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Topic: FXDailyinfo Daily Forex News

Relentless rout for emerging market currencies extends

While the speed of selling has slowed down compared to the early part of the week, emerging market currencies have continued to show weakness in the early hours of Thursday morning. The Thai Baht, Malaysian Ringgit, Chinese Yuan, Indonesian Rupiah and Indian Rupee are all trading lower at time of writing. The Indian Rupee has in fact softened as much as 0.6% to meet a new intraday low, which is the weakest level on record according to Bloomberg data going back to the beginning of 1973. The weakness in the Rupee is very much correlated to the Dollar strength that is hammering emerging markets but concerns over a meeting this week in New Delhi between Indian officials and US trade representatives to calm trade tensions have also weighed on local sentiment. Speculation that the United States has told India to weaken its dependence on Iranian oil also appears to have impacted investor sentiment.

Another factor that is weighing on the emerging market sentiment is the positive turnaround in USD momentum over recent trading sessions. The USD has made an attempt to re-challenge 2018 highs after speculation circulated on Wednesday that President Trump might be adopting a softer tone on China. Reports that the United States will not impose restrictions on Chinese investment in US technology firms were initially met with optimism that the trade war narrative between the two largest economies in the world would take a breather. White House economic advisor Larry Kudlow quickly squashed that optimism when he commented that the US administration’s latest approach towards China shouldn’t be seen as a retreat.

The comments from Kudlow are likely to ensure that there is still an atmosphere of risk aversion across trading. This means that global stocks are likely to trade cautiously with a lack of risk appetite encouraging the ongoing lack of buying momentum for emerging market currencies. Year-to-date there are only two emerging market currencies that have traded higher against the Dollar, with this being the Colombian Peso and Malaysian Ringgit. The gains in the Malaysian Ringgit this year are getting smaller by the day with the advance in the Ringgit now standing at just below 0.2%. There is a likelihood that by next week the Colombian Peso could stand on its own as the only emerging market currency to have advanced against the Dollar this year.

Concerns over emerging market weakness are naturally going to raise questions over whether central banks will intervene in the market to protect their respective currency. This could come in the form of direct intervention in the foreign exchange market or raising interest rates in an effort to attract investors back into their respective market. However, it should not be understated that what we are seeing in the FX market is a very broad-based Dollar rally. This means that the advancement in the Dollar is the main catalyst behind emerging market weakness, and the weakness in emerging market currencies is something that is being mirrored across their counterparts.

Speculation is high that Bank Indonesia might raise interest rates once again before the end of today to prevent the Rupiah from hitting further milestone lows against the Dollar. Traders have previously rejected each of the recent interest rate increases by Bank Indonesia, and I do feel that the risk remains current that a central bank interest rate increase from any emerging market central bank could only encourage a near-term impact for their currency.
Source: http://www.fxdailyinfo.com/?p=forex-analysis

Re: FXDailyinfo Daily Forex News

EUR/USD
The market swung upwards and downwards last week, without a directional movement. Nevertheless, the major bias remains bearish, and the outlook on EUR pairs is mostly bearish for this week. It is possible that price will test the support lines at 1.1600, 1.1550 (which were previously tested last week). Price may also reach the support line at 1.1500, and possibly breach it to the downside. But that will require a heavy selling pressure.
USDCHF
Price went sideways from Monday to Wednesday, and fell on Thursday and Friday, corroborating the outgoing bearish outlook on the market. Both USDCHF and EURUSD are currently bearish: But protracted bearish pressure on the latter may help a bullish signal to be generated on the former. There are support levels at 0.9850 and 0.9800. There are also resistance levels at 0.9900 and 0.9950.
GBPUSD
In the context of a downtrend, price went further southwards, shedding 160 pips and almost testing the accumulation territory at 1.3100. There was an upwards bounce on Thursday, but that would be an opportunity to sell short at higher prices (unless the distribution territory at 1.3400 is breached to the upside). GBP pairs (as well as other major pairs) will experience high volatility this week, and also in the first week of July.
Source: http://www.fxnewinfo.com/index/forex-analysis

3 (edited by Mike_Wah 2018-07-03 15:46:00)

Re: FXDailyinfo Daily Forex News

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Re: FXDailyinfo Daily Forex News

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Re: FXDailyinfo Daily Forex News

LTC/USD Medium-term Trend: Bullish

Resistance Levels: $82, $84, $86
Support Levels: $76, $74, $72

Last week, the price of Litecoin was in a bearish  and a sideways trend. The bearish trend commenced from the high of $83.90 to $75.08. Thereafter, the price went into a sideways trend. Today, the cryptocurrency is in a bullish trend. In a bullish market, traders are to buy low and sell high.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price bars of Litecoin are above the 12-day EMA and the 26-day EMA which indicate that the bullish trend is ongoing. The relative strength index period 14 is level 52 which indicates that price is in the sideways trend zone.

