FXStreet - The Foreign Exchange Market

Time 2020-07-16 22:03:09

Web Name: FXStreet - The Foreign Exchange Market

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Gold prices are trading a touch below the psychological $1,800 level in markets that have consolidated in a sea of fundamentals as traders await the next cue. Bitcoin saw a decent drop towards $9,000 but recovered quickly. The Twitter hack was unprecedented as dozens of high-profile accounts got hacked at the same time. Barack Obama, Joe Biden, Kanye, Elon, and many others posted the same Bitcoin scam message... Gold: XAU bulls await the US Retail Sales for fresh impetusGold consolidates Wednesday s volatile trading above the $1800 mark, as the further upside appears an uphill task for the bulls ahead of the critical US Retail Sales release. According to the Technical Confluences Indicator, the bright metal needs a decisive break above the strong resistance at $1811 to extend the recent bullish momentum. That level is the confluence of the Bollinger Band one-hour Middle, SMA10 4H and SMA100 15-minutes.The bulls will then look to the next barrier at $1815.50, the intersection of the previous day high and Bollinger Band four-hour Upper.Further north, the previous week/ multi-year highs at $1818.17 will confront the buyers. A break above which will call for a test of the critical hurdle at $1821, the pivot point one-month R1.To the downside, the bears continue to guard the $1807/1806.50 levels, where the Fibonacci 23.6% one-week, Fibonacci 61.8% one-day and SMA50 one-hour meet.Read Full Report Bitcoin saw a decent drop towards $9,000 but recovered quickly. The Twitter hack was unprecedented as dozens of high-profile accounts got hacked at the same time. Barack Obama, Joe Biden, Kanye, Elon, and many others posted the same Bitcoin scam message, however, the attacker only managed to steal around 13 Bitcoins total. Cardano (ADA) lost over 6.5% of its value on Thursday as the cryptocurrency market moved into red territory. At the time of writing, ADA/USD is changing hands at $0.1228 after a short-lived move to $0.1181. Ethereum has dropped to $230 after a significant sell-off following the recent Twitter hack. The attacker targeted all major cryptocurrency exchangesfollowed by prominent figures... Tezos is still trading inside a massive daily uptrend and is not facing a lot of resistance until $4. The current daily candlestick is a bullish one, especially if the buyers can hold Tezos price above $3.24. Ongoing upbeat US figures battled rising coronavirus cases and deaths. More significant US economicindicators, the European Central Bank s meeting, a leaders summit, US politics and COVID-statistics are all in the mix in a busy week. Optimism from China and the Chancellor has pushed the pair higher, yet US coronavirus and also politics held it back. COVID-19 statistics remain dominant, but the calendar also comes into the spotlight with UK GDP, claims, and inflation, while US figures are centered on the consumer. Late summer doldrums have hit the currency markets early this year abetted by the indecision over Covid and the improving US economy. The AUD/USD pair fluctuated in a 70-pip range this week and struggled to make a decisive move in either direction. Despite the upbeat market mood, the AUD struggled to gather strength against the greenback amid heightened geopolitical tensions between Australia and China. Bitcoin attempted a rally in the middle of the week, but the effort was so feeble, that the price couldn t even touch $9,500. At the time of writing, BTC/USD is changing hands at $9,179, mostly unchanged from Friday on the previous week. It was the drop in the dollar and mixed sentiment in stocks that sent gold to an 8.6-year high this week. Recently when the coronavirus pandemic situation gets worse then the US dollar gets strong but this seems to be a more localised problem for the US. Enjoy FXStreet educational webinars with the most advanced advice and market commentary and best trading tips and techniques to help you be a better trader. Small group sessions Multi-device Service.Now more than 35 Forex monthly live webinars!

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