application just yesterday (May 14).

The patent is for a digital currency and not a cryptocurrency, as it states that they want to create a digital currency that is recorded on a blockchain and centrally controlled.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization was quite indecisive in its price movements in the past day. After a couple of days of making solid gains, the bull presence subsided and Bitcoin got rejected from crossing above $10,000, which triggered a pullback. While the pullback was sharp and brought its price back to $9,200 in a matter of hours, it quickly recovered and is now above $9,500 and going up.

If Bitcoin manages to cross the $10,010 mark with sufficient volume, traders might want to jump the train on the trade and start looking for a good entry.

Key levels to the upside Key levels to the downside

1: $9,735 1: $9,580

2: $9,870 2: $9,250

3: $10,010 3: $9,120

Ethereum

Ethereum spent the day mirroring Bitcoin but in a much more toned fashion. The second-largest cryptocurrency by market cap started retracing as bull presence left the market but quickly stopped at the support level of $198. It is currently on the upturn and solid above that support level.

However, Ethereum’s RSI is pretty high while its volume did not move from the low levels it was at, so any big move is out of the question until at least some parameter changes.

Key levels to the upside Key levels to the downside

1: $217.6 1: $198

2: $225.4 2: $193.6

3: $240 3: $185

Ripple

XRP did not have a good time in the past 24 hours, as its price movements were bound within a tight range, right between the resistance level of $0.205 and support level of $0.2. XRP desperately tried to move out of it, but with no success.

However, the $0.2, which was heavily tested, ended up holding the price from going down, which is great news. XRP is now having an uptick, which may start poking the top level.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227 3: $0.178

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 14 – Top Trade Setups In Forex – U.S. Jobless Claims in Focus!

Post author By Ali B.
Post date 14 May, 2020
No Comments on Daily F.X. Analysis, May 14 – Top Trade Setups In Forex – U.S. Jobless Claims in Focus!

The reason for the risk-off market sentiment could be attributed to the latest disagreeability about negative rates showed by Fed Chair Powell as well as Powell’s comments on the economy keep the market risk-tone heavy and helping the greenback to take bids. Let’s wait for the U.S. Jobless claims to predict further price action in the market.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD currency pair flashing red and dropped from 1.0896 to 1.0812 on Wednesday while representing 0.10% losses on the day and currently drawing offers near below 1.0810 mainly due to the broad-based U.S. dollar strength in the wake of risk-off market sentiment. The reason for the risk-off market sentiment could be attributed to the latest disagreeability about negative rates showed by Fed Chair Powell as well as Powell’s comments on the economy keep the market risk-tone heavy and helping the greenback to take bids. The EUR/USD pair is trading at 1.0808 and consolidates in the range between the 1.0804 – 1.0825. However, traders are keenly awaiting the U.S. key data ahead of placing any strong position.

As we already mentioned that the market participants avoided risker assets and started buying the U.S. dollar mainly due to the risk-off market sentiment in the wake of renewed growth concerns. The Federal Reserve’s chairman gave warning on Wednesday about the scope and speed of the ongoing economic downturn while compared the slowdown pace with the World War II recession. Whereas, the Fed Chair Powell hints that the ongoing recession could be for the long-term if Congress fails to provide additional fiscal support.

Moreover, the Fed Chair Powell said we are not looking forward to keeps the negative rates. As well as, the Cleveland Federal Reserve President Loretta Mester said, “Negative rates not a tool we think we would use to support the economy. The reasons for the heavy risk-tone could also be attributed to the US-China tussle. It should be noted that the recent fire shots of words from China came after the U.S. President Trump ended Federal retirement savings fund from diversifying into the Chinese stocks.

On the other hand, the final German Consumer Price Index for April, which is scheduled to release at 06:00, could fail to leave any strong impact on the market until or unless the number prints significantly below estimates. As in result, the shared currency may face stronger bearish moves. At the coronavirus front, the number of confirmed coronavirus cases increased to 172,239, with a total of 7,723 deaths reported according to the latest figures from the German disease and epidemic control center, Robert Koch Institute (RKI).

