ONLINE FOREX BROKER
2020-11-11 • Updated
CAD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver after a remarkable sell off is trading above 23.6% retracement area. Bulls still hesitate to send price higher.
U.S. stocks are seen opening higher Wednesday, with gains seen across all sectors as the optimism following the news of a workable vaccine for the Covid-19 virus persists. The Dow Jones Industrial Average is up 11% in November, rising in six of the last seven sessions and closing in on a new record high, while the Nasdaq Composite has fallen for the last two days. The United States reported a record number of new Covid-19 cases for the seventh day in a row on Tuesday, while the number of deaths surged to their highest daily count since August and hospital admissions hit an all-time high. Oil prices pushed higher Wednesday, continuing the recent positive tone generated by Pfizer’s vaccine news, and helped further U.S. crude inventories falling by more than expected.
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.
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.
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