Daily Market News by Xtreamforex.com

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  1. #171
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    Daily Market News by Xtreamforex.com
    BITCOIN HOLDS ON TO $7,000

    Bitcoin’s on the move early, with $7,200 levels in play should Bitcoin avoid a pullback to sub-$7,000 levels in the first half of the day.
    Bitcoin gained just 0.15% on Sunday, following Saturday’s 5.48% tumble, to end the week down 14.55% to $7,023.9.
    Moves through the early part of the day saw Bitcoin continue to call on support at sub-$7,000 levels, with Bitcoin falling through the first major support level at $6,912.6 to an early morning intraday low $6,890 before recovering to $7,000 levels through the late morning.
    The afternoon failed to deliver a weekend rally for the Bitcoin bulls, with a recovery from a second slide through the first major support level to an afternoon low $6,896.1 leaving Bitcoin relatively flat for the day and trailing the majors, not just on the day, but for the week.
    While Bitcoin managed to hold above the 23.6% FIB Retracement Level of $6,757 and hold on to $7,000, the extended bearish trend formed at 5th May’s swing hi $9,999 remained intact, the latest pullback from $8,000 levels seeing Bitcoin’s bullish trend reverse through the last week.On the day, the news wires were on the quieter side, providing much needed support to Bitcoin and the broader markets, though Sunday’s moves reflected investor sentiment and concerns over what lies ahead for the broader cryptomarket.
    News of yet another fraudulent ICO in South Korea did little damage to sentiment across the broader market on Sunday, with the recent slide across the cryptos coming off the back of an expectation that the South Korean government will go ahead and roll out policies ahead of the G20’s delayed unified rules and regulations later in the year.
    At the time of writing, Bitcoin was up 0.84% to $7,084.8, upward momentum from Sunday afternoon continuing into the early hours of this morning, with Bitcoin moving through the first major resistance level at $7,112.6 to an intraday high $7,153.6 before easing back to sub-$7,100 levels.
    A start of a day $7,020 low saw Bitcoin steer clear of the first major support level at $6,912.6 and more importantly continue to hold above the 23.6% FIB Retracement Level of $6,757.
    For the day ahead, a move back through to $7,100 levels would bring the day’s first major resistance level at $7,112.6 and second major resistance level at $7,201.3 into play, though for Bitcoin to find strong support through the afternoon, a pullback to sub-$7,000 levels will need to be avoided.
    Read more:Crypto News Archives - XtreamForex

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    AUD/USD COULD YET RISE ON RBNZ WITH LOWE AND CHINA TRADE PASSED

    AUSTRALIAN DOLLAR TALKING POINTS: RBA, PHILIP LOWE, CHINA TRADE, RBNZ
    Australian Dollar edged cautiously higher on Philip Lowe speech and Chinese trade
    Ahead, a relatively dovish RBNZ monetary policy announcement could boost Aussie
    AUD/USD remains in consolidation after recent push higher, eyeing February line.
    The Australian Dollar edged cautiously higher as RBA’s Governor Philip Lowespoke. Just yesterday, the central bank left its benchmark lending rate unchanged at 1.50% as expected which marked the 2-year anniversary if its last adjustment. There, the Reserve Bank of Australiadowngraded near-term inflation expectations while simultaneously upgrading more outward looking estimates.
    Mr. Lowe noted that we should expect inflation to rise and be close to 2.5% by 2020. He also reiterated that the next rate move would be up if the outlook ‘stays favorable’. But before RBA hawks could get excited, Lowe added that he still sees no strong case for a near-term monetary policy adjustment. With that in mind, rate hike bets seemed unaltered as Australian front-end government bond yields remained unchanged.
    Even so, the Australian Dollar may have benefited from Chinese trade balance statistics which were released at the time of Lowe’s speech. In Dollar terms, net exports clocked in at $28.05b in July versus $38.92b expected. Meanwhile, imports rose 27.3% y/y versus 16.5% anticipated. Exports climbed 12.2% versus 10.0% seen. Keep in mind that this was the first month in which the US imposed tariffs on China imports.
    The surge in imports could have positive knock-on effects for Australia’s economy given that China is their largest trading partner. Even so, the RBA remains patient before adjusting rates. Ahead, the Australian Dollar could benefit from Wednesday’s RBNZ monetary policy announcement. There, a relatively dovish central bank could hurt the New Zealand Dollar and boost AUD given that the latter is a substitute for it from a yield perspective.
    Read more:Forex News Archives - XtreamForex

