It looks like sellers in cryptocurrencies are losing patience. The crypto market remains tightly pinned at $1.04 trillion in capitalisation. An attempt to break away and cross the $1.05 trillion mark has been met with heavy selling, and it's well below the $1.1 trillion pivot late last month.
Similarly, #Bitcoin is finding it increasingly difficult to keep its balance as it rises above $26.0K. The last such attempt on Friday morning was quickly thwarted, and BTCUSD is again trading near $25.8K.
Bitcoin's technical picture on daily timeframes remains bearish, as the 50-day is approaching 200-day MA from above. The crossing (probably next week) can potentially trigger an impulsive sell-off, which is very dangerous in such a thin market.
#Ethereum is trading near its 50- and 200-week averages and near its lows from March. This is a bearish disposition, especially given the strengthening dollar and pressure on US stock indices in the background.
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Similarly, #Bitcoin is finding it increasingly difficult to keep its balance as it rises above $26.0K. The last such attempt on Friday morning was quickly thwarted, and BTCUSD is again trading near $25.8K.
Bitcoin's technical picture on daily timeframes remains bearish, as the 50-day is approaching 200-day MA from above. The crossing (probably next week) can potentially trigger an impulsive sell-off, which is very dangerous in such a thin market.
#Ethereum is trading near its 50- and 200-week averages and near its lows from March. This is a bearish disposition, especially given the strengthening dollar and pressure on US stock indices in the background.
📣Trade responsibly with fxpro.com
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Better-than-expected Canadian jobs data made the Loonie seem stronger than the Greenback for a while, and it made another attempt to get back below 1.36 for USDCAD.
Payrolls rose by 39.9k, double the expected 19K. On a more positive note, 32.2K of the new jobs were full-time, showing confidence among employers.
The strong labour market underlines the persistence of a breeding ground for inflation. This is the most alarming type, as it is more difficult to cool down than the one provoked by a jump in raw materials. However, the recent rise in oil prices does not make life easier for central bankers.
Earlier in the week, the Bank of Canada also sided with the CAD, noting the risks of a return to inflationary pressures. The BoC made it clear that it is open to further rate hikes.
Payrolls rose by 39.9k, double the expected 19K. On a more positive note, 32.2K of the new jobs were full-time, showing confidence among employers.
The strong labour market underlines the persistence of a breeding ground for inflation. This is the most alarming type, as it is more difficult to cool down than the one provoked by a jump in raw materials. However, the recent rise in oil prices does not make life easier for central bankers.
Earlier in the week, the Bank of Canada also sided with the CAD, noting the risks of a return to inflationary pressures. The BoC made it clear that it is open to further rate hikes.
#USDCAD mainly traded between 1.362 and 1.3680 for the third consecutive session. This is an impressive feat in the face of a generally strengthening dollar. An attempt to slip lower on the back of upbeat data could further prove the pair's desire to break away from resistance near 1.36.
Technically, the pair is forming a divergence between the price and the RSI on the daily timeframe. In addition, the latter has retreated from the overbought region.
The start of a full-fledged correction in USDCAD from current levels allows us to consider the 1.3570 area as the final correction target. The 200-day moving average and the 61.8% Fibonacci retracement from the pair's July lows are concentrated here.
Technically, the pair is forming a divergence between the price and the RSI on the daily timeframe. In addition, the latter has retreated from the overbought region.
The start of a full-fledged correction in USDCAD from current levels allows us to consider the 1.3570 area as the final correction target. The 200-day moving average and the 61.8% Fibonacci retracement from the pair's July lows are concentrated here.
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#WaveAnalysis
#CHFJPY reversed from support level 164.30
Likely to rise to resistance level 166.00
CHFJPY currency pair recently reversed up from the pivotal support level 164.30 (which has been reversing the pair from the middle of August), intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from July.
The upward reversal from the support level 164.30 stopped the earlier short-term wave b, which belongs to wave B from the end of August.
Given the clear daily uptrend and the continuation of the yen sales, CHFJPY can be expected to rise further toward the next resistance level 166.00 (which has been reversing the price from the middle of August).
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#CHFJPY reversed from support level 164.30
Likely to rise to resistance level 166.00
CHFJPY currency pair recently reversed up from the pivotal support level 164.30 (which has been reversing the pair from the middle of August), intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from July.
The upward reversal from the support level 164.30 stopped the earlier short-term wave b, which belongs to wave B from the end of August.
Given the clear daily uptrend and the continuation of the yen sales, CHFJPY can be expected to rise further toward the next resistance level 166.00 (which has been reversing the price from the middle of August).
