Daily Market Analysis By FXOpen

Discussion in 'Forex Programs' started by FxPro Trader, Dec 2, 2020.

  1. FXOpen Trader

    FXOpen Trader ECZ Member

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    British Pound hits 5-year low against US Dollar
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    It is not often, nor prudent, to use superlatives to describe the movements of major currencies against each other, however today it can certainly be a time when a superlative is appropriate do describe the performance of the British Pound and its seemingly unstoppable race to the bottom.

    Using the word 'tanking' to define the performance of a national economy or currency is somewhat drastic, but in recent weeks, the British Pound certainly has been tanking.

    And tank it did again this morning.

    As the markets open in London today, the British Pound begins the day at 1.15 against the US Dollar, representing the lowest value that it has reached in more than five years.

    In March 2020, when incumbent Prime Minister Boris Johnson and his now infamous aides Chris Whitty and Matt Hancock rolled out the yellow booths and continued to justify their draconian lockdowns which decimated the economy, the British Pound's value only reached a low point of 1.23 against the US Dollar, which is still considerably higher than its value today.

    Given that the lockdowns took place in other Western countries at the same time, it is important to note that the British government frittered away over £400 billion of national funds on white elephant projects to keep people out of their places of employment such as furlough, state-backed loans to small businesses and Orwellian track and trace systems.

    This emptied the coffers and along with the almost two years of disrupted industry and low productivity as well as a continuing apathy in which tens of thousands of employees are still not going to their offices, the piper now has to be paid.

    The British government got itself involved in the geopolitical activity in Russia and Ukraine, and in doing so created its position as an 'unfriendly' country to oil producing Russia, meaning a massive rise in energy prices, although this was mainly a knock-on effect from mainland Europe which relies on Russia for 40% of its natural gas whereas the UK only relies on Russia for less than 10%.

    Even so, this situation has created high energy prices, and let's not forget that over 30 energy firms exited the UK market in the third quarter of 2021, many of them having entered administration, creating a market which lacks competition.

    The cost of living crisis and spiraling inflation, unaffordable energy bills and low productivity has now created the bearish sentiment in the minds of investors and traders, and the British Pound languishes at a very low point.

    It would of course be easy to state that the United States had lockdowns too, and that it also is intent on showing that it wishes to prolong hostilities with Russia, however some US states had no lockdowns at all (Florida and Texas, two of the most populous and highly industrialized states in the Union being two of them), and the productivity levels in the United States are still high.

    Yes, inflation is still at its highest point since the 1980s but it is nowhere near as high as that in most mainland European nations, and certainly not as high as that in the United Kingdom which, according to some commercial bank analysts is heading for 18% or more by January this year, with interest rates possibly rising from 1.75 to over 7% next year.

    Should that occur, there will likely be an unsustainability in repayment of domestic and commercial loans, hence the lack of confidence in the Pound and general performance of the British economy in the immediate future.

    The question is, will we see parity?

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  2. FXOpen Trader

    FXOpen Trader ECZ Member

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    BTCUSD and XRPUSD Technical Analysis – 06th SEP 2022
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    BTCUSD: Triple Bottom Pattern Above $19574

    Bitcoin was unable to sustain its bearish momentum and after touching a low of 19574 on 01st Sep, it has entered a consolidation channel above the $19000 handle today in the European Trading session.

    The price of bitcoin continues to move in a narrow consolidation pattern suggesting that we have touched the bottom, and it is now ready for a bullish reversal trend.

    Such a movement also suggests that we are in a phase before a bullish rally could be seen in the markets.

    We have also seen a bullish opening gap underpinning the markets this week.

    We can clearly see a triple bottom pattern above the $19574 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

    Bitcoin touched an intraday low of 19703 in the Asian trading session and an intraday high of 20161 in the European trading session today.

    Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

    The relative strength index is at 58 indicating a STRONG demand for bitcoin at the current market levels and the continuation of the buying pressure in the markets.

    Bitcoin is now moving above its 100 hourly simple moving average and below its 200 hourly exponential moving averages.

    All of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 20500 and 22000.

    The average true range is indicating HIGH market volatility with a strong bullish momentum.

    • Bitcoin: bullish reversal seen above $19574
    • The STOCHRSI is indicating neutral levels
    • The price is now trading just above its pivot level of $19933
    • Most of the moving averages are giving a STRONG BUY market signal

    Bitcoin: Bullish Reversal Seen Above $19574
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    The price of Bitcoin dipped to a low of 19574 after which we can see some buying support and a move towards the consolidation phase in the markets above the $19500 handle.

    The adaptive moving average AMA20 is giving a bullish trend reversal signal in the 4-hour time frame.

    We can see the formation of a bullish harami cross pattern in the 1-hour time frame indicating the underlying bullish nature of the markets.

    We have also detected the formation of a bullish harami pattern in both the daily and 1-hour time frames indicating the bullish scenario.

    The immediate short-term outlook for bitcoin is bullish, the medium-term outlook has turned neutral, and the long-term outlook remains neutral under present market conditions.

    Bitcoin’s support zone is located at $19000 and the prices continue to remain above these levels for the continuation of the bullish reversal in the markets.

    The price of BTCUSD is now facing its classic resistance level of 19989 and Fibonacci resistance level of 20070 after which the path towards 21000 will get cleared.

    In the last 24hrs, BTCUSD has increased by 1.03% by 202$ and has a 24hr trading volume of USD 33.957 billion. We can see an increase of 23.80% in the trading volume as compared to yesterday, which appears to be normal.

    The Week Ahead

    The prices of Bitcoin are moving in a consolidation zone above the $19500 level. At present the bearish outlook has been invalidated with a continuous buying at levels above $19600.

    The 10-Year bitcoin trendline is in place with the next targets spotted at levels above $28000.

    We can see that the market is trying to build a momentum which can continue to hold up to the $25000 level in the medium term.

    The daily RSI is printing at 38 which indicates a eeak demand from the long-term investors.