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    BITCOIN CASH, LITECOIN AND RIPPLE DAILY ANALYSIS – 08/08/18

    The cryptos are in free fall once more and if the ship doesn’t steady by late morning, there may well be more pain ahead.
    Bitcoin Cash Slumps to mid-$600s
    Bitcoin Cash tumbled by 4.92% on Tuesday, following on from Monday’s 2.61% fall, to end the day at $657.
    A mid-morning rally saw Bitcoin Cash move back through to $700 levels, with an intraday high $713 before easing back, with the day’s first major resistance level at $712.5 pinning Bitcoin Cash back from any breakout in the early afternoon.
    Bitcoin Cash slid through the late afternoon, a broad based news driven market sell-off pulling Bitcoin Cash through the first major support level at $673.7 and second major support level at $656.4 to an intraday low and new swing lo $645.6 before a partial recovery to $650 levels.
    At the time of writing, Bitcoin Cash was down 4.51% as Tuesday’s late sell-off spilled into the early hours of this morning.
    Bitcoin fell from a start of a day $657 high, through the first major support level at $630.07, to a new swing lo and morning low $626, the morning slide being seen across the broader market.
    For the day ahead, a move back through the first major support level to $670 levels would support a recovery and bring the day’s first major resistance level at $698.47 into play, though with the negative sentiment weighing, we will expect major resistance levels to be left untested.
    Failure to move back through $630 to $670 levels by the early afternoon could see Bitcoin Cash taken another hit later in the day, the day’s second major support level at $603.13 in play, with any pullback to sub-$610 levels bringing sub-$600 levels into play.
    Litecoin Hit Hard
    Litecoin slumped by 8.52% on Tuesday, following Monday’s more modest 1.22% decline, to end the day at $67.34.
    Tracking the broader market, a mid-morning rally saw Litecoin move through to an early afternoon intraday high $75.5 before easing back to $74 levels, the day high falling short of the first major resistance level at $76.22.
    The late in the day sell-off saw Litecoin slide through the first major support level at $71.89 and second major support level at $70.03 to an intraday low and new swing lo $66.6 before recovering to $67 levels, the day’s moves reaffirming the extended bearish trend formed in early May.
    Read more:Crypto News Archives - XtreamForex

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    AUD/USD AND NZD/USD FUNDAMENTAL DAILY FORECAST – RBNZ CALLS FOR LOWER GROWTH UNTIL END OF YEAR

    The early weakness suggests investors were caught by surprise by the negative reaction from the RBNZ since May. Although economic growth had slowed since then, some economists don’t think that it will remain as soft over the rest of this year as the Reserve Bank expects. They base this assessment on strong economic data in June.
    The New Zealand and Australian Dollars are trading lower early Thursday with the Kiwi leading the way due to a dovish outlook from the Reserve Bank of New Zealand.
    At 0134 GMT, the NZD/USD is trading .6712, down 0.0036 or -0.54% and the AUD/USD is at .7431, down 0.0003 or -0.03%.
    The New Zealand Dollar is under pressure early Thursday after the Reserve Bank signaled it will leave the official cash rate (OCR) unchanged until at least 2020, as concerns around the economy build.
    The RBNZ left its benchmark interest rate unchanged as widely expected by economists and traders, however, it was the bank’s guidance calling for low rates for considerably longer than most forecasters were predicting, that is driving the Kiwi lower.
    “We expect to keep the OCR at this through 2019 and into 2020, lower than we projected in our May Statement,” Governor Adrian Orr said in the opening lines of the statement.
    “The direction of our next OCR move could be up or down.”
    Orr also commented that the economy was expected to pick up pace before the end of the year, but there were risks that this may not happen. In the Reserve Bank’s latest forecasts, the economy is expected to grow by about 2.8 percent over the coming year, 0.5 percentage points lower than it expected at its last major update in May.
    The RBNZ forecasts also call for lower growth in the next nine months before forecasting the economy will pick up in 2019.
    Read more:Forex Forecast Archives - XtreamForex

