Bitcoin is still trading within a descending price channel on Monday, as the number one cryptocurrency continues move in an increasingly narrow range. Sellers need to break the $3,300 level to accelerate downside pressure, while buyers need to hold price above the $3,500 level to break from the channel. If the BTCUSD pair performs an upside break, the $3,960 level...
Litecoin is consolidating towards the middle of its weekly trading on Friday, as the popular digital currency remains resilient despite the broader cryptocurrency coming back under selling pressure. A clear technical breakout from the $28.00 to $33.00 price range is now needed for a new short-term trend to emerge. A bearish head and shoulders pattern is still...
The British pound continues to drift lower against the US dollar on Friday as traders scale back positions ahead of the release of the US Nonfarm payrolls and ISM manufacturing report. GBPUSD buyers need to defend the pivotal 1.3095 area, or they risk extended intraday losses towards the 1.3000 area. It is also worth noting that sterling performed a bullish...
The euro currency is starting to give back early week gains against the greenback after buyers failed to sustain price above the 1.1500 level on Thursday. The EURUSD pair is likely to weaken towards the 1.1410 level in the near-term if price falls below the important 1.1430 support level. Buyers need to move the EURUSD pair back above the 1.1460 resistance area to...
The US dollar is under selling pressure against the Japanese yen currency on Thursday after sellers moved price below the important 109.14 level. The USDJPY pair has now broken below the neckline of a bearish head and shoulders pattern with a one-hundred point downside projection. The 108.10 support level is a key technical area to watch if the decline in the pair...
The euro is testing towards the 1.1500 level against the US dollar after the FOMC kept interest rates on hold and struck a more dovish tone than market participants had been expecting. The EURUSD pair is strongly bullish while trading above the 1.1460 level, a further move above the 1.1500 level should provoke technical buying. Traders now await the release of key...
Bitcoin is attempting to recover early week losses, after the number one cryptocurrency by market capitalization failed to break below the important $3,300 support level. Price is now trading in descending price channel, with the $3,500 level topside resistance. Short-term range-bound trading action is expected in the BTCUSD pair until a clear breakout from the...
Ethereum is testing the psychologically important $100.00 level on Wednesday after sellers forced price below key trendline support on historically low volumes. The broader market sentiment remains negative, while the RSI indicator is showing that the ETHUSD pair is now oversold. A sustained loss of the $100.00 level will likely encourage technical selling toward...
The euro is holding key support against the US dollar ahead of today’s key interest rate decision and monetary policy statement from the FOMC. The 1.1410 level is a pivotal area buyers will need to defend for further advancement towards the 1.1500 region. A sustained loss of the 1.1410 level will likely prompt seller s to test towards the technically important...
The British pound is under downside pressure against the US dollar after EU officials failed to support British PM Theresa May’s new deal Brexit plan, which won the support of UK lawmakers on Tuesday. The GBPUSD pair is bearish while trading below the pivotal 1.3090 level and could potentially fall towards the 1.3000 level. The US Federal Open Market Committee...
The LTCUSD pair has given back recent trading gains, after finding strong technical resistance from the $33.00. Price is trading inside a bearish head and shoulders pattern, which may indicate a larger price decline may occur soon. It is also worth noting that Litecoin is still creating bullish higher price lows, despite the broader cryptocurrency market starting...
The euro currency continues to trade higher against the US dollar on Tuesday, with the pair so far finding interim resistance from the 1.1444 level. If the EURUSD pair continues to move higher, the 1.1460 resistance level offers strong resistance before the key 1.1500 level comes into focus. It is worth noting that the FOMC interest rate decision is tomorrow and...
The US dollar continues to trade lower against Japanese yen currency on Tuesday, with the pair falling towards the key 109.00 support level. Price is now trading close to the neckline of a bearish head and shoulders pattern with a one-hundred point downside projection. The MACD histogram continues to track lower and has just moved into negative territory on the...
The British pound is trading close to the 1.3200 resistance level in early week trade against the US dollar, as traders await Tuesday’s vote on British PM Theresa May’s new Brexit deal. The GBPUSD pair retains a strong bullish bias while trading above 1.3170 level, although the MACD indicator on the four-hour time frame is currently extremely overbought. If...
The euro is holding onto Friday’s strong gains against the greenback in early-week trading, as the US dollar comes under selling pressure across the board. The EURUSD pair has a strong bullish bias while trading above the 1.1410 level, with buyers likely aiming for the pivotal 1.1460 level. Strong technical failure from current levels may provoke sellers to test...
Bitcoin is under mild selling pressure as the new trading week begins, as traders await a much needed directional move in the number one cryptocurrency. Technically, the BTCUSD pair is trading within a bullish flag pattern in the short-term, which may indicate that an upside move is likely to occur. To the downside, if sellers can break the former weekly low a...
Eurozone economic concerns The euro currency remained under pressure for most of the trading week as concerns grew about the ongoing economic slowdown in the eurozone. The ECB kept interest rates and monetary policy unchanged this week as widely expected, with ECB President Mario Draghi striking a more dovish tone towards the EU economy. ECB President Draghi...
The British pound has broken above the key 1.3095 resistance level against the US dollar after reports surfaced that the Irish DUP party now support British PM Theresa May’s amended Brexit deal. If the GBPUSD pair holds above the 1.3095 level, buyers could start to test towards the 1.3170 level. The overall short-term upside target for buyers is likely to be the...