On the crypto market, we are witnessing quite a rare phenomenon when altcoins bounce back 5-18% after the slump, while #Bitcoin barely started to grow. At the moment, the benchmark cryptocurrency is trading at around $9,800. The minimum point was at $9,500, where Bitcoin got the support of the buyers. However, it was not so impressive, as BTC failed to return above the threshold $10K level.
Crypto Fear & Greed Index rose by four points over the last 24 hours, though it remains in the "neutral" zone. The RSI halted its decline from the overbought territory. So far, the altcoin season is still in question.
Judging by the sharp jump in volatility, market participants suggest that all this may be an attempt of "whales" to squeeze out the weakest traders. Besides, the negative sentiment may have been affected by the statement of US Treasury Secretary Mnuchin on significant changes in the regulation of the crypto sector.
Crypto Fear & Greed Index rose by four points over the last 24 hours, though it remains in the "neutral" zone. The RSI halted its decline from the overbought territory. So far, the altcoin season is still in question.
Judging by the sharp jump in volatility, market participants suggest that all this may be an attempt of "whales" to squeeze out the weakest traders. Besides, the negative sentiment may have been affected by the statement of US Treasury Secretary Mnuchin on significant changes in the regulation of the crypto sector.
Gold sets records in euro and strives even higher
Apple has returned to the market fear of the coronavirus’ impact on the economy. Such reports from the most expensive US company, supported by a portion of cautious comments from RBA, have returned to the markets demand for save-heaven assets and was beneficial for gold.
Gold prices rose above $1,585 per troy ounce, coming close to January high when prices reached 7-year peaks. The value of gold in the euro this morning reached record levels above €1,465 mainly due to the single currency weakening.
So far this year, the growth of gold was enhanced by two different drivers:
1) as insurance during times of geopolitical instability and financial markets storms;
2) as a means of preserving capital against inflation.
Moving upwards from one consolidation area to another, the gold price may grow up to levels around $1,700 (last observed in early 2013) or even jump to $1,800 (peak values of 2012) in the coming months.
Apple has returned to the market fear of the coronavirus’ impact on the economy. Such reports from the most expensive US company, supported by a portion of cautious comments from RBA, have returned to the markets demand for save-heaven assets and was beneficial for gold.
Gold prices rose above $1,585 per troy ounce, coming close to January high when prices reached 7-year peaks. The value of gold in the euro this morning reached record levels above €1,465 mainly due to the single currency weakening.
So far this year, the growth of gold was enhanced by two different drivers:
1) as insurance during times of geopolitical instability and financial markets storms;
2) as a means of preserving capital against inflation.
Moving upwards from one consolidation area to another, the gold price may grow up to levels around $1,700 (last observed in early 2013) or even jump to $1,800 (peak values of 2012) in the coming months.
Equity markets are declining after Apple said it would not meet the revenue guidance for the March quarter. This report returned to the market the fear of the impact of the virus.
On FX, the dollar index jumped to 33-month highs, and EURUSD fell below 1.0800 on the contrast of European and US data: ZEW's German business sentiment index plunged from 26.7 to 8.7 (vs 20.0 expected), while the US Empire State Manufacturing jumped from 4.8 to 12.9 (vs 5.1 expected).
Commodity-linked currencies are leading the decline on Tuesday again. The British pound is "above market" as new report show claimant count grew by 5.5K against 20.2K expected.
Gold jumped above $ 1,590, again at the highs of the year. Crude Oil had been losing 2% so far on Tuesday but turned upward after optimistic data from the US. Brent has strengthened by $0.5 in the last half hour to $56.7.
On FX, the dollar index jumped to 33-month highs, and EURUSD fell below 1.0800 on the contrast of European and US data: ZEW's German business sentiment index plunged from 26.7 to 8.7 (vs 20.0 expected), while the US Empire State Manufacturing jumped from 4.8 to 12.9 (vs 5.1 expected).
Commodity-linked currencies are leading the decline on Tuesday again. The British pound is "above market" as new report show claimant count grew by 5.5K against 20.2K expected.
Gold jumped above $ 1,590, again at the highs of the year. Crude Oil had been losing 2% so far on Tuesday but turned upward after optimistic data from the US. Brent has strengthened by $0.5 in the last half hour to $56.7.