    The prices of BTCUSD will need to remain above the important support levels of $19500 this week.

    The weekly outlook is projected at $21500 with a consolidation zone of $20500.

    Technical Indicators:

    The moving averages convergence divergence (12,26): is at 32.10 indicating a BUY

    The ultimate oscillator: is at 54.23 indicating a BUY

    The rate of price change: is at 1.018 indicating a BUY

    The commodity channel index (14 days): is at 97.59 indicating a BUY

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  3. FXOpen Trader

    FXOpen Trader ECZ Member

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    British Pound at 20 year low as new Prime Minister takes office
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    The somewhat lethargic attempt to replace outgoing Prime Minister of the United Kingdom Boris Johnson has come to an end, and Liz Truss has been inaugurated by the current government as the Prime Minister who will replace Boris Johnson.

    The result of this selection process concluded yesterday to a varied discourse among the business community and the electorate, however it has been marked by the already flagging British economy having reached an unenviable milestone, this being the British Pound having sunk to its lowest point in 20 years.

    Although the value of the Pound against its major peers turned around on Monday, reversing some of its earlier losses to return to the flatline, it still languishes at 1.16 against the US Dollar today, having risen only slightly from the upper end of the 1.15 range yesterday which is its lowest value in two whole decades.

    Faced with inflation that may reach 20% by January, and a total lack of confidence in the economic conditions in the United Kingdom by many investors and a large proportion of the cash-strapped public who have seen the national coffers plundered during the period in which Boris Johnson was in office to the tune of hundreds of billions on lockdown-related schemes, green initiatives and his voluntary involvement in the geopolitical turmoil facing Russia and Ukraine.

    It appears that the overall global FX market has become used to the similarly escalating levels of inflation across Europe and North America, and have begun to focus on specific differences between these economic centers rather than on a common issue surrounding inflation which affects all of the West relatively equally.

    Therefore, the volatility in the currency markets that is surrounding the majors is stemming from another set of metrics, because if it was all about inflation, there would be similar considerations on all currencies and therefore not much volatility.

    The Eurozone has managed to stay ahead during the period at which the Pound has been tanking, and the US Dollar has been the strong currency to measure the extent to which the Pound has been tanking.

    Uncertainty looms as the relatively unproven Liz Truss takes office, her views already having been cast on involvement in the Ukraine/Russia political situation where she rather rashly stated that she would like to 'destroy the Russian economy'. Not really the words that should be coming from an elected official.

    In fact, the sanctions have strengthened the ruble, and created extreme demand for oil, therefore adding to the economic woes faced by Western markets.

    These are uncertain times, and as summer gives way to autumn, all eyes are on energy prices, the affordability of domestic heating in the winter being another major factor toward the weakening of the Pound.

    Volatility is abound, folks!

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  4. FXOpen Trader

    FXOpen Trader ECZ Member

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    EUR/USD Tumbles While EUR/JPY Gains Bullish Momentum
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    EUR/USD remained in a bearish zone below 1.0000. EUR/JPY is rising and there was a clear move above the 142.00 resistance zone.

    Important Takeaways for EUR/USD and EUR/JPY

    • The Euro started a major decline below the 1.0000 and 0.9980 support levels.
    • There is a key bearish trend line forming with resistance near 0.9940 on the hourly chart.
    • EUR/JPY started a fresh increase and jumped above the 142.00 resistance.
    • There is a major bullish trend line forming with support near 141.60 on the hourly chart.

    EUR/USD Technical Analysis

    The Euro failed to start a steady recovery wave above the 1.0000 resistance against the US Dollar. The EUR/USD pair remained in a bearish zone and traded below the 0.9950 support.

    There was a clear move below the 0.9940 level and the 50 hourly simple moving average. The pair even settled below the 0.9940 level. A low was formed near 0.9864 on FXOpen and the pair is now consolidating losses.

    EUR/USD Hourly Chart
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    The pair recovered above 0.9900 and the 38.2% Fib retracement level of the downward move from the 0.9986 swing high to 0.9864 low.

    However, the bears were active near the 0.9925 level and the 50 hourly simple moving average. They protected gains above the 50% Fib retracement level of the downward move from the 0.9986 swing high to 0.9864 low.

    There is also a key bearish trend line forming with resistance near 0.9940 on the hourly chart. On the upside, the pair is facing resistance near the 0.9925 level and the 50 hourly simple moving average.

    The next major resistance is near the 0.9940 level. A clear move above the 0.9940 resistance might send the price towards 0.9980. If the bulls remain in action, the pair could revisit the 1.0050 resistance zone in the near term.

    On the downside, the pair might find support near the 0.9865 level. The next major support sits near the 0.9820 level. If there is a downside break below the 0.9820 support, the pair might accelerate lower in the coming sessions.

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    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  5. FXOpen Trader

    FXOpen Trader ECZ Member

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    Stark reality of China's lockdowns: Oil and FTSE 100 down
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    Perhaps somewhat surprisingly, trade figures released this week by the Chinese government have been enough of a disappointment to affect the price of raw commodities.

    China is by far the most productive country on earth. Its massive population coupled to its might as the world's manufacturing center has propelled it into a league of its own to the extent that new cities which were only built between ten and fifteen years ago across the country are now home to between fifteen and twenty million people per city and it is not uncommon to see Rolls Royce cars and huge corporate headquarters dominating the streets and skylines as if these metropoli had hundreds of years of prosperity behind them.

    China's massive output which feeds its own enormous domestic market as well as provides pretty much everything to the entire world is unsurprisingly the reason why it is the highest importer and consumer of crude oil in the world by a very long way.

    Therefore, when figures in China are down, this is enough to affect the price of crude oil as a global commodity.

    Rather unbelievably, the Chinese government, which operates a single-party, communist state in which the entire economy is centralized and has massive government involvement, is engaging in draconian lockdowns, something that has been going on for over two years now, with its obedient population complying to the letter.

