#WaveAnalysis
#EURUSD broke key resistance level 1.1500
Likely to rise to 1.1650
https://fxpro.news/market-snapshots/eurusd-wave-analysis-22-july-2020-20200722/
#EURUSD broke key resistance level 1.1500
Likely to rise to 1.1650
https://fxpro.news/market-snapshots/eurusd-wave-analysis-22-july-2020-20200722/
#WaveAnalysis
Gold rising inside impulse waves 3 and (3)
Likely to rise to 1900.00
https://fxpro.news/market-snapshots/gold-wave-analysis-22-july-2020-20200722/
Gold rising inside impulse waves 3 and (3)
Likely to rise to 1900.00
https://fxpro.news/market-snapshots/gold-wave-analysis-22-july-2020-20200722/
#WaveAnalysis
#Nvidia reversed from support zone
Likely to rise to 430.40
https://fxpro.news/market-snapshots/nvidia-wave-analysis-22-july-2020-20200722/
#Nvidia reversed from support zone
Likely to rise to 430.40
https://fxpro.news/market-snapshots/nvidia-wave-analysis-22-july-2020-20200722/
The rise of Oil is due to fall
Crude oil is rising this week, but its strengthening is more related to the decline of the dollar, rather than to the growth of demand. It is worth watching this growth with increased caution, as fundamental factors continue to form obstacles for a further sustainable energy price strengthening.
The U.S. oil reserves data showed that they remain close to record highs, 20.5% higher than last year. At the same time, producers are already gradually increasing their production. Thus, reserves remain high, although they usually decline at this time of year. And at the same time, the producers are already gradually increasing their production. In addition, OPEC+ has agreed to increase quotas from August.
Technical analysis suggests that the oil growth impulse may be finally lost at $42-45 for WTI and $45-50 for Brent.
Crude oil is rising this week, but its strengthening is more related to the decline of the dollar, rather than to the growth of demand. It is worth watching this growth with increased caution, as fundamental factors continue to form obstacles for a further sustainable energy price strengthening.
The U.S. oil reserves data showed that they remain close to record highs, 20.5% higher than last year. At the same time, producers are already gradually increasing their production. Thus, reserves remain high, although they usually decline at this time of year. And at the same time, the producers are already gradually increasing their production. In addition, OPEC+ has agreed to increase quotas from August.
Technical analysis suggests that the oil growth impulse may be finally lost at $42-45 for WTI and $45-50 for Brent.
Fears around the dollar push the crypto value up
Bitcoin has grown 1.5% in a day and changed hands at $9,500. At least in the short term, the coin broke its correlation with the stock market. Over the week, Bitcoin showed a 4% growth. The benchmark cryptocurrency exceeded the 50-day MA and reached its monthly high, reflecting the return of buyers’ interest.
For the most part, it can be caused by the persistent weakening of the dollar, which pushes investors to look for ways to protect their capital from depreciation.
Among the TOP-10 digital coins, Ethereum (ETH) showed the highest growth, adding more than 13% over the week.
Bitcoin has grown 1.5% in a day and changed hands at $9,500. At least in the short term, the coin broke its correlation with the stock market. Over the week, Bitcoin showed a 4% growth. The benchmark cryptocurrency exceeded the 50-day MA and reached its monthly high, reflecting the return of buyers’ interest.
For the most part, it can be caused by the persistent weakening of the dollar, which pushes investors to look for ways to protect their capital from depreciation.
Among the TOP-10 digital coins, Ethereum (ETH) showed the highest growth, adding more than 13% over the week.