LTC/USD Short-term Trend: Bullish

On the 1-hour chart, the price of Litecoin is in a bullish trend. The price bars of Litecoin are  above the 12-day EMA and the 26-day EMA indicating that the bullish trend is ongoing. The MACD line and the signal line are above the zero line which indicates a buy signal.
https://www.fxdailyinfo.com/?p=forex-analysis

Re: FXDailyinfo Daily Forex News

Forex Forecast and Cryptocurrencies Forecast for July 16-20, 2018

First, a review of last week’s forecast:

  • EUR/USD. The forecast for this pair turned out to be absolutely correct. Recall that it assumed first a small growth of the pair to the resistance of 1.1800 (in reality, it rose to the height of 1.1790), and then a fall (it fell to the level of 1.1620). After that, a rebound followed, and the pair completed the trading session in a strong support/resistance zone 1.1685;

  • GBP/USD. Despite the fact that the volatility was somewhat less than expected, the main trends for this pair were fairly accurately pointed by the graphical analysis on H4 and D1. According to its scenario, the pair was expected to grow to the 1.3400 zone (it rose to 1.3360), and then a sharp drop to the horizon of 1.3000 was expected (it fell to the level of 1.3100).

    As expected, another blow to the pound was caused by the government of Great Britain. Last week, key Brexit ministers resigned - Foreign Minister Boris Johnson and Secretary for Brexit David Davis, which put an extra pressure on the pound;

  • USD/JPY. Despite the trade war between the US and China and the growing demand for the yen as a safe haven, the super soft monetary policy of the Bank of Japan still plays against the currency of this island nation. The main blow to the yen was caused by the rapid growth of Asian stocks and, accordingly, the indices Nikkei and MSCI Asia Pacific. As a result, it fell against all G-10 currencies and lost more than 240 points against the US dollar.
    At the end of the five-day period, the traditional correction followed, and the pair froze at 112.35;

As for the forecast for the coming week, summarizing the opinions of a number of analysts, as well as forecasts made on the basis of a variety of methods of technical and graphical analysis, we can say the following:

  • Cryptocurrencies. We warned that in the event of any negative news, the ascending trend of bitcoin could very quickly turn from bullish into bearish, leading the pair to June lows. It was said multiple times that in fact all this news is only a virtual excuse, using which large speculators start moving virtual currencies up or down. How, for example, could the theft from the Swiss platform Bancor "some" $23.5 million ($13.5 million according to other sources) affect the sinking of the whole market? No way it could, but as a result, bitcoin collapsed by almost 11%, dragging along all the main altcoins as well.

  • EUR/USD. Oscillators on both H4 and D1 are in complete disarray as to the future of this pair - about a third of them are green, one third are red and one third are neutral gray. As for analysts, 80% of them, supported by graphical analysis on D1, believe that the pair will continue its movement to the horizon 1.1500. Nearest supports are at the levels of 1.1625, 1.1590 and 1.1550.
    The upcoming meeting of the presidents of the United States and Russia on Monday, July 16 may strengthen the dollar. Experts do not expect any significant breakthrough from this meeting, but if both leaders express certain optimism on its results, this can play into the hands of the American currency.
    An alternative point of view is represented by only 20% of analysts. In their opinion, the pair can once again test the level of 1.1790 and, if successful, rise to resistance 1.1830;

  • GBP / USD. The resignation of the two main Brexit negotiators means that British Prime Minister Teresa May chose a soft option for her country to leave the EU. And if she keeps her post, this can strengthen the position of the pound in the future. However, right now the market is negative and most analysts (70%) predict the continuation of the fall of the pair GBP/USD first to the level of 1.3100, and then another 50 points lower.
    10% of oscillators agree with this forecast, indicating that the pair is overbought, as well as graphical analysis on D1. At the same time, the latter points out that the pair can move in the side corridor in the range 1.3 190-1.3285 for a while;

