Daily Market News by Xtreamforex.com

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  1. #221
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    Daily Market News by Xtreamforex.com
    Bitcoin – Are the Bulls Over Optimistic about the SEC and Bitcoin ETFs?

    It’s back in the red for Bitcoin, with $6,600 once again a line in the sand for the bulls and the bears for the day.Bitcoin fell by 0.15% on Tuesday, partially reversing Monday’s 0.99% rise, to end the day at $6,663.It was a bearish first half of the day, with Bitcoin pulling back from a start of a day intraday high $6,682 to an early afternoon intraday low $6,605, Bitcoin relying on support at $6,600 to steer clear of sub-$6,600 levels for the first time since 23rd September. The early morning high came up well short of $6,700 levels and the first major resistance level at $6,741.23 and more importantly, the 23.6% FIB Retracement Level of $6,757, red across the cryptomarket board pinning the Bitcoin bulls back on the day.The cryptomarket reversal through the day saw Bitcoin’s dominance creep back up to 52.3%, while the total market cap for the cryptomarket eased back to sub-$220bn.On the news front, the IMF weighed in on the cryptomarket on Tuesday, warning of the rapid rise in Bitcoin and the broader cryptocurrency market and their possible adverse effects on the global financial system.The IMF added that the continued cyber-attacks and security breaches posed an additional threat, particularly with blockchain tech being used to facilitate cross border transactions. While the comments from the IMF are nothing new, the timing is of greater significance, as the G20 and others look to introduce a regulatory framework for the cryptomarket. Regulators and governments are certainly mindful of the jurisdictional issues, the virtual nature of Bitcoin and other cryptocurrencies enabling investors to flout rules and regulations, which ultimately led to the G20 to explore and introduce a unified framework.Judging by Bitcoin’s failure to recover losses for the year, Bitcoin having been sitting at $17,000 levels in early January, a lack of positive news, uncertainty over what lies ahead from a regulatory stand point and pending SEC decisions on the Bitcoin ETF applications are all working against Bitcoin and the broader market, in spite of the more bullish taking a more optimistic view on the SEC’s pending decisions.
    Read more:Cryptocurrency News Archives - Market News & Analysis

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    Gold Price Forecast – Gold markets continue to consolidate

    Gold markets pulled back initially during the day on Wednesday but reached higher after bouncing from the $1188 level. This is a market that continues to be sideways as we have seen over the last several days, and I think it makes sense that we continue more of the same as there is massive support just below.
    Gold markets have been sideways for several days, and it appears that the markets are simply waiting for some type of catalyst to go higher. I think that the gold market continues to grind sideways in the meantime, offer a nice range bound trading opportunities. If we can break above the $1195 level, the market should continue to go much higher. Overall, I think that the market will then go looking towards the $1200 level, and that’s an area that I would expect to be a juicy target for buyers. We need to see the US dollar calm down a bit, as it has been a bit overbought.
    I think the $1185 level is crucial, and if we can break down below there, then we could go much lower. The $1180 level underneath would be the next target, and then perhaps $1175. That would only be on a move higher in the value of the US dollar, something that I think is going to be difficult as the EUR/USD pair is close to so many important support level. I think that given enough time, Gold will pick up value, so I am more bullish than bearish but I also recognize that it’s going to take a bit of momentum to finally break out of the short term consolidation. Buying dips has worked over the last couple of days, so I will continue to do that going forward.
    Read more:Forex Forecast Archives - Market News & Analysis

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    AUD/USD Extends Bullish Series Ahead RBA Financial Stability Review

    AUSTRALIAN DOLLAR TALKING POINTS
    AUD/USD is little changed despite the below-forecast print for the U.S. Producer Price Index (PPI), but recent price action raises the risk for larger rebound in the exchange rate as aussie-dollar extends the bullish sequence from earlier this week.
    AUD/USD EXTENDS BULLISH SERIES AHEAD RBA FINANCIAL STABILITY REVIEW
    Fresh developments coming out of the U.S. economy may do little to alter the near-term outlook for AUD/USD as updates to the Consumer Price Index (CPI) are anticipated to show the headline reading for inflation slipping to 2.4% from 2.7% per annum in August, and another batch of lackluster data prints may fuel a larger rebound in aussie-dollar as it limits the Federal Reserve’s scope to extend the hiking-cycle.
    Keep in mind, the Federal Open Market Committee (FOMC) appears to be on a preset course in 2018 as Chairman Jerome Powell & Co. are widely anticipated to deliver another 25bp rate-hike at the next quarterly meeting in December, and Fed officials may continue to prepare U.S. households and businesses for higher borrowing-costs as the central bank achieves its dual mandate for monetary policy.
    However, the narrowing threat for above-target price growth may force the FOMC to soften its hawkish forward-guidance for monetary policy as ‘both overall inflation and inflation for items other than food and energy remain near 2 percent,’ and Fed officials may continue to project a longer-run neutral rate of 2.75% to 3.00% especially as the shift in U.S. trade policy clouds the economic outlook.
    Read more:Forex News Archives - Market News & Analysis