#WaveAnalysis
#USDCHF broke key support level 0.9380
Likely to fall to 0.9200
https://fxpro.news/market-snapshots/usdchf-wave-analysis-23-july-2020-20200723/
#USDCHF broke key support level 0.9380
Likely to fall to 0.9200
https://fxpro.news/market-snapshots/usdchf-wave-analysis-23-july-2020-20200723/
#WaveAnalysis
#Nike reversed from support level 95.65
Likely to rise to 102.50
https://fxpro.news/market-snapshots/nike-wave-analysis-23-july-2020-20200723/
#Nike reversed from support level 95.65
Likely to rise to 102.50
https://fxpro.news/market-snapshots/nike-wave-analysis-23-july-2020-20200723/
#WaveAnalysis
#AUDJPY reversed from multi-month resistance level 76.50
Likely to fall to 75.20
https://fxpro.news/market-snapshots/audjpy-wave-analysis-23-july-2020-20200723/
#AUDJPY reversed from multi-month resistance level 76.50
Likely to fall to 75.20
https://fxpro.news/market-snapshots/audjpy-wave-analysis-23-july-2020-20200723/
Mnuchin rushes to the aid of the dollar
In his speech on Thursday, Stephen Mnuchin drew attention to the weakening dollar. He noted: “The U.S. will protect the stability of the dollar”.
The U.S. Treasury Secretary, the former employee of Goldman Sachs and the head of several hedge funds, clearly understands the importance of psychology in the markets. During the last days and even weeks, the pressure on the dollar has been gaining momentum. The worry is that this could turn into a self-sustaining spiral as the dollar is sold in response to its downfall.
The dollar index in the course of a three-month decline came close to the long-term upward trend support line in place since 2011. Previously in March, the DXY has reproduced the multi-year highs of 2017. A fall under the support line can be a signal of this multi-year trend breaking and could significantly worsen the demand at a time when it is needed the most.
In his speech on Thursday, Stephen Mnuchin drew attention to the weakening dollar. He noted: “The U.S. will protect the stability of the dollar”.
The U.S. Treasury Secretary, the former employee of Goldman Sachs and the head of several hedge funds, clearly understands the importance of psychology in the markets. During the last days and even weeks, the pressure on the dollar has been gaining momentum. The worry is that this could turn into a self-sustaining spiral as the dollar is sold in response to its downfall.
The dollar index in the course of a three-month decline came close to the long-term upward trend support line in place since 2011. Previously in March, the DXY has reproduced the multi-year highs of 2017. A fall under the support line can be a signal of this multi-year trend breaking and could significantly worsen the demand at a time when it is needed the most.
Eurozone and British PMIs boost pressure on the dollar
Flash PMI estimates for European countries were very strong. Except for the unpleasant surprise in France's Manufacturing, the figures exceeded expectations and firmly entered the growth area. UK and German Services PMI turned out to be significantly higher than previous values and forecasts. Values clearly above 50 reflect activity growth, not just a halt to the decline.
The British pound often reacts immediately to the news, so it was not surprising to see it strengthening from the intraday lows near 1.2710 before the release, to 1.2780 at the time of writing. The current values of the pair are close to reaching the turning point of this week, near the highs in early June, which is attracting more attention.
In case of a breakthrough, GBPUSD may not meet significant resistance up to 1.3000. If the bears add more pressure, it might cause a long decline towards 1.2250 (June low) or further to 1.2000.
Flash PMI estimates for European countries were very strong. Except for the unpleasant surprise in France's Manufacturing, the figures exceeded expectations and firmly entered the growth area. UK and German Services PMI turned out to be significantly higher than previous values and forecasts. Values clearly above 50 reflect activity growth, not just a halt to the decline.
The British pound often reacts immediately to the news, so it was not surprising to see it strengthening from the intraday lows near 1.2710 before the release, to 1.2780 at the time of writing. The current values of the pair are close to reaching the turning point of this week, near the highs in early June, which is attracting more attention.
In case of a breakthrough, GBPUSD may not meet significant resistance up to 1.3000. If the bears add more pressure, it might cause a long decline towards 1.2250 (June low) or further to 1.2000.
#WaveAnalysis
#Euro50 reversed from resistance level 3400.00
Likely to fall to 3230.00
https://fxpro.news/market-snapshots/euro50-wave-analysis-24-july-2020-20200724/
#Euro50 reversed from resistance level 3400.00
Likely to fall to 3230.00
https://fxpro.news/market-snapshots/euro50-wave-analysis-24-july-2020-20200724/
#WaveAnalysis
#GBPAUD reversed from long-term support level 1.7800
Likely to rise to 1.8060
https://fxpro.news/market-snapshots/gbpaud-wave-analysis-24-july-2020-20200724/
#GBPAUD reversed from long-term support level 1.7800
Likely to rise to 1.8060
https://fxpro.news/market-snapshots/gbpaud-wave-analysis-24-july-2020-20200724/
Gold updates records, but not without caution
On Friday, stocks of American IT giants were under stress, which also underlines the mood of profit-taking on popular stocks.