  • Also, 70% of experts expect strengthening of the dollar to the Japanese yen as well. In their opinion, the pair USD/JPY will seek to reach the highs of last December in the zone of 113.50. The next goal for it is the last November high. - 114.75.
    The graphical analysis on H4 also agrees with this development of events. But on D1, it draws an opposite picture - the fall into the zone 110.25-111.15, and then even lower - to support 109.35.
    It should be noted that even now a number of analysts are calling for being very cautious with the dollar, as this currency, according to their forecasts, has already approached the overbought state;

  • Cryptocurrencies. We listed the factors that could positively affect the growth of the pair BTC / USD, in the previous forecast. Now, a couple of words about the negative side.
    In fact, it was quite simple to predict the drop of bitcoin last week - it is enough to connect the points A, B, C and D on the chart to see the attenuation of the rising trend. Now the capitalization of the market is again near the 2018 lows and is about $240 billion. If such drying continues, according to some experts, the process can acquire the character of a collapse. As a result, the bitcoin will be around $3000, and the total market capitalization will not exceed half of the current market capitalization.
    Meanwhile, the pair BTC/USD is trading roughly midway between the June lows ($5,790) and the July highs ($6,830) and, if nothing extraordinary happens, it will likely stay in this corridor for a few more weeks.

http://www.fxallnews.com/category/forex … index.html

Re: FXDailyinfo Daily Forex News

Ethereum daily price forecast

ETH/USD Medium-term Trend: Bullish


Resistance Levels: $520, $530, $540
Support Levels: $500, $490, $480



Yesterday, July 18th, the price of Ethereum was in a bullish trend. Yesterday, the cryptocurrency reached the high of $506 but price made a pullback to the low of $471.50. The cryptocurrency lost about 6% in yesterday's pullback. The Ethereum price has fallen back to the range bound zone of $480 and $$20.



The relative strength index period 14 is level 53  which indicates that price is in the sideways trend zone. The cryptocurrency is likely to fluctuate within the range bound zone. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Ethereum is above the 12-day EMA and the 26-day EMA which indicates the bullish trend is ongoing.


ETH/USD Short-term Trend: Bearish

On the 1-hour chart, price Ethereum is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. The 26-day EMA and 12-day EMA are above the price of Ethereum which indicates that the bearish trend is ongoing.

More Analysis https://www.fxdailyinfo.com/?p=forex-analysis

8 (edited by Mike_Wah 2018-07-21 09:33:32)

Re: FXDailyinfo Daily Forex News

USDJPY: Pulls Back, Weakens

USDJPY: The pair remains biased to the downside on further corrective weakness. On the downside, support lies at the 112.00 level where a break if seen will aim at the 111.50 level. A cut through here will turn focus to the 111.00 level and possibly lower towards the 110.50 level. On the upside, resistance resides at the 113.00 level. Further out, we envisage a possible move towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level. On the whole, USDJPY faces further downside pressure.

https://s22.postimg.cc/3p99k0zwd/USDJPYDaily-3.png
https://www.fxdailyinfo.com/?p=forex-analysis

Re: FXDailyinfo Daily Forex News

Weekly Trading Forecasts for Major Pairs

Market outlook for this week

EURUSD
Price made a bullish attempt on Monday, but started coming down afterwards. The support line at 1.1600 was tested and price bounced off it, closing above another support line at 1.1700. The market is neutral, and that status will continue as long as price oscillates between the support line at 1.1550 and the resistance line at 1.1800. However, the neutrality in the market will soon end, and ensuing movement could most probably favor bulls. This means a break above the resistance line at 1.1800 is possible before the end of the week.

USDCHF
This pair also went downwards at the beginning of last week, and then rallied around the middle of the week, only to come downward again at the end of the week. Price closed below the resistance level at 0.9950, threatening to go further downwards. The bias on the market is eventually neutral, and it would remain so until the support level at 0.9850 is breached to the downside. The most probable direction is southwards.