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    Bears Drag S&P 500 Below 200-Day Average, Risk Aversion Dangerously Broad

    Talking Points:
    Despite disparate performances Thursday, both the S&P 500 and Nasdaq trade below their 200-day moving averages
    The intensity of risk aversion across assets despends on their starting point, but there is no mistaking the risk aversion
    While capital markets are sliding, the safe haven Dollar has dropped, Euro is ignoring Italian pressures and Pound eyes Brexit
    RISK AVERSION PERSISTS AND THE THREAT OF TREND GROWS
    We have closed out a second day of unmistakable risk aversion for the broader financial markets. In the progression of reversing course from a decade-long bull trend, we have checked off yet another box. With fundamental measures of value long ago deteriorating underneath high-flying asset prices, the real speculative traction began some months ago when we started to register a divergence in the performance of the seemingly unflappable US equity indices and many other speculative assets (global equities, emerging market assets, junk bonds, carry trade, etc.) that were starting to take on water. When the S&P 500 and its peers started to sink these past few week, it would raise concern over a contagion that set the stage for concerted selling. That is what we are currently registering. While the S&P 500, Dow and Nasdaq 100 losses this past session were not as intense as Wednesday’ 3-4 percent tumble, they were nevertheless an unwelcome consistency of pain. The S&P 500 has slid below its 200-day moving average for the first time in months (only the second time since June 2016) and now all three stand at the cusp of overturning the leg of the long bull run that found traction after the US election. It is worth noting the disparity in performance between the likes of the S&P 500 and tech-heavy Nasdaq. The latter is a more concentrated representative of the top performing tech sector, yet was holding up relatively well – though it is already on pace for its worst month since the height of the 2008 Great Financial Crisis. In the contrast between US indices and other risk assets, it is tempting to find comfort in the more reserved losses. However, the months of losses preceding this bout of intensity means they have less premium to shed quickly. It should not be relied upon as a signal that risk trends are going to imminently stick a landing.
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    Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/10/18

    It’s a positive start to the day, as the bulls go in search of a relief rally, though there are still plenty of reasons for early gains to reverse.
    Bitcoin Cash Tanks
    The reversal continued on Thursday, with Bitcoin Cash tumbling by 16.02%, off the back of Wednesday’s 0.85% fall, to end the day at $433.4.
    A broad based market sell-off at the start of the day did most of the damage, Bitcoin Cash tumbling from a day high $516.1 to an early afternoon low $438.6, before finding some support. Things didn’t improve through the latter part of the day, the downward trend continuing from an early afternoon high $455.8, with Bitcoin Cash sliding to a late in the day intraday low $428.3 before recovering to $430 levels.
    The day’s major resistance levels were left untested, whilst Bitcoin Cash slid through the day’s major support levels to leave the extended bearish trend firmly intact.
    Declines through the day for Bitcoin Cash and the broader market were news driven, with a U.S Senate hearing and an FSB review of the cryptocurrency market doing the damage on the day.
    At the time of writing, Bitcoin Cash was up 1.05% to $438.4, with Bitcoin Cash managing to recover from an early morning low $427.8 to a morning high $438.8, the early pullback an extension of Thursday’s sell-off. The moves through the early morning left the day’s major support and resistance levels untested.
    For the day ahead, a move through to $460 levels would support a run at the first major resistance level at $490.23 to bring $500 levels into play, though we can expect Bitcoin Cash to face plenty of resistance on any run at $490 levels, to limit the upside on the day
    Failure to move through to $460 levels could see Bitcoin Cash hit reverse later in the day, a pullback through the morning low $427.8 likely to see Bitcoin Cash at sub-$410 levels before any recovery, the day’s first major support level at $402.43 unlikely to be tested barring materially negative news hitting the wires.
    Read more:Cryptocurrency News Archives - Market News & Analysis

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    Risk Aversion Hits ahead of Italy’s Showdown in Brussels

