Bitcoin is again on a growth wave, which allowed it not only to overcome the psychological level of $9K but also consolidated a little higher. The short-lived attack of the bears was repulsed, and on Friday morning BTCUSD trades at $9,100. The growth takes place against the background of an 8% increase in trading volumes, which is not a bad sign for the market. Besides, the rate has now returned to the 200 SMA, gaining support on the way down to the 50 SMA. The Crypto Fear & Greed Index is in "fear" mode, having lost three pips in the last 24 hours.
In the last seven days, the total capitalization of the cryptocurrencies has increased by $10bn. The situation with the coronavirus is far from over, so stocks are still declining. Against this background, the cryptocurrencies demonstrate relative stability. At first, they took the hit, as well as other risky assets, but it seems that digital currencies have some immunity to decline further.
In the last seven days, the total capitalization of the cryptocurrencies has increased by $10bn. The situation with the coronavirus is far from over, so stocks are still declining. Against this background, the cryptocurrencies demonstrate relative stability. At first, they took the hit, as well as other risky assets, but it seems that digital currencies have some immunity to decline further.
There is no shortage of strong moves on Friday, despite the proximity of the US NFP publication, in anticipation of which the markets often subside. A day earlier, the S & P500 lost 3.4%, and before the start of trading in the US, futures indicated a 2.6% drop. EuroStoxx50 loses more than 3.7%; the FTSE100 is down 3.3% since the beginning of the day.
The dollar tumbles down to major currencies, but adds to RUB, ZAR, as the markets expect even more aggressive easing from the Fed, expecting less active action from other central banks. AUD and NZD stand out among those growing against the dollar - sales pressure is not as intense in Asia as in Europe and the USA.
Gold is storming this year highs near 1690, adding 0.8%.
Brent collapsed to $ 47.5, to 2.5-year lows amid difficult negotiations between OPEC and Russia.
The dollar tumbles down to major currencies, but adds to RUB, ZAR, as the markets expect even more aggressive easing from the Fed, expecting less active action from other central banks. AUD and NZD stand out among those growing against the dollar - sales pressure is not as intense in Asia as in Europe and the USA.
Gold is storming this year highs near 1690, adding 0.8%.
Brent collapsed to $ 47.5, to 2.5-year lows amid difficult negotiations between OPEC and Russia.
#WaveAnalysis
#USDJPY broke support levels 106.40, 107.5
Likely to fall to 104.60
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-06-march-2019-20200306/
#USDJPY broke support levels 106.40, 107.5
Likely to fall to 104.60
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-06-march-2019-20200306/
#WaveAnalysis
#AUS200 falling sharply
Further losses likely toward 6000.00
https://fxpro.news/market-snapshots/aus200-wave-analysis-06-march-2019-20200306/
#AUS200 falling sharply
Further losses likely toward 6000.00
https://fxpro.news/market-snapshots/aus200-wave-analysis-06-march-2019-20200306/
#WaveAnalysis
#USDCHF broke support area
Likely to fall to 0.9250
https://fxpro.news/market-snapshots/usdchf-wave-analysis-06-march-2019-20200306/
#USDCHF broke support area
Likely to fall to 0.9250
https://fxpro.news/market-snapshots/usdchf-wave-analysis-06-march-2019-20200306/
#WaveAnalysis
#Boeing falling inside impulse wave (3)
Likely to test support level 250.00
https://fxpro.news/market-snapshots/boeing-wave-analysis-06-march-2019-20200306/
#Boeing falling inside impulse wave (3)
Likely to test support level 250.00
https://fxpro.news/market-snapshots/boeing-wave-analysis-06-march-2019-20200306/
🌞Trading time changes as DST starts in US
On March 08, 2020, the USA shifts to the Daylight Saving Time.
In this regard, from March 09 trading time schedule of several financial classes will be temporarily changed.
It will affect some assets of the following classes:
📍CFD on Forex & Cryptos
📍CFD on Spot Metals
📍CFD on the US shares
📍CFD on Spot Indices
📍CFD on Spot Energies & Energy Futures
📍CFD on Futures
Please see the details in the FxPro Market Holidays calendar: https://www.fxpro.com/trading-tools/market-holidays
Trading CFDs involves significant risk of loss.
On March 08, 2020, the USA shifts to the Daylight Saving Time.
In this regard, from March 09 trading time schedule of several financial classes will be temporarily changed.
It will affect some assets of the following classes:
📍CFD on Forex & Cryptos
📍CFD on Spot Metals
📍CFD on the US shares
📍CFD on Spot Indices
📍CFD on Spot Energies & Energy Futures
📍CFD on Futures
Please see the details in the FxPro Market Holidays calendar: https://www.fxpro.com/trading-tools/market-holidays
Trading CFDs involves significant risk of loss.
FxPro
FxPro Group | 27+ Years in Financial Technology
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Oil collapse destabilized world markets
It is hard to imagine a more negative combination of factors that are now acting against Oil. No exaggeration, it’s a real perfect storm:
– demand is plummeting as the world quarantine expands;
– additional pressure on strengthened risk aversion;
– Russia’s readiness to increase production since April and rejection of the OPEC plans;
– Saudi Arabia’s announcement on lowering oil prices for Europe and vows to increase production.
