Daily Market News by Xtreamforex.com

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  1. #121
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    Daily Market News by Xtreamforex.com
    GOLD PRICE FUTURES (GC) TECHNICAL ANALYSIS Ė TRADER REACTION TO RETRACEMENT ZONE AT $1256.60 TO $1260.80 SHOULD SET THE TONE TODAY

    Based on Fridayís close at $1255.80, the direction of the August Comex Gold market on Monday is likely to be determined by trader reaction to the 50% level at $1256.60.
    Gold futures are trading steady early Monday. Today, investors will be taking their cues from the movement of Treasury yields and the U.S. Dollar. Lower yields should help make the dollar a less-desirable investment while driving up demand for dollar-denominated gold.

    At 2232 GMT, August Comex Gold is trading $1256.50, up $0.70 or +0.05%.

    The price action the first two days of the week should tell us if last weekís daily/weekly closing price reversal bottom chart pattern was real or just a few traders taking advantage of the below-average volume trading conditions.
    Daily Swing Chart Technical Analysis
    The main trend is down according to the daily swing chart, however, momentum shifted to the upside with the formation of the closing price reversal bottom on July 3 and the subsequent confirmation on July 5.

    A trade through $1262.40 will indicate the upside momentum is getting stronger. The main trend will change to up on a trade through $1274.40. A trade through $1238.80 will negate the closing price reversal bottom and signal a resumption of the downtrend. This could drive the market into a series of bottoms at $1230.70, $1228.20 and $1217.20.

    The main range is $1274.40 to $1238.80. Its retracement zone at $1256.60 to $1260.80 is currently being tested. Since the trend is down, sellers are coming in on a test of this zone. Overcoming it could drive the market into the next retracement zone at $1275.90 to $1284.70.

    The short-term range is $1238.80 to $1262.40. The key area to watch is its 50% level or pivot at $1250.60. Aggressive counter-trend buyers may step in on a test of this level in an effort to produce a secondary higher bottom.
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    AUD/USD PRICE FORECAST Ė AUSTRALIAN DOLLAR RALLIES TO START THE WEEK

    The Australian dollar rallied to start the week, reaching towards the 0.75 level which of course is always going to be psychologically important. Beyond that, there is structural support and resistance at that level, so I think that itís likely that we will continue to see this area cause a bit of a reaction.

    The Australian dollar rallied significantly during the day on Monday as traders came back from the weekend, but the 0.75 level continues to be major resistance. I think itís going take a significant amount of bullish momentum to finally break above that level, and I donít consider it broken until we break above the 0.75 level on a daily close. Until then, I think that short-term traders will continue to push and try to break out to the upside, but if we were to turn around and break below the 0.7450 level, itís likely that the Australian dollar will rollover and go looking towards the 0.74 level.

    The Australian dollar is highly levered to the Asian economy, which of course is highly levered to the trade wars are going on right now. So far, they havenít been overly destructive, but one has to question how long itís going take for the market to freak out over these headlines? I think we will continue to see a lot of choppy and violent trading in the Australian dollar, but I would be much more confident longer-term if we can finally clear the 0.75 level. If we donít, we could drop as far as 0.7350 and not change much in the overall attitude of this market. Pay attention to gold, it has its usual influence as well, just as the Chinese stock markets will to a lesser extent.
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    NZD/USD FOCUSES ON RISK TRENDS AFTER CREDIT SPENDING DATA

    TALKING POINTS:
    New Zealand Dollar rose after local credit card spending beat
    NZD mirrored market sentiment as global stocks posted gains
    The currency pair eyes risk trends and CPI data for next move
    The New Zealand Dollar appreciated against its US counterpart ahead of Tuesdayís Asia Pacific trading session. Its upside momentum was accelerated in the aftermath of better than expected local monthly retail credit card spending data.

    Purchases increased 0.8% versus +0.5% estimated and Mayís 0.6% increase. However, the data had a limited impact on RBNZ monetary policy bets, as local two-year government bond yields were largely unchanged. Keep in mind, the reserve bank is awaiting stable 2% inflation as it contemplates a rate change in either direction.