On the other hand, from the United States, the PPI data came in poor than expected and was almost ignored by the market traders. The Producer Price Index from the U.S. for April was dropped by -1.3% against the forecasted -0.5%. The Core PPI from the U.S. for April also dropped to -0.3% against the expectations of -0.1%. The U.S. dollar ignored the data and was supported by Powell’s speech on Wednesday, so the strong U.S. dollar dragged down the upward movement of EUR/USD pair on Wednesday and ended the pair’s day with a bearish candle.

Market participants look forward to the key U.S. data, which highlights the U.S. Initial Jobless Claims, scheduled to release at 12:30 GMT, and final German Consumer Price Index for April, which is scheduled to release at 06:00, as these key data could influence the market moves. The trade/virus updates also will be key to watch.

Daily Support and Resistance

S1 1.0722
S2 1.0783
S3 1.0811

Pivot Point 1.0843

R1 1.0871
R2 1.0904
R3 1.0964

EUR/USD– Trading Tips

On Thursday, the EUR/USD price dropped to test the support level of 1.0800, which is extended bu the upward channel. On the chart, the EUR/USD os closing a Doji above upward channel trendline, but at the same time, the 50 EMA and horizontal resistance seems to drive bearish sentiment for the EUR/USD pair. Continuation of selling until 1.0778 level may lead the EUR/USD prices towards 1.07782 level, and below this, the next support is likely to be found around 1.0730.

GBP/USD – Daily Analysis

During Thursday’s early Asian trading hours, the GBP/USD currency pair failed to stop its 4-day losing rally and dropped around 1.2200 while representing 0.26% losses on the day mainly due to the Wednesday’s downbeat performance of the U.K. data. The Brexit and coronavirus fears also weighed on the British Pound. Moreover, the broad-based U.S. dollar bullish trend in the wake of risk-off market sentiment keeps the currency under pressure. At the press time, the GBP/USD currency pair is currently trading at 1.2189 and consolidates in the range between the 1.2187 – 1.2242. However, traders are keenly awaiting the U.S. Jobless Claims for near-term direction in the greenback.

As we already mentioned that the reason for the pair’s declines could be attributed to the multiple factors, like downbeat U.K. fundamentals, comprising sluggish data, coronavirus outbreak, Brexit worries, and most impactful is U.S. dollar strength.

The broad-based U.S. dollar is taking bids due to its safe-haven demand in the wake of risk-off market sentiment. Also, the Federal Reserve’s latest disagreeability from the negative rates bolstered the U.S. dollar strength. As well as, the ongoing uncertainty about coronavirus and the US-China trade war also keeps the market risk-tone heavy, which also contributed to the greenback’s gains. The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.03% to 100.317 by 11:47 AM ET (4:47 AM GMT).

However, the risk-off market sentiment further bolstered by the second wave of virus spread in major economies as well as the US-China tussle. At the U.K. data front, yesterday’s downbeat performance of the U.K. data urged the British Chancellor Rishi Sunak to say that there are many chances that the Uk economy will suffer in the deeper recession this year, and we’re already in the middle of that as we speak.

Powell said that Fed would continue using its tools in the betterment of economic recovery; however, it would need White House and Congress by its side for new fiscal aid. Powell stressed that the outlook of the economy was still uncertain, and risks remain downside. He did not give any signals about the negative interest rates and said that the need for them has not yet come. The pair dropped to 1.2210 level after Powell’s speech on the back of U.S. dollar strength on Wednesday and ended its day with a bearish candle.

Daily Support and Resistance

R3 1.2577
R2 1.2508
R1 1.2422

Pivot Point 1.2353

S1 1.2268
S2 1.2198
S3 1.2113

GBP/USD– Trading Tip

The GBP/USD bearish at 1.2200 after breaking below the narrow trading range of 1.2320 – 1.2245. The Cable is still holding below 50 EMA, which is extending resistance around 1.2350 level today. On the 4 hour chart, the GBP/USD is gaining support at 1.2185 level while the 50 EMA and horizontal resistance stay at 1.2365 level. Today, the U.S. jobless claims may drive the selling trend in the GBP/USD pair to lead its prices towards an immediate support level of 1.2190 and 1.2150. Conversely, the worse than expected Jobless Claims will lead the GBP/USD pair towards 1.2240 and 1.2310.

