Despite several upsdie attempts, AUD/USD remains tied up near the 0.7200 level, as a cautious tone prevails across the financial markets in Asia amid weaker fundamentals and fresh US-China trade talks.
USD/JPY tracks the retreat in the US dollar from six-day tops versus its main rivals, as the bears derive support from cautious markets amid Brexit uncertainty and the US-China trade spat.
It was probably not the intent of the EU negotiators or their British counterparts that the Northern Ireland backstop become a surreptitious method for keeping the UK in the EU against its will.
Cryptocurrencies enjoyed stability and advanced gradually over the weekend. However, they then retreated, leaving open questions on each chart. The SEC delay and the NASDAQ plans echo in markets.
The cryptocurrency market was short-lived. Once again. Bitcoin and other major altcoins resumed the downside movement on Monday with the total capitalization of digital assets in circulation dropped below $110B, killing hopes to witness good bullish trend into the year-end.
Digital assets sell off continues as total market cap plunged to August 2017 levels below $110 billion
Digital assets sell off continues as total market cap plunged to August 2017 levels below $110 billion. Bitcoin has visited $3,210 price tag to shortly bounce to $3,600 demonstrating that $3000 level seems to have a solid support above.
Bitcoin price in the latter stages of Monday trading down some 3%. Price action for BTC/USD is moving within an ascending channel, subject to a potential break for an extended move south.
XRP has remained under pressure through the session on Monday, down a whopping 4% in the latter part of the day. Bears continue to sell any short-term rallies that are seen, bull runs are just not sustainable at all of late.
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.
EUR/USD kicks off the new week with a positive note, gradually moving to the upside. Can it continue higher? The downside is well-defended.
The Technical Confluences Indicator shows that the world's most popular currency pair is battling 1.1438 which is the convergence of the Fibonacci 23.6% one-month, the Simple Moving Average 50-15m, and the Pivot Point one-day Resistance 1.
Some weaker resistance awaits at 1.1456 where we see the meeting point of the Bollinger Band one-day Upper and the Pivot Point one-week Resistance 1. Another cap is at 1.1480 with the Pivot Point one month Resistance 1.
Looking down, euro/dollar has massive support at around 1.1400. The dense cluster includes the Fibonacci 23.6% one-week, the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-month, the SMA 10-4h, the SMA 100-15m, and the BB one-hour Middle.
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