Daily Market News by Xtreamforex.com

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  1. #81
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    Default Gbp/usd pinned to 1.33 on fresh brexit concerns, technical correction already running

    Daily Market News by Xtreamforex.com
    GBP/USD PINNED TO 1.33 ON FRESH BREXIT CONCERNS, TECHNICAL CORRECTION ALREADY RUNNING OUT OF STEAM
    The GBP/USD is trading near the 1.3300 major handle ahead of Tuesday’s London session after declining in Monday’s action.

    The Sterling knocked lower on Monday after the UK Construction PMI for May came in unchanged, piling on in a week that has already seen Brexit concerns swing back to the forefront, with little resolution seen on the current Ireland border issues, post-Brexit trade conditions, and a Brexit withdrawal bill due in the House of Commons on June 12th. The GBP has managed to hit the brakes on the decline, and has steadied out near the 1.3300 major level after clocking in a daily high just beneath 1.3400 in Monday’s trading.

    Tuesday brings the UK’s Markit Services PMI for May, expected at 53.0 compared to the previous reading of 52.8. The BRC Like-For-Like Retails Sales indicator dropped some positive figures in the late Monday session, printing at 2.8% compared to the expected 0.8% drawdown and the previous contraction of -4.2%.

    GBP/USD levels to watch

    FXStreet Chief Analyst Valeria Bednarik on the Sterling’s technical stanceheading into Tuesday’s London markets: “the GBP/USD pair 4 hours’ chart presents a neutral stance heading into the Asian session, as the pair is now struggling around a flat 20 SMA, while technical indicators have pulled back from near overbought readings, the Momentum now heading nowhere around its 100 level, but the RSI maintaining the downward slope at 46, leaning the scale toward the downside for the upcoming sessions.”

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    EUR/USD PRICE FORECAST – EURO LIKELY TO CONSOLIDATE
    The pair has been trying to form a base over the last couple of days.
    The EURUSD pair has been trying to form a base over the last couple of days as the hit that it had taken due to the hawkish stance of the ECB with regard to the tapering and ending of the QE seems to continue to have a large impact on the markets over the last few days. This is expected to continue in the short term though we believe that the region around 1.15 should offer some decent support for now.

    EUR/USD Finds Support
    The region around 1.15 is not only a region where there is a lot of buying, it is also a round figure and hence likely to attract a lot of buying. We have also seen that this region has been the target of many of the bears over the last few weeks and hence the achievement of this target, with ample help from the ECB, should help the bears take profit and this should alleviate the selling for now.
    We believe that the pair would continue to consolidate and range between the 1.15 and the 1.18 regions for the short term as we watch the ECB very closely on its moves over the next few weeks with regard to the tapering. The ending of the QE has been pushed still far ahead and this should lead to ample supply of euros in the market and though this is likely to help the stock markets, this is not good news for the euro and that is why we have seen the large fall.

    We are also likely to see the Fed continue its hawkish stance with regard to the rate hikes and this is only going to add even more pressure on the euro in the coming months as the Fed decides to hike a couple of more times in the rest of the year. Looking ahead to the day, we expect the consolidation to continue with it being the first day of the week.
    Read more:Forex Forecast Archives - XtreamForex

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    Default Bitcoin and ethereum price forecast btc prices in range

    Bitcoin and ethereum price forecast btc prices in range
    The prices have been in a tight range and consolidating.
    There hasn’t been much happening in the crypto markets over the weekend which is something unusual for a market that has been used to a lot of volatility as compared to the other ones. We have been seeing the $6600 region acting as the resistance overhead and this is something that we have been pointing out over the last few days.It is expected that thi consolidation and ranging would continue for the short term as well. There hasn’t been much happening by way of fundamentals or economic data and this is also one of the reasons for the slow moves that we have been seeing in the markets over the last few days.
    Read more:[URL="www.xtreamacademy.com"]www.xtreamacademy.com

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    Default Bitcoin and ethereum price forecast – btc prices above $6600

    BITCOIN AND ETHEREUM PRICE FORECAST – BTC PRICES ABOVE $6600

    The prices have moved higher and likely to remain buoyant.

    The BTC prices received a boost over the last 24 hours and now we see the prices peeking above the $6600 region as of this writing. This is likely to keep the demand for BTC high as more and more traders and investors are likely to be enticed into the market in the hope of the next bull run happening in due course of time. We expect a lot of selling to happen in this region and so it would be better to wait and see the price action before jumping into the trades. So far, the moves have been quiet and steady and there have not been any major signs of a breakout as yet and hence it is important that the price action is closely watched.

