Bitcoin breaking 30K and on its way to 26K

Dale J Pinkert Independent Analyst

Today’s market risk is primarily focused on the ECB Lending Survey – In Q3, banks forecast a net rise in demand for loans from both businesses and consumers.

Also, China’s fiscal revenue growth is expected to decrease significantly in H2 of this year according to China’s Finance Ministry.

During today’s live stream Dale displayed a potential 3 Drive Falling Wedge on BTCUSD. The Speed Line comes in at around the 26K area. Moreover, USDCHF continues to fail to make new highs while the EURUSD is making new lows. Therefore, Dale has a preference for counter trend scalping the USDCHF as he believes 0.9050 to be a viable level.

Author

Dale J Pinkert

Independent Analyst

Former Member of the Chicago Mercantile Exchange (IOM Division), Dale's market forecasts have been aired on Financial Television and Radio station including CNBC.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.