AUD/USD continues to drift silently near 0.7200 and Aussie markets appeared utterly indifferent to US Dollar weakness on Wednesday as the AUD continued to grind it out near the key technical level.
USD/JPY caught a fresh bid-wave at Tokyo open and from there extended the bounce to the mid-point of the 113 handle, as the bulls continue to target the 113.70 resistance amid a risk-on market profile induced by the increased hope of a US-CHina trade deal.
In the common language among climbers who dare to climb peaks above eight thousand meters in height, the part of the route that is above that level is called the "Zone of Death".
The ECB is widely expected to announce the end of the asset purchasing program on its December Governing Council meeting with the ECB President Draghi emphasizing that the reinvestment should carry over until 2019 and well past the horizon of next rate increases.
"The death zone is the name used by mountain climbers for high altitude where there is not enough available oxygen for humans to breathe. This is usually above 8,000 meters (26,247 feet). Most of the 200+ climbers who have died on Mount Everest have died in the death zone."
Ripple’s XRP trading within positive territory in the latter stages of trading on Wednesday, gains of some 3%. Despite the upside observed in the session, XRP/USD is still moving within a narrow range, $0.3000 recent bottom area, upper part of range seen around $0.3300.
Bitcoin Cash price on Wednesday seen trading in very minor positive territory, up just 0.9%, after being up as much as 4% earlier in the day. BCH/USD price action is moving within a rising wedge formation, subject to breakout to the downside.
The Netherlands are exploring regulation for companies within the cryptocurrency industry. They are keen to tackle and prevent money laundering and alleged terrorist financing. Digital currency organizations will need to gain an operating license from country’s central bank.
Slow economic growth still the main drag for the common currency
The EUR/USD pair seesawed between gains and losses throughout the week, finishing it up around the 1.1400 level. For a sixth consecutive week, the pair has been unable to find a certain direction, trapped between a more dovish Fed and slowing growth and political turmoil in the EU.
GBP/USD is trading around 1.2500, awaiting news related to the political future of PM Theresa May. What do the charts say about the next moves?
The Technical Confluences Indicator shows that cable faces some resistance around 1.2550, where we see the convergence of the Simple Moving Average 100-15m, the SMA 10-4h, and the potent Fibonacci 38.2% one-day.
A move to the upside would be difficult, with several clusters of resistance limiting the movement. The most significant barrier is around 1.2590 where we see the confluence of the SMA 50-1h, the Fibonacci 61.8% one-day, the SMA 200-15m, and the powerful Pivot Point one-month Support 1.
On the downside, we see some feeble support at around 1.2478 which is the meeting point of the PP one-month Support 3 and previous daily low.