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    BITCOIN FALLS SHARPLY AS SEC DELAYS ETF DECISION UNTIL SEPTEMBER

    Bitcoin takes an early hit as the broader market continues to slide following the SEC’s latest delay, the bears firmly in control early on.
    Bitcoin slid by 6.96% on Tuesday, following on from Monday’s 1.16% fall, to end the day at $6,714. Bitcoin falls after the Securities exchange and commission postponed the approval of Bitcoin’s ETF until September.
    Yesterday, a bullish start to the day saw Bitcoin move through to an early afternoon intraday high $7,150, Bitcoin breaking through the first major resistance level at $7,116.07, before easing back, while holding on to $7,000 levels through the afternoon.
    Late in the day, a broad-based market sell-off saw Bitcoin slide through the day’s first major support level at $6,809.47 to call on support at the second major support level at $6,674.93, with an intraday low $6,677 before recovering to $6,700 levels by the day’s end.
    Of greater significance on the day was Bitcoin’s pullback through the 23.6% FIB Retracement Level of $6,757, a further reaffirmation of a resumption to the extended bearish trend formed back at 5th May’s swing hi $9,999.
    News of yet another postponement by the SEC on approving a Bitcoin ETF did the damage on Tuesday, the continued delay in approvals suggesting that there is more to the postponing than meets the eye, with the markets all too aware of the delayed release of unified rules and regulations by the G20.
    With Bitcoin and the broader market suffering at the hands of the crypto bears, the sensitivity to any news has weighed significantly, in spite of a delay being quite different to a decline.
    At the time of writing, Bitcoin was down 6.96% to $6,537.8, with Tuesday’s late sell-off continuing into the early hours of the morning, investors unable to shake off the jitters following the SEC’s latest decision to delay.
    The early morning slide saw Bitcoin pullback from an opening $6,718.7, through the first major support level at $6,544 and the second major support level at $6,374, to a morning low $6,360.5, before finding much need support to recover to $6,500 levels.
    Read more:Crypto News Archives - XtreamForex

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    GOLD PRICE CHART HINTS AT BOTTOMING AFTER US 10-YEAR BOND AUCTION

    GOLD & CRUDE OIL TALKING POINTS:
    Gold prices rise as US bond yields, Dollar fall after record debt sale
    Crude oil prices drop, talked down by officials from China and Iran
    Chart setups hint gold may be set to bounce as crude oil suffers losses
    Gold prices rose yesterday as the US Dollar retreated alongside Treasury bond yields after hitting a 13-month high intraday. That helped the yellow metal leverage its appeal as an anti-fiat and non-interest bearing alternative. The move came after demand held impressively steady despite a record-setting offering of $26 billion in 10-year notes.
    The bid-to-cover ratio registered at 2.55, only a hair lower than the 2.57 reading recorded at the prior sale of comparable paper. Investors seemed to interpret the outcome to mean that the oncoming flood of new issuance needed to finance the widening budget deficit will find healthy take-up. That sent US debt prices higher, trimming baseline borrowing costs.
    GOLD TECHNICAL ANALYSIS
    Gold prices edged above trend line resistance set from mid-June, hinting an upswing may be in the works. The appearance of a bullish Morning Star candlestick pattern and positive RSI divergence reinforce the case for a rebound. A break above range floor support-turned-resistance at 1221.25 opens the door for a test of the 1236.6-40.86 area. Immediate support is at 1204.59, the August 3 low.
    Read more:Forex News Archives - XtreamForex

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    BITCOIN FALLS SHARPLY AS SEC DELAYS ETF DECISION UNTIL SEPTEMBER