GBPUSD

GBPUSD is a weak trading instrument. Since April 14, price has been going downwards. Price moved briefly below the accumulation territory at 1.3000, and then rallied by 170 pips, almost reaching the distribution territory at 1.3150. The bias remains essentially bearish (but perpetual bullish effort could threaten the bearish bias). There are additional distribution territories 1.3200, 1.3250 and 1.3300.

USDJPY

After testing the supply level at 113.00 several times, a bearish correction was started, which made the price close below the supply level at 111.50 on July 20 (a drop of 150 pips). The bias is bullish in the long-term, but going bearish in the short-term. Things will go completely bearish when price moves further downwards by another 200 pips, reaching the demand levels at 111.00, 110.50 and 110.00, and going further downwards.

EURJPY

The market had been going upwards since June 28 until recently. The recent bias is bullish but there is a high possibility of price going bearish. Price has made a bearish U-turn, after almost reaching the supply zone at 132.00. It is expected that price will continue to go downwards this week, thereby rendering the recent bullish bias invalid and reaching the demand zones at 130.00, 129.50 and 129.00. Those demand zones may even be exceeded before the end of July.

GBPJPY

There is a Bearish Confirmation Pattern in the market, as a result of a drop of 300 pips last week. The drop has already generated a bearish signal in the market, brought about by the perceived weakness in GBP, and the strength in JPY. This week (even till the end of July), the outlook on JPY pairs is bearish, and that means GBPJPY also will experience further bearish movement, which would enable it to reach the demand zones at 145.50, 140.00 and 135.50.

https://www.fxdailyinfo.com/?p=forex-analysis

Re: FXDailyinfo Daily Forex News

Gold again is down to $1220

Yesterday, gold once again demonstrated the strong dependence on USD dollar dynamics, losing in price about 0.5% on the background of renewed growth of USD dollar.

At the end of last week, Donald Trump caused a blow to the positions of US currency, criticizing the Fed for plans for two more interest rate hikes this year. Investors are widely expecting the Fed to maintain the current rate of rate hikes, so this Trump statements have become a surprise for many investors. Fed always carried out its policy independently, and the American presidents refrained from commenting on its actions.

On Monday, the situation calmed down amid US Treasury Secretary Stephen Mnuchin statements that both Mnuchin and President Trump do not question the independence of the Federal Reserve. The market began to play back the whole situation, which was the main reason for the dollar's growth and, accordingly, the decrease in the cost of yellow metal.

Even weak data on the secondary housing market sales did not stop dollar gains, data from the previous month was revised downward from 5.43M to 5.41M, the actual figure was 5.38M with a forecast of 5.46M.

Today, traders will continue to monitor USD dollar market, that still has good opportunities for further gains, since the beginning of the day, growth was 0.15%, while precious metal is starting the European session under pressure.

Among the economic indicators today, the main attention should be paid to the data on manufacturing sector and the services sector PMIs. But the situation on the market is now developing back negatively, which will probably trigger the retest of the price area recently set as the year minimum.

https://s22.postimg.cc/q7fan72f1/240718gold_1492362_30576816.jpg

https://www.fxdailyinfo.com/?p=forex-analysis

Re: FXDailyinfo Daily Forex News

NZD slips on trade data, while Australian CPI data up next

The New Zealand economy looks to be taking a hit, with trade balance data coming in much weaker than expected at -113M (200M exp), showcasing that the NZ economy is still looking sluggish compared to the rest of the world. This was further impacted by export receipts dropping as well to 4.91B (5.06B exp) which will weigh heavily on the Reserve Bank of New Zealand (RBNZ), as it looks to stimulate the economy. Given the recent changes to make sure employment becomes a key focus, it is likely to keep rates flat for some time in order to make sure businesses are able to thrive in the current environment. It will also give the RBNZ a good case to talk down the NZD when compared to the USD as a fall would help boost export receipts and the trade balance data at present.



On the charts it was not a big move, but it was one still the less. With the ever weaker economic data and strong USD it seems likely that the bears will look to maintain control and may look to push things lower, despite the market stagnating for a bit. With that in mind, support levels at 0.6755 and 0.6691 will be the key focus for bearish traders looking to make a push. If we the bulls come back into the market expect a surge to resistance at 0.6819 and 0.6859, but I would be careful about 0.6819 breaking anytime soon as it has seen of a bullish push only last week around this level. The 20 day moving average is also worth taking note as the market is sometimes treating it as a dynamic level when lacking further information.