    Due to these lockdowns which are still taking place in several major cities, the year-on-year figures showing exports growth of 7.1% and imports up by just 0.3% in August were both below expectations.

    The export growth is an important metric here, because importing anything other than raw materials into China (an activity which is supervised by the government), is against the law as it contravenes the communist ethos of the government.

    Exporting products made for external markets is China's strength, and a slow growth of such a massive mainstay of the economy is an indictor that a bit less oil would be required if productivity is down.

    The price of Brent crude was below $92 a barrel at the start of London trading this morning, which has had an effect on mining and exploration company stocks which are listed on the London Stock Exchange.

    China’s worse-than-expected trade figures led specifically toward energy and mining stocks opening lower, leaving the FTSE 100 index down 78.76 points at 7221.68.

    It's still above the 7220 mark, which is not a catastrophe by any means, but the lowering value of oil globally and energy company stocks on London's markets is an indicator toward how much of an influencer Chinese productivity is on global markets.

    To put some actual figures on this, Rio Tinto lost 2.5% and Anglo American fell by just under 2%, while BP retreated 1.5% or 6.5p to 446.15p.

    China therefore remains the world's most influential market and this serves as a reminder of its might, whether things are going well or not so well!

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  6. FXOpen Trader

    FXOpen Trader ECZ Member

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    ETHUSD Technical Analysis – 08th SEP, 2022
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    ETHUSD: Hammer Pattern Above $1490

    Ethereum was unable to sustain its bearish momentum and after touching a low of 1492 on 07th Sep started to correct upwards against the US dollar, crossing the $1600 handle in the European trading session today.

    We can see a continued buying pressure since yesterday and the formation of a bullish trendline from $1490 towards $1685 level.

    We can clearly see a hammer pattern above the $1490 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

    ETH is now trading just above its pivot level of 1613 and moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1630 and Fibonacci resistance level of 1647 after which the path towards 1700 will get cleared.

    The relative strength index is at 58 indicating a STRONGER demand for Ether and the continuation of the uptrend in the markets.

    We can see the aroon indicator giving a bullish trend in the weekly time frame.

    We have also detected a moving average crossover pattern between the MA50 & MA100 in the 30-minute time frame.

    The STOCHRSI is indicating an OVERSOLD market, which means that the prices are expected to correct upwards in the short-term range.

    Most of the technical indicators are giving a STRONG BUY market signal.

    Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1700 to $1800 in the short-term range.

    ETH is now trading Above both the 100 & 200 hourly simple and exponential moving averages.

    • Ether: bullish reversal seen above the $1490 mark
    • The short-term range appears to be strongly BULLISH
    • ETH continues to remain above the $1600 levels
    • The average true range is indicating LESS market volatility

    Ether: Bullish Reversal Seen Above $1490
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    ETHUSD is moving into a strong bullish channel with the prices trading above the $1600 handle in the European trading session today.

    ETH touched an intraday high of 1656 in the Asian trading session and an intraday low of 1597 in the European trading session today.

    A three white soldiers pattern is visible in the 30-minutes time frame indicating the underlying bullish nature of the markets.

    We can see the formation of a bullish harami cross pattern in the 15-minute time frame which indicates that now we are heading towards the $1800 mark.

    The daily RSI is printing at 50 indicating a neutral demand in the long-term range.

    Ethereum continues to move into a rising trend channel which is expected to continue in the short-term range.

    The key support levels to watch are $1515 and $1581, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets.

    ETH has increased by 6.68% with a price change of 101$ in the past 24hrs and has a trading volume of 18.368 billion USD.

    We can see a decrease of 12.89% in the total trading volume in the last 24 hrs which appears to be normal.

    The Week Ahead

    On the upside the next visible targets are 1655 which is a 38.2% retracement from 4-week low, and 1726 which is a 50% retracement from 4-week high/low.

    The price of Ethereum is now testing its immediate resistance zone located at $1700 and we are likely to witness a rally in the price once it touches these levels.

    The immediate short-term outlook for Ether has turned strongly BULLISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

    The prices of ETHUSD will need to remain above the important support level of $1500 this week.

    The weekly outlook is projected at $1800 with a consolidation zone of $1700.

    Technical Indicators:

    The relative strength index (14): is at 58.32 indicating a BUY

    The moving averages convergence divergence (12,26): is at 10.23 indicating a BUY

    The rate of price change: is at 3.32 indicating a BUY

    The ultimate Oscillator: is at 58.98 indicating a BUY

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    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  7. FXOpen Trader

    FXOpen Trader ECZ Member

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    AUD/USD and NZD/USD Start Recovery, Key Hurdles Intact
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    AUD/USD is gaining pace above the 0.6800 resistance. NZD/USD is rising, but it might face resistance near the 0.6130 and 0.6140 levels.

    Important Takeaways for AUD/USD and NZD/USD

    • The Aussie Dollar started a fresh recovery wave above the 0.6750 resistance zone against the US Dollar.
    • There was a break above a key bearish trend line with resistance near 0.6788 on the hourly chart of AUD/USD.
    • NZD/USD started an upside correction from the 0.5965 support zone.
    • There is a connecting bearish trend line forming with resistance near 0.6105 on the hourly chart of NZD/USD.

    AUD/USD Technical Analysis

    The Aussie Dollar formed a base above the 0.6695 and 0.6700 levels against the US Dollar. The AUD/USD pair started a steady recovery wave after it cleared the 0.6750 resistance zone.

    There was a clear move above the 0.6780 resistance and the 50 hourly simple moving average. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.6832 swing high to 0.6699 swing low (formed on FXOpen).

    AUD/USD Hourly Chart
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    Besides, there was a break above a key bearish trend line with resistance near 0.6788 on the hourly chart of AUD/USD. The pair is now trading above the 76.4% Fib retracement level of the downward move from the 0.6832 swing high to 0.6699 swing low.

    It is also well above the 0.6800 level and the 50 hourly simple moving average. On the upside, the AUD/USD pair is facing resistance near the 0.6830 level.