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#WaveAnalysis #UK100
FTSE 100 reversed from resistance level 7528.00
Likely to rise to resistance level 7600.00
FTSE 100 index recently broke the resistance level 7528.00 (top of the pervious impulse wave i), intersecting with the resistance trendline of the daily down channel from April.
The breakout of the resistance level 7528.00 accelerated the active short-term impulse wave iii.
FTSE 100 index can be expected to rise further toward the next resistance level 7600.00 (which coincides with the daily down channel from April).
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FTSE 100 reversed from resistance level 7528.00
Likely to rise to resistance level 7600.00
FTSE 100 index recently broke the resistance level 7528.00 (top of the pervious impulse wave i), intersecting with the resistance trendline of the daily down channel from April.
The breakout of the resistance level 7528.00 accelerated the active short-term impulse wave iii.
FTSE 100 index can be expected to rise further toward the next resistance level 7600.00 (which coincides with the daily down channel from April).
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We saw another attempt to shake up the crypto market on Monday and Tuesday.
On a broader basis, the market is still sliding down bit by bit, as the equilibrium level was closer to 1.05 from the 18th to the 30th of August, dropping to 1.04 in early September, and is now hovering just above 1.033.
BTCUSD failed spectacularly and bounced from 25k at the beginning of the week, reinforcing the belief that this price is an inflexion point. It also rallied from there in June and accelerated higher in March. From August last year to February this year, it repeatedly played the role of resistance.
On the other hand, a death cross has formed on the daily timeframe, which means that more traders focused on long-term technical analysis will be looking to sell on the upside.
On Wednesday and Thursday, Bitcoin may have no problem rising from the current $26.0K to $26.4K. The question is whether this will cause the sell-off to intensify.
On a broader basis, the market is still sliding down bit by bit, as the equilibrium level was closer to 1.05 from the 18th to the 30th of August, dropping to 1.04 in early September, and is now hovering just above 1.033.
BTCUSD failed spectacularly and bounced from 25k at the beginning of the week, reinforcing the belief that this price is an inflexion point. It also rallied from there in June and accelerated higher in March. From August last year to February this year, it repeatedly played the role of resistance.
On the other hand, a death cross has formed on the daily timeframe, which means that more traders focused on long-term technical analysis will be looking to sell on the upside.
On Wednesday and Thursday, Bitcoin may have no problem rising from the current $26.0K to $26.4K. The question is whether this will cause the sell-off to intensify.
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The latest US report was a reminder that the fight against inflation will not be easy. We would guess that the most challenging period for the authorities has just begun.
In August, the US CPI rose by 0.6% m/m, taking the annual rate to 3.7%. The latest reading was above the average forecast (3.6%) and accelerated from 3.0% in June and 3.2% in July. Roughly half of the price rise can be explained by the increase in fuel prices. Since the end of August, exchange-traded oil prices have regained their upward momentum, which could pose a problem for the monetary authorities in the coming months.
In August, the US CPI rose by 0.6% m/m, taking the annual rate to 3.7%. The latest reading was above the average forecast (3.6%) and accelerated from 3.0% in June and 3.2% in July. Roughly half of the price rise can be explained by the increase in fuel prices. Since the end of August, exchange-traded oil prices have regained their upward momentum, which could pose a problem for the monetary authorities in the coming months.
The core price index - excluding energy and food - rose by 0.3% m/m after two months of 0.2% growth. The annual rate of increase slowed from 4.7% to 4.3%. Although the annual rate continues to fall, it remains elevated. Core inflation rose by 1.8% over six months. That's double the average annual rate ten years before the pandemic.
Interestingly, the new release seems to have only reinforced the markets' view that the Fed is done raising rates. The odds of keeping rates on hold in November rose to 57% from 53% a week earlier, hardly in keeping with the picture painted by the more robust recent inflation data.
Interestingly, the new release seems to have only reinforced the markets' view that the Fed is done raising rates. The odds of keeping rates on hold in November rose to 57% from 53% a week earlier, hardly in keeping with the picture painted by the more robust recent inflation data.
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🚀 Exciting Tech IPO Alert! 📈
Arm, the UK based chip design giant, is gearing up for a massive initial public offering (IPO) on the Nasdaq stock exchange in New York on the 14th of September.
🎉 They're aiming to raise a whopping $4.87 billion, potentially valuing the company at a staggering $52 billion!
💰 This IPO is set to be the tech blockbuster of the year, and investors are eagerly anticipating it as a potential game-changer for the IPO market, which has been relatively quiet since 2022. 📊💼
Keep an eye on Arm's IPO journey and see how it performs – it could be a game-changer! 💡
🔜Get ready to see ARM Holdings available for trading on our MT5 platform very soon!
Arm, the UK based chip design giant, is gearing up for a massive initial public offering (IPO) on the Nasdaq stock exchange in New York on the 14th of September.