Cheap Oil often fuels economic growth. However, the extreme prices volatility forms an almost mass rejection of risks. In the longer term, when the first shock of oil price collapse passes, the low price of commodities promises to provide support for the world economy. This was the case after the previous two dropdowns in 2008 and 2016, which boosted global economic growth afterwards and helped much of the stock to find the basis for growth.
https://fxpro.news/daily-forex-outlook/oil-collapse-destabilized-world-markets-20200309/
It is hard to imagine a more negative combination of factors that are now acting against Oil. No exaggeration, it’s a real perfect storm:
– demand is plummeting as the world quarantine expands;
– additional pressure on strengthened risk aversion;
– Russia’s readiness to increase production since April and rejection of the OPEC plans;
– Saudi Arabia’s announcement on lowering oil prices for Europe and vows to increase production.
Cheap Oil often fuels economic growth. However, the extreme prices volatility forms an almost mass rejection of risks. In the longer term, when the first shock of oil price collapse passes, the low price of commodities promises to provide support for the world economy. This was the case after the previous two dropdowns in 2008 and 2016, which boosted global economic growth afterwards and helped much of the stock to find the basis for growth.
https://fxpro.news/daily-forex-outlook/oil-collapse-destabilized-world-markets-20200309/
#WaveAnalysis
#EURO50 reversed from support area
Likely to rise to 3135.00
https://fxpro.news/market-snapshots/euro50-wave-analysis-09-march-2019-20200309/
#EURO50 reversed from support area
Likely to rise to 3135.00
https://fxpro.news/market-snapshots/euro50-wave-analysis-09-march-2019-20200309/
#WaveAnalysis
#USDCHF reversed from key support level 0.9200
Likely to rise to 0.9400
https://fxpro.news/market-snapshots/usdchf-wave-analysis-09-march-2019-20200309/
#USDCHF reversed from key support level 0.9200
Likely to rise to 0.9400
https://fxpro.news/market-snapshots/usdchf-wave-analysis-09-march-2019-20200309/
Stock market volatility rolls over. Trading in US indices trading halted during the day after reaching the limit-down, losing more than 8% from Friday's closing level. EuroStoxx50 decreased by 7%, partially recovering from more than 10% intraday drawdown, FTSE100 declining 6.5% from 9.9% drop earlier.
The dollar index decreased to lows since October 2018; the FX market volatility is off the screens. JPY, EUR, CHF add more than 1% to the dollar.
Extreme volatility in stocks and commodity assets has played against gold, which is losing 0.9% to $ 1,667.
Brent is trading near $37, +13% from the intraday lows, but still 19% lower than Friday's close at $45.6. WTI rebounded to $35 after falling to $27.62 - the lowest since 2003.
The views of investors switched to the possible actions of the monetary and financial authorities of different countries in response to increased market volatility.
The dollar index decreased to lows since October 2018; the FX market volatility is off the screens. JPY, EUR, CHF add more than 1% to the dollar.
Extreme volatility in stocks and commodity assets has played against gold, which is losing 0.9% to $ 1,667.
Brent is trading near $37, +13% from the intraday lows, but still 19% lower than Friday's close at $45.6. WTI rebounded to $35 after falling to $27.62 - the lowest since 2003.
The views of investors switched to the possible actions of the monetary and financial authorities of different countries in response to increased market volatility.
Which instrument do you see as the most interesting to trade this week?
Final Results
33%
EURUSD
33%
Gold
27%
Crude Oil
6%
Stocks and Indices
During market panic earlier on Monday, the Fed rate futures pointed 83% chance of zero rates in just over a week. Fears "subsided" a little, at the time of writing, the probability of such an outcome decreased to 65%. Markets expect that the ECB to lower rates this week, although not so dramatically.
Bitcoin is trying to find a balance at around $8K while added about 1% over the last 24h. It is a slight bounce after the deep sell-off the day before, which is alarming. The good news, however, is that the market has stopped the decline for a while, at least.
Meanwhile, the Crypto Fear & Greed Index is in the "extreme fear" zone. RSI index is near the oversold territory. Technical indicators fully reflect what is happening in the market.
Meanwhile, the Crypto Fear & Greed Index is in the "extreme fear" zone. RSI index is near the oversold territory. Technical indicators fully reflect what is happening in the market.
EURUSD correcting overbought, potentially aimed to 1.1300
The EURUSD, which reached 1.1495 on Monday, slid back to 1.1360 before the start of trading in Europe. Since February 20, the pair jumped by 6.6%, which made it vulnerable rollback. There are also more fundamental reasons for this correction.
Last Tuesday’s emergency Fed rate cuts formed expectations that the US central bank may further soften the policy, which caused dollar's slide.