However, the markets are far from the chaos and despair that prevailed in spring, and this is the best combination for gold and bitcoin. Monday morning Gold reached $1944, more than $20 above its 2011 historic highs. The growth so far this month already adds $200 or 12% to the price. This dynamic is also comparable with 2011.
These comparisons, however, should also provoke caution. Back then, the price peak was followed by a year of wide sideways range between $1500-$1800, and this was later followed by three years of decline.
On Friday, stocks of American IT giants were under stress, which also underlines the mood of profit-taking on popular stocks.
However, the markets are far from the chaos and despair that prevailed in spring, and this is the best combination for gold and bitcoin. Monday morning Gold reached $1944, more than $20 above its 2011 historic highs. The growth so far this month already adds $200 or 12% to the price. This dynamic is also comparable with 2011.
These comparisons, however, should also provoke caution. Back then, the price peak was followed by a year of wide sideways range between $1500-$1800, and this was later followed by three years of decline.
Cryptocurrencies are growing again amid falling dollar
Bitcoin grew 5% in a day and changed hands for $10,200. The sideways price trend has lasted almost 3 months, while the hopes of a reversal weakened with each new week.
The leading altcoin Ethereum (ETH) showed 32% growth over the week, overcoming an important psychological and technical level, and is now trying to consolidate its position. Unlike bitcoin, where speculative demand rules the dynamics, ETH price is also driven by the demand for platform technical capabilities. Besides approaching the network transition to 2.0, the demand for tokens can be supported by the circulation of USDT stablecoin on the Ethereum blockchain. As we know, the demand for a stablecoins is only increasing.
Bitcoin grew 5% in a day and changed hands for $10,200. The sideways price trend has lasted almost 3 months, while the hopes of a reversal weakened with each new week.
The leading altcoin Ethereum (ETH) showed 32% growth over the week, overcoming an important psychological and technical level, and is now trying to consolidate its position. Unlike bitcoin, where speculative demand rules the dynamics, ETH price is also driven by the demand for platform technical capabilities. Besides approaching the network transition to 2.0, the demand for tokens can be supported by the circulation of USDT stablecoin on the Ethereum blockchain. As we know, the demand for a stablecoins is only increasing.
EURUSD has updated its 22-month high, breaking above 1.1760. The growth of the euro can be explained by the influence of the Swiss National Bank. It is trying to weaken the franc, buying mostly euros in its FX reserves. In May-June, the growth of EURCHF passed from the levels of 1.05 to 1.09. This month the growth has begun from the levels slightly above 1.06 and has already strengthened the euro to 1.0840 francs. However, it will be too straightforward to look only at the dynamics of one pair.
On Monday, the sell-off in USDCHF was stopped at 5-year lows at 0.9165, after which the pair managed to move above 0.9220. The jump in EURCHF in May-June did not lead to an upward reversal in USDCHF.
It cannot be ruled out that the SNB has now set itself a broader goal - to stop the strengthening of the franc against the dollar as well. Indirectly, it also promises to support the euro.
On Monday, the sell-off in USDCHF was stopped at 5-year lows at 0.9165, after which the pair managed to move above 0.9220. The jump in EURCHF in May-June did not lead to an upward reversal in USDCHF.
It cannot be ruled out that the SNB has now set itself a broader goal - to stop the strengthening of the franc against the dollar as well. Indirectly, it also promises to support the euro.