🎉 They're aiming to raise a whopping $4.87 billion, potentially valuing the company at a staggering $52 billion!
💰 This IPO is set to be the tech blockbuster of the year, and investors are eagerly anticipating it as a potential game-changer for the IPO market, which has been relatively quiet since 2022. 📊💼
Keep an eye on Arm's IPO journey and see how it performs – it could be a game-changer! 💡
🔜Get ready to see ARM Holdings available for trading on our MT5 platform very soon!
#WaveAnalysis
#GBPCHF currency pair reversed from support level 1.1095
– Likely to rise to resistance level 1.1200
GBPCHF currency pair recently reversed up from the key support level 1.1095 (lower boundary of the sideways price range inside which the pair has been trading from last December, as can be seen below).
The support level 1.1095 was strengthened by the lower daily Bollinger Band.
GBPCHF currency pair can be expected to rise further toward the next resistance level 1.1200 (top of the pervious minor correction ii).
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#GBPCHF currency pair reversed from support level 1.1095
– Likely to rise to resistance level 1.1200
GBPCHF currency pair recently reversed up from the key support level 1.1095 (lower boundary of the sideways price range inside which the pair has been trading from last December, as can be seen below).
The support level 1.1095 was strengthened by the lower daily Bollinger Band.
GBPCHF currency pair can be expected to rise further toward the next resistance level 1.1200 (top of the pervious minor correction ii).
📣Trade responsibly with fxpro.com
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#WaveAnalysis
#GBPJPY reversed up from support level 183.30
– Likely to rise to resistance level 186.00
GBPJPY recently reversed up from the support level 183.30 (former top of wave i from the end of July) intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 183.30 stopped the previous impulse wave ii of wave C from last month.
Given the overriding daily uptrend, GBPJPY currency pair can be expected to rise further toward the next resistance level 186.00 (top of the pervious waves 5 and B).
📣Trade responsibly with fxpro.com
#GBPJPY reversed up from support level 183.30
– Likely to rise to resistance level 186.00
GBPJPY recently reversed up from the support level 183.30 (former top of wave i from the end of July) intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 183.30 stopped the previous impulse wave ii of wave C from last month.
Given the overriding daily uptrend, GBPJPY currency pair can be expected to rise further toward the next resistance level 186.00 (top of the pervious waves 5 and B).
📣Trade responsibly with fxpro.com
The crypto market capitalisation rose 1.2% in 24 hours to $1,043. The market's fall to almost $1 trillion at the beginning of the week satisfied the sellers. The question is whether the recent dip will be the starting point for the next rally. Keep an eye on the activity near the recent highs; for now, the market is not allowed to go higher.
For #Bitcoin, the death cross has not yet led to an intensified sell-off. The accumulated oversold condition that has exhausted the sellers is having an impact. Despite the potential for a rebound, BTCUSD remains within the bearish momentum that has been in place since July, with lower and lower highs and lows.
#Ethereum, which formed a death cross at the beginning of September, remains in a downtrend, although its intensity is decreasing.
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For #Bitcoin, the death cross has not yet led to an intensified sell-off. The accumulated oversold condition that has exhausted the sellers is having an impact. Despite the potential for a rebound, BTCUSD remains within the bearish momentum that has been in place since July, with lower and lower highs and lows.
#Ethereum, which formed a death cross at the beginning of September, remains in a downtrend, although its intensity is decreasing.
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Oil prices are going up because the largest members of the OPEC+ cartel are facing a shortage. The US has increased its production since August without increasing the number of drilling rigs, only boosting output from existing ones. These conditions offer a positive outlook for the market, although there are signs of local overheating of prices.
Last week, commercial crude oil inventories increased by 5.56 million barrels, 2.1% below the level from a year ago. WTI crude oil prices are roughly the same as a year ago, and their increase in August was the main contributor to inflation rise.
Formally, the current situation is similar to last year. However, having mostly the same input conditions this time last year, the US presidential administration was selling SPR with the fastest speed. The strategic reserve has been restocked in the past week with 0.29 million barrels. Officials have not mentioned further selling of assets because they are currently at their lowest point in 40 years.
Last week, commercial crude oil inventories increased by 5.56 million barrels, 2.1% below the level from a year ago. WTI crude oil prices are roughly the same as a year ago, and their increase in August was the main contributor to inflation rise.
Formally, the current situation is similar to last year. However, having mostly the same input conditions this time last year, the US presidential administration was selling SPR with the fastest speed. The strategic reserve has been restocked in the past week with 0.29 million barrels. Officials have not mentioned further selling of assets because they are currently at their lowest point in 40 years.