    New Zealandís currency appeared to be more interested in developments in risk trends, rather. S&P 500futures rose heading into Tuesdayís Asia Pacific trading session, following positive worldwide stock performance. Due to NZDís relatively higher associated yield in the major FX spectrum, the currency tends to closely follow market sentiment.
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    BITCOIN CASH, LITECOIN AND RIPPLE DAILY ANALYSIS Ė 10/07/18

    Itís been a bearish start to the day, with Mondayís late sell-off continuing into the early hours of this morning to test investor resolve. Some recovery is to be expected, though whether resistance levels can be tested remains to be seen.

    Bitcoin Cash in the Hands of the Bears
    Bitcoin Cash fell by 2.68% on Monday, following on from Sundayís 3.31% slide, to end the day at $729.

    Upward momentum through the first half of the day saw Bitcoin Cash move through to $750 levels, following an early dip to sub-$740 levels, before pulling back through the second half of the day, with Bitcoin Cash falling through the first major support level at $730.1 to an intraday low $725.7 late in the day.

    A spike ahead of the dayís low saw Bitcoin Cash briefly strike $760 levels with an intraday high $761.9 that fell short of the dayís first major resistance level at $774.1 and saw Bitcoin Cash fail to hit $800 levels for a 5thconsecutive day.

    At the time of writing, Bitcoin Cash was down 0.92% to $722.3, with a spill over from Mondayís late in the day sell-off continuing through the early hours, taking Bitcoin Cash to a morning low $720 before steadying. The early moves left the dayís first major support and resistance levels untested.

    For the day ahead, a move through to $740 would support a run at the dayís first major resistance level at $752.03, though for Bitcoin Cash to find support and begin reversing the morningís losses, sentiment across the broader market will need to shift.

    Failure to move through $740 levels to take a run at $750 could see Bitcoin Cash slide through the first major support level at $715.83 to bring the second major support level at $702.67 into play and a possible visit to sub-$700 levels before any recovery should sentiment not shift through the early afternoon.
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    US AM DIGEST: EUR DIPS ON ZEW SURVEY, GBP HAMPERED BY SOFT OUTPUT DATA

    Major Headlines

    German ZEW Survey hits 6 year low on trade war concerns
    UK Monthly GDP prints in line with expectations, output data disappoints.
    EUR: Among the underperforming currencies amid the bounce back in the USD index. Alongside this, German ZEW survey plunged to its lowest level in 6 years, consequently exacerbating the selling seen in EURUSD, which in turn led to a break below the 1.1700 handle. Elsewhere, Italyís Savona, stated that it may depend on others whether Italy stays in the Euro, as such this saw Italian bond yields spiked higher, while the FTSE MIB retraced some of its earlier gains.
    GBP: The UK economy continued to pick up in May after the slowdown seen in Q1 amid the boost in service sector growth, while manufacturing and industrial activity data disappointed. The first look at the new monthly GDP report printed in line with expectations at 0.3%, while the yearly rate beat consensus at 1.5% (Exp. 1.4%). However, the soft industrial and manufacturing data prompted the selloff in the Pound, while domestic political uncertainty continues to keep GBP on the back foot.

    TRY: Once President Erdoganís executive presidential system came into effect, the President no time in utilising his new powers. Firstly, Erdogan changed the Turkish Central Bank law, allowing him to appoint who he wants as deputy governors without the consent of the governor. Most notably Erdogan appointed his son-in-law as the new finance minister and removed the market friendly, Simsek and Al Babacan which prompted a sell-off in the Turkish Lira. As such, Erdogan has tightened his control over crucial policy areas without the involvement of qualified domain experts.
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    BITCOIN AND ETHEREUM PRICE FORECAST Ė BTC PRICES SLIDE

    The prices have come under pressure, though for no specific fundamental reason, and this continues the range and consolidation in this market.
    The BTC prices fell back into range and as we have been saying many times over the last few days, this is likely to continue in the short and medium term as well. We do not find any reason for the prices to make a breakout on either side of the range and hence the prices are only going to consolidate in the coming days. The prices are back below the $6500 region and though there might be a temptation to find a reason for the fall, we would advise our readers to not to try and look at it too much as this has been the case over the past several weeks. The market has become settled more or less over the last few weeks and we are seeing increasing signs of maturity, unlike the same time last year where even little bits of news were met with the prices moving up very quickly or moving down very quickly as well.