    The next major resistance is near the 0.6865 level. A close above the 0.6865 level could start a steady increase in the near term. The next major resistance could be 0.6950.

    On the downside, an initial support is near the 0.6800 level. The next support could be the 0.6780 level. If there is a downside break below the 0.6780 support, the pair could extend its decline towards the 0.6750 level.

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  8. FXOpen Trader

    FXOpen Trader ECZ Member

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    GBP/USD Turns Red While USD/CAD Aims Higher
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    GBP/USD is trading in a bearish zone below the 1.1480 and 1.1440 support levels. USD/CAD is surging and could continue to rise above the 1.3300 resistance zone.

    Important Takeaways for GBP/USD and USD/CAD

    • The British Pound started a major decline below the 1.1550 support zone.
    • There is a key bearish trend line forming with resistance near 1.1415 on the hourly chart of GBP/USD.
    • USD/CAD started a fresh increase above the 1.3200 resistance zone.
    • There is a connecting bullish trend line forming with support near 1.3220 on the hourly chart.

    GBP/USD Technical Analysis

    After a strong rejection near 1.1740, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.1550 support zone.

    There was a move below the 1.1500 support zone and the 50 hourly simple moving average. The pair even traded below the 1.1480 support zone and formed a low near 1.1350 on FXOpen. It is now consolidating losses above the 1.1350 level.

    GBP/USD Hourly Chart
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    An immediate resistance is near the 1.1415 level. There is also a key bearish trend line forming with resistance near 1.1415 on the hourly chart of GBP/USD. The next resistance is near the 1.1440 level or the 38.2% Fib retracement level of the downward move from the 1.1589 swing high to 1.1350 low.

    The main resistance is near the 1.1480 level. It is near the 50% Fib retracement level of the downward move from the 1.1589 swing high to 1.1350 low.

    If there is an upside break above the 1.1480 zone, the pair could rise towards 1.1550. The next key resistance could be 1.1580, above which the pair could gain strength.

    On the downside, an initial support is near the 1.1380 area. The first major support is near the 1.1350 level. If there is a break below 1.1350, the pair could extend its decline. The next key support is near the 1.1300 level. Any more losses might call for a test of the 1.1240 support.

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    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  9. FXOpen Trader

    FXOpen Trader ECZ Member

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    British Pound hits 37-year low against US Dollar
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    Just as we all thought a 20-year low point for the British Pound was a staggering end to a continual downward spiral for the world's most valuable currency, another leap toward the bottom took place.

    The British Pound finished the trading week on Friday at an astonishing 37-year low.

    That is a trip back to the dark days of the fierce industrial action by rampant workers unions of the early 1980s and the nationalization of many large companies such as British Leyland, the closures of the coal mines and inflation at over 18%.

    As a result of some very drastic action by the government at the time, the economy was brought back into good order but it was a very difficult job for the working public, for businesses and for the government itself.

    Today, the causes and circumstances are different, but the effect is the same. A catastrophically declining national economy and a volatile Pound which would have been unheard of for two decades until this year.

    Retail sales figures in Britain which were released early in the Friday trading session on the London market underscored a high street in trouble. Retail sales volumes fell by 1.6% in August, continuing a downward trend since summer 2021 according to the Office for National Statistics, demonstrating that the public are cash-strapped and are perhaps prioritizing their main household bills rather than shopping for new consumer products.

    With news channels full of anticipation of expensive winter energy bills and a potential 18% inflation figure by January, a conservative approach is being taken by a large portion of the population.

    The Bank of England, which is the Central Bank of the United Kingdom, last week made an announcement relating to its decision relating to potential interest rate rises one day before an emergency mini-budget was delivered by newly appointed Chancellor of the Exchequer Kwasi Kwarteng.

    UK inflation stands at 9.9% currently, and has been predicted to rise to 18% by Citi by January during a prediction last month in which the same analysts at Citi suggested that the interest rate may rise from the 1.75% it stands at currently to a sudden 7% by January.

    Some pundits have stated that inflation in the United Kingdom may go over 20%, and this analysis was not coming from sensationalists, rather from the analytical think tanks within some investment bank.

    It is now being suggested by commentators that inflation may begin to drop if the British government lives up to its promise of capping consumer energy costs for the next two years, although energy costs continue to spiral whereas in France, they have been capped some months ago.

    The BoE may rein in any thoughts of a 75 basis point rate hike if they believe/know that the chancellor will effectively cool price pressures the next day. This may leave GBP/USD vulnerable to a further sell-off, especially if the US Federal Reserve hikes by a minimum of 75 basis points on Wednesday last week.

    What a bleak outlook for the Pound, and the wider British economy!

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  10. FXOpen Trader

    FXOpen Trader ECZ Member

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    US Stock market complacency on the bankers' radar
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    At the end of last week, we all witnessed a spectacular collapse in the value of some of the most prestigious indices on New York's exchanges, much to the surprise of those who had been looking at the relative strength of the United States economy compared to the flagging counterparts on the European side of the Atlantic.

    Just as minds were concentrating on the strength of the US Dollar against the plummeting British Pound, a false sense of security had become evident, and the US was being held up as a shining example; the West's only productive economy in today's climate of rampant inflation, low productivity and massive national debt.

    As stock markets crashed last week, analysts at investment banks made grave predictions that the S&P500 could fall another 22% this year.

    During the later part of the US trading session yesterday, the Chief Investment Officer at investment bank Morgan Stanley stated that complacency is abound among stock market investors at a time at which interest rates are on the increase.

    Morgan Stanley's Lisa Shallett told MarketWatch yesterday evening “The real 10-year Treasury yield, at 1%, approaches a four-year high. Consider that back in June, when the real rate was at this level, the S&P 500 Index was at 3,667, 5.3% lower than it is now.”

    Equally, Morgan Stanley has been the bearer of another grave statistic: there has been a considerable downturn in technology company IPOs due to the gloomy market conditions.

