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  1. #181
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    Daily Market News by Xtreamforex.com
    EUR/USD FOREX TECHNICAL ANALYSIS – HOVERING ABOVE 13-MONTH LOW AT 1.1312

    Early Wednesday, the EUR/USD is trading flat. We’re looking at the possibility of three developments today. Firstly, we could see a steady opening, followed by a higher trade. This will indicate that buyers are coming in to defend yesterday’s low at 1.1331. Secondly, sellers could return, taking out 1.1331 in the process and continuing the downtrend. Due to the prolonged move down in terms of price and time, we could see a third development. This would involve taking out yesterday’s low at 1.1331 then closing back above yesterday’s close at 1.1343.
    The Euro hit a 13-month low early in the session on Tuesday as investors continued to express concerns over the exposure of European banks to the financial turmoil in Turkey. Worries have lingered about European banks’ loans to Turkey, stoking selling of regional stocks and the single currency.
    The EUR/USD settled at 1.1343, down 0.0067 or -0.59%.
    Daily Technical Analysis
    The main trend is down according to the daily swing chart. A trade through 1.1331 will continue the downtrend.
    The EUR/USD is in no position to change the main trend to up, but it is in the window of time for a closing price reversal bottom. This chart pattern can fuel the start of a 2 to 3 day counter-trend rally.
    Daily Technical Forecast
    Early Wednesday, the EUR/USD is trading flat. We’re looking at the possibility of three developments today.
    Firstly, we could see a steady opening, followed by a higher trade. This will indicate that buyers are coming in to defend yesterday’s low at 1.1331. This could generate enough momentum to fuel a short-covering rally into a steep downtrending Gann angle at 1.1428.
    The Gann angle at 1.1428 forms a resistance cluster with yesterday’s high at 1.1430. Taking out this area will indicate the buying is getting stronger and make 1.1331 a new minor bottom.
    Secondly, sellers could return, taking out 1.1331 in the process and continuing the downtrend. This could lead to a quick test of the July 5, 2017 main bottom at 1.1312. If this bottom fails then look for the selling to extend into the steep downtrending Gann angle at 1.1228. Crossing to the weak side of this angle will put the EUR/USD in a bearish position.
    Due to the prolonged move down in terms of price and time, we could see a third development. This would involve taking out yesterday’s low at 1.1331 then closing back above yesterday’s close at 1.1343. This closing price reversal bottom will not change the trend, but it will indicate the buying may be greater than the selling at current price levels, at least temporarily. This could trigger the start of a 2 to 3 day counter-trend rally.
    Read more:Forex Forecast Archives - XtreamForex

  2. #182
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    GOLD PRICE FUTURES (GC) TECHNICAL ANALYSIS – MORE VOLATILITY COMING WITH $1166.60 NEXT DOWNSIDE TARGET

    Based on the current price at $1184.50, the direction of the December Comex Gold market into the close is likely to be determined by trader reaction to the former bottom at $1184.00. Now that we’ve tested $1184.00, volatility is expected to pick up since there is plenty of room in both directions with $1210.70 a potential upside target and $1166.60 the next downside target.
    Gold futures hit an 18-month low early Wednesday as investors continued to dump the dollar-denominated asset as the U.S. Dollar moved towards its highest level in over a year. Fear of global market contagion drove the greenback higher as sellers continued to express concerns over emerging markets.Daily Technical Analysis
    Gold has been in a freefall since Monday after it breached the August 3 bottom at $1212.50. The move, however, came as no surprise since the daily chart indicated plenty of room to the downside with the January 3, 2017 main bottom at $1184.00 the next major downside target.
    Due to the prolonged move down in terms of price and time, the only chart pattern that can safe this market from breaking further is a closing price reversal bottom. And that’s not likely to happen unless the market finishes over yesterday’s close at $1200.70.
    Daily Technical Forecast
    Based on the current price at $1184.50, the direction of the December Comex Gold market into the close is likely to be determined by trader reaction to the former bottom at $1184.00.
    A sustained move over $1184.00 will indicate the presence of buyers. It will also suggest that today’s sell-off was exhaustion.
    A sustained move under $1184.00 will signal the presence of sellers. If this move creates enough downside momentum then look for a drive into the steep downtrending Gann angle at $1176.70.
    Crossing to the weak side of this angle will confirm the bearish tone and set up the market for a further drive into the December 22, 2016 main bottom at $1166.60. This is followed closely by the December 16, 2016 main bottom at $1162.00.
    Now that we’ve tested $1184.00, volatility is expected to pick up since there is plenty of room in both directions with $1210.70 a potential upside target and $1166.60 the next downside target.
    At 1845 GMT, December Comex Gold is trading $1184.50, down $16.20 or -1.35%.
    Read more:Forex Forecast Archives - XtreamForex