The other big story today is of course Australian CPI data due out shortly, and the market has expectations that we will indeed see a rise in these figures. Unless we see some major surprises here we probably won't see much in the way of movement. However, with the recent global turmoil's the Australian economy is still looking weaker and the Reserve Bank of Australia would welcome a surprise upturn in inflation. In my experience though they tend not to turn up in sluggish economic periods.


With the AUDUSD likely to be a focus with the CPI data it's certainly worth looking into. Resistance levels can be found at 0.7467 and 0.7557 and I would expect them to be tested if we saw a surprise boost in inflation figures. Also watch the 50 day moving average here as it does act as dynamic levels in some instances. If the bears do take a swipe though then support at 0.7377 and 0.7337 are likely to be prime candidates for targeting.
https://s22.postimg.cc/xfe2ab6el/audusddaily_83.png

https://s22.postimg.cc/lqa2mf7r1/nzdusddaily_84.png

https://s22.postimg.cc/xs5ggmm59/Di6r_Imu_Uc_AA4yf6.jpg

https://www.fxdailyinfo.com/?p=forex-analysis

Re: FXDailyinfo Daily Forex News

Litecoin (LTC) Daily Price Forecast – July 26

LTC/USD Medium-term Trend: Bullish

Resistance Levels: $91, $93, $95
Support Levels: $85, $83, $81

Yesterday, July 25th, the price of Litecoin was range bound between the levels $90 and $80. As the LTC price fluctuates traders can trade the key levels of the market. For instance, we ought to have initiated a long trade at the support level where price reached the low of $80.83. and a stop loss below the support level. Then you take your partial profits near the resistance zone.
In the same vein, when the price gets to the resistance level you take a short trade and a stop loss above the resistance level. Then you exit your trade near the support level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The relative strength index period 14 is 57 which indicates that price is in the sideways trend zone.

LTC/USD Short-term Trend: Ranging

On 1-hour chart, the price of Litecoin was in a sideways trend. On the 1-hour chart, the MACD line and the signal line are at par with the zero line which indicates a neutral signal. In addition, the price of Litecoin is neither above nor below the 12-day EMA and the 26-day EMA which indicates that the sideways trend is ongoing.

http://www.fxdailyinfo.com/?p=forex-analysis

13 (edited by Mike_Wah 2018-07-28 06:47:37)

Re: FXDailyinfo Daily Forex News

The New Zealand dollar has found itself under pressure today as the USD continued its global dominance and was on the up as usual. The NZ consumer confidence index showed it was back under pressure as it dropped to 118 (120 prev) showing that consumers are starting to feel the flow on effects in the economic environment. Certainly yesterdays weaker CPI figure from Australia will have an impact across the sea in New Zealand as neighbours do have flow on effects, especially when they're major trading partners.

Looking at the NZ USD on the charts it continues to find itself under pressure and there does not seem to be anything stopping that happening. The USD is expected to strengthen as fiscal policy provides strength to the economy and as interest rates continue to rise, and taking a technical look at the NZDUSD points to bearish behaviour over the last few months. After touching on resistance at 0.6833 the market has since fallen away sharply down to the 20 day moving average which is acting as dynamic support (a weak one at that), with the potential now for the NZDUSD to move even lower and test levels at 0.6755 and 0.6712 on the charts.

One other key area of information for markets may be the upcoming NAFTA talks with the US and Mexico starting to feel like it may be able to strike a deal and Canada may not be too far behind. Things are positive around this based on reports, and Trump will be looking to secure US business interests at the end of the day so the flow on effect could be quite strong for equity markets as they will have had a hand in negotiations as well.