USD/JPY – Daily Analysis

The USD/JPY pair was closed at 107.025 after placing a high of 107.275 and a low of 106.741. Overall the movement of USD/JPY remained Bearish throughout the day. The USD/JPY extended its previous day’s losses and continued its downward movement on Wednesday to post losses for the 2nd trading session.

The pair followed the previous bearish trend in the early trading session, but after the speech from Jerome Powell, pair started to recover some of its daily losses and move in the reverse direction. However, the pair USD/JPY failed to reverse its direction due to poor than expected PPI reports from the U.S.

At 4:50 GMT, Japan’s Bank Lending figure for the year exceeded the expectations of 2.0% and came in as 3.0% in favor of Japanese Yen. The Current Account Balance from Japan’s Ministry of Finance showed a decline to 0.94T against the forecasted 1.29T for March. At 10:02 GMT, the Economy Watchers Sentiment dropped to a low of 7.9 against the forecasted 10.1 and showed that current economic conditions were not right.

Furthermore, Safe-haven Yen was also supported by the growing fears of the second wave of coronavirus along with the increased tensions between China &US, which weighed on the U.S. dollar.

From the American side, the Core Purchasing Price Index (PPI) for April showed a decline to -0.3% against the forecasted decline by -0.1% and weighed on U.S. dollar, which in turn added in the downfall of USD/JPY pair. The pair USD/JPY further dropped after the release of PPI, which also declined to -1.3% against the forecasted -0.5%.

Daily Support and Resistance

R3 109.37
R2 108.57
R1 108.12

Pivot Point 107.33

S1 106.88
S2 106.09
S3 105.64

USD/JPY – Trading Tips

The USD/JPY traded bearishly to trade below the support level of 107, which marked the 50% Fibonacci retracement level. Currently, the USD/JPY is holding at 106.875, where the 50 EMA is resisting the pair, and it may drop further below the 107 level. At the moment, the 4-hour candle seems to close below 107 support become resistant, and this may drive more selling in the USD/JPY pair. The pair may extend selling until 106.600 level, whereas the closing of buying candles above 107 can trigger bullish bias until 107.50. By the way, bearish bias seems solid today. All the best for today!

Tags Daily Brief, EURUSD, Forex, Forex Academy, Fundamental Analysis, GBPUSD, Technical Analysis, Technical Outlook, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, May 14 – Bitcoin near $9,500; German Bank Offers Interest-Yielding BTC Accounts

Post author By Ilija Rankovic
Post date 14 May, 2020
No Comments on Daily Crypto Review, May 14 – Bitcoin near $9,500; German Bank Offers Interest-Yielding BTC Accounts

The cryptocurrency market has spent the past day reaching new fights, with almost every single cryptocurrency in the top100 ending up in the green. Bitcoin is currently trading for $9,467, which represents an increase of 6.24% on the day. Meanwhile, Ethereum gained 4.54% on the day, while XRP went up by 2.04%.

Crypterium took the position of today’s most prominent daily gainer, with gains of 27.28%. ABBC Coin lost 8.32% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance moved up slightly since we last reported, with its value currently at 67.76%. This value represents a 0.3% difference to the upside.

The cryptocurrency market capitalization increased by a good portion when compared to yesterday’s value, with its current value being $256.68 billion. This value represents an increase of $12.78 billion when compared to yesterday’s value.

What happened in the past 24 hours

German Neobank offers Bitcoin Accounts with Interest

German neobank Bitwala started offering its users interest rates of up to 4.3% when using its new Bitcoin Interest Account. The product is currently available to Bitwala’s 80,000 users. They can purchase, hold, and earn interest on Bitcoin in their bank accounts.