    Bitcoin takes an early hit as the broader market continues to slide following the SEC’s latest delay, the bears firmly in control early on.
    Bitcoin slid by 6.96% on Tuesday, following on from Monday’s 1.16% fall, to end the day at $6,714. Bitcoin falls after the Securities exchange and commission postponed the approval of Bitcoin’s ETF until September.
    Yesterday, a bullish start to the day saw Bitcoin move through to an early afternoon intraday high $7,150, Bitcoin breaking through the first major resistance level at $7,116.07, before easing back, while holding on to $7,000 levels through the afternoon.
    Late in the day, a broad-based market sell-off saw Bitcoin slide through the day’s first major support level at $6,809.47 to call on support at the second major support level at $6,674.93, with an intraday low $6,677 before recovering to $6,700 levels by the day’s end.
    Of greater significance on the day was Bitcoin’s pullback through the 23.6% FIB Retracement Level of $6,757, a further reaffirmation of a resumption to the extended bearish trend formed back at 5th May’s swing hi $9,999.
    News of yet another postponement by the SEC on approving a Bitcoin ETF did the damage on Tuesday, the continued delay in approvals suggesting that there is more to the postponing than meets the eye, with the markets all too aware of the delayed release of unified rules and regulations by the G20.
    With Bitcoin and the broader market suffering at the hands of the crypto bears, the sensitivity to any news has weighed significantly, in spite of a delay being quite different to a decline.
    At the time of writing, Bitcoin was down 6.96% to $6,537.8, with Tuesday’s late sell-off continuing into the early hours of the morning, investors unable to shake off the jitters following the SEC’s latest decision to delay.
    The early morning slide saw Bitcoin pullback from an opening $6,718.7, through the first major support level at $6,544 and the second major support level at $6,374, to a morning low $6,360.5, before finding much need support to recover to $6,500 levels.
    Read more:Crypto News Archives - XtreamForex

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    BITCOIN – DOMINANCE BEGINS TO RISE AS OTHERS FALTER

    Bitcoin on the rise early, though holding on to $6,300 levels will be key in the early part of the day to avoid a pullback later in the day.
    Bitcoin gained 1.24% on Sunday, following on from Saturday’s trend bucking 1.5% rise, to end the week down 10.2% at $6,310.1.
    A late Saturday reversal continued into the early hours of Sunday morning, with Bitcoin pulling back to a start of a day intraday low $6,162 before recovering to $6,300 levels, the day’s low steering clear of the first major support level at $5,998.23 and more importantly sub-$6,000 levels.
    Through a choppy afternoon, Bitcoin broke through to $6,400 levels, with an intraday high $6,499 seeing Bitcoin test the day’s first major resistance level at $6,489.63 before pulling back to $6,300 levels.
    While there was no major weekend rally to speak of, the gains over the weekend cut the deficit for the week and of greater significance was the clear level of support at sub-$6,300 levels, any pullbacks to $6,100 levels being short lived, leading to recoveries to $6,300 levels on each occasion.
    In spite of the support, Bitcoin continued to fall well short of the 23.6% FIB Retracement Level of $6,757 and $7,000 levels needed to begin a near-term bullish trend formation, with the markets yet to fully dust off the recent negative news to hit the wires.
    For the broader market, it was a particularly tough week, Bitcoin’s dominance rising from a start of a week 47.3% through to 51% at the time of writing, with the cryptomarket total market cap sliding from $259.99bn to a low of $206.97bn before recovering to $214bn levels.
    The Bitcoin bulls will be fully aware of the rise in Bitcoin dominance over the week, reflected in the minor losses relative to the broader market, the support for Bitcoin certainly evident over the weekend.
    On the news wires, there was no materially negative news over the weekend, supporting Sunday’s gains though we can expect the regulatory chatter to return following a couple of weeks of relative silence.
    At the time of writing, Bitcoin was up 0.59% to $6,351, some early support seeing Bitcoin recover from a start of a day $6,306.8 low to an early morning $6,380 high, before easing back, the early moves leaving the major support and resistance levels untested.
    Read more:Crypto News Archives - XtreamForex

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    AUD/USD FOREX TECHNICAL ANALYSIS – TREND DOWN, BUT RIPE FOR COUNTER-TREND REVERSAL

