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  1. #61
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    Turkish Lira has week of volatility as government takes drastic action


    The Turkish Lira has been a currency that has held the international limelight for a few months now, largely due to the massive volatility that it has been experiencing as Turkey's national economy struggles with outlandish levels of inflation.

    Over the last few months, Turkey has been battling inflation levels of approximately 70%, and the its national currency, the Lira, has been the subject of detailed analysis in that it has faced a severe crisis.

    The Turkish Lira, although not a major currency, is widely traded against majors such as the Euro, US Dollar, Swiss Franc, Japanese Yen and British Pound and as a result of this status, it has been an important currency to monitor recently as the economic circumstances which the Turkish economy has faced impinge on its value.

    This week, the Turkish government took drastic action by enforcing a ban on companies based in Turkey which have significant reserves of foreign currency from taking loans.

    This resulted in an increase in the value of the Turkish Lira, however yesterday the Turkish Lira actually whipsawed against the US Dollar as the most interesting stage in a four-day rally in value by the Turkish currency.

    Whipsawing is a term used by traders which describes a pattern in a volatile market in which a sharp price movement is suddenly followed by a sharp reversal.

    In the case of the Turkish Lira, the currency rallied against the US Dollar on Friday last week, at one point surging by 5% against the US Dollar, which is the highest it has gained this year.

    Overall on Friday, the Turkish Lira had traded up 2.5%, which is the biggest gain of any currency in the world against the US Dollar during Friday's trading session.

    As this week has progressed, the upward trend continued for the Lira until yesterday, when it whipsawed.

    By Monday morning this week, the Turkish Lira had gained an impressive 8% against the US Dollar, trading at 16.01 compared to Thursday's close of 17.35.

    However, on Monday afternoon, late into the European trading session, the Turkish Lira whipsawed within the 16 to 17 Lira per US Dollar range.

    These volatile movements reflected the varied opinions of investors regarding the new ban on loans to companies which hold reserves of non-Turkish currency.

    The policy, which affects around 10,000 businesses in Turkey, means that if those companies wish to obtain commercial loans, they would have to sell a sufficient amount of their non-Turkish currency reserves on the Forex market and then buy Lira instead. The idea of this is to attempt to bolster the value of the embattled Turkish Lira which has lost half of its value in the past 12 months.

    The new rule stipulates that all companies which hold the equivalent of 15 million Turkish Lira in non-Turkish currency, cannot borrow lira if their FX funds exceed 10% of their assets or yearly sales. 15 million Turkish Lira is approximately $910,000.

    Smaller companies which cannot take loans in non-Turkish currency are exempt from this ruling as long as their FX position is net, and they are allowed to borrow in Lira.

    The government's stringent action is indicative of the crisis which the Lira faces, as the inflation level reached 73% recently, removing the purchasing power of the vast majority of the nation's citizens and businesses.

    The Lira is clearly now a volatile currency against majors and therefore one to watch.

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  2. #62
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    ETHUSD and LTCUSD Technical Analysis – 30th JUNE, 2022


    ETHUSD – Bearish Doji Star Pattern Below $1279

    Ethereum was unable to sustain its bullish momentum and after touching a high of 1278 on 26th June started to decline heavily against the US Dollar.

    We can see that the prices have fallen below the $1100 handle and now trading at $1052 in the European Trading session today.

    We can see the formation of a Falling Trend Channel below the $1200 handle and now we are looking at $1050 and $1000 as the immediate targets.

    The prices touched an Intraday Low of $1049 in the European Trading session and an Intraday High of $1117 in the Asian Trading session today.

    We can clearly see a Bearish Doji Star Pattern Below the $1279 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets.

    ETH is now trading below its Pivot levels of 1069 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1015 and Fibonacci support levels of 1057 after which the path towards 1000 will get cleared.

    Relative Strength Index is at 24 indicating an OVERSOLD market and the shift towards the consolidation phase in the markets.