The Bitcoin Interest Account reached the market due to a new partnership between Bitwala and a crypto-lending platform Celsius Network.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has broken the range it was bound withing after some time struggling to do so, passing over $9,000 and reaching almost $9,500. Bitcoin was trading at the top line of its ascending trend for some time, constantly testing the resistance level. Today has been the day where the price broke out, went above $8,980, retested it, and then skyrocketed. That trading opportunity was exactly as described in our previous articles.

Bitcoin is currently near the oversold territory on the 4-hour chart.

Key levels to the upside Key levels to the downside

1: $9,580 1: $9,250

2: $9,735 2: $9,120

3: $9,870 3: $8,980

Ethereum

Ethereum, led by Bitcoin’s price surge, has broken out above the descending channel it was in for some time now. While the move was not nearly as strong as Bitcoin’s, it was just enough to push through the channel and stay above $198.

The $198 support level is being tested at the time of writing, and price dropping below it with increased volume might be a good trading opportunity.

Key levels to the upside Key levels to the downside

1: $198 1: $193.6

2: $217.6 2: $185

3: $225.4 3: $178.65

Ripple

XRP has followed the market in terms of direction, but not in terms of intensity. The third-largest cryptocurrency by market cap followed Bitcoin on its way up and increased in price as well. While it did manage to conquer $0.2, the move can (in no way, shape, or form) be called strong.

XRP is now trading within a very narrow channel, bound by $0.205 to the upside and $0.2 (which it is constantly testing) to the downside.

Key levels to the upside Key levels to the downside

1: $0.205 1: $0.2

2: $0.214 2: $0.19

3: $0.227 3: $0.178

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Forex Market Analysis

Daily F.X. Analysis, May 13 – Top Trade Setups In Forex – U.S. Inflation Ready to Play!

Post author By Ali B.
Post date 13 May, 2020
No Comments on Daily F.X. Analysis, May 13 – Top Trade Setups In Forex – U.S. Inflation Ready to Play!

The latest economic figures from the United States raised expectations that the Federal Reserve will launch more monetary stimuli in the next meeting, and markets started to price in for a negative interest rate scenario. Donald Trump, while examining the state of Beijing amid coronavirus lockdown, warned about the US imposing new tariffs if China failed to purchase $200B worth U.S. farm goods. After that, trade delegates from both sides held a meeting via phone call and released a positive statement hence created optimism about the US-China relationship.

Economic Events to Watch Today

EUR/USD – Daily Analysis

The EUR/USD currency pair remained directionless around the 1.0850 as investors found on the waiting track and cautious about placing any strong position ahead of the Federal Reserve Chairman Jerome Powell’s speech on economic issues. The broad-based U.S. dollar flashing green and likely turned out to be one of the key factors that kept a lid on any gains in the pair, at least for now. As of writing, the EUR/USD currency pair is currently trading at 1.0850 and consolidates in the range between the 1.0843 – 1.0858.

As we all well aware that the investors expected the interest rate would be negative in June 2021. Whereas, the rate options market was putting in a 23% chance of the key federal funds rate falling below zero by end-December, As well as, the U.S. President Donald Trump also urged by the tweet that the negatives rate cuts would be considered good for the U.S.

On Wednesday, the European Commission will also recommend a phased approach to reopen borders with countries that have similar coronavirus risk profiles for tourists. Travel between similar risk profile countries will be recommended in the COVID-19 recovery plan.

The E.U. Foreign policy chief, Josep Borrell, said on Tuesday that coronavirus pandemic will likely deteriorate the security environment in years ahead and that countries should not slash their defensive spending in their budgets. He stressed the importance of security and defense funding in the challenging environment of a pandemic.

Meanwhile, due to the easing of lockdowns from countries across the globe, the new coronavirus cases were started being reported from many countries, including China, South Korea, and Germany. This weighed on markets as chances for second-wave of coronavirus could hurt the hopes of quick economic recovery. There was no economic data to be released from the European side, so the movement of pair EUR/USD followed the directions from U.S. dollar and market news.