    BTC Prices Buoyant
    Much of the move has happened over the last few hours which shows that the demand from Asia, especially from countries like South Korea and Japan have been high over the last few hours. There have not been any major fundamentals to rock the markets are yet except for the news that the South Korean authorities are likely to go slow on regularisation as they do not want to give credence and legality to the cryptos just as yet. It is clear that as more and more countries begin to regulate the crypto markets, it would only mean that more and more legitimate investors and traders are likely to enter the markets in due course of time.
    The ETH market has also received a boost from the overall bullish nature of the crypto markets over the last 24 hours and it now trades comfortably above the $500 region as of this writing after spending a lot of time at the lows of the range near $450. It is expected to remain buoyant in the short term.

    Forecast
    The moves over the last few days have shown that there is a lot of buying support in the region around $6300 for the BTC market and this is likely to keep the prices well supported for today. The traders would be watching the price action very closely for more clues on the resumption of the bull trend.
    Read more:Crypto News Archives - XtreamForex

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    Default Usd/jpy dips below 110, looks south on escalating us-china trade war

    The USD/JPY fell to an eight-day low of 109.85 in Asia, possibly due to fast-moving US-China trade war and the signs of risk aversion in the financial markets.

    The JPY picked up a strong bid in early Asia, pushing the USD/JPY below its 200-day MA of 110.22 after Trump asked US Treasury asked the US Treasury to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.

    On Friday, the US announced tariffs on $50 billion worth of Chinese imports. In response, China slapped a 25 percent tariff on 545 American imports.

    Clearly, world’s two-biggest economies appear increasingly headed towards a long, griding trade war.

    Hence, the risk assets are under pressure. For instance, the S&P 500 futures are down 0.76 percent. Consequently, the anti-risk JPY is on the offensive.

    As of writing, the USD/JPY is trading at 108.90 and looks set to extend losses further.
    Read more:Forex News Archives - XtreamForex

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    Default Aud/usd clocks session high as rba minutes sound more upbeat on growth

    AUD/USD CLOCKS SESSION HIGH AS RBA MINUTES SOUND MORE UPBEAT ON GROWTH

    The Reserve Bank of Australia (RBA) June meeting minutes sounded more upbeat on growth, pushing the AUD/USD to a session high of 0.7427.

    The minutes said, “the recent data is consistent with forecast acceleration in GDP growth to above 3 percent”, but warned that protectionist policies, political uncertainty in Italy and EM instability are a downside risk to the global outlook.

    As of writing, the AUD/USD is trading at 0.7417. The upside is likely being capped by the fact that despite upbeat take on the economy, the policymakers are in no hurry to hike rates. Meanwhile, the Fed signaled faster rate hikes last week.

    AUD/USD Technical Levels

    Resistance: 0.7443 (50-hour moving average), 0.7468 (5-day moving average), 0.7540 (10-day moving average).

    Support: 0.7412 (May 9 low), 0.7394 (session low), (0.7328 (May 2016 low).
    read more:Forex News Archives - XtreamForex

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    Default Usd/jpy back in play near 110.00 after recovering from tuesday’s dip

    USD/JPY BACK IN PLAY NEAR 110.00 AFTER RECOVERING FROM TUESDAY’S DIP

    The USD/JPY is trading close to the 110.00 handle in early Wednesday action following Tuesday’s drop-and-bounce as broader markets roiled following a notable ramp-up in the trade war rhetoric between the US and China.

    Another round of tariffs from the US targeting $200 billion more in Chinese goods is expected to make its way into headlines soon, pending a write up by the US Treasury Department, and market risk appetite evaporated yesterday as traders balk at the prospect of US President Donald Trump bringing a trade war one step closer.

    The Bank of Japan (BoJ) released their latest Monetary Policy Meeting Minutes, and little of note came out of the report, with the BoJ noting that it is currently “appropriate” for the central bank to abandon their timeframe for achieving their inflation target of 2%, a goal that has remained far out of reach for the Japanese economy despite record-setting easy monetary policy.

    The rest of the week has little of consequence for the Yen, until National CPI figures late Thursday at 23:30 GMT, though the effect will be muted as Tokyo CPI, which releases several weeks earlier, is an accurate bellwether of inflation within Japan.

    USD/JPY levels to watch

    As noted by FXStreet’s own Valeria Bednarik, “technically, the pair has broken below a key Fibonacci level, the 61.8% retracement of its latest daily slump at 110.15, now the immediate resistance, but holds above the 50% retracement of the same decline. In the 4 hours chart, the price is battling to regain ground above its 100 and 200 SMA, both converging a few pips below the current level, while technical indicators have bounced modestly from oversold readings, but present limited upward strength, suggesting that bulls are losing the grip. The immediate support is the daily low at 109.54, followed by 109.19, the low set last week. Below this last, bulls will probably give up and the pair could enter sell-off mode.”

