#WaveAnalysis: #EURGBP is expected to rise further and retest the next resistance level 0.9320

https://fxpro.news/market-snapshots/eurgbp-wave-analysis-19-august-2019-20190819/

FX: The dollar index is growing for the 6th consecutive trading session, returning to this month highs. There is no clear risk on/off sentiment in the foreign exchange market, as both risk-sensitive AUD, RUB, ZAR and protective CHF, JPY adds 0.2% to USD.

Stocks: S&P 500 gains about 0.4% this morning after rising 1.2% the day before. The Asia-Pacific MSCI grew 0.3% on stimulus hopes and decreased fears of a recession.

Commodities: Brent is trading at $ 59.20, adding 0.5% over the past day. Gold retreated below 1500.
Crypto: Bitcoin adds 2% in 24 hours. Top 10 altcoins fluctuate between a decrease of 2.5% and an increase of 3%.

Important Upcoming Events (GMT):

10:00 GBP 🇬🇧 [!!] U.K. CBI Industrial Order Expectations
14:15 NZD 🇳🇿 [!!] New Zealand Global Dairy Trade Price Index

Detailed economic calendar

Market’s red flags despite a calm surface
The financial markets continue their neat recovery, following renewed optimism around the progress of U.S.-China trade negotiations. There is also hope that stimulus from the world’s largest governments will spur economic growth.

It may well turn out that the markets are once again jumping the gun – risking a later correction of overestimated expectations of the stimulus.

Let’s pay attention to several alarming signs.

https://fxpro.news/daily-forex-outlook/markets-red-flags-despite-a-calm-surface-20190820/

Will companies support Bitcoin the way retailer investors did it?
Recently it became known that the largest American crypto exchange has bought the custodial service Xapo. Thus, Coinbase becomes the largest institutional crypto custodian in this sector. CEO of Coinbase Brian Armstrong stated that every week institutional investors invest $200-400 million in crypto assets. Basically, it is due to Bitcoin, which is also confirmed by the price dynamics of cryptocurrencies, which feel much worse than the first cryptocurrency.

https://fxpro.news/analysis-and-insight/will-companies-support-bitcoin-the-way-retailer-investors-did-it-20190820/

#WaveAnalysis
#Cotton is expected to rise further and retest the next resistance level 60.70
https://fxpro.news/market-snapshots/cotton-wave-analysis-20-august-2019-20190820/

#WaveAnalysis
#CADCHF is expected to fall further and retest the next support level 0.7300
https://fxpro.news/market-snapshots/cadchf-wave-analysis-20-august-2019-20190820/

FX: The dollar index is adding 0.1% in the morning on Wednesday after falling 0.2% the day before. EUR and GBP are gaining ground, moving away from local lows. Turkish Lira (TRY) lost 2.7% in two days. The South African rand, by contrast, is strengthening after a drop since the beginning of the month. On the whole, a positive-neutral attitude prevails in the markets.

Stocks: S&P 500 futures added about 0.8% in the morning, having won back the decline a day earlier. The MSCI of the Asia-Pacific region has been trampled at about the same level since the beginning of the week. Stock market volatility declined after a spike earlier this month.

Commodities: Brent rose to $ 60, on API reports of US stocks dropping. Gold continues to run near 1500.

Crypto: Bitcoin loses 5% in 24 hours. Top 10 altcoins lose from 2.5% to 7%.

Important Upcoming Events (GMT):

12:30 CAD 🇨🇦 [!!!] Canada Consumer Price Index
14:00 USD 🇺🇸 [ !!] U.S. Existing Home Sales
17:00 USD 🇺🇸 [!!!] FOMC Meeting Minutes

Detailed economic calendar

The markets are wary of the Fed’s signals

Trump said that he is considering a new portion of tax stimulus to support the economy while debt markets are pricing in three more interest rate cuts this year as the main scenario.

But markets are choppy this week, declined 0.8% yesterday.

Maybe the market hopes are too high and there is simply no good news that can push markets higher.

This is very unstable construction before Fed's FOMC minutes and Jackson Hole summit.

https://fxpro.news/daily-forex-outlook/the-markets-are-wary-of-the-feds-signals-20190821/

Bitcoin fell by more than 5% in the last 24 hours and is now trading around $10,250. The level of $11,000 has become too hard resistance level with sell-offs on the way.

https://fxpro.news/analysis-and-insight/bit-comment-bitcoin-turned-lower-after-fail-to-take-above-11000-20190821/

FX: Dollar index runs around 92.10 for the fourth day. EUR, GBP failed to develop the offensive, having lost about 0.2% on Wednesday. The volatility of the main currency pairs decreases during the week, but today there is interest in protective CHF, JPY restored; “yielding” TRY and ZAR are on defence.

