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Thread: EUR USD

  1. #631
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    AUD/USD and NZD/USD Fundamental Weekly Forecast – RBA Minutes, New Zealand GDP on Tap This Week

    The Australian and New Zealand Dollars could start the week under pressure due to reports of additional U.S. tariffs on China. The Wall Street Journal reported Saturday, citing individuals familiar with the matter that President Trump is planning to impose a fresh round of tariffs targeting about $200 billion in Chinese goods.
    The Australian and New Zealand Dollars rose last week. The currencies were driven higher by a weaker U.S. Dollar. The catalysts behind the bullish price action were optimism over U.S.-China trade relations and weaker-than-expected U.S. producer and consumer inflation data.
    For the week, the AUD/USD settled at .7155, up 0.0049 or +0.69% and the NZD/USD finished at .6546, up 0.0012 or +0.19%.
    The Aussie was also supported by strong domestic employment data. The government reported the Australian economy added 44,000 jobs in August in seasonally adjusted terms, well above forecasts of an 18,000 gain. Overall participation levels edged higher, which left the unemployment rate steady at 5.3%. Quarterly data on the underemployed, fell by 0.3% to 8.1%.
    The good news helped drive up Australian bond yields which made the Australian a more attractive investment, at least temporarily. However, it was not good enough to sway Reserve Bank of Australia policy. The fall in underemployment is considered a positive sign, but the RBA is waiting for consistent growth in wages before it will consider a rate hike.
    The AUD/USD and NZD/USD gave back some of its gains on Friday in reaction to rising U.S. Treasury yields ahead of a widely expected Fed rate hike later this week. The price action was driven by upbeat U.S. retail sales and consumer confidence reports. A report that President Trump told his aides to proceed with tariffs on about $200 billion worth of Chinese imports also rattled investors.
    Read more:https://www.xtreamforex.com/academy/...orex-forecast/




  2. #632
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    Bitcoin – Bitcoin Bucks the Trend Early. Will Institutional Money Help?
    Bitcoin sees red early, giving gains from the start of the day. A move back through to $6,500 will be a must to support an afternoon rebound.
    Bitcoin bucked the trend across the broader market by ending in the red on Sunday, with a 0.2% fall that partially reversed Saturday’s 0.5% gain. Bitcoin ended the week at $6,500, gaining 3.92% to partially reverse the previous week’s 14.3% slide.
    A choppy start to the day saw Saturday’s late in the day reversal continue into the early hours of Sunday, with Bitcoin falling through the day’s first major support level at $6,461.47 and second major support level at $6,410.23 to an intraday low $6,370.2 before recovering back to $6,500 levels.
    Through the 2nd half of the day, Bitcoin slid through the first major support level at $6,461.47 to an afternoon low $6,413.8 before breaking back through to $6,500 levels by the day’s end.
    While the news wires were relatively silent through the weekend, supporting the net gains for Bitcoin and the broader market, focus is beginning to shift to the next phase of the cryptomarket movement, institutional money.
    For now, Bitcoin continues to be touted as the primary beneficiary, which looks to be an accurate assessment, with financial institutions recently announcing plans to provide their clients with products to gain Bitcoin exposure, the announcements coming in the wake of Goldman Sachs’ decision to hit pause on launching its Bitcoin desk.
    Whether the influx of institutional money will lead to a resurgence of Bitcoin’s dominance remains to be seen, though the reality is that such a limited product offering to an asset class will likely see existing cryptocurrency investors shun altcoins in favour of Bitcoin, drawn by the anticipated inflow of institutional money.
    Does that mean that the cryptomarket is still some way off performing based on product offering and success in the real world?
    It would certainly seem so. The focus on Bitcoin seems little different to banks offering a single stock such as Alphabet Inc. to their institutional clients in place of a full listing of U.S equities, though with one distinct difference. Bitcoin’s perceived success as an alternative to fiat money is limited at best, with other true cryptocurrencies offering far more competitive transaction speeds and fees that could ultimately topple the likes of PayPal and even Visa. Alphabet Inc. on the other hand is the parent of Google.
    Read more:https://www.xtreamforex.com/academy/...currency-news/

  3. #633
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    EUR/USD Back to Key Resistance as the Nikkei Breaks Out Ahead of BoJ

