EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates.
GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates.
The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.
XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.
Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time.
As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.
Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.
Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...
SPECIAL YEARLY FORECAST
Markets' lean season has lasted two full years and while those are not yet over, flush times are looking more and more likely for this 2020. EUR/USD news: The beginning of the end of the trade war? Ever since hitting 1.2537 in January 2018, the EUR/USD pair has been on a selling spiral that set a multi-year low of 1.0878 just two months ago. The level can hardly be considered an interim bottom when just considering the following price’s recovery, but the focus this time shouldn’t be put on technical readings, but in politics.
The Technical Confluences Indicator is showing that the A$ is struggling around 0.6598, which is the convergence of the Bollinger Band 1h-Lower and the BB 4h-Lower.
The most significant support line awaits at 0.6572, which is the meeting point of the Pivot Point one-week Support 3 and the PP one-month S1.
Robust resistance awaits at 0.6609, which is a dense cluster of lines including the Fibonacci 161.8% one-week, the Simple Moving Average 5-1h, the SMA 10-1h, and the previous daily low.
Further up, 0.6642 is the upside target, a point where the Fibonacci 38.2% one-day, the SMA 10-4h, the BB one-day Lower, and the BB 1h-Upper all meet.
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