    Tomorrow will mark 238 days without a technology company IPO worth more than $50 million on the American markets, surpassing the previous records set in the aftermath of the 2008 financial crisis and the early 2000s dotcom crash.

    Some proposed fintech IPOs have been withdrawn, with one insider having said "Who would go public in this market?".

    The tech-dominated Nasdaq Composite has fallen nearly 28% this year compared with a drop of just over 19% in the S&P 500 and the aforementioned predictions that a further even larger amount could fall from the value of the S&P500 before the year is out.

    There are genuine fears of a looming recession across all Western markets. The pound is at a 37 year low against the US Dollar and Britain's economy is flagging, whereas despite a strong US Dollar and productive American economy, the inflation and interest rate rises have been a key catalyst in collapsing the value of company equities listed on top New York exchanges.

    The volatility is there, but has to be navigated carefully!

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  11. FXOpen Trader

    FXOpen Trader ECZ Member

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    BTCUSD and XRPUSD Technical Analysis – 20th SEP 2022
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    BTCUSD: Bullish Engulfing Pattern Above $18293

    Bitcoin was unable to sustain its bearish momentum and after touching a low of 18322 on 19th Sep, it has entered into a consolidation channel above the $19000 handle today in the European trading session.

    The price of bitcoin continues to move in a tight range between 19200 and 19700 levels today suggesting that we have hit the bottom of the downtrend.

    We can see the formation of an ascending channel pattern on the hourly chart of the BTCUSD.

    The price of bitcoin is nearing the horizontal support level in the daily time frame indicating the bullish tone in the markets.

    We can clearly see a bullish engulfing pattern above the $18293 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

    Bitcoin touched an intraday high of 19679 in the Asian trading session and an intraday low of 19195 in the European trading session today.

    Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term a decline in the prices is expected.

    The relative strength index is at 53 indicating a NEUTRAL demand for bitcoin at the current market levels and the continuation of the buying pressure in the markets.

    Bitcoin is now moving below its 100 hourly simple moving average and below its 200 hourly exponential moving averages.

    Some of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 20000 and 21500.

    The average true range is indicating LESS market volatility with a mild bullish momentum.

    • Bitcoin: bullish reversal seen above $18293
    • The commodity channel index is indicating a neutral level
    • The price is now trading just above its pivot level of $19399
    • Some of the moving averages are giving a BUY market signal

    Bitcoin: Bullish Reversal Seen Above $18293
    [​IMG]

    The price of bitcoin has crashed below the important support level of $19000 due to the strength of the US dollar and the increase in the global market liquidity pattern.

    The adaptive moving average AMA50 and moving average MA20 is giving a bullish trend reversal signal in the 15-minutes time frame.

    We can see that the momentum indicator is giving a bullish trend signal in the weekly time frame.

    We have also detected a bullish opening of the markets indicating the underlying bullish sentiment.

    The immediate short-term outlook for bitcoin is bullish, the medium-term outlook has turned neutral, and the long-term outlook remains neutral under present market conditions.

    Bitcoin’s support zone is located at $18000 and the prices continue to remain above these levels for the continuation of the bullish reversal in the markets.

    The price of BTCUSD is now facing its сlassic resistance level of 19544 and Fibonacci resistance level of 19722 after which the path towards 20000 will get cleared.

    In the last 24hrs BTCUSD has increased by 4.77% by 881$ and has a 24hr trading volume of USD 36.188 billion. We can see an increase of 6.47% in the trading volume compared to yesterday, which appears to be normal.

    The Week Ahead

    The price of bitcoin is moving in a consolidation zone above the $19000 level. At present the price of bitcoin is gaining a bullish traction against the US dollar in the medium-term range.

    We can see the buildup of positive momentum in the markets with the prices moving close to the psychological support level of $20000.

    The daily RSI is printing at 40 which indicates a weak demand from the long-term investors.

    The price of BTCUSD will need to remain above the important support level of $18500 this week.

    The weekly outlook is projected at $21000 with a consolidation zone of $20000.

    Technical Indicators:

    The moving averages convergence divergence (12,26): is at 5.20 indicating a BUY

    The ultimate oscillator: is at 51.34 indicating a BUY

    The rate of price change: is at 0.70 indicating a BUY

    The average directional change (14): is at 28.61 indicating a BUY

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  12. FXOpen Trader

    FXOpen Trader ECZ Member

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    EUR/USD Remains At Risk, USD/CHF Could Increase Further
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    EUR/USD is struggling to stay above the 0.9950 support zone. USD/CHF is rising and might climb higher towards the 0.9750 resistance zone.

    Important Takeaways for EUR/USD and USD/CHF

    • The Euro is struggling to recover and trading below the parity level against the US Dollar.
    • There was a break below a key bullish trend line with support at 0.9990 on the hourly chart of EUR/USD.
    • USD/CHF started a fresh increase after it cleared the 0.9600 resistance zone.
    • There is a major bullish trend line forming with support near 0.9640 on the hourly chart.

    EUR/USD Technical Analysis

    This past week, the Euro saw a major decline below the 1.0040 support against the US Dollar. The EUR/USD pair declined below the 1.0000 support level to move further into a bearish zone.

    The pair formed a base above the 0.9950 level and recently started an upside correction. There was a move above the 0.9980 and 1.0000 resistance levels. The pair climbed above the 1.0020 level and the 50 hourly simple moving average.

    EUR/USD Hourly Chart
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    However, the bears were active near the 1.0050 level. As a result, there was a fresh decline below the 1.0000 support. There was a break below a key bullish trend line with support at 0.9990 on the hourly chart of EUR/USD.

    The pair traded as low as 0.9955 and is currently consolidating losses. An immediate resistance is near the 0.9980 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0050 swing high to 0.9955 low.

    The next major resistance is near the 1.0030 level. It is near the 50% Fib retracement level of the downward move from the 1.0050 swing high to 0.9955 low.

    A clear move above the 1.0030 resistance zone could set the pace for a larger increase towards 1.0080. The next major resistance is near the 1.0120 zone.

