Wave Analysis: #GBPJPY is expected to fall further and re-test the next support level 147.00. Read more

Major cryptocurrencies show a decline of about 1% at the end of the week, however, based on the results of 7 days they are still in positive territory

Crypto community believes that crypto market has gained momentum on the back of mid-term elections in the United States where cryptocurrency & blockchain supporters won seats in a number of the states.

Stock indices declining from the historic highs are also support strong demand for digital assets. Although current stability can be more associated with the prevalence of “buy and hold" approach: according to a CoinMetrics study only one BTC out of four coins was moved in the last six months.

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🗓 On Monday, November 12, no important statistics are scheduled to be published from the USA and Europe.

Market interest is expected to remain concentrated around:

ℹ️ the likely agreement of OPEC+ to reduce production by 1 million barrels per day;

ℹ️ speculation that May is losing support from the government on the Brexit issue;

ℹ️ standoff over Italy's budget: any changes should be submitted to the European Commission by Tuesday.

Visit https://fxpro.news/economic-calendar/ for more information.

The American dollar has been showing growth during the last four weeks, managing to return to the annual highs area. #USDX it had closed previous week at the highest level in 16 months.

Despite the drawdown at the beginning of the week, caused by the traditional pressure on the currency due to pre-election uncertainty, the dollar quickly shake off these fears and has began to rise. Now USD is fully able to continue this trend because of several reasons.

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Take a look at our new trading idea on Dollar Index

Wave Analysis: #Gold is expected to fall further and re-test the next support level 1180.00. Read more

Wave Analysis: #EURNZD is expected to fall further and re-test the next support level 1.6600. Read more

🗓 Important upcoming events and publications for November 13 (GMT):

🇬🇧09:30 U.K. Labor Market Report could seriously affect the position of the currency pairs with #GBP. Most attention should be paid to the dynamics of unemployment claims. The growth observed in the recent months is an unpleasant sign for the economy.

🇩🇪 10:00 ZEW business sentiment index in Germany and the EU is a respected indicator of economic health. Since April, the Germany Index is in red zone, that demonstrates the pessimists’ predominance. The analysts do not expect significant improvement of this indicator, after its fall to -24.7 in October. Weak data could increase the pressure on the #EUR.

🇺🇸 11:00 U.S. NFIB Small Business Optimism Indicator had reached the record levels earlier this year. The markets always maintain the rather high expectations from this index: a sharp recession could sow doubts about US economic growth and cool demand for the #USD.

Visit https://fxpro.news/economic-calendar/ for more details.

Monday was a hard day for the financial markets. #DJI lost more than 2.3% and #SP500 decreased by 2.0%. The cautious trading tone of Asian bourses was dissapeared on hopes for US-China trade talks

The demand for dollar as a protective asset has increased after U.S. markets fall, which further weighted the stocks. The dollar index increased by 0.8% on Monday and updated the highs from the middle of last year.

Today morning, the dollar has departed from local highs, but such sharp movement on Monday allows us to assume serious support from the side of dollar bulls.

The dollar may continue to receive support from the markets beyond the previous resistance area.

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The stability of BTC has contributed to its widespread use as a means of payment. There have been daily mass media news releases about the adoption of BTC to pay for goods and services.

At the moment, although the inclusion of the ability to pay for goods and services with cryptocurrencies has a marketing character, nevertheless, the more stable the market, the higher the likelihood that large service providers will accept payments in digital currencies.

The sanctions policy of the United States has again a direct impact on the cryptocurrency implementation in developing countries.

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Take a look at our new trading idea on Chinese Yuan

Wave Analysis: #AUDNZD is expected to fall further and re-test the next support level 1.0650. Read more

Wave Analysis: If the price breaks below the support level 58.00, #WTI can then be expected to fall further. Read more

Important upcoming events and publications for November, 14 (GMT):

🇬🇧 09:30 U.K. Inflation data can seriously affect the position of currency pairs with #GBP. Most attention should be paid to the Consumer Price Index dynamics. Weak data is able to put the Pound under the pressure, raising doubts that the Bank of England will soon tighten the policy tone.

🇪🇺 10:00 EU Industrial production is a hardly strong market mover. However, the weak #EUR positions will increase the sensitivity to the news. Weaker than expected data could return the pressure on the euro.

🇺🇸 13:30 The US Consumer inflation can have a serious impact on the #USD quotes, in case of the deviations from the forecasts. The consensus is to keep the inflation at 2.2% y/y. The US dollar acceleration is likely to be favorable.

Visit https://fxpro.news/economic-calendar/ for more details.

Brent Crude Oil fell by 5.7% on Tuesday, sinking below $65 per barrel. American WTI is close to $55.50, the lowest value seen in the last year.

Investors have shifted their focus away from the fears of decreasing oil shipments due to sanctions against Iran, as there are many countries on the horizon who want to replace the drop-off shipments inside OPEC+. This is Iraq, Russia and Saudi Arabia. Meanwhile, Iran wants to retain its markets share, hoping to keep a significant part of its exports.

An important driving pressure of oil prices in the last month was the resumption of speculation around overproduction. The forecasted growth of production in the next year exceeds, almost twice, the forecasted increase in demand.

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#WTI fell out from the upward trend that increased pressure on the prices.

Take a look at our new trading idea on Bitcoin

Wave Analysis: #NZDCHF is expected to rise further and re-test the next resistance level 0.6950. Read more