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Bitcoin Nears $270 After Another Loss

Bitcoin is nearing the important $270 level after yet another day of losses. This makes it four losing days in a row. After opening at $284.42 on OKCoin we slowly sold-off to a low of $275.66. Near the end of the session BTC staged a small relief rally to close the day at $279.43. We […]

Bitcoin Drifts Lower, Karpeles Arrested

Bitcoin traded down for a third day in a row. We opened at $281.60, traded down to a low of $276.90, before closing the day at $280.40. In the new trading session the selling continued. Right now, one coin is selling for $278 flat on BTC-E, as can be seen on the chart below. On […]

Top trade idea for July 31st, 2015 – GBP/CAD

Last week GBPCAD arrived at a swing equivalent level where the last swing (“CD”) was the same size as the swing leading into it (“AB”). It’s quite common for trends to end at this point, setting up for a significant correction. The uptrend in GBPCAD had been losing momentum as it approached this swing equivalent […]

Chart Of The Day For July 31st ,2015 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Flat Support: 1.0888, 1.0814, 1.0740 Resistance:1.0980, 1.1036, 1.1128 The Euro extended downward against the US Dollar as expected after prices produced a bearish Evening Star candlestick pattern. A daily close below the 38.2% Fibonacci expansionat 1.0888 exposes the 1.0814-18 area (50% level, May 27 low). Alternatively, a move above […]

West TX Oil Eases to $48 on Stronger Dollar

Oil prices weakened heading into U.S. crude’s settlement Thursday after a larger-than-expected drawdown in U.S. crude stockpiles was balanced by a stronger dollar and position squaring ahead of the expiry of the front-month contracts in gasoline and diesel. U.S. crude settled down 27 cents, or 0.55 percent, at $48.52 a barrel. Benchmark Brent crude oil […]

Gold – Drifts Below $1090

Gold – Friday 31 July 2015 Throughout the last month gold has steadily declined and fallen from above the key $1200 level back to a new five year low below $1100 earlier last week. Earlier last week gold fell sharply through the $1100 level down to the multi-year low near $1070 before rallying back up […]

EURUSD – Remains Bearish Despite Finding Support

The euro has been under pressure against the dollar over the past few days since running into significant resistance from the 144-day simple moving average and descending trend line, from 14 July highs. This came as divergences were appearing on the 4-hour chart (see EURUSD – Divergence at Major Resistance). Not only did the pair […]

US Dollar May Rise as 2Q GDP Data Boosts Fed Rate Speculation

Talking Points: Euro Unlikely to Find Follow-Through in German CPI, Unemployment Data US Dollar May Rise as Upbeat 2Q GDP Report Amplifies Fed Rate Hike Bets See Economic Releases Directly on Your Charts with the DailyFX News App The preliminary set of July’s German CPI figures headlines the economic calendar in European trading hours. The […]

Bitcoin Prints Red as Volatility Dips

After yesterday’s 2 percent loss today we’re down again, albeit slightly. On BTC-E we opened at $284.93, rallied briefly to $285.97, before falling back down. Near the end of the session we hit a low of $281.56. In the first four hours of the new session BTC dipped to a new 4-day low at $281.20. […]

Chart Of The Day For July 30th ,2015 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Flat Support: 1.0888, 1.0814, 1.0740 Resistance:1.1047, 1.1121, 1.1195 The Euro put in a bearish Evening Star candlestick pattern, hinting the down trend against the US Dollar may be resuming. Near-term support is at 1.0888, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing […]

Brent – Double Bottom Forms as Inventories Fall

Brent crude has been under intense pressure recently and continues to trade in the descending channel that it briefly broke above last month. It found some support yesterday from the middle of March lows around $52 but was not necessarily showing any signs of reversing the trend, despite a small rally later on in the […]

Gold – Remains Motionless Below $1100

Gold – Thursday 30 July 2015 Throughout the last month gold has steadily declined and fallen from above the key $1200 level back to a new five year low below $1100 earlier last week. Earlier last week gold fell sharply through the $1100 level down to the multi-year low near $1070 before rallying back up […]

Top trade idea for July 30st, 2015 – AUDUSD

FOMC the other day brought nothing but more uncertainty in an FX world dominated by ranges this July as no one really wants to take a chance ahead of the September rate hike or at least ahead of the NFP to come next week. Fed suggested it still wants to see more jobs being created […]

Data in Focus Ahead of Fed Statement

European futures are pointing to a higher open on Wednesday ahead of the FOMC decision and statement this evening, which could offer clues on the timing of the first rate hike in more than nine years. While indices are expected to open higher, reflecting a higher risk appetite among investors, there is likely to be […]

US Dollar Likely to Rise After FOMC Policy Announcement

Talking Points: US Dollar Likely to Rise Following FOMC Monetary Policy Announcement Markets Expect Tightening in September But a July Rate Hike is a Possibility See Economic Releases Directly on Your Charts with the DailyFX News App A quiet economic calendar in European trading hours is likely to see traders wholeheartedly focused on the outcome […]

Bitcoin Ends Five Day Winning Streak

Bitcoin ended its five-day winning streak today. Prices are trading down by $6 dollars or just above 2 percent on OKCoin. The last four of the five days saw a combined gain of <$7 dollars however. This means that today’s sell-off nearly wiped out all the gains accrued during those days. We are currently quoted […]

Top Trade Idea for July 29th, 2015 – USD/JPY

It’s been a quiet overnight session for most major currencies as market participants refrained from placing large trades ahead of today’s FOMC meeting. As we noted yesterday, the central bank is unlikely to make any outright changes to monetary policy, but the wording of the accompanying statement could tilt the scales in the hotly-contested “September […]

Chart Of The Day For July 29th ,2015 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Flat Support: 1.1047, 1.0955, 1.0899 Resistance:1.1121, 1.1195, 1.1287 The Euro corrected modestly lower after an apparent upside breakout marked by a push through falling trend line set from mid-June. A daily close above the 50% Fibonacci retracementat 1.1121 exposes the 61.8% level at 1.1195. Alternatively, a reversal back below […]

West TX Oil Around $47.50 on Global Glut Fears

U.S. crude futures fell towards $47.50 a barrel in early Asian trade on Wednesday, as worries about global oversupply outweighed the impact of stronger-than-expected U.S. demand for crude last week and a weaker dollar. U.S. crude for September delivery dropped 25 cents to $47.73 a barrel as of 0003 GMT, after ending the previous session […]

Gold – Continues to Consolidate Around $1095

Gold – Wednesday 29 July 2015 Throughout the last month gold has steadily declined and fallen from above the key $1200 level back to a new five year low below $1100 earlier last week. Earlier last week gold fell sharply through the $1100 level down to the multi-year low near $1070 before rallying back up […]

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