    Brexit jitters hit the Pound, with Italy’s budget delivery to the EU later today weighing on the EUR, as risk aversion returns to the markets.
    Earlier in the Day:
    Economic data scheduled for release through the latter part of the Asian session are on the lighter side this morning, with key stats limited to new loan growth numbers out of China and finalized August industrial production figures out of Japan.
    Out of China, expectations are that September will see a rise in new loans, an easing in lending standards anticipated to offset the negative effects of the ongoing trade war between the U.S and China. While loan growth will be considered a positive, there will be some concern over any rise in China’s corporate debt levels, particularly following the IMF’s latest downward revision to economic growth forecasts.
    For the Japanese Yen, industrial production is forecasted to rise by 0.7% in August, which would be in line with prelim figures, whilst reversing July’s 0.2% decline. We would expect the stats to have a muted effect on the Yen however, with market risk aversion at the start of the week overshadowing the numbers.
    At the time of writing, the Japanese Yen was up 0.12% to ¥112.08 against the U.S Dollar, risk aversion driving demand for the safe haven at the start of the week. Elsewhere, the shift in risk appetite left the Aussie Dollar and Kiwi Dollar in the red, the Aussie Dollar down 0.13% at $0.7105 and the Kiwi Dollar down 0.08% at $0.6502.
    In the equity markets, the sell-off resumed in earnest, with the Nikkei and ASX200 sliding by 1.59% and by 1.07% respectively at the time of writing, with the Hang Seng and CSI300 down 1.15% and 0.82% respectively, the losses coming in spite of Friday’s gains in the U.S, with the U.S futures pointing to a return to the red.
    Concerns over the state of the global economy weighed at the start of the week, with negative sentiment over the weekend influencing risk appetite through the session, an IMF-World Bank meeting over the weekend ending with a call for countries to be prepared for risks ahead, stemming from rising geo-political tensions and the ongoing trade war between the U.S and China.
    Read more:https://www.xtreamforex.com/academy/...ry/forex-news/

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    AUD/USD Xtreamforex Technical Forex Forecast-October 16,2018

    Based on the early price motion, the course of the AUD/USD the rest of the session is in all likelihood to be determined by trader reaction to the up trending gain perspective at 0.7112. this attitude has been guiding the marketplace higher considering that October 5.
    the Australian dollar is buying and selling almost flat and inside the day gone by’s range. this suggests investor indecision and coming near near volatility. in advance in the session, the reserve financial institution of Australia launched its present day financial coverage minutes.
    based totally at the early charge movement, the direction of the AUD /USD the rest of the consultation is in all likelihood to be determined by dealer response to the up trending gain attitude at .7112. this perspective has been guiding the marketplace higher on the grounds that October 5.
    holding the attitude at .7112 will indicate the presence of buyers. if this creates enough upside momentum then search for consumers to take out .7149. this must lead to a take a look at of the down trending gain perspective at .7174, accompanied carefully by means of the 50% level at .7178.
    USD/JPY -Forex Technical Analysis -October 16,2018
    The USD/JPY based on the current price at 111.990, the rest of the session direction of the USD/JPY is likely to be determined by the short term Fibonacci level at 111.984 by trader reactions .The USD/JPY is buying and selling higher early Tuesday. The foreign exchange pair is being supported with the aid of accelerated call for the better danger assets more impregnable US treasury yields and a slightly higher US Dollar on Monday, a weaker inventory marketplace ,a dip in US treasury yields and the weaker than anticipated US-retail income helped make the Japanese yen a extra desirable currency.
    Read more:Forex Forecast Archives - Forex Market News & Analysis

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    UK inflation and Brexit conversation put the GBP in the center ,with one on EUR

    The GBP and EUR today,we can expect some focus on the FOMC minutes because of that the EUR putting focus Brexit and Italy. Moreover, in early part of the day the geo-political risk and leaving market risk sentiment provide direction of the majors and there is no material stats released via Asian session in early morning .The economic data for the EUR schedule is released according to the European session in September Inflation the inflation headline the EUR rise in the line with month on month forecasts and the annual rate of inflation is continue to sit well below ECB’s target .
    GBP/USD Buyers attempting to keep the wheels upright in front of significant EU summit UK CPI
    The GBP/USD is exchanging towards the drawbacks in early Wednesday activity testing into 1.3170 in front of the London market session.an endless barrage of Brexit headlines is sent by sterling traders drift the comments as well from EU and UK leaders .In yesterday’s session the UK wages data is reported helped to bolster the GBP somewhat the overall mood of market run up in Wednesday and EU leadership summit that day where Brexit will be the top billing for the day.According to the Xtreamforex anticipation a break through could be mentioned by 1.3257 level its all about Brexit the market changes a deal will be perceives.
    USD/JPY Nomura raises with estimate to 115.00 at the end of the year
    Nomura raises its USD/JPY forecast at the end of the year .The dollar yen pairing hits 115.00 on the December end .According to expectations of xtreamforex the nomura calling for the USD/JPY to go up and reach to 118.00 by march 2019 and with the end of the year 2019 it will call of 120.00,and revised upward from 110.00.
    Gold is at cross-streets while beneath R1 $1,234.58/oz
    Gold is gotten the idle capital that speculators removed values following a week ago’s defeat on wall street and had gained by the shortcoming of the greenback that has been trying the bull’s responsibilities at 95 figure in the DXY. According to the bulls are looking for a break and holding above 1233 ahead of the 252127.2% .However a break of the 95 handle the drawback will be unquestionably be an or more for gold and products certainly be a plus for gold commodities in general.
    Read more:https://www.xtreamforex.com/academy/...ry/forex-news/