#WaveAnalysis
#USDJPY broke strong support level 106.00
Likely to fall to 104.60
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-27-july-2020-20200727/
#USDJPY broke strong support level 106.00
Likely to fall to 104.60
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-27-july-2020-20200727/
#WaveAnalysis
#EURCHF broke resistance area
Likely to rise to 1.0880
https://fxpro.news/market-snapshots/eurchf-wave-analysis-27-july-2020-20200727/
#EURCHF broke resistance area
Likely to rise to 1.0880
https://fxpro.news/market-snapshots/eurchf-wave-analysis-27-july-2020-20200727/
#WaveAnalysis
#Amazon reversed from key support level 2920.00
Likely to rise to 3225.00
https://fxpro.news/market-snapshots/amazon-wave-analysis-27-july-2020-20200727/
#Amazon reversed from key support level 2920.00
Likely to rise to 3225.00
https://fxpro.news/market-snapshots/amazon-wave-analysis-27-july-2020-20200727/
The dollar raises its head after the fall
The weakening of the dollar on Monday made a threatening turn, triggering a wave of stop orders, exacerbating the situation. Very often, such sharp growth impulses are followed by reversals.
During the day, the pair’s rate jumped by more than 1.2% to 1.1780, the highest level since September 2018. On Tuesday morning, however, the pair rolled back by 0.5% from yesterday’s peaks, settling down around 1.1720.
On the daily charts, the RSI moved above 80 yesterday, reflecting the extremely overbought area. As a rule, such high values coincide with the peak of the surge, followed by either extensive correction or reversal.
As the dollar antipode, gold rose yesterday to $1945. During the Asian session, the wave of stop-orders pushed the price above $1980 for a short time. However, without support from the currency market, this impulse has quickly exhausted. Gold soon returned to $1935, erasing all early gains.
The weakening of the dollar on Monday made a threatening turn, triggering a wave of stop orders, exacerbating the situation. Very often, such sharp growth impulses are followed by reversals.
During the day, the pair’s rate jumped by more than 1.2% to 1.1780, the highest level since September 2018. On Tuesday morning, however, the pair rolled back by 0.5% from yesterday’s peaks, settling down around 1.1720.
On the daily charts, the RSI moved above 80 yesterday, reflecting the extremely overbought area. As a rule, such high values coincide with the peak of the surge, followed by either extensive correction or reversal.
As the dollar antipode, gold rose yesterday to $1945. During the Asian session, the wave of stop-orders pushed the price above $1980 for a short time. However, without support from the currency market, this impulse has quickly exhausted. Gold soon returned to $1935, erasing all early gains.
EURGBP nears its long-term resistance
The EURGBP rate climbed above 0.9100 recently, however on Tuesday it retreated below this level due to the correction in EURUSD.
Euro/pound has climbed above 0.9100 numerous times over the past four years, but this growth proved to be shaky and short-lived.
In recent years, the dynamics of the pair has shown a sideways trend mostly between 0.83 and 0.91. Short-term upside spikes occurred during pound crashes caused by Brexit or the outbreak of COVID-19 in the UK, but there were soon enough buyers for Sterling.
Today we witnessed pullback activity in the euro, with still confident demand for the pound after EURGBP reached the levels near 0.9100.
A pullback from this significant resistance could receive additional confirmation in the event of a dip below the 50-day SMA. Currently, it coincides with the round level 0.9000 and without significant obstacles, the pair may well decline to the middle of the trading range at 0.87, which is close to 200-day SMA.
The EURGBP rate climbed above 0.9100 recently, however on Tuesday it retreated below this level due to the correction in EURUSD.
Euro/pound has climbed above 0.9100 numerous times over the past four years, but this growth proved to be shaky and short-lived.
In recent years, the dynamics of the pair has shown a sideways trend mostly between 0.83 and 0.91. Short-term upside spikes occurred during pound crashes caused by Brexit or the outbreak of COVID-19 in the UK, but there were soon enough buyers for Sterling.
Today we witnessed pullback activity in the euro, with still confident demand for the pound after EURGBP reached the levels near 0.9100.
A pullback from this significant resistance could receive additional confirmation in the event of a dip below the 50-day SMA. Currently, it coincides with the round level 0.9000 and without significant obstacles, the pair may well decline to the middle of the trading range at 0.87, which is close to 200-day SMA.