However, with ECB meeting scheduled this week, it is worth to be prepared that it may announce more monetary easing. More measures may help to fight the consequences of the coronavirus quarantine and to reduce the pressure in financial markets.
https://fxpro.news/daily-forex-outlook/eurusd-correcting-overbought-potentially-aimed-to-1-1300-20200310/
The EURUSD, which reached 1.1495 on Monday, slid back to 1.1360 before the start of trading in Europe. Since February 20, the pair jumped by 6.6%, which made it vulnerable rollback. There are also more fundamental reasons for this correction.
Last Tuesday’s emergency Fed rate cuts formed expectations that the US central bank may further soften the policy, which caused dollar's slide.
However, with ECB meeting scheduled this week, it is worth to be prepared that it may announce more monetary easing. More measures may help to fight the consequences of the coronavirus quarantine and to reduce the pressure in financial markets.
https://fxpro.news/daily-forex-outlook/eurusd-correcting-overbought-potentially-aimed-to-1-1300-20200310/
Stock volatility remains extremely high. After a strong, but short-lived rebound, indices again turned to decline. S&P500 adds 2.5%. EuroStoxx50 strengthened by 1%, FTSE100 is growing by 2.1%.
The dollar index has returned to the lows since June 2019; the FX volatility remains exceptionally high by historical standards. JPY, EUR, CHF are the leaders of the decline. The rebound in commodity prices made ZAR, RUB, NOK the growth leaders to USD.
Gold is down for the second day, trading at $ 1,657 after touching $ 1,700 on Monday morning.
Brent near $37, experiencing obvious difficulties on attempts to grow above $38. For WTI, the level of $35 became short-term resistance.
The market was dominated by buyers in the first part of the day on hopes of coordinated and strong global stimulus. However, the last minutes are marked by increased sales.
The dollar index has returned to the lows since June 2019; the FX volatility remains exceptionally high by historical standards. JPY, EUR, CHF are the leaders of the decline. The rebound in commodity prices made ZAR, RUB, NOK the growth leaders to USD.
Gold is down for the second day, trading at $ 1,657 after touching $ 1,700 on Monday morning.
Brent near $37, experiencing obvious difficulties on attempts to grow above $38. For WTI, the level of $35 became short-term resistance.
The market was dominated by buyers in the first part of the day on hopes of coordinated and strong global stimulus. However, the last minutes are marked by increased sales.
#WaveAnalysis
Natural Gas (#NTG) reversed from support level 1.6610
Likely to rise to 2.000
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-10-march-2019-20200310/
Natural Gas (#NTG) reversed from support level 1.6610
Likely to rise to 2.000
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-10-march-2019-20200310/
#WaveAnalysis
#GBPUSD reversed from resistance area
Likely to fall to 1.3000
https://fxpro.news/market-snapshots/gbpusd-wave-analysis-10-march-2019-20200310/
#GBPUSD reversed from resistance area
Likely to fall to 1.3000
https://fxpro.news/market-snapshots/gbpusd-wave-analysis-10-march-2019-20200310/
Currencies indicate that the market bottom is yet to come
It is much more likely that we saw a peak of volatility on Monday in the markets, but it seems that bottom is ahead.
AUDUSD went to 2008/2009 territory, hints to several more months possible volatility ahead.
USDCAD having risen above the tops of late-2018 and mid-2017, reflecting the negative mood of American investors.
For EURCHF buyers became slightly more active as the the pair dipped under 1.06, and some indicators register that the selling momentum is weakening. However, so far, there are no significant signals that would allow us to talk about trend reversal upwards from Monday.
https://fxpro.news/daily-forex-outlook/currency-markets-indicate-that-the-bottom-is-yet-to-come-20200311/
It is much more likely that we saw a peak of volatility on Monday in the markets, but it seems that bottom is ahead.
AUDUSD went to 2008/2009 territory, hints to several more months possible volatility ahead.
USDCAD having risen above the tops of late-2018 and mid-2017, reflecting the negative mood of American investors.
For EURCHF buyers became slightly more active as the the pair dipped under 1.06, and some indicators register that the selling momentum is weakening. However, so far, there are no significant signals that would allow us to talk about trend reversal upwards from Monday.
https://fxpro.news/daily-forex-outlook/currency-markets-indicate-that-the-bottom-is-yet-to-come-20200311/
Bitcoin has lost about 1% in the last 24 hours and traded near $7,900 this morning. During Tuesday, BTCUSD failed to break above $8K. On the positive side, we can say that Bitcoin was not allowed to decline significantly lower, but buyers also clearly did not have the strength to support. Meanwhile, while the cryptocurrencies are waiting for new triggers, the difficulty of Bitcoin mining reached a new record level of 16.55 trillion hashes. It seems that the miners are not panicking yet and are even strengthening their positions.
The situation in the crypto sector is as ambiguous as it is with the whole traditional financial market. Recently, it is common to peg the price dynamics of BTC with any events in the real world, which means that this time Bitcoin could face selling pressure together with the currencies of commodity economies following the declaration of a possible oil war.
The situation in the crypto sector is as ambiguous as it is with the whole traditional financial market. Recently, it is common to peg the price dynamics of BTC with any events in the real world, which means that this time Bitcoin could face selling pressure together with the currencies of commodity economies following the declaration of a possible oil war.