Daily Support and Resistance

R3 1.0995
R2 1.094
R1 1.0894

Pivot Point 1.0839

S1 1.0793
S2 1.0738
S3 1.0691

EUR/USD– Trading Tips

The EUR/USD price dropped after testing the double top resistance level of 1.08770. The market is a bit slow today, which is why, the EUR/USD prices are consolidating above 1.0826, which is working as support that’s been extended by the 50 EMA. The bearish breakout of 1.0826 level can extend the selling trend until the next support level of 1.0777, while bullish breakout of 1.0850 can lead EUR/USD prices towards 61.8% Fibonacci retracement level of 1.0869 level. Consider taking selling trades below 1.0839 and buying above the same today.

GBP/USD – Daily Analysis

The GBP/USD currency pair stops its 2-day losing streak and hovering near the late-April low 1.2250 as traders are cautious to place any strong position ahead of critical U.K. macro releases. As we mentioned, the market participants are waiting for the key data while staying near April low, a continued break of a bullish sloping trend line from April 06 keeps sellers hopeful of targeting April month low near 1.2165 beneath 1.2250. At the press time, the GBP/USD currency pair is currently trading at 1.2271 and consolidates in the range between the 1.2251 – 1.2284.

At the data front, the U.K.’s heavy economic calendar is going to control the markets moves at 06:00 GMT with the first quarter (Q1) GDP figures for 2020. As well as, the March month Trade Balance and Industrial Production detail will also decorate the economic calendar.

According to the forecasted view about GDP, the United Kingdom GDP is expected to reach -8.0% MoM in March against -0.1% prior while the Index of Services (3M/3M) in the same timeframe is seen higher from 0.2% to 0.30%.

Broadbent said that risks were still to the downside and committee would do whatever will be necessary to recover.

Meanwhile, the Brexit talks were on board, and a little progress was made in the future fisheries agreement between E.U. & U.K. According to the MEP for CDU, it was only because of France and Netherland that U.K. was set to come to an agreement with E.U. on fisheries. U.K. did not want fisheries to be a part of economic agreement but number of member states including France & Netherland made very clear that they will not agree on any future economic partnership without long-term solution on fisheries.

Pound dropped on slow progress of post-Brexit deal with the E.U. and increased fears of second wave of coronavirus. However, The GDP data from U.K. will remain under high focus for GBP Traders on Wednesday.

Daily Support and Resistance

R3 1.2577
R2 1.2508
R1 1.2422

Pivot Point 1.2353

S1 1.2268
S2 1.2198
S3 1.2113

GBP/USD– Trading Tip

The GBP/USD sideways trading continues in between a narrow trading range of 1.2320 – 1.2245. The Cable is still holding below 50 EMA, which is extending resistance around 1.2370 level today. On the 4 hour chart, the GBP/USD is gaining support at 1.2285 level while the 50 EMA and horizontal resistance stay at 1.2365 level. Today, the Fed chair Powel speech may drive the selling trend in the GBP/USD pair to lead its prices towards an immediate support level of 1.2240 and 1.2190. Conversely, the worse than expected retail sales data will lead the GBP/USD pair towards 1.2360 and 1.2450.

USD/JPY – Daily Analysis

The USD/JPY was closed at 107.147 after placing a high of 107.691 and a low of 107.120. Overall the movement of USD/JPY pair remained bearish throughout the day. The pair USD/JPY lost its previous day gains but managed to remain above the 107 territory on Tuesday. On the back of broad-based U.S. dollar weakness, the pair USD/JPY dropped about 0.5% on that day.

U.S. dollar was weak due to the poor than expected CPI data in the month of April. The U.S. Consumer Price Index fell and posted its biggest monthly decline since the 2008-2009 recession. The CPI dropped by -0.8% against the expected decline by -0.7% and weighed on U.S. dollar. The Core CPI dropped by -0.4% against the forecasted -0.2%.

Moreover, the tensions between China and the U.S. have increased the fears of renewed trade-war. There were reports suggesting that Chinese Officials revive the possibility of revoking the signed trade deal and negotiate a new deal which will tilt more to the Chinese side.