    Talking Points:
    – Global equities remain on the move and the Nikkei has broken out from a big level of resistance over the past few trading days, adding a bit of resolution to an ascending triangle formation that’s been building over the past few months. Later tonight/early-Wednesday brings a Bank of Japan rate decision with very few expectations for anything new. Will the BoJ provide any hints or clues towards future changes towards their QE policy that just so happens to buy ETF’s of the very same indices that have been breaking out ahead of the meeting?
    – In FX-land, the week started with haste but has since calmed, as both EUR/USD and the US Dollar are holding at key areas on the chart. In EUR/USD, prices have returned to the big resistance zone that we’ve been following that runs from 1.1709-1.1750. Bulls don’t look to soon let up, so at this stage a resistance break is starting to feel more likely. In the US Dollar, on the other hand, prices have built into a descending triangle formation as the Dollar continues to sit on support.

    EUR/USD BACK TO CONFLUENT RESISTANCE: WILL BULLS FINALLY BREAK FREE?

    At this point the primary hope is that EUR/USD is earning frequent flyer miles for all of these trips back to resistance, as we’re now seeing the third such visit to this zone over the past three weeks. We’ve been following the resistance area in EUR/USD that runs from 1.1709-1.1750; looking for a topside break to re-open the door to longer-term themes of continuation.
    This area had helped to hold the highs in the latter-portion of July, but it also contains multiple Fibonacci levels in the same range. This is a confluent area as there are multiple reasons for sellers to come-in and respond, and that’s largely what we’ve been seeing over the past few weeks. But following each response, we’ve seen an increasingly strong response from bulls as buyers have started to come-in at higher-lows. On the chart below, we’ve added a blue bullish trend-line underneath the higher-lows that have printed over the past week, following last week’s support test at the 1.1530 level.
    Read more:https://www.xtreamforex.com/academy/...ry/forex-news/



  4. #634
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    Bitcoin – Are We In For Another Tumble?

    Another range bound start to the day for Bitcoin as investors consider the SEC’s next Bitcoin ETF application decision. It could get choppy later…
    Bitcoin continued to recover from Monday’s losses, rising by 0.97% off the back of Tuesday’s 1.31% gain to end the day at $6,395.7.
    A particularly range bound morning and early afternoon saw Bitcoin steer clear of the day’s major support and resistance levels, a lack of direction through the first half of the day leading to a slide through the day’s first major support level at $6,246.73 and second major support level at $6,159.47 to a late evening intraday low $6,100 before finding support.
    An almost immediate bounce back saw Bitcoin break though the day’s first major resistance level at $6,402.63 and second major resistance level at $6,471.27 to an intraday high $6,549.9 before pulling back to sub-$6,400 levels late in the day.
    The choppy 2nd half of a day came off the back of mixed crypto news hitting the wires, with the negative news including reports of a Japanese cryptocurrency exchange being hacked and a UK Treasury Committee report concluding that Bitcoin and other cryptocurrencies are ill-suited for retail investors and are in dire need of regulation.
    While the UK may not be of the largest crypto jurisdictions, the possibility of other jurisdictions considering the report content is a negative, particularly when considering the fact that the vast majority of cryptocurrency investors are high net worth individuals and retail investors, the existence of high net worth individuals in the market coming off the back of the ascendancy of Bitcoin and other cryptos.

    On the positive side, news of Fidelity Investments looking to launch Bitcoin products by the end of the year was a positive, other reputable asset managers likely to follow suit, supporting capital inflows into the market.
    With the sentiment skewed towards the negative, focus remains on the next SEC decision on a Bitcoin ETF application and the G20’s anticipated rollout of unified rules and regs that continue to drive volatility, which in itself could be construed as a negative for a market that is looking for institutional money to come pouring in, the SEC unlikely to approve products for institutional money until the year’s persistent volatility abates.
    At the time of writing, Bitcoin was up 0.19% to $6,402.9 to buck the broader market trend, with Bitcoin moving through to an early morning $6,420 high before easing back to a morning low $6,382.2, the moves through the early part of the day leaving the major support and resistance levels untested.
    Read more:https://www.xtreamforex.com/academy/...currency-news/



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