EURUSD Analysis: Scope for deeper drop within uptrend [Video]
EUR/USD: Euro challenges the lows as King Dollar sweeps the board
The EUR/USD is trading around $1.2215, around the lows of the day and at the lowest level since March 1st. The US Dollar is gaining ground across the board, enjoying the rise in yields and upbeat data.
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The Pound continues being among the worst performers, trading around 1.3950 against the greenback, with this last benefited by solid data, soaring government yields.
USD/JPY: Dollar extends gains above ¥108.50
The USD/JPY is trading above ¥108.50, up some 0.85% on the day. The US Dollar extends its gains even as yields stall below 3%. Upbeat economic data also also supports the greenback.
AUD/USD falls towards 0.7600 succumbing to the US Dollar
The AUD/USD is falling to new 2018 lows around A$0.7612 as the US Dollar extends its gains. High US yields and several upbeat figures support the greenback.
Bitcoin price analysis: BTC/USD remains above the key ascending trend line, indicating of further bullish movement to come
The Bitcoin price is seen up with margin gains of 1% on Monday, modest indeed for now, however, the key here now is BTC/USD has continued the bullish momentum and above the long-running ascending trend line.
Bitcoin Cash price analysis: BCH/USD jumps a whopping 20% outperforming its peers, heading towards a danger zone for the bulls
The Bitcoin Cash price is seen flying during trading on Monday, holding on to chunky gains of 20% at the start of the week. There hasn’t anything in terms of news flow to attribute the pump seen for BCH, as the crypto reclaims the $1400 mark.
Ripple price analysis: XRP/USD technically looks set for an extended jump higher, eyes on $1.09 and $1.20
The Ripple price is seen up with modest gains of 1% in the early part of trading on Monday, further looking to capitalize on the strong progress made last week. The price is in the prior trading week had gained around 35%.
Litecoin price analysis: LTC/USD to get support on Coinbase's Shift Visa debit card a week after TenX announced future co-branded cards
Litecoin price attempts to recoil towards $160 were thwarted by increased selling pressure at $155. However, the cryptocurrency has maintained a bullish momentum within an ascending channel on the 4-hour chart.
The US benchmark Treasury yield jumped to 2.99% on Monday pushing the US Dollar higher across the board.
The Eurozone manufacturing PMI fell less than expected in April while services activity increased pushing the composite PMI to remain flat over the month in April and beating the market forecast of PMI sliding lower.
The US Treasuries are the main market topic on Monday leaving the US macro indicators in the second wave of interest including manufacturing activity gauge for Chicago Fed regional district that is expected to decelerate in March while the US existing home sales are seen rising.
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EUR/USD at risk of falling to 1.2100
Another week ends with the EUR/USD pair unable to abandon its comfort zone around the 1.2300 figure. Indeed, intraday trading was a bit more entertained, and some nervous back and forth suggest that it won't be long until a decision is made.
The EUR/USD is stable in the wake of a new week, but its prospects have not improved. The Technical Confluences Indicator shows that stronger clusters of resistance remain to the upside while fewer confluence zones await on the downside.
The pair is struggling around 1.2280, where we see congestion of the Simple Moving Average 5-15m, the SMA50-15m, the Fibonacci 61.8% one-month, the Bolinger Band 15m-Upper (Stdv. 2.2), the BB 1h-Middle, the SMA-5-1hv, the Fibo 23.6%, and the SMA10-1h.
If the pair indeed drops, support is found around 1.2215, the meeting point of the Pivot Point one-week S1 and the one-month low. Even lower, at 1.2155, we find the Pivot Point one-month S1 and the Pivot Point one-week S2.