#WaveAnalysis
#EURUSD falling inside impulse waves 3 and (3)
Likely to fall to 1.0770
https://fxpro.news/market-snapshots/eurusd-wave-analysis-18-february-2019-2-20200218/
#EURUSD falling inside impulse waves 3 and (3)
Likely to fall to 1.0770
https://fxpro.news/market-snapshots/eurusd-wave-analysis-18-february-2019-2-20200218/
#WaveAnalysis
Philip Morris (#PM) reversed from resistance area
Likely to fall to 86.00
https://fxpro.news/market-snapshots/philip-morris-wave-analysis-18-february-2019-20200218/
Philip Morris (#PM) reversed from resistance area
Likely to fall to 86.00
https://fxpro.news/market-snapshots/philip-morris-wave-analysis-18-february-2019-20200218/
#WaveAnalysis
#Copper reversed from resistance area
Likely to fall to 258.00
https://fxpro.news/market-snapshots/copper-wave-analysis-18-february-2019-20200218/
#Copper reversed from resistance area
Likely to fall to 258.00
https://fxpro.news/market-snapshots/copper-wave-analysis-18-february-2019-20200218/
Buyers supported Bitcoin when it approached the $9,500 area. For the day, the benchmark cryptocurrency has consistently strengthened its position. On Wednesday morning, BTC increased by 3%, changing hands for $10,100.
This time the market bounce started with altcoins. The Bitcoin dominance Index is at 62.8%, which is in line with December 2017, when the altcoin season was in full swing. Crypto Fear & Greed Index split the scale precisely in half, being at "50", which corresponds to the "neutral" mood of market participants.
According to WhaleAlert, almost 50K Bitcoins are once again moving between wallets. The whales are likely trying to shake the market, increasing the overall activity in the network. Under current conditions, commissions are likely to allow the whales to do so without any harm to their welfare. However, the more often such transactions appear in the network's closed cycle, the more likely that the market will ignore them.
This time the market bounce started with altcoins. The Bitcoin dominance Index is at 62.8%, which is in line with December 2017, when the altcoin season was in full swing. Crypto Fear & Greed Index split the scale precisely in half, being at "50", which corresponds to the "neutral" mood of market participants.
According to WhaleAlert, almost 50K Bitcoins are once again moving between wallets. The whales are likely trying to shake the market, increasing the overall activity in the network. Under current conditions, commissions are likely to allow the whales to do so without any harm to their welfare. However, the more often such transactions appear in the network's closed cycle, the more likely that the market will ignore them.
MacroWednesday: What’s dragging EUR down
EUR fell to 3-year lows vs USD and to 4-years low area vs GBP on the sharp contrast of data from these economies.
The February ZEW Economic Sentiment index showed a sharp decline from 26.7 in January to 8.7 in February sharply contrasted with UK and US better-than-expected data.
The New York Federal Reserve’s Empire State business conditions index jumped from 4.8 to 12.9, the highest level since May last year, in response to Fed stimulus and partial trade agreement with China.
UK unemployment claims grew by 5.5K in January, but it was much better than expected 20.2K jump.
The weakening of the currency is considered as a boon for the economy in the medium term, as it spurs export growth. However, this weakness of the euro is now a sign of disease in the region’s economy. It may continue until the emergence of “green shoots” from the economic indicators.
EUR fell to 3-year lows vs USD and to 4-years low area vs GBP on the sharp contrast of data from these economies.
The February ZEW Economic Sentiment index showed a sharp decline from 26.7 in January to 8.7 in February sharply contrasted with UK and US better-than-expected data.
The New York Federal Reserve’s Empire State business conditions index jumped from 4.8 to 12.9, the highest level since May last year, in response to Fed stimulus and partial trade agreement with China.
UK unemployment claims grew by 5.5K in January, but it was much better than expected 20.2K jump.
The weakening of the currency is considered as a boon for the economy in the medium term, as it spurs export growth. However, this weakness of the euro is now a sign of disease in the region’s economy. It may continue until the emergence of “green shoots” from the economic indicators.
👍1
US and Asian indices are slightly changing over the past day in anticipation of new signals from the Fed in the minutes of the last meeting published later today. European indices fell marginally better than competitors due to the weakening of the single currency.
On FX, the dollar index continues to update 33-month highs. This time, the Japanese yen is losing sharply. USDJPY growth accelerated after taking the level of 110, which quickly sent the pair to 110.50, the highest since May since 2019.
The British pound ranged from 1.2970-1.3020 in response to the publication of inflation data. CPI growth accelerated to 1.8% y / y, exceeding expectations. However, this was not enough for steady purchases of GBPUSD.
Gold updated its highs of the year, touching levels above $ 1,611 in response to signs of accelerating inflation and the persistence of fears of the effects of coronavirus on the economy.
Oil is growing for the 7th trading session in a row, completely reversed the dip in February to $58.3 for Brent.
On FX, the dollar index continues to update 33-month highs. This time, the Japanese yen is losing sharply. USDJPY growth accelerated after taking the level of 110, which quickly sent the pair to 110.50, the highest since May since 2019.
