GBP/USD has extended its gains above 1.2700 after the Fed opened the door to rate cuts. UK retail sales, the Bank of England's decision, and two more rounds of the Conservative contest await traders.
EUR/USD has extended its gains after the Fed opened the door to cutting interest rates, stating that uncertainties have increased. Markets are awaiting EU leaders to divvy up top jobs.
The Federal Reserve added little new to its policy prescript in Wednesday’s FOMC statement and economic projections and with the anticipation for a July rate cut long priced into market levels the reaction was decidedly uninvolved.
With the global risk-aversion wave fueling Gold prices to the highest since March 2014, the yellow metal aims for that year top during additional upside. However, overbought RSI can trigger the pullback moves.
The market is in recovery mode as Bitcoin and all major altcoins have gained some ground in recent 24 hours. The total market capitalization increased slightly to $289 billion; an average daily trading volume reduced to $50 billion.
The London-based cryptocurrency exchange CEX.io surveyed over one thousand respondents in the UK and learned that only 13% of British citizens hold digital assets.
BTC/USD is currently trading for $9,295 in the early hours of Thursday, following a bullish Wednesday. The bulls took the price up from $9,078.35 to $9,265 over this Wednesday. Before that, BTC/USD enjoyed six straight bullish days from June 12th to June 17th.
Monero bulls had a field day this Wednesday as the XMR/USD crossed $100 for the first time since November 2018. The bulls started Wednesday strong by taking the price up from $96.60 to $100.80 where they met some stiff resistance.
Better-than-expected US data gave the greenback a lift at the end of the week
The EUR/USD pair started the week losing the positive momentum triggered by a dismal US Nonfarm Payroll report Friday, retreating from the fresh over two-month high of 1.1347. A tweet from US President Trump over the weekend, indicating that the country and Mexico reached a deal and that he would not apply tariffs to Mexican imports, brought some relief to the financial world and the greenback.
EUR/USD has enjoyed the dovish decision by the Federal Reserve and is already eyeing the next levels. Where next for the world's most popular currency pair?
The Technical Confluences Indicator shows that EUR/USD has broken above a dense cluster of lines at 1.1258 which now serves as support. This includes the Bollinger Band 15min-Lower, the previous daily high, the Pivot Point one-month R1, the BB 4h-Upper, the Fibonacci 38.2% one-week, and the PP 1d-R1.
This line may serve as a springboard to move up. Weak resistance awaits at 1.1293 where the Fibonacci 61.8% one-week awaits the pair.
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