U.S. President, Donald Trump was asked about this possibility and in response to whether he would renegotiate a deal with China, he said, “No, not at all. Not even a little bit.” He was not interested in renegotiate the deal. He said that he also had heard about it that China wanted to reopen the trade talks to make it better deal for them but a deal has already been signed and he would not cancel it.

Apart from China-US trade war, another trade-war fears are emerging in the market between Australia and China. The announced duties on Aussie meat by China is being considered as a safe play against the action of Australian PM to favor the inquiry of China’s role in the origin of the virus.

All these renewed trade-war fears along with coronavirus pandemic have increased the risk in the market. The virus cases in Germany increased, and the Wuhan city in China reported fresh rise in number of coronavirus cases after easing of lockdown.

Furthermore, an ex-member of White House Coronavirus Task Force Team, Doctor Anthony Fauci warned that gradual restart of economy was dangerous because it could cause needless suffering and would slow down the economic recovery.

Additionally, the officials from Bank of Japan also cited negative impact of virus on Asian economy and stated the importance of acting quickly by central banks when needed. At 10:00 GMT, the Leading Indicators of economy from Bank of Japan came less than the expected 84.3% as 83.8% and weighed on JPY.

Daily Support and Resistance

R3 109.37
R2 108.57
R1 108.12

Pivot Point 107.33

S1 106.88
S2 106.09
S3 105.64

USD/JPY – Trading Tips

The USD/JPY pair is gaining support at 107 level which marks the 50% Fibonacci retracement level. At the same level, the 50 EMA is supporting the pair and it could drive a bounce off above 107 level. At the moment, the 4-hour candle seems to close above 107 support, but it’s not sufficient to go long on USD/JPY. We need to wait for couple of more candles to give us closing above this level.

The MACDis holding in selling , which is supporting the bearish trend in the USD/JPY pair. The violation of an immediate support level may extend selling until 106.600 level. Conversely, the closing of buying candles above 107 can trigger bullish bias until 107.50. By the way, bearish bias seems solid today. All the best for today!

Tags Daily Brief, EURUSD, Forex, Fundamental Analysis, GBPUSD, review, Technical Analysis, trading, USDJPY

Crypto Market Analysis

Daily Crypto Review, May 13 – Bitcoin Pushing Towards 9,000; WBTC Larger than BTC’s Lightning Network

Post author By Ilija Rankovic
Post date 13 May, 2020
No Comments on Daily Crypto Review, May 13 – Bitcoin Pushing Towards 9,000; WBTC Larger than BTC’s Lightning Network

The cryptocurrency market has spent the past day mostly trading sideways, with some cryptocurrencies testing their support and resistance levels. Bitcoin is currently trading for $8,885, which represents an increase of 1.63% on the day. Meanwhile, Ethereum gained 0.87% on the day, while XRP went up by 0.5%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 27.28%. Status lost 8.32% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance moved up slightly since we last reported, with its value currently at 67.46%. This value represents a 0.29% difference to the upside.

The cryptocurrency market capitalization increased by a good portion when compared to yesterday’s value, with its current value being $243.85 billion. This value represents an increase of $5.1 billion when compared to yesterday’s value.

What happened in the past 24 hours

Lightning Network vs. WBTC on the Ethereum network

One thousand Wrapped Bitcoin were minted today on the Ethereum network. This transaction represents more US dollar value than the entire current Lightning Network. This transaction brings the total amount of Bitcoin locked in WBTC tokens to 2,300, which is quite a bit more than the 927 Bitcoin locked on the Lightning Network.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization has seen an increase in bullish presence since yesterday. Bitcoin is trying to push through the ascending trend it was locked in for two days now. If the price breaks the trend and then succeeds in testing it positively, we can expect Bitcoin’s price to rise alongside with its volume.

While the best-case scenario would be an easy position to trade, the current state of Bitcoin does not show any strong possible positions to be opened at the moment.

Key levels to the upside Key levels to the downside

1: $8,980 1: $8,820

2: $9,120 2: $8,650

3: $9,250 3: $8,000

Ethereum

Ethereum has been moving sideways for a couple of days now. It has been stable above the $185 support level but locked inside the descending trend. If nothing changes and Ethereum continues its sideways price action, it will eventually (forcefully) bump into the descending channel top line.