A key mover would be the USDCAD, which has so far touched support at 1.3041 on the back of stronger oil prices. The NAFTA deal though could in theory push the USD up against the CAD, but it's worth watching to see the outcome. In the event though we saw the CAD strengthen, then a push down to 1.2960 is likely to be a major outcome.

http://www.fxdailyinfo.com/?p=forex-analysis

https://s22.postimg.cc/3zxd48bvx/Dj_GSAw_KV4_AIh_XKU.jpg

Re: FXDailyinfo Daily Forex News

Weekly Trading Forecasts for Major Pairs (July 23 - 27, 2018)

EURUSD
Dominate bias : Neutral

Price made a bullish attempt on Monday, but started coming down afterwards. The support line at 1.1600 was tested and price bounced off it, closing above another support line at 1.1700. The market is neutral, and that status will continue as long as price oscillates between the support line at 1.1550 and the resistance line at 1.1800. However, the neutrality in the market will soon end, and ensuing movement could most probably favor bulls. This means a break above the resistance line at 1.1800 is possible before the end of the week.

USDCH
Dominate bias : Neutral

This pair also went downwards at the beginning of last week, and then rallied around the middle of the week, only to come downward again at the end of the week. Price closed below the resistance level at 0.9950, threatening to go further downwards. The bias on the market is eventually neutral, and it would remain so until the support level at 0.9850 is breached to the downside. The most probable direction is southwards.

GBPUSD
Dominant bias: Bearish

GBPUSD is a weak trading instrument. Since April 14, price has been going downwards. Price moved briefly below the accumulation territory at 1.3000, and then rallied by 170 pips, almost reaching the distribution territory at 1.3150. The bias remains essentially bearish (but perpetual bullish effort could threaten the bearish bias). There are additional distribution territories 1.3200, 1.3250 and 1.3300.

USDJPY
Dominant bias: Bullish

After testing the supply level at 113.00 several times, a bearish correction was started, which made the price close below the supply level at 111.50 on July 20 (a drop of 150 pips). The bias is bullish in the long-term, but going bearish in the short-term. Things will go completely bearish when price moves further downwards by another 200 pips, reaching the demand levels at 111.00, 110.50 and 110.00, and going further downwards.

EURJPY
Dominant bias: Bullish 

The market had been going upwards since June 28 until recently. The recent bias is bullish but there is a high possibility of price going bearish. Price has made a bearish U-turn, after almost reaching the supply zone at 132.00. It is expected that price will continue to go downwards this week, thereby rendering the recent bullish bias invalid and reaching the demand zones at 130.00, 129.50 and 129.00. Those demand zones may even be exceeded before the end of July.

GBPJPY
Dominant bias: Bearish

There is a Bearish Confirmation Pattern in the market, as a result of a drop of 300 pips last week. The drop has already generated a bearish signal in the market, brought about by the perceived weakness in GBP, and the strength in JPY. This week (even till the end of July), the outlook on JPY pairs is bearish, and that means GBPJPY also will experience further bearish movement, which would enable it to reach the demand zones at 145.50, 140.00 and 135.50.   

http://www.fxnewinfo.com/index/forex-analysis

Re: FXDailyinfo Daily Forex News

Forex Forecast and Cryptocurrencies Forecast for July 30 - August 03, 2018

First, a review of last week’s forecast:

- EUR/USD. The past seven days, like the previous one and a half months, did not bring any significant events, and the market is in a lazy-holiday mood because of that. The pair's volatility is 130 points, and the maximum deviation from the Pivot Point of the medium-range lateral channel (1.1660) is even less - only 90 points, after which the pair returns to the central zone. So it happened this time as well - at the end of the trading session, it froze at 1.1658;

- the GBP/USD pair also behaved weakly, gradually consolidating near the horizon of 1.3100. The range of British currency fluctuations was not much higher than that of the euro and amounted to only about 145 points. The pair finished the week at the level of 1.3102;

- USD/JPY. This pair was painstakingly drawing the head-and-shoulders figure for the whole month of July, although to some, it might be more like a cowboy hat. Last week was devoted to the right field of this hat, which means a sideways trend within the boundaries of 110.58-111.53. As for the end of the week, the pair met it in the middle of the channel at around 111.00;

- Cryptocurrencies. One of the development variants last week provided for a bitcoin attempt to break through the level of $8,000. And despite being overbought, it did it. The main growth driver was the expectation that the Securities and Exchange Commission (SEC) would still allow the Winklevoss brothers to launch Bitcoin ETF. The main trading volumes were traded at Japanese and South Korean crypto-exchanges.
But as soon as the BTC/USD approached the mark of $ 8,500, it became known that the SEC rejected the application of the brothers once again. As a result, bitcoin collapsed below the $8,000 horizon once again, losing about $630. However, the fall did not last long, and the pair once again broke through the eight-thousand level on Friday evening and reached the height of $8,275.
As for the main altcoins: etherium, ripple, litecoin, etc., they showed an average growth of 6-7%, following the bitcoin.