    Support levels: 109.55 109.20 108.70

    Resistance levels: 110.15 110.45 110.80
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    Default Usd/cad trades near yearly highs above mid-1.32s as wti stays below $65

    USD/CAD TRADES NEAR YEARLY HIGHS ABOVE MID-1.32S AS WTI STAYS BELOW $65

    Earlier today, boosted by a combination of a weaker loonie and a stronger greenback, the USD/CAD pair reached its highest level in a year at 1.3290. As of writing, the pair was trading at 1.3265, adding 0.5% on the day.

    Ahead of the critical OPEC summit in Vienna at the end of this week, the barrel of West Texas Intermediate dropped below the $65 mark. Commenting on expectations from the OPEC meeting, Kuwait’s oil minister said that there were no specific scenarios for raising or lowering the production ceiling and added that they will be discussing production levels rather than price. At the moment, the barrel of WTI is losing a little over $1, or 1.6%, on the day at $64.65.

    In the meantime, the greenback continues to outperform its rivals as the quiet macroeconomic calendar allows investors to price the diverging monetary policies between the Fed and the rest of the major central banks. Nonetheless, the US Dollar Index encountered a resistance just ahead of the 95 mark earlier in the session and has been moving sideways since. Near 94.70, the DXY stays on track to end the day more than 0.3% higher.

    Technical outlook

    The RSI indicator on the daily chart stays above the 70 mark, suggesting that the pair may need to make a technical correction before extending higher. On the upside, resistances could be seen at 1.3290 (daily high), 1.3340 (Jun. 21, 2017, high) and 1.3400 (psychological level). On the downside, supports align at 1.3200 (daily low/psychological level), 1.3115 (Jun. 15 low) and 1.3020 (20-DMA).
    Read more:Online Forex Trading - True ECN Broker | XtreamForex

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    AUD/USD SWINGS HIGHER TO 0.7380 ON AUSSIE TAX CUTS HOPES
    The AUD/USD pair staged a sharp V-shaped reversal last hour, bouncing-off two-day lows of 0.7356 in a bid to take-out the 0.7398/40 resistances amid risk-on market profile and expectations of the Australian tax cuts.

    AUD/USD: A Doji on daily sticks

    The Aussie paused its five-day losing streak and rebounded this Thursday, now forming a Doji candle on the daily sticks, which suggests indecision heading into the Australian parliament’s approval of the proposed tax cuts in the Budget this year.

    However, the sentiment around the spot remains supported by the risk-on rally in the Asian equities, especially with the Australian ASX 200 index rallying +1.20%. More so, the USD bulls continue to run into resistance near 95.20 levels, adding to the positive tone around the Aussie.

    All eyes remain on the Aussie tax cuts approval for fresh direction on the pair ahead of the US datasets due later in the NA session.

    AUD/USD Technical Levels

    Resistance 1: 0.7382 (daily pivot), Resistance 2: 0.7398/0.7400 (5-DMA/ round number), Resistance 3 0.7468 (10-DMA).

    Support1: 0.7347 (2018 lows), Support2: 0.7312 (classic S3), Support 3: 0.7250 (psychological levels).
    Read more:Online Forex Trading - True ECN Broker | XtreamForex

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    GBP/USD STRUGGLING TO LIFT AWAY FROM 1.3150 AHEAD OF BOE RATE CALL FOR THURSDAY

    The GBP/USD is continuing to slump in Wednesday’s lows near 1.3150 as the US Dollar gets supported by rebounded US Treasury yields.

    Thursday’s big event is the Bank of England’s (BoE) rate call, due at 11:00 GMT, and the central bank is widely expected to remain on hold on rates.

    The BoE was knocked off their hawkish stance recently as a slump in economic figures for the UK’s economy that was expected in the first quarter threatens to slip into the second half of the year.

    Market hopes for a rate hike to come in the third quarter have begun to evaporate lately, but as analysts at TD Securities noted, “We expect the MPC to keep policy on hold and shy away from comments about market expectations of future rate hikes. But in reaffirming its view that the 2018 Q1 growth slowdown was temporary, markets might interpret that as a signal that an August hike is more likely.”

    GBP/USD levels to watch

    Bearish pressure remains high on the Sterling heading into Thursday’s London market session, and as FXStreet Chief Analyst Valeria Bednarik pointed out, “as in the 4 hours chart, the pair retreated after testing a strongly bearish 20 SMA, while technical indicators remain within negative levels, the Momentum having already lost upward strength and the RSI at 40. The pair set a fresh 2018 low at the beginning of the day at 1.3146, with a downward acceleration through the level opening doors for a steeper slide toward the 1.3000 figure.”

    Support levels: 1.3145 1.3110 1.3070

    Resistance levels: 1.3215 1.3250 1.3280
    Read more:Online Forex Trading - True ECN Broker | XtreamForex

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