    On the downside, an immediate support is near the 0.9955 level. The next major support is near the 0.9920 level. A downside break below the 0.9920 support could start another decline.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  13. FXOpen Trader

    FXOpen Trader ECZ Member

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    After a long period of hardship, the Japanese Yen is back on track
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    Japan's beleaguered economy has been kept relatively quiet on the global news scene over the past two years, but domestically, it has been at the forefront of everyone's minds for a long time now.

    Japan's business-focused, ultra-conservative modus operandi was applauded by many during 2020 and 2021, as the country did not lock its population down and remained well and truly open for business at a time when many other nations did lock their population down.

    Given that the country continues to demonstrate high quality industrial prowess in many manufacturing sectors, and that it has had a continuity of business at a time when other nations had theirs disrupted by their own governments, it would be an easy conclusion to draw that Japan is doing well.

    Things are never quite that simple.

    Japan has kept itself firmly out of the global political trends, and has focused on its own issues, another policy that would perhaps be very laudable under normal circumstances, however unfortunately the country's economy has been in dire straits for some time

    During the course of this year until last week, the nation's currency, the Japanese Yen, had plunged in value by a remarkable 24% and competition from neighboring South East Asian nations in the field of electronics and precision engineering have been impacting the position of Japan as a top tier economy.

    This week, however, there was a slight change in fortunes for the Japanese sovereign currency.

    At the end of the US trading session yesterday, the Yen hit 144 against the US Dollar, which is a six-day high.

    It also spiked against the British Pound, before relapsing to a low at the end of the British session.

    Reuters conducted a poll which sought the opinion of 23 economists, 12 of which stated yesterday that their opinion is that the Japanese government would not buy up the yen in order to stop the currency from weakening further. However, 5 respondents did note that if USD/JPY were to hit 150, then it would prompt intervention by Japanese officials.

    Perhaps the speculation that interest rates will likely not be increased gave the Yen a quick boost in confidence, given that increasing rates has been a major policy in the United States and Great Britain throughout 2022, with some pundits thinking that interest rates may rise to 7% by January in the United Kingdom from their current 1.75% rate.

    The reality is that banks are looking to increase interest rates to around 5% for mortgages, which is still a jump from the existing rates available in the United Kingdom, and the Pound has taken a bashing over serious concerns that the economy is in big trouble.

    It's a volatile period for the Yen, and this blip is a case in point.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  14. FXOpen Trader

    FXOpen Trader ECZ Member

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    ETHUSD and LTCUSD Technical Analysis – 22nd SEP, 2022
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    ETHUSD: Hammer Pattern Above $1220

    Ethereum was unable to sustain its bullish momentum and after touching a high of 1393 on 21st Sep the prices started to decline against the US dollar. The prices of Ethereum touched a low of 1220 on 22nd Sep after which we can see a bounce upwards.

    We can see a continued buying pressure today and we can see the formation of a bullish harami cross pattern in the 15-minutes time frame.

    We can clearly see a hammer pattern above the $1220 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

    ETH is now trading just above its pivot level of 1288 and is moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1298 and Fibonacci resistance level of 1308 after which the path towards 1400 will get cleared.

    The relative strength index is at 47 indicating a NEUTRAL demand for Ether and a shift towards a consolidation phase in the markets.

    We can see that the adaptive moving average AMA50 and MA50 both are giving a bullish trend reversal signal in the markets.

    The STOCHRSI is indicating an OVERBOUGHT market, which means that the prices are expected to decline in the short-term range.

    Most of the technical indicators are giving a STRONG BUY market signal.

    Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1400 to $1500 in the short-term range.

    ETH is now trading below both the 100 & 200 hourly simple and exponential moving averages.

    • Ether: bullish reversal seen above the $1220 mark
    • Short-term range appears to be mildly BULLISH
    • ETH continues to remain above the $1200 level
    • The average true range is indicating LESS market volatility

    Ether: Bullish Reversal Seen Above $1220
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    ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1250 handle in the European trading session today.

    ETH touched an intraday low of 1220 in the Asian trading session and an intraday high of 1297 in the European trading session today.

    We have seen that the prices are near support of the channel indicating a bullish scenario.

    The moving average MA100 is also indicating the bullish tone in the daily timeframe and now we are looking at the levels of 1500 to 1600 in the medium-term range.

    The daily RSI is printing at 35 indicating a neutral demand in the long-term range.

    The key support levels to watch are $1200 and $1258, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets.

    ETH has decreased by 3.54% with a price change of 47.38$ in the past 24hrs and has a trading volume of 22.404 billion USD.

    We can see an increase of 61.35% in the total trading volume in the last 24 hrs which is due to the heavy buying seen at lower levels by the medium-term investors.

    The Week Ahead

    The prices have been ranging into an oversold zone from last week and an upwards correction is expected. We are now looking for a sharp rally into the markets towards the $1600 levels.

    The recent fall in the levels of Ethereum is attributed to the Federal Reserve which hiked the key interest rates for the third time this year.

    The immediate short-term outlook for Ether has turned mildly BULLISH, the medium-term outlook has turned BULLISH, and the long-term outlook for Ether is NEUTRAL in present market conditions.

    The prices of ETHUSD will need to remain above the important support level of $1200 this week.

    The weekly outlook is projected at $1500 with a consolidation zone of $1400.

    Technical Indicators:

    The average directional change (14): is at 16.88 indicating a NEUTRAL level

    The Williams percent range: is at -36.05 indicating a BUY

    The bull/bear power (13): is at 12.62 indicating a BUY

    The ultimate oscillator: is at 52.57 indicating a BUY

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  15. FXOpen Trader

    FXOpen Trader ECZ Member

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    AUD/USD and NZD/USD Face Key Hurdles, Downtrend Intact
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    AUD/USD is facing a strong resistance near the 0.6660 zone. NZD/USD is also struggling to clear the 0.5900 resistance zone.