The British pound ranged from 1.2970-1.3020 in response to the publication of inflation data. CPI growth accelerated to 1.8% y / y, exceeding expectations. However, this was not enough for steady purchases of GBPUSD.
Gold updated its highs of the year, touching levels above $ 1,611 in response to signs of accelerating inflation and the persistence of fears of the effects of coronavirus on the economy.
Oil is growing for the 7th trading session in a row, completely reversed the dip in February to $58.3 for Brent.
#WaveAnalysis
#EURCAD broke key support level 1.4460
Likely to fall to 1.4200
https://fxpro.news/market-snapshots/eurcad-wave-analysis-19-february-2019-20200219/
#EURCAD broke key support level 1.4460
Likely to fall to 1.4200
https://fxpro.news/market-snapshots/eurcad-wave-analysis-19-february-2019-20200219/
#WaveAnalysis
#Facebook broke key resistance level 215.00
Likely to rise to 224.00
https://fxpro.news/market-snapshots/facebook-wave-analysis-19-february-2019-20200219/
#Facebook broke key resistance level 215.00
Likely to rise to 224.00
https://fxpro.news/market-snapshots/facebook-wave-analysis-19-february-2019-20200219/
#WaveAnalysis
#Platinum broke round resistance level 1000.00
Likely to rise to 1040.00
https://fxpro.news/market-snapshots/platinum-wave-analysis-19-february-2019-20200219/
#Platinum broke round resistance level 1000.00
Likely to rise to 1040.00
https://fxpro.news/market-snapshots/platinum-wave-analysis-19-february-2019-20200219/
The Dollar is searching for its price ceiling
The dollar index has been growing almost daily in February, adding 2.5% this month to its highest from May 2017.
Nevertheless, smaller and secondary currency pairs also deserve traders’ attention, the movement in which is a kind of manifestation of profound processes of financial markets. Judging by these movements, the longstanding carry-trade idea becoming obsolete, as the high-yielding currencies of emerging markets are no longer highly profitable and the central banks of these countries are softening their policies in the attempt to revive economic growth.
The Dollar is again worth more than 7 Yuan
AUDUSD is declining again this week, updating its 2009 lows;
USDTRY broke through 6.0 this week;
USDZAR crossed the mark of 15.00;
It seems that now the markets are trying to find the “ceiling” for the USD.
https://fxpro.news/daily-forex-outlook/the-dollar-is-searching-for-its-price-ceiling-20200220/
The dollar index has been growing almost daily in February, adding 2.5% this month to its highest from May 2017.
Nevertheless, smaller and secondary currency pairs also deserve traders’ attention, the movement in which is a kind of manifestation of profound processes of financial markets. Judging by these movements, the longstanding carry-trade idea becoming obsolete, as the high-yielding currencies of emerging markets are no longer highly profitable and the central banks of these countries are softening their policies in the attempt to revive economic growth.
The Dollar is again worth more than 7 Yuan
AUDUSD is declining again this week, updating its 2009 lows;
USDTRY broke through 6.0 this week;
USDZAR crossed the mark of 15.00;
It seems that now the markets are trying to find the “ceiling” for the USD.
https://fxpro.news/daily-forex-outlook/the-dollar-is-searching-for-its-price-ceiling-20200220/
Bitcoin’s melting
Bitcoin breaks the hearts of those hoping not to see it “below $10K” again.
Among the reasons for the pressure on the crypto market, we can highlight the tightening of the rhetoric from the American authorities. The speech of the Fed’s Governor, statements of the Treasury Secretary Mnuchin, extremely negative attitude of President Trump to Bitcoin — all this demonstrates сlose attention to the sector.
On the one hand, it is contrary to the appearance of new instruments for investing in Bitcoin.
On the other hand, it leads to the idea that new permits for launching derivatives are issued precisely to deter Bitcoin. New financial instruments allow not only to play “long” but also to “short” Bitcoin, and through it the rest of the crypto market. It containing the excitement among non-professional investors.
https://fxpro.news/analysis-and-insight/bitcoins-melting-20200220/
Bitcoin breaks the hearts of those hoping not to see it “below $10K” again.
Among the reasons for the pressure on the crypto market, we can highlight the tightening of the rhetoric from the American authorities. The speech of the Fed’s Governor, statements of the Treasury Secretary Mnuchin, extremely negative attitude of President Trump to Bitcoin — all this demonstrates сlose attention to the sector.
On the one hand, it is contrary to the appearance of new instruments for investing in Bitcoin.