Stocks: S&P 500 futures are adding around 0.1% in the morning after rising 0.8%. The MSCI of the Asia-Pacific region has been trampled at about the same level since the beginning of the week. Stock market volatility continues to decline.

Commodities: Brent corrected to 59.50 after rising to $ 61 on Wednesday. Gold remains near $1500, losing 0.2% from the start of the day to $1499.

Crypto: Bitcoin loses 2% in 24 hours to $9900. Top 10 altcoins lose from 0.5% to 2.5%.

Important Upcoming Events (GMT):

08:00 EUR 🇪🇺 [!!]Euro area PMI preliminary estimate
11:30 EUR 🇪🇺 [!!]ECB Monetary Policy Meeting Accounts
12:30 USD 🇺🇸 [!!] U.S. Unemployment Claims
13:45 USD 🇺🇸 [!!] U.S. PMI preliminary estimate

Detailed economic calendar

Divided Fed can't stop the Dollar growth

The published minutes of the Federal Reserve Board's previous meeting showed a serious split in opinions on monetary policy.

Over the past few days, the probability of a 50-point rate cut in September declined from 30% to 1.5%, relaxing expectations of a more aggressive easing. Such a change in sentiment supports the U.S. dollar.

Over the course of the week, the dollar index rose by 1% to 98.20. This is the area of 2-year highs, and the fourth time the USD has attempted growth since April. Previously, the dollar rolled back from these levels, following an easing of the Fed's rhetoric. Now, the situation is in favour of dollar growth.

https://fxpro.news/daily-forex-outlook/melting-hopes-what-emerged-in-the-feds-minutes-20190822/

Bitcoin: extreme fear or extreme opportunity?
The “fear and greed” index of Bitcoin has fallen to 5, which corresponds to the designation “extreme fear” levels. Judging by the index, it may mean the prospect of a sharp decline, which causes panic on the one side of the crypto market and creates the opportunity to buy at a discount for another. At the moment the market is really selling, but the decline in Bitcoin is not as dramatic as the index shows.
https://fxpro.news/analysis-and-insight/bitcoin-extreme-fear-or-extreme-opportunity-20190822/

FX: The dollar index returned to 98.20, this week highs area, having changed minimally for the day. GBP rolled back to 1.2210 after jumping 1.2% to 1.2260 on Thursday. Except for the pound, currencies make minor fluctuations.

Stocks: S&P 500 futures are adding around 0.5% in the morning after falling 0.4% on Thursday. MSCI Asia Pacific is adding 0.1%. Stock market volatility has grown slightly but remains below average.

Commodities: Brent second day remains near 59.50 after rising to $ 61 on Wednesday. Gold slid to 1495, slowly declining the third day.

Crypto: Bitcoin has received support at a downturn at 10,000, trading at 10,200 at the moment. Top 10 altcoins add from 1.5% to 7.0%.

Important Upcoming Events (GMT):

12:30 CAD 🇨🇦 [ !!] Canada Retail Sales
14:00 USD 🇺🇸 [!!!] Fed Chairman Powell Speaks
14:00 USD 🇺🇸 [ !!] U.S. New Home Sales

Detailed economic calendar

Bit-comment: Bitcoin returned above a shy above $10000

Bitcoin was not even allowed to decline to $9,800 but the growth is not impressive either. At the end of the week, the BTC changes hands by $10,150.

Until Bitcoin has fallen below $9K, we can consider that we observe a side trend before the new testing of $13-$14K.

https://fxpro.news/analysis-and-insight/bit-comment-bitcoin-returned-above-a-shy-above-10000-20190823/

A double Fed’s game will help Dollar or crush it
In his speech today, Powell likely try to transfer the initiative to support the economy to the Trump's government, while at the same time making it clear that the Fed will not cut rates as much as the markets expect.

This could be strong news for the dollar.

But if Powell succumbs to Trump pressure and market expectations, the US currency faces a reversal to prolonged decline.

https://fxpro.news/daily-forex-outlook/a-double-feds-game-will-help-dollar-or-crush-it-20190823/

#WaveAnalysis
#NaturalGas is expected to fall further and retest the next support level 2.020

https://fxpro.news/market-snapshots/natural-gas-wave-analysis-23-august-2019-20190823/

#WaveAnalysis
#AUDNZD is expected to fall further and retest the next support level 1.0500.

https://fxpro.news/market-snapshots/audnzd-wave-analysis-23-august-2019-20190823/