Ethereum’s volume is very low at the moment, while its RSI level is hovering above the value of 40.

Key levels to the upside Key levels to the downside

1: $193.6 1: $185

2: $198 2: $178.65

3: $217.6 3: $167.8

Ripple

XRP has, just like Etheruem, been moving sideways for some time now. It is now, however, bound within any ascending or descending channels. Its sideways movement is accompanied by low volume and a stable RSI value. XRP’s next move will likely be caused by Bitcoin’s sharp price movement, as Bitcoin (at the moment) seems like it is much closer to making a move than XRP is.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.178

3: $0.214 3: $0.147

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP

Crypto Market Analysis

Daily Crypto Review, May 12 – Bitcoin Halving Fundamentals and the Crypto Market Price Reaction

Post author By Ilija Rankovic
Post date 12 May, 2020
No Comments on Daily Crypto Review, May 12 – Bitcoin Halving Fundamentals and the Crypto Market Price Reaction

The cryptocurrency market has spent the past day preparing for the Bitcoin halving event. While there was some price uncertainty, it eventually turned out to be a pretty stable day. Bitcoin is currently trading for $8,680, which represents a decrease of 0.07% on the day. Meanwhile, Ethereum gained 0.07% on the day, while XRP went down by 0.61%.

ReddCoin took the position of today’s most prominent daily gainer, with gains of 31.95%. 0x lost 11.75% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place since we last reported, with its value currently at 67.17%. This value represents a 0.08% difference to the downside.

The cryptocurrency market capitalization stayed at the same place when compared to yesterday’s value, with its current value being $238.75 billion. This value represents a decrease of $0.99 billion when compared to yesterday’s value.

What happened in the past 24 hours

Bitcoin Halving

With Bitcoin finishing its halving event, investors are expecting to see a market response. However, the past 24 hours have been pretty uneventful when it comes to price movement. Analysts are mostly bullish in the long run but concerned in the short-term as Bitcoin is still in a downtrend that started near the end of 2017.

On the other hand, if we take a look at the fundamentals, Bitcoin has improved greatly since the last halving. The number of small Bitcoin addresses with less than 0.01 BTC after the third halving increased by 235% when compared to the second halving that occurred in July 2016.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has undergone its third halving event, cutting miner’s incentive in half. The price did not immediately react and the day went pretty uneventful price-wise. Bitcoin remains bound between the $8,650 support and $8,820 resistance levels as well as within a small ascending trend.

Traders may expect a breakout to either side to be a great opportunity. However, Bitcoin, in its current position, is almost impossible to trend due to how narrow the range is.

Key levels to the upside Key levels to the downside

1: $8,820 1: $8,650

2: $8,980 2: $8,000

3: $9,120 3: $7,750

Ethereum

Ethereum seemingly stopped its downtrend and started moving sideways. Its price is currently held up by the $185 support level, which is of great importance for quite some time now. However, we still have to consider Ethereum being short-term bearish as it is still stuck within a descending trend. Only after it goes above the descending channel, it may be considered neutral or bullish.

Key levels to the upside Key levels to the downside

1: $193.6 1: $185

2: $198 2: $178.65

3: $217.6 3: $167.8

Ripple

XRP followed the market and spent an uneventful day as well, as all the eyes were looking at Bitcoin. The third-largest cryptocurrency by market cap started moving sideways right above the $0.19 level. However, the fact that it started making lower lows with each move makes it a bit scary for the XRP bulls. With that being said, XRP is quite stable at this price, as $0.19 is considered a strong support level.

XRP’s volume is on the lower side of the spectrum, while its RSI is at the value of 36.

Key levels to the upside Key levels to the downside

1: $0.2 1: $0.19

2: $0.205 2: $0.178

3: $0.214 3: $0.147

Tags bitcoin, BTC, Crypto, Crypto Trading, cryptocurrency, Daily Brief, ETH, Ethereum, Fundamental Analysis, Ripple, Technical Analysis, trading, XRP