Daily Market Reports | Amana Capital
Earlier today, the EUR/USD was trading at the May low of 1.1508, but it was not enough to trigger stop-loss orders at this level. Right now, it looks like Euro bulls will survive for a fifth day as the attack on the May low was push backed, and the Dollar softened on the heels of a much softer than expected Philadelphia Fed Index.
Tomorrow will be an exciting day as the pressure on the bulls is still on with the price being short-term bearish below the June 10 high of 1.1646.
It is fair to assume that the price could reach the next support level at 1.1445 on a successful break to the May low of 1.1508. While, on a break to the June 10 high at 1.1646, could end the very short-term bearish trend and lift the price to the June 30 low of 1.1724.
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EURUSD Four-hour Chart
At the time of writing, the British pound was up by 0.5% against the Euro, yet the EUR/GBP pair remained range-bound as it has been since September 2017. The Bank of England triggered the 0.5% return as they opted for a hawkish stance at their June rate meeting. For more on this read: BoE MPC Voting Pattern Climbs to 6-3; Closer Vote Boosts GBP
The EUR/GBP levels I am watching for early clues of a new trend forming, is the May low of 0.8699, and the May high of 0.8844. I said, “early clues,” as a break to the May range might fissile out if the price does not break the more important March high or April low.
On a break to the May low, the price might reach the April low at 0.8618, with a break to this level could potentially cause the market to target the May 2015 low of 0.8385.
On a breach of the May high at 0.8844, I suspect traders will focus on the March high of 0.8970, with a break to this level opening the door for a test of the August 2017 high at 0.9307.
At this stage, it is impossible to know if EUR/GBP will break its May low or May high. Thus, I am neutral and patiently waiting for a breakout.
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Over the last seven days, Ethereum, the world’s second largest cryptocurrency with a total market capitalization of $53.6B, has been rising steadily and gained 10%. Generally, more positive sentiment from the crypto community help the price to recover, but from a longer-term technical point of view, Ethereum is still in a downtrend.
In my view, the recent push to the upside may serve as a healthy price correction. If we draw Fibonacci retracement levels from the June 4 high of $619 down to June 13 low of $446, we get the $512 to $554 range (38.2% to 61.8% Fibonacci levels). I think that bearish traders might be attracted in entering short positions in this Fibonacci range aiming for the June 13 low of $440 and potentially the April 12 low of $408.
Overall, my bearish bias will remain intact as long as the price trades below the June 4 high of $619.
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ETH/USD Four Hour Chart
Over the past few days, Silver prices (XAG/USD) reached a five-week low due to multiple factors such as the Federal Reserve raising interest rates, and the US-China trade war that somehow fuels the US dollar.
However, if we take a long-term view on prices, then silver remains well within the range-bound area of the April 19 high of $17.34 and the May 1 low of $16.03.
On a clear breach of the $16.03 support level, the price will officially be out of the range-bound trend, and it could target the next support level at the December 15 low of $15.81. If this does not happen, I suspect that silver prices will remain trapped in the above mentioned massive range in the weeks ahead.
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Four hour Silver prices Chart
The NZD/USD pair has been declining over the past five days and touched levels seen back in December 2017, as traders shift to the U.S. dollar as the US-China trade war intensifies.
Today, the Kiwi Dollar continued to drop sharply in the Asia trade session despite New Zealand GDP figures clocked in as expected at 0.5% Q/Q (previous 0.6%), and 2.7% Y/Y (previous 2.9%).
From a technical point of view, the price already broke the May 16 low of 0.6849, which indicates that the trend is heavily bearish-favored, and more losses might be building in the next few days and weeks.
But the price is also short-term oversold, and if the price revisits the 0.6925 level, I think that sellers might be willing to short NZD/USD, aiming for the December 1 low of 0.6816 and potentially the November 17 low of 0.6779.
I will treat the trend as short-term bearish as long as the price trades below the June 13 high of 0.7053.
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- Bitcoin price recovers from Bithumb hack after drop to $6,484
- Buyers need to break the $6,760 level for further bullish advancement
The value of Bitcoin has recovered back towards the $6,700 level, after dropping to $6,484 following the news of another cryptocurrency exchange hack. The broader cryptocurrency market lost close to ten billion U.S. Dollars before later recovering, after news broke that Bithumb, South Korea’s biggest cryptocurrency exchange, was hacked to the tune of thirty million U.S. Dollars.
Since recovering from the $6,484 level, the BTC/USD pair has traded to $6,737, with buyers still unable to breach the Tuesday’s high, of $6,760. If buyers can eventually move past the $6,760 level, traders will look to the $6,837 level, which is the highest-level Bitcoin has currently traded to following its large drop $6,057, on the news that South Korean Exchange Coinrail was hacked.
Aside from a pick-up in bullish trading volumes, and a bullish higher-lows, the MACD indicator over the one and four-hour time frames points to further short-term gains. At present, the daily and weekly time frames appear to be bearish to slightly-neutral, which is currently indicative of the tentative recovery, traders are still searching for clues that an important low in BTC/USD has indeed formed.
Key technical support is currently found at the $6,632 and $6,518 levels, with the $6,518 level denoting the launch point for Wednesday’s bullish rally from $6,484. Below the $6,484 level, the June 14th trading-low, at $6,243 offers important support before the multi-month trading-low, at $6,057 comes into focus.
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