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    BITCOIN – RECOVERS FROM SUB-$6,000 WOES, BUT MORE VOL TO COME

    Bitcoin’s on the move as the Bulls recover from the shock of hitting sub-$6,000 levels, though market volatility is unlikely to abate any time soon.
    Bitcoin fell by 0.99% on Tuesday, following on from Monday’s 0.99% fall, to end the day at $6,190.
    While the day’s loss was a relatively minor one, it was a particularly choppy day, with Bitcoin sliding through the first major support level at $6,071.57 and second major support level at $5,899.23 to an intraday low $5,858.6.
    Bitcoin managed to avoid striking a new swing lo, while the visit to sub-$6,000 levels was the first since a 29th June $5,780.
    In spite of the broad based market sell-off and negative sentiment lingering in the wake of the SEC postponement to decisions on the future of a number of Bitcoin ETFs, Bitcoin managed to fund support to recover back through to $6,000 levels in the late morning, with a broad based market rally seeing Bitcoin test $6,200 ahead of the day’s end.
    A start of a day $6,251.9 high left the day’s first major resistance level at $6,482.27 untested, with Bitcoin continuing to fall short of the 23.6% FIB Retracement Level of $6,757, leaving the extended bearish trend, formed at 5th May’s swing hi $9,999, intact.
    The sell-off seen in recent weeks that accelerated on Monday through Tuesday certainly had the feeling of a bubble bursting, with no real justification for an end to the slide other than speculative trading, with side lined investors likely to have been looking at valuations with the knowledge that the Bitcoin whales were unlikely to be jumping ship anytime soon.
    Either way, the bulls stemmed the tide and, in spite of Bitcoin’s visit to sub-$6,000 levels, Bitcoin continued to hold on to its recent rise in dominance, currently sitting at 53.1%, the slide in the early hours of Tuesday having seen Bitcoin’s dominance rise to 54.62 before easing back, more material sell-offs across the other crypto majors supporting Bitcoin dominance with its less sizeable daily moves.
    On the news wires, there was no particular news that supported the recovery late in the day, with investors needing to be mindful of whether any start of a day rally on Wednesday is just a spill over from late Tuesday’s bounce or a shift in market sentiment that would support a more sustained rally through the day.
    Read more:Crypto News Archives - XtreamForex

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    EUR/USD DAILY PRICE FORECAST – EUR/USD REBOUNDS POST HITTING 13-MONTH LOWS ON US-CHINA TRADE TALKS

    EUR/USD rebounds from 13-month lows as major global currencies including EURO got a bullish boost in Asian market hours on news of Sino-US Trade talks.
    Riskier assets and the EUR scored gains in Asian market hours due to the news that Chinese officials will be traveling to the United States for trade talks in late August. As of writing this article, the EURUSD pair is trading at 1.1384 up 0.33% on the day, after hitting 13 month Low at 1.13009 during yesterday’s trading session. A Reuters report released earlier today quoted China’s Ministry of Commerce as saying that a Chinese delegation led by Vice Minister of Commerce Wang Shouwen will hold talks with US representatives led by Under Secretary of Treasury for International Affairs David Malpass later this month. The announcement seems to have boosted risk assets. For instance, the AUD/USD is up 0.40 percent and the USD/JPY is reporting marginal gains despite the BOJ rate hike talk. As a result, the EUR turned higher in Asia and could extend gains further in the European and US session if the equities react positively to the news of US/China trade talks.
    News of Sino-US Talks Has Curbed Selling Activity Surrounding Chinese Yuan

    Trade war fears had morphed into an opportunity for speculators, who had been selling the Yuan and other currencies against the dollar. The news that pointed to a possible easing of U.S.-China trade tensions appears to have curbed such activity. But there is no guarantee that the trade discussions will end successfully. As such, the trade news may have stopped the speculators’ selling but perhaps only for the time being. The greenback had drawn strength after a tough week for emerging market currencies, initially led by the rout in the Turkish lira. The currency plunged to an all-time low at the start of the week as tensions between Ankara and Washington flared and worries over President Tayyip Erdogan’s economic policies increased. The lira has since recovered to 5.9725 per dollar after slumping to a record low of 7.24 on Monday.
    Read more:Forex Forecast Archives - XtreamForex

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    THE BITCOIN BULLS EYE $6,700 LEVELS TO TAKE SUB-$6,000 OUT OF PLAY

    Bitcoin is on the move early and holding on to $6,300 levels would support a return to $6,600 levels later in the day, the markets settling.
    Bitcoin gained 1.11% on Wednesday, reversing Tuesday’s 0.99% loss, to end the day at $6,258.

    Tuesday’s late in the day upward moves continued into the early hours of Wednesday, with Bitcoin moving through the day’s first major resistance level at $6,341.73 to a morning high $6,483 before easing back.
    Holding on to $6,200 levels through the middle part of the day and avoiding another visit to sub-$6,000 levels to test the day’s first major support level at $5,948.43, supported a break back through the first major resistance level at $6,341.73 and a break through the second major resistance level at $6,493.47 to an intraday high $6,647.6.
    A late sell-off saw Bitcoin pullback to $6,200 levels by the day’s end, with investor fears of another sell-off seeing intraday gains locked in early, pinning back any major recovery as the market looks ahead to the SEC Bitcoin ETF decisions and the G20 rule and regs, which are the two key drivers for Bitcoin and the broader market near-term.
    For the Bitcoin bulls, holding on to $6,200 levels through the day was key, though Bitcoin continued to fall short of the 23.6% FIB Retracement Level of $6,757 needed to support the formation of a near-term bullish trend. The good news was Bitcoin’s break through to $6,600 levels, though Bitcoin will need to be taking a run at $6,700 levels in the coming days to avoid any sell-off.
    Read more:Crypto News Archives - XtreamForex

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