FxPro

2022-08-30 10:40:00 #Bitcoin managed to claw its way to a meaningful round level early in the week, trading at $20,400 on Tuesday morning (+2.8% in 24 hours). Ethereum showed an even more decisive rebound, adding 8.5% at once to $1580. Top altcoins are up 3.5% (Dogecoin) to 7.1% (Solana).

Total cryptocurrency market capitalisation, according to CoinMarketCap, rose 4.2% overnight to $992bn. The cryptocurrency Fear and Greed Index rose 3 points to 27 by Tuesday and moved into "fear" from "extreme fear".

Bitcoin was getting support on Monday on declines under 19500. It attracted buyers roughly at the same levels in July. One can cautiously state that the bears' impulsive attack has been stopped, preventing the first cryptocurrency from updating lows. Such buybacks slowly create a sense that the bottom is near. This dynamic has encouraged a broad layer of buyers, who quickly returned to buying one of the robust fundamentals of recent months, Ethereum. Open / Comment

2022-08-30 09:21:05 #WaveAnalysis

#EURGBP broke key resistance level 0.8510

• Likely to rise to resistance level 0.8585

EURGBP currency pair recently broke the resistance level 0.8510 (which stopped the pair earlier this month) intersecting with the 50% Fibonacci correction of the earlier downward correction from July.

The breakout of the resistance level 0.8510 accelerated the active medium-term impulse wave (3) from the middle of August.

Given the prevailing euro optimism, EURGBP can be expected to rise further toward the next resistance level 0.8585 (top of wave (B) from July).

Trade responsibly with fxpro.com Open / Comment

2022-08-30 09:00:55 #WaveAnalysis

#USDJPY broke key resistance level 137.30

• Likely to rise to resistance level 140.00

USDJPY currency pair recently broke the key resistance level 137.30 (which stopped the previous minor impulse wave 3 earlier this month).

The breakout of the resistance level 137.30 accelerated the active short-term impulse wave 5 of the intermediate impulse wave (5) from the start of August. Given the clear daily uptrend, USDJPY can be expected to rise further toward the next resistance level 140.00 (which stopped the earlier extended impulse sequence (3) in July).

Trade responsibly with fxpro.com Open / Comment

2022-08-29 17:49:29 Open / Comment

2022-08-29 17:46:43 The oil market is now focused on the upcoming OPEC meeting on September 5, where the cartel will discuss production quotas after September. CME's OPEC+ Watch Tool indicates that markets are laying down an 18.7% chance of production cuts, creating a potential selling overhang if these forecasts do not materialise.

In addition, we need to pay attention to the continuing deterioration in GDP growth forecasts for the global economy and Europe's drive to save energy.

Over the medium to long term, economics invariably emerges as the winner compared to geopolitics. And now, the situation is shaping up for where the fight reaches intensity, followed by a turning point. The next few days will likely determine the trend for many months. Open / Comment

2022-08-29 17:46:30 The United States is clearly failing to seize the initiative and start aggressively ramping up its production. According to figures published on Friday evening from Baker Hughes, the number of working rigs rose by three last week to 765, of which 605 (+4 for the week) produce oil. However, we saw a much higher production growth rate in 2009 and 2016, even though the world was by no means suffering from an energy crisis at the time.

At the same time, the technical picture does not yet allow for a recovery of the bullish rally. WTI fell under the 200 SMA at the beginning of August, and despite the bullish comments of OPEC, it did not manage to go back above that level.

The price managed to bounce back from the August lows to levels of 76.4% from the June lows, which fits into the traditional retracement pattern. Open / Comment

2022-08-29 17:45:52 Oil rises hard
Brent is hovering around $100, a psychologically crucial round level. However, it would be a mistake to call it a lull. In our view, the current equilibrium could break at any moment, as geopolitics is now working for the bulls, while the economy, monetary policy, and technical market analysis are on the bears' side.

Oil is performing better than the market, thanks to unexpected comments from Saudi Arabia about its willingness to cut production when the world is suffering from energy shortages.

This was a clear signal that OPEC continues to target historically high oil prices, preferring not to fight for market share as it did in 2014. Back then, however, Saudi Arabia had to compete for the market with the rapidly gaining US and Russian production. The latter has now moved into the lame duck category, where a 5-15% drop in output over the next 12 months would be excellent news. Open / Comment

2022-08-29 15:12:01 #WaveAnalysis #GE

• General Electric reversed from resistance level 80.00

• Likely to fall to support level 75.00

General Electric recently reversed down from the round resistance level 80.00 (which has been reversing the price from the start of May), intersecting with the upper Bollinger Band and the resistance trendline from January.

The downward reversal from the resistance level 80.00 created the daily Japanese candlesticks reversal pattern Shooting Star.

Given strong multi-month downtrend, General Electric can be expected to fall further toward the next support level 75.00 (low of the previous correction (2)). Open / Comment

2022-08-29 14:51:01 #WaveAnalysis

#EURAUD reversed from support level 1.4325

• Likely to rise to resistance level 1.4470

EURAUD currency pair recently reversed up from the key support level 1.4325 (which stopped the previous sharp downward impulse wave (5) in April).

The support area near the support level 1.4325 was strengthened by the lower daily Bollinger Band. The pair is likely to form today the Bullish Engulfing – strong bullish signal for this currency pair.

Given the strength of the support level 1.4325, EURAUD can be expected to rise further toward the next resistance level 1.4470. Open / Comment

2022-08-29 14:31:33 #WaveAnalysis

#AUDCHF reversed from key resistance level 0.6710

• Likely to fall to support level 0.6650

AUDCHF currency pair recently reversed down from the key resistance level 0.6710 (which has been steadily reversing the price from the start of July), intersecting with the upper Bollinger Band and the 38.2% Fibonacci correction of the earlier sharp C-wave from June.

The downward reversal from the resistance level 0.6710 stopped the earlier short-term impulse wave 3.

Given the strength of the resistance level 0.6710, AUDCHF can be expected to fall further toward the next support level 0.6650. Open / Comment