Last week, the daily average production rose to 12.9 million barrels, up from the previous three weeks' average of 12.8 million. In the first seven months of this year, production was consistently at 12.2 million barrels. Surprisingly, since the beginning of the year, US companies have decreased their drilling activities. The most recent data shows that the number of oil drillers was only 513, an 18% decrease from the peak of 627 in December last year.
What a change from the scenario we saw after 2009, with almost 10-fold growth within the following five years. From our point of view, drilling activity correlates with interest rates. Also, the Fed guarantees that this factor will continue to be in effect for a long time, which unintentionally leads to favourable situations for oil by reducing supply.
What a change from the scenario we saw after 2009, with almost 10-fold growth within the following five years. From our point of view, drilling activity correlates with interest rates. Also, the Fed guarantees that this factor will continue to be in effect for a long time, which unintentionally leads to favourable situations for oil by reducing supply.
The technical chart backs up the bullish view on oil. The dip in the latter part of August allowed for another push, which is where we are currently. Long-term moving averages (MA) favour the bullish outlook. The potential target is $95 per barrel WTI, with a 161.8% Fibonacci retracement from June's end to August's peak.
The weekly timeframes show solid backing in nearing the 200-week MA. Recently, the 50-week MA initiated a fresh buying wave after a correction occurred at the end of last month.
Daily timeframes encountered the "golden cross" pattern during this period, which previously took place in oil in September 2020 and spurred a threefold price increase in the next one and a half years. It's unlikely for this level of intensity to reoccur, but the power and significance of the signal shouldn't be underestimated.
Daily timeframes encountered the "golden cross" pattern during this period, which previously took place in oil in September 2020 and spurred a threefold price increase in the next one and a half years. It's unlikely for this level of intensity to reoccur, but the power and significance of the signal shouldn't be underestimated.
The Euro down on ECB comments despite surprise rate hike
Though analysts anticipated no changes, the ECB raised the rate by 25 points to 4.5%. However, the ECB's comments had a more significant effect on the markets. They stated that current rates are effective enough to normalise inflation eventually. This comment influenced the market as it was perceived as a hint that rates had reached their highest.
Madame Lagarde suggested future increases may occur during her press conference if inflation unexpectedly rises.
Though analysts anticipated no changes, the ECB raised the rate by 25 points to 4.5%. However, the ECB's comments had a more significant effect on the markets. They stated that current rates are effective enough to normalise inflation eventually. This comment influenced the market as it was perceived as a hint that rates had reached their highest.
Madame Lagarde suggested future increases may occur during her press conference if inflation unexpectedly rises.
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The market's response was clear: the euro fell drastically, nearing $1.0650, its lowest since March. The market then focused on the ECB's reduced economic growth predictions and remarks on how quickly monetary tightening spreads through the economy.
The set of US data highlights contrasts with a sluggish eurozone with better-than-expected retail sales, producer prices, and jobless claims – all pointing to a better state of the economy. In contrast, the speed of interest rate transmission is slower than average here.
This divergence could be reasoned by homeowners in Europe borrowing at adjustable rates, whereas in the US, they favour fixed-rate loans. Debt costs for businesses and households in Europe are increasing faster.
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The set of US data highlights contrasts with a sluggish eurozone with better-than-expected retail sales, producer prices, and jobless claims – all pointing to a better state of the economy. In contrast, the speed of interest rate transmission is slower than average here.
This divergence could be reasoned by homeowners in Europe borrowing at adjustable rates, whereas in the US, they favour fixed-rate loans. Debt costs for businesses and households in Europe are increasing faster.
📣Trade responsibly with fxpro.com
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The cryptocurrency market has added 1% in the last 24 hours, bringing its capitalisation to $1.06 trillion. The increase is seen for the third day in a row and was likely triggered by the liquidation of weak-hand positions on Monday.
#Bitcoin is trading near $26.6K, successfully updating the highs of the current month. From the outside, optimism in the stock markets is helping the buying growth. From the inside, sellers are looking to lock in profits after two months of downtrend. Despite the "death cross", the short-term picture favours the bulls.
The latter is probably more explained by the mood of institutional investors, as #Ethereum (not such a favourite with them) is stubbornly stumbling on the sell-off on attempts to grow above $1640 - the consolidation area of the beginning of September.
#Bitcoin is trading near $26.6K, successfully updating the highs of the current month. From the outside, optimism in the stock markets is helping the buying growth. From the inside, sellers are looking to lock in profits after two months of downtrend. Despite the "death cross", the short-term picture favours the bulls.
The latter is probably more explained by the mood of institutional investors, as #Ethereum (not such a favourite with them) is stubbornly stumbling on the sell-off on attempts to grow above $1640 - the consolidation area of the beginning of September.
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