The Aussie is testing into recent highs, and consistent technical constraint at recent swing highs leads the AUD/USD to be primed for another bearish rollover. Failure to push upwards and claim last week's highs above 0.7440 will see a quick turnaround into recent lows targeting 0.7300.
USD/JPY is on the move in Asia and Tokyo has pushed it higher to test the 111 psychological level with a low of 110.85 so far from a high...
The GBP/USD pairing kicks off the new trading week with a bearish twist to Monday, testing near 1.3120 and halting Friday's bullish stance...
Above the current price, BTC/USD needs a close above $7,586 to return to bullish mode. If the Bitcoin manages to send this bullish signal it will probably skip the $7,600 resistance level and go straight to the next resistance level at $7,730.
This week’s trading has seen most coins and altcoins break psychological barriers, while some digital assets are back to trading June levels. However, the bullish trend appears to have turned bearish as the week come s to an end.
INTERVIEW OF THE WEEK
"It’s way more interesting to read up on crypto projects than snoozing with a 15-year Gold chart" - Crypto Ed
After our first interview with Steven Hatzakis, today we’ll continue with our interview series to crypto traders and talk with @Crypto_Ed_NL. Living in the Netherlands, Ed has been working in International Sales Projects for most of his career. Always interested in financial markets, cryptocurrency trading became his profession 4 years ago.
EOS network transaction speed exceeds Visa's, but EOS/USD down 6% on a daily basis despite record transaction speed
EOS, the 5th digital coin by market value, is changing hands at $7.95 at the time of writing, down nearly 6% both on a daily basis and since the beginning of Friday. The coin is moving in sync with other major virtual currencies, retreating from recent highs.
Ethereum Classic failed to maintain the tempo above $0.18 while the supply zone at $18.5 remained untested in spite of the bullish trend that has been in the market this week. The crypto is currently correcting lower and has broken below a couple of support areas at $17.5 and $17.00 respectively.
A trade war could knock 3% off global GDP, the Bank of France study said.
The IMF warns of the Eurozone growth risks being serious and could lead to a hard landing.
No-deal Brexit would cost European Union 1.5% of GDP, according to the IMF.
German PPI is set to rise by 0.2% m/m in June while increasing 2.9% y/y.Read Full Report
US President Trump will keep overshadowing macroeconomic data
The EUR/USD pair is heading to close the week with modest gains at around 1.1720, in another week were political jitters led the way for currencies. The greenback, which started the week on a soft note, got a nice boost from a confident Fed's head, Powell, who testifying before the Congress, gave an upbeat assessment of the economy.
The EUR/USD rallied on Trump's comments about low interest rates. Can it continue moving higher? The pair now faces substantial resistance.
The Technical Confluences Indicator shows that the pair will initially need to win over the 1.1655 level. This is the convergence of the Bolinger Band 4h-Middle, the Fibonacci 23.6% one-day, and the Fibonacci 23.6% one-week.
A move higher will face a congestion of resistance levels at the 1.1683 area where we see the Fibonacci 38.2% one-week, the one-day high, the Simple Moving Average 50-4h, the SMA 200-4h, and the Pivot Point one-day Resistance 1.
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