    BTC Prices Correct Lower
    With the market maturing, we are seeing that the volatility is also dying down along with it and this is a good sign for the near future for the crypto markets. This is what is likely to attract the more saner traders and investors and this welcome sign is only going to attract more and more investors in due course of time. So the traders have to sit tight in these quiet times and hope that things begin to change and become more volatile and there is a breakout in the near future which would make the trading attractive for the day traders.
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    S&P 500 PRICE FORECAST Ė S&P 500 CONTINUES TO BUILD UPWARD PRESSURE

    The S&P 500 market has drifted a bit higher during the trading session on Tuesday, reaching towards the 2800 level above. I think that the market is trying to build up enough momentum to finally break out above there, but itís going to take quite a bit of bullish pressure to do so.

    The S&P 500 has gone a little higher during the trading session on Tuesday, as it looks like we are ready to reach towards the 2800 level. I think that if we can break above that level, itís likely that we are going to continue to go higher. Short-term pullbacks are buying opportunities, and with that being the case itís likely that the 2770 level underneath will offer support, and most certainly the 2750 level will as well.

    If we do break above the 2800 level, the market is very likely to go higher, perhaps reaching towards the 2850 level over the longer-term. The S&P 500 will of course offer buying opportunities on these dips as the market certainly favors the upside overall. Thatís not to say that it will be easy, but I think eventually we will go higher. Ultimately, the S&P 500 is a great barometer on the global market risk appetite, which seems to be doing a bit better over the last several days. The jobs number last week of course helped, so I think that the S&P 500 will continue to find plenty of value hunters on dips.
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    BITCOIN AND ETHEREUM PRICE FORECAST Ė BTC PRICES CONTINUE TO SLIDE
    The prices continued to move lower for another trend as the bearish trend in the markets continue to keep the prices under pressure.
    The BTC prices are well and truly back in range as the prices fall further towards the support regions and now we are seeing the prices trade in the $6300 region as of this writing. We would not be surprised if the correction continues and the prices move lower as the risks around the world recede and so we are seeing some of the funds being pulled out of the crypto market and being dumped into other markets which give better returns in due course of time. This is one of the reasons why we are seeing the prices move lower over the last couple of days after threatening to break through the $6800 region of resistance at the start of the week.
    BTC Prices Correct Further
    We had mentioned at that time that this would be the region that is likely to witness a battle between the bulls and the bears and as long as the prices continue below this region, the bears are firmly in control. This is what we are seeing now as the prices have since tumbled lower and the market continues to trade in a weak manner. We are seeing support coming in at the $6200 region and we can also see a lot of buying coming in at the $5800 region from where the prices have rebounded over the last couple of times. So, as of now, the market seems to be locked in a large range of around $1000 and this is set to be the case for the rest of the month.
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    AUSTRALIAN DOLLAR TICKS LOWER AS INFLATION EXPECTATIONS DO TOO

    AUSTRALIAN DOLLAR, INFLATION EXPECTATIONS, TALKING POINTS:
    Australian consumer inflation expectations slid in July
    Persistently low consumer price acceleration is among the Reserve Bank of Australiaís biggest headaches
    The Australian Dollar remains pressures
    The Australian Dollar slipped just a little on Thursday as official data found consumers even less concerned about inflation than they had been in the previous month.

    Consumer inflation expectations came in at 3.9% on the year for July, below the 4.2% seen in June. This probably will not please interest rate setters at the Reserve Bank of Australia. Low inflation is one of their key concerns at present and shoppersí expectations of further price rises are a key component of policy.
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