    Important Takeaways for AUD/USD and NZD/USD

    • The Aussie Dollar started a fresh decline from well above the 0.6700 zone against the US Dollar.
    • There is a key bearish trend line forming with resistance near 0.6650 on the hourly chart of AUD/USD.
    • NZD/USD started an upside correction from the 0.5800 support zone.
    • There is a connecting bearish trend line forming with resistance near 0.5850 on the hourly chart of NZD/USD.

    AUD/USD Technical Analysis

    The Aussie Dollar failed to stay above the 0.6700 level and started a fresh decline against the US Dollar. The AUD/USD pair traded below the 0.6650 support zone to move into a bearish zone.

    There was a clear move below the 0.6620 level and the 50 hourly simple moving average. The pair traded as low as 0.6575 on FXOpen and recently started an upside correction. There was a move above the 0.6620 level.

    AUD/USD Hourly Chart
    [​IMG]

    The bulls pushed the pair above the 38.2% Fib retracement level of the downward move from the 0.6747 swing high to 0.6575 swing low.

    However, the bears remained active near the 0.6660 zone and the 50 hourly simple moving average. The pair failed to clear the 50% Fib retracement level of the downward move from the 0.6747 swing high to 0.6575 swing low.

    There is also a key bearish trend line forming with resistance near 0.6650 on the hourly chart of AUD/USD. On the upside, the AUD/USD pair is facing resistance near the 0.6650 level.

    The next major resistance is near the 0.6660 level. A close above the 0.6660 level could start a steady increase in the near term. The next major resistance could be 0.6720.

    On the downside, an initial support is near the 0.6600 level. The next support could be the 0.6560 level. If there is a downside break below the 0.6560 support, the pair could extend its decline towards the 0.6500 level.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  16. FXOpen Trader

    FXOpen Trader ECZ Member

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    Watch FXOpen's September 19 - 23 Weekly Digest Video

    In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

    • The British pound hits 37-year low against US dollar
    • How mobilization in Russia will affect financial markets
    • US stock market complacency on the bankers' radar
    • After a long period of hardship, the Japanese yen is back on track

    Watch our short and informative video, and stay updated with FXOpen.

    [​IMG]

    VIEW FULL NEWS VISIT - FXOpen Company News...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  17. FXOpen Trader

    FXOpen Trader ECZ Member

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    GBP/USD Nosedives and GBP/JPY Gain Bearish Momentum
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    GBP/USD started a major decline and traded below 1.1000. GBP/JPY is also diving and there was a clear move below the 155.00 support.

    Important Takeaways for GBP/USD and GBP/JPY

    • The British Pound started a major decline below the 1.1000 support against the US Dollar.
    • There is a connecting bearish trend line forming with resistance near 1.1220 on the hourly chart of GBP/USD.
    • GBP/JPY declined steadily after it failed to clear the 165.00 resistance zone.
    • There is a major bearish trend line forming with resistance near 152.50 on the hourly chart.

    GBP/USD Technical Analysis

    This past week, the British Pound started a major decline from the 1.1400 zone against the US Dollar. The GBP/USD pair declined below the 1.1200 support to move into a bearish zone.

    There was a steady decline below the 1.1100 level and the 50 hourly simple moving average. The pair even traded below the 1.0850 support zone. The pair traded as low as 1.0341 on FXOpen and is currently consolidating losses.

    GBP/USD Hourly Chart
    [​IMG]

    An immediate resistance on the upside is near the 1.0580 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1364 swing high to 1.0341 level.

    The next major resistance is near the 1.0850 level. It coincides with the 50% Fib retracement level of the recent decline from the 1.1364 swing high to 1.0341 level, above which the pair could start a steady increase.

    There is also a connecting bearish trend line forming with resistance near 1.1220 on the hourly chart of GBP/USD. An upside break above 1.1220 might start a fresh increase towards 1.1350. Any more gains might call for a move towards 1.1450 or even 1.1500.

    An immediate support is near the 1.0450. The next major support is near the 1.0350 level. If there is a break below the 1.0350 support, the pair could test the 1.0200 support. Any more losses might send GBP/USD towards 1.0000.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  18. FXOpen Trader

    FXOpen Trader ECZ Member

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    Slight opening gain as FTSE 100 wakes up
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    The doom and gloom that has surrounded the British Pound's seemingly endless fall from glory to almost parity with the US Dollar in its lowest point in recorded history has been a major consideration for traders across the world.

    A clear indicator of the dire straits that the British economy finds itself in after many years of policy which has blown the coffers to an extent that there are serious concerns about how many people will manage to get through the winter, the Pound still languishes, but the FTSE 100 index has begun to increase just a few ticks this morning.

    As the opening bell sounded in London this morning, analysts and traders began their day with a degree of optimism, expecting the London Stock Exchange's index containing its 100 most prestigious publicly listed companies to begin the day a few points higher than yesterday.

    This mood was created by the Pound's slight slowdown in its apparent freefall, and news from the British government that the Treasury will hold a full Budget in the spring of 2023 and the Bank of England confirmed that it is keeping watch on markets and would not hesitate to raise rates.

    The impending rate rises are a cause for concern, however, as a potential increase from the current rate of around 2.25% to over 5% by January is being speculated upon, and if that happens, it could well cause a serious issue for borrowers and plunge the economy into a recession.

    In line with expectations, The FTSE 100 rose over 27 points in the opening session this morning in London, arriving at 7048.65, a gain of 0.4%. It extended a marginal overall rise notched up by the end of the previous session partially as a result of the news from the UK treasury.

    Caution is still abound, however, especially as some mortgage lenders have removed some of the deals available in anticipation of increasing interest rates, giving rise to a possible notion that they are afraid of possible defaults should the rates go to over 5% as is being mooted by some analysts and investment banks.

    This morning's upward movers on the FTSE 100 index were mainly some of the raw materials and resource stocks. Anglo American was up 50p to 2647p and Rio Tinto gained 69p to 4767p.