    Since today’s session begins with the AUD/USD in the window of time for a closing price reversal bottom, the key level to watch today will be yesterday’s close at .7272. We’re looking at three possible scenarios: Rally, Break or Closing Price Reversal Bottom.
    The Australian Dollar is trading slightly higher early Tuesday, but inside yesterday’s range. This tends to indicate investor indecision and impending volatility. We’re probably looking at some short-covering amid easing tensions in Turkey. Traders are also digesting the series of weaker-than-expected economic reports from China.
    At 0404 GMT, the AUD/USD is trading .7277, up 0.0004 or +0.07%.
    Daily Technical Analysis
    The main trend is down according to the daily swing chart. A trade through .7256 will signal a resumption of the downtrend. The Aussie is in no position to change the trend to up, but due to the prolonged move down in terms of price and time, it is in the window of time for a closing price reversal bottom. This chart pattern will indicate the buying is greater than the selling, at least temporarily. This could lead to a 2 to 3 day correction.
    A short-term range may be forming between .7453 and .7256. Its retracement zone at .7354 to .7378 is a potential upside target. Since the trend is down, sellers are likely to come in on a test of this zone.
    The longer-term target is the December 23, 2016 main bottom at .7159.Daily Technical forecast
    Since today’s session begins with the AUD/USD in the window of time for a closing price reversal bottom, the key level to watch today will be yesterday’s close at .7272. We’re looking at three possible scenarios.
    Firstly, buyers come in from the opening and defend .7272 all session. This could trigger weak buy stops over yesterday’s high at .7300. If this move creates enough upside momentum then look for a possible rally into the nearest downtrending Gann angle at .7333.
    Secondly, sellers come in from the opening and take out .7256, triggering a resumption of the downtrend. The daily chart shows there is plenty of room to the downside with .7159 the next major target.
    The third possibility is the closing price reversal bottom. In this case, sellers take out yesterday’s low at .7256 then turn higher for the session. This will indicate weak selling and strong short-covering. It could trigger a 2 to 3 day counter-trend rally with .7355 the minimum upside target.
    Read more:Forex Forecast Archives - XtreamForex

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    CRYPTOCURRENCIES CRASH CONTINUES; BITCOIN’S BULLETPROOF BOTTOM AT $6000?

    The leading cryptocurrencies show a two-digits sell-off on Tuesday: Ethereum (ETH) has lost more than 17%, XRP fell by 14.5%, and Cardano (ADA) has plummeted more than any other major cryptocurrency by almost 20%. Bitcoin dropped 6% to trade near $6000.
    The cryptocurrency market has started the current week with an impressive decline. The total market cap fell by 12% to $ 192 billion a day, which is less than 25% of the peak market volume at the beginning of the year. The Bitcoin once again came to the threshold level at $6000 losing more than 6% in the past 24 hours.
    The leading altcoins show a two-digits sell-off: Ethereum (ETH) has lost more than 17%, XRP fell by 14.5%, Cardano (ADA) and IOTA (IOT) have plummeted more than any other major cryptocurrency by almost 20%.
    As we take a look at the BTC chart for this year, we can see that the cryptocurrency showed lower lows and lower highs until the BTC level reached the current mark somewhat below $6000, which seems a strong support level.
    $6000 mark could become the solid support with possible reverse
    From a technical analysis perspective, the situation looks ambiguous. The Bitcoin returned to the area of its lows where it received support in February, March-April, and June. Another rebound from this area could start a significant rally, having established as a bulletproof bottom.
    The RSI index also came out of the oversold levels, which often increases the chances for a rebound. Despite the weakness of the market, this scenario looks the most plausible at the moment.
    Alternatively, the drawdown lower than the previous levels near $5800 could give an impulse for a new sell-off wave. In this case, BTC would expect a decline to $3300 level due to a significant liquidation of long positions.
    Volatility in the traditional markets does not cause the demand for cryptocurrencies, as it was a year ago, despite the twofold increase in trade volumes on the Turkish exchanges. In general, the world becomes a witness of a massive diminishing of the interest in cryptocurrencies.
    Read more:Crypto News Archives - XtreamForex

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