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    EUR/USD endeavoring to hit the brakes almost 1.1500 in the past FOMC result

    The EUR/USD trading price find itself on the downside .European market session handle heading into majors testing in just south of the 1.1500 on Thursday on another round of the EU’s ECOF in meetings .The EUR saw decreases in yesterday’s exchanging slipping consistently from the day’s high of 1.1580 and the merchant picked up energy heading through Wednesday US session after the US FOMC created a headily hawkish minute report,loaning some additional power behind the greenback to bring the fiber down into 1.1500 key specialized figure ,a key level that the EUR/USD has wound up exchanging into decent piece . On yesterday’s meetings the ideas of two sides reaching on inter mostly wash and was largely dominated by the expectations of Brexit .According to Xtreamforex the economic calendar is fairly going narrow for the EUR with the German wholesale price index.
    GBP/USD Focus on UK retail deals and conversion of half Fib and 100-day MA
    The GBP/USD pair having lower high at 1.3236 on Monday with the defensive in Asia .All the more critically ,the pullback from the October 12 high of 1.3258 has killed the bullish standpoint set forward by the bull signal breakout affirmed on October 5.Anticipation of Xtreamforex for September retail sales to predict at 0.4 average on these month with the rising value of 0.3 in August.A bullish breakout would be confirmed by a big margin the pound may pickup a bid for the retail sales and it will goes above 1.3258 high.Still the pair manage and trying to defend the key support at 1.3090.
    GBP/JPY retail sales tests rising trend line in 2 months
    The GBP/JPY rising trend line support in Asia by holding the key crossing the flashing red in Asia .The trend line bolster is holding ground regardless of the hazard avoidance in the Asia stocks and the subsequent interest for the counter hazard JPY. As of composing ,China shanghai composite its revealing a 1.4 percent drop and the stocks in Australia are down 0.20 percent .Moreover ,the EU and UK mediators keep on batting for a leap forward on key issues ,basically the Irish outskirt issue holding the GBP.
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    EUR/USD: Downside uncovered as Italy yield spreads spike ,US-DE spreads keep on rising

    The EUR/USD dropped to 1.1449 yesterday the least level since October 9 and looks set to drop further to 1.14 as different yields spreads are ascending in the EUR negative way.For instance the spread between the 10-years Italian authorities security yield its German counterparts rose to 3.25 percent yesterday ,the most abnormal amount since 2013 and could rise further to new multiyear highs today as the European Union(EU) isn’t content with the Italy arranged spending deficiency.Moreover ,the two year US -German yield differential rose to crisp multi-decade high of 353 premise guides yesterday and looks set towards rise further as the fed minutes discharged not long ago uncovered a developing agreement among the authorities on the requirement for above non-partisan rates.The last but not the least the support 1.1432 could be breached soon.
    GBP/USD is moving towards two-month rising trend line on Brexit impasse
    The GBP/USD pair is follow the downward trends to 1.3015 and could goes to the further to key trend line support Brexit impose today .At present day the money match is exchanging at 1.3021 and the help of the trend line interfacing the Aug 15 low and to October 4 low is situated at 1.30 Strikingly ,1.30 is additionally the 76.4 percent Fib retracement level of the rally from 1.2921/1.3258 .The Irish border solves the problems and the key issues of the UK and EU negotiators to extending the transition to allow more time UK Theresa may signaled yesterday .Thus, a bounce assuming any ,in the GBP/USD will probably be fleeting .Should the combine close underneath 1.30 ,a more profound auction to 1.2905(61.8% Fib R of Aug 15 low/Sep 20 High) could be in the offing.
    USD/JPY bulls going up against the bears and assaulting trend line opposition
    USD/JPY is tracking trend line obstructions .USD/JPY is tracking up the offer again yet stays overwhelming at the obstructions line the underneath the key levels where supply is noted. Furthermore, USD/JPY is as of now exchanging at 112.30 having recapped from a low of 111.95 on the way to the 21 hrs SMA situated at 112.86.In any case, US stocks didn’t care for the resonations from around the globe as for the possibility that the Fed could be on course to go past the nonpartisan rate, (3%) following Wednesday’s FOMC minutes. The match slid vigorously from that point to a low of 111.95 with supply coming in around the Tenkan and Kijun lines at 112.79 and 112.87 – So it is currently evident that the yen remains the main asylum money – (USD/CHF mobilizes to drift highs).
    Read more:Forex News Archives - Forex Market News & Analysis

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