***
As for the forecast for the coming week, summarizing the opinions of a number of analysts, as well as forecasts made on the basis of a variety of methods of technical and graphical analysis, we can say the following:

- EUR/USD. The next week will be filled with events, which at another time could initiate quite strong movements in the market. However, at the present moment, surprises should not be expected either from the data on the GDP of the Eurozone, or from the values of the consumer price index, which will be announced on Tuesday July 31.
If we look at other developments concerning the euro/dollar pair, one can note the decision of the US Federal Reserve on the interest rate and the Fed's subsequent comment on Wednesday, August 1, as well as the publication of data on the US labor market on Friday, August 3. But here, most likely, there will be only a small short-term increase in volatility.
As for the oscillators, their indications on D 1 were divided into almost equal parts - one third are for the growth of the pair, one third are for its fall and one third are for the sideways trend. But as for the experts, the overwhelming majority of them (70%) still tends to see the pair reduce to the lower boundary of the medium-term side channel 1.1505-1.1850. However, it is possible that the pair will stay within the two-week zone 1.1575-1.1750 for some time, and only then it will go down. It is this scenario that is drawn by the graphical analysis on D1.
This time only 30% of analysts voted for the growth of the pair to the upper border of the channel 1.1850;

- The future of the British pound is not encouraging, even despite the possible increase by the Bank of England interest rate from 0.50% to 0.75%, which will be known on Thursday August 2. 65% of experts believe that the GBP/USD pair will continue its decline - first to the level of 1.3000-1.3070, and then to support 1.2955. The ultimate goal is the 2017 summer lows in the zone 1.2800.
An alternative point of view is represented by 35% of analysts who believe that the pair has reached the local bottom and will now return to the marks around 1.3200-1.3300. In their opinion, its rise during August to a height of 1.3450 is possible. 15% of oscillators side with the bulls as well, giving signals the pair is oversold;

- USD/JPY. Here, the experts who support the strengthening of the dollar and the growth of the pair, at least, to the zone of 111.75-112.20. are preponderant (60%) The graphical analysis on H4 fully agrees with this.
The remaining 40% place their hopes to Tuesday, July 31. On this day, the Bank of Japan is likely to leave Interest rate unchanged at -0.1%, but the comments of the leadership of this regulator have a chance to support the yen. But this will happen only if there are at least hints of a change in monetary policy and an increase in the interest rate to positive values. In this case, the support is at levels 110.60, 110.30 and 109.75;

- Cryptocurrencies. Traders, investors and miners have been looking forward to the bitcoin graph for the past few weeks. Since June 28, the rate of this currency has grown by 42%, and the total capitalization of the cryptomarket has exceeded 300 billion dollars. After the bitcoin reached the height of $8,500, there were quite a lot of chances that a $10,000 mark would be conquered. Moreover, many factors contribute to this. We list only a few of them:
- the first is the growth of political risks and, as a consequence, a decrease in the demand for "classical" assets and a decline in trading volumes in traditional markets. It is also possible to add instability in a number of countries, thanks to which crypto-currencies become a tool for saving the capital;
- the second factor is the emergence of new technological solutions for attracting large institutional investors at a number of crypto-exchanges;
- the third is more active recognition of cryptocurrencies at the state level, for example, in South Korea or in Venezuela. According to the statement of the president of this country, the Venezuelan currency bolivar will soon be tied to the national cryptocurrency Petro;
- the fourth one is the launch of a platform for the creation of crypto-exchanges;
- the fifth is statements of high state officials and other VIP-persons, like former Assistant to US President Steve Bannon, about their investments in bitcoin and other cryptocurrencies.
Experts believe that in case of growth of the pair BTC/USD above $10,000, there will be even more of those wishing to invest in bitcoin. As a result, there are more and more forecasts saying that the year-old rally may repeat, and bitcoin can rise well above $ 20,000 by the end of the year.

Roman Butko, NordFX
http://www.fxnewinfo.com/index/forex-analysis/

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