On the other hand, it leads to the idea that new permits for launching derivatives are issued precisely to deter Bitcoin. New financial instruments allow not only to play “long” but also to “short” Bitcoin, and through it the rest of the crypto market. It containing the excitement among non-professional investors.
https://fxpro.news/analysis-and-insight/bitcoins-melting-20200220/
European and US indices recede from the highs reached overnight. Nasdaq added 7.7% this month, jumping from the levels near 9000 to 9700 and to just a couple of steps from the critical 10000 milestone.
In the FX, the dollar continues and widens its rally against major currencies. DXY has been adding 0.3% today, reaching 99.80, the highest level since April 2017. USDJPY continues to fly upward, breaking 112.00 to the highs of 2019. AUDUSD crashed to 0.6620, pulling the NZDUSD's selloff.
In the UK, retail sales were above expectations (0.8% y/y versus 0.6% y/y) failed to keep the Pound from weakening below 1.2970 - the lows since November. Among macro data, attention is now on US oil inventories and the release of preliminary PMIs for eurozone countries on Friday morning.
Oil growth stalled at $59 per barrel of Brent and $ 53 at WTI - near Wednesday's closing levels.
Gold rally continues, bringing the price of a troy ounce to $ 1,617 - a seven years highs.
In the FX, the dollar continues and widens its rally against major currencies. DXY has been adding 0.3% today, reaching 99.80, the highest level since April 2017. USDJPY continues to fly upward, breaking 112.00 to the highs of 2019. AUDUSD crashed to 0.6620, pulling the NZDUSD's selloff.
In the UK, retail sales were above expectations (0.8% y/y versus 0.6% y/y) failed to keep the Pound from weakening below 1.2970 - the lows since November. Among macro data, attention is now on US oil inventories and the release of preliminary PMIs for eurozone countries on Friday morning.
Oil growth stalled at $59 per barrel of Brent and $ 53 at WTI - near Wednesday's closing levels.
Gold rally continues, bringing the price of a troy ounce to $ 1,617 - a seven years highs.
#WaveAnalysis
#Gold broke pivotal resistance level 1610.00
Likely to rise to 1650.00
https://fxpro.news/market-snapshots/gold-wave-analysis-20-february-2019-20200220/
#Gold broke pivotal resistance level 1610.00
Likely to rise to 1650.00
https://fxpro.news/market-snapshots/gold-wave-analysis-20-february-2019-20200220/
#Bitcoin has once again failed to hold on above $10K. Nevertheless, the bears ease their pressure near $9,600. BTCUSD growth is approaching a per cent during the day, and at the beginning of day trading closer to $9,700. The dominance index, the Crypto Fear & Greed Index, and the RSI all froze in anticipation of new market triggers. Nobody wants to be in the ranks of early sellers or early buyers.
As we approach spring, the halving factor for Bitcoin's price will become increasingly important. More often than not, we are witnessing optimistic estimates and forecasts related to this event. Growth after the previous halvings has formed positive expectations of market participants. However, there may be a correlation between these events, but not a cause-effect relation. This is a free market, where a minority of large investors always seek to play against the majority of small investors. Past growth after halving does not reject the possibility that now the opposite may happen.
As we approach spring, the halving factor for Bitcoin's price will become increasingly important. More often than not, we are witnessing optimistic estimates and forecasts related to this event. Growth after the previous halvings has formed positive expectations of market participants. However, there may be a correlation between these events, but not a cause-effect relation. This is a free market, where a minority of large investors always seek to play against the majority of small investors. Past growth after halving does not reject the possibility that now the opposite may happen.
Nasdaq correction could knock the index by 12%
By the end of the week, the stock markets returned to a cautious mood, as players’ attention shifted to the problems of the production sector.
The fundamental valuations point to a large overbought U.S. stock market based on earnings per share or price-to-sales ratios. By these measures, the market is similar to the situation in the late 1990s.
In the shorter-term, we also receive an alarm sign from the technical analysis. The RSI index on the daily chart declined from the overbought area, signaling the beginning of a correction rollback. At the same time, the divergence of RSI and the price chart for the last month can be seen on the chart, which may be regarded as a harbinger of a long decline.
https://fxpro.news/daily-forex-outlook/nasdaq-correction-could-knock-the-index-by-12-20200221/
By the end of the week, the stock markets returned to a cautious mood, as players’ attention shifted to the problems of the production sector.
The fundamental valuations point to a large overbought U.S. stock market based on earnings per share or price-to-sales ratios. By these measures, the market is similar to the situation in the late 1990s.
In the shorter-term, we also receive an alarm sign from the technical analysis. The RSI index on the daily chart declined from the overbought area, signaling the beginning of a correction rollback. At the same time, the divergence of RSI and the price chart for the last month can be seen on the chart, which may be regarded as a harbinger of a long decline.
https://fxpro.news/daily-forex-outlook/nasdaq-correction-could-knock-the-index-by-12-20200221/