    Both the STOCHRSI and Williams Percent Range are indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.

    All of the of the Technical indicators are giving a STRONG SELL market Signal.

    All of the Moving Averages are giving a STRONG SELL Signal and we are now looking at the levels of $1000 to $950 in the short-term range.

    ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.


    • Ether Bearish Reversal seen Below the $1279 mark.
    • Short-term range appears to be Strongly BEARISH.
    • ETH failed to clear its resistance of $1300.
    • Average True Range is indicating LESS Market Volatility.



    Ether Bearish Reversal Seen Below $1279


    ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1100 handle in the European Trading session today.

    We have also detected the formation of a Bearish Harami pattern in the 15-minutes timeframe indicating weakness and the continuation of the downtrend.

    The Commodity Channel Index is giving Oversold levels which means that the prices of Ethereum are due for an upwards correction.

    The key support levels to watch are $1036 and $1015 and the prices of ETHUSD need to remain above these levels for any Bullish reversal.

    ETH has decreased by 7.05% with a price change of 79$ in the past 24hrs and has a trading volume of 15.621 Billion USD.

    We can see an Increase of 7.43% in the total trading volume in last 24 hrs. which appears to be Normal.

    The Week Ahead

    The global investor sentiments are weak due to the changing Geo-political situation in the Europe, amid the ongoing Russia-Ukraine conflict and meeting of NATO leaders in Madrid.

    The prices of Ethereum continue to remain above the important psychological support levels of $1000 and most of the technical are now indicating a Neutral market.

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

    In this week Ether is expected to move in a range between the $1000 and $1150 and in the next week Ether is expected to enter into a Consolidation phase above the $1100 levels.

    Technical Indicators:

    STOCH (9,6): It is at 38.51 indicating a SELL.

    Average Directional Change(14days): It is at 40.18 indicating a SELL.

    Rate of Price Change: It is at -4.50 indicating a SELL.

    Ultimate Oscillator: It is at 34.22 indicating a SELL.

    Read Full on FXOpen Company Blog...
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  3. #63
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    AUD/USD and NZD/USD Could Eye Fresh Increase


    AUD/USD started a fresh decline from the 0.6980 resistance. NZD/USD is also declining and might even trade below the 0.6150 support.

    Important Takeaways for AUD/USD and NZD/USD


    1. The Aussie Dollar started a fresh decline below the 0.6920 support zone against the US Dollar.
    2. There is a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
    3. NZD/USD also started a major decline from the 0.6330 resistance zone.
    4. There is a major bearish trend line forming with resistance near 0.6215 on the hourly chart of NZD/USD.



    AUD/USD Technical Analysis

    The Aussie Dollar attempted a fresh increase above the 0.6980 and 0.7000 levels against the US Dollar. However, the AUD/USD pair failed to continue higher above 0.6980 and started another decline.

    There was a move below the 0.6950 and 0.6920 support levels. There was a close below the 0.6900 level and the 50 hourly simple moving average. The pair traded as low as 0.6821 and is currently showing a lot of bearish signs.

    AUD/USD Hourly Chart


    On the downside, an initial support is near the 0.6800 level. The next support could be the 0.6780 level. The main support is near the 0.6720 level. If there is a downside break below the 0.6720 support, the pair could extend its decline towards the 0.6650 level.

    Any more downsides might send the pair toward the 0.6600 level. On the upside, the AUD/USD pair is facing resistance near the 0.6845 level. It is near the 23.6% Fib retracement level of the downward move from the 0.6919 swing high to 0.6821 low.

    The next major resistance is near the 0.6870 level. It is near the 50% Fib retracement level of the downward move from the 0.6919 swing high to 0.6821 low.

    There is also a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD. A close above the 0.6880 level could start a steady increase in the near term. The next major resistance could be 0.6950.

    Read Full on FXOpen Company Blog...
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  4. ARIONFORXtarder
 

 
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