    Given the anticipation that interest rates will rise to much higher levels than current ones, it is perhaps to be expected that the fallers on the FTSE 100 index today are house building companies. Persimmon stock dropped by 6p per share to 1258p, and Barratt stock fell 2.2p to 383p,

    Rightmove, which is an online portal for real estate agencies to list their properties for rent or sale, saw its stock fall 4.4p to 545p per share.

    In congruence with this, some of the major retail banks, NatWest and Lloyds notably, experienced falling share prices.

    It's been a raw materials dominated world this year, and today's figures are no different.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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  19. FXOpen Trader

    FXOpen Trader ECZ Member

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    BTCUSD and XRPUSD Technical Analysis – 27th SEP 2022
    [​IMG]

    BTCUSD: Double Bottom Pattern Above $18566

    Bitcoin was unable to sustain its bearish momentum and after touching a low of 18279 on 21st Sep, the price has continued to escalate upwards and crossed the $20000 handle today in the European trading session.

    This upside break was long overdue and now marks the beginning of rebound towards the $25000 level.

    We can see the formation of bullish engulfing lines in the 15-minute and weekly time frames.

    The momentum indicator is back over zero indicating a bullish scenario in both the 30-minute and daily time frames.

    We can clearly see a double bottom pattern above the $18566 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

    Bitcoin touched an intraday low of 19097 in the Asian trading session and an intraday high of 20310 in the European trading session today.

    Both the STOCH and STOCHRSI are indicating overbought levels which means that in the immediate short term, a decline in the prices is expected.

    The relative strength index is at 75 indicating an OVERBOUGHT market, and the possibility of some downwards correction due to profit taking by the medium-term investors.

    Bitcoin is now moving above its 100 hourly simple moving average and below its 200 hourly exponential moving averages.

    Most of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 22000 and 23500.

    The average true range is indicating LESS market volatility with a strong bullish momentum.

    • Bitcoin: bullish reversal seen above $18566.
    • The Williams percent range is indicating an overbought level.
    • The price is now trading just above its pivot level of $20179.
    • All of the moving averages are giving a STRONG BUY market signal.

    Bitcoin: Bullish Reversal Seen Above $18566
    [​IMG]

    The price of bitcoin continues to rise amid the buying pressure and improved investor sentiments. We are now looking at the important target levels of $22000 and $25000 in the medium-term ranges.

    The adaptive moving averages AMA20 and AMA50 are both giving a bullish trend reversal signal in the 15-minute and daily timeframes.

    We can see the formation of a bullish harami pattern in the 2-hour time frame.

    We have also detected a bullish opening of the markets indicating the underlying bullish sentiment.

    The immediate short-term outlook for bitcoin is bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

    Bitcoin’s support zone is located at $19000, and the price continues to remain above these levels for the continuation of the bullish reversal in the markets.

    The price of BTCUSD is now facing its classic resistance level of 20253 and Fibonacci resistance level of 20298 after which the path towards 22000 will get cleared.

    In the last 24hrs, BTCUSD has increased by 5.87% by 1120$ and has a 24hr trading volume of USD 48.845 billion. We can see an increase of 46.08% in the trading volume compared to yesterday, due to global buying pressure by the long-term investors.

    The Week Ahead

    The price of bitcoin is moving in a consolidation zone above the $20000 level. Further upsides are projected at $21000 and $22500 as the immediate targets.

    The price of bitcoin reached its peak value of $69000 last year the month of November, and at the present level of $20000, we still need to recover ground towards the $40000 level, which if reached will mark a gain of 100% from the present market level.

    The history of bitcoin price action shows that it is capable of doing so, and has done in the past.

    The daily RSI is printing at 52 which indicates a neutral level and a move towards the consolidation phase in the markets.

    The prices of BTCUSD will need to remain above the important support level of $19000 this week.

    The weekly outlook is projected at $22000 with a consolidation zone of $21500.

    Technical Indicators:

    The moving averages convergence divergence (12,26): is at 323.90 indicating a BUY

    The ultimate oscillator: is at 62.28 indicating a BUY

    The rate of price change: is at 5.93 indicating a BUY

    The average directional change (14): is at 51.06 indicating a BUY

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
     
  20. FXOpen Trader

    FXOpen Trader ECZ Member

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    Big British banks pull mortgages: Pound tanks further while dollar soars
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    Perhaps the greatest anomaly of this year remains why the US Dollar has held such a strong value against other major currencies given that the United States economy has been subjected to similar obstacles that have affected its peers in Great Britain and on the European Mainland.

    As this week began, the British Pound collapsed in value to a record low against the US dollar as investors rushed to sell the currency and government bonds in a demonstration of skepticism over new Prime Minister Liz Truss’s economic plans, however since then further displays of low confidence have surfaced.

    Yesterday, 10 major retail banks in the United Kingdom removed a plethora of mortgage products from the market, and considerably reworked the terms available on some of the mortgage products which remain on the market, in order to manage potential risk if interest rates rise to the expected 5 to 6% by January.

    Should such a level of interest rates be reached, this would increase payments on personal and commercial debt substantially, as currently the interest rate is around 2.6%.

    This, combined with a tanking Pound, and inflation heading for 18% by January according to Citigroup analysts last month, is a combination of equations which do not make for a healthy borrowing environment.

    By removing these mortgage products, the property market outside London has begun to be affected, and consumer activity including house purchasing is likely to be curtailed, which would slow down the economy even further.

    The FTSE 100 responded to this accordingly yesterday, with house building company stock losing value whilst raw materials providers and mineral extraction giants rose in value.

    It certainly appears that the commodities and materials sector is buoyant due to high demand, but anything requiring borrowing in order to purchase the final product is now sinking in value.

    The Pound is now almost at parity with the US Dollar, as demonstrated earlier today during the Asian trading session when the British Pound reached a low point of $1.0327 against the US Dollar, surpassing the previous record low reached in 1985, before making back some of its value.

    Precarious is an understatement. With banks mitigating risk on such a massive scale, it looks like the roller coaster ride is not yet over.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.