The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
Cable climbs to fresh two-month high
2020-11-10 • Updated
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a new bullish outlook.
XAG/USD: Silver remains below 61.8% retracement area. Silver bulls after a remarkable sell off yesterday buy passively today.
US Market View
US stock markets are set to open mixed as the post-Pfizer rally is reassessed, but cyclicals are still clearly outperforming the growth and momentum names that have notched the biggest gains during the pandemic. The US registered over 100,000 new cases of Covid-19 for the fourth straight day on Monday, with surges in California, Texas and New Mexico. California Governor Gavin Newsom said the reopening process would have to be scaled back in some counties. Crude oil prices added to Monday’s gains on hopes that a Covid-19 vaccine will allow the reopening of the world economy to proceed earlier than thought. The European Union continued to set out its stall for the new US administration by reviving its threat to impose new sales taxes on digital companies if there is no international agreement on how to tax them.
The Trump administration had walked away from a multiyear process on work for a new framework agreement under the auspices of the Organization for Economic Cooperation and Development earlier this year.
The announcement comes a day after the EU imposed tariffs on Boeing and other U.S. producers in line with a WTO ruling that the aircraft maker received illegal support from the U.S. government. In Europe on Tuesday, German economic sentiment, as measured by the ZEW index, fell for a second straight month as Germany posted a new record of Covid-19 cases in intensive care.
UK job losses also hit a new monthly record and the jobless rate hit a four-year high as the government’s wage support scheme petered out.
USA Key Point
- The GBP is the strongest and the CHF is the weakest.
- EUR/USD falls to session low.
- French PM Castex to hold news conference on Thursday evening regarding virus situation in France.
US100 broke through the strong resistance trendline, following July's inflation numbers on Wednesday, which were less than analysts expected…
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.