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.
USD: technical outlook
2020-05-27 • Updated
The confusion created by the Sino-American relations coupled with virus-related economic factors pushed the USD to rise against some currencies and lose against the others in today’s session. Let’s see a technical disposition in the most interesting cases so you can set your trades accordingly.
USD/ZAR and USD/MXN
The last four weeks saw the greenback’s decline against the South African rand and the Mexican peso with the Moving Averages changing their configuration in the middle of May. Currently testing local supports, the prices of these currency pairs are in consolidation that is likely to end soon as well as the balance of the MAs. The Awesome Oscillator identically suggests for both that the reversal is coming so watch for the upswing to emerge.
USD/TRY and USDBRL
Against the Turkish lira and the Brazilian real the USD also lost its value. Similar to the above cases, it is not expected that this situation will go for a long time. The fundamentals are still on the USD side. However, watch the support levels to make sure you enter only when the upward reversal is verified. Otherwise, if bears drag the USD down, you will have it confirmed by the breach of the support level.
Against the Swiss franc, the USD is gaining well. It crossed the resistance of all Moving Averages and is not aiming at the resistance of the downtrend. The Awesome Oscillator suggests that there is still upward potential – very likely it will be exactly what is needed to come closer to the resistance of 0.9730. Over there, a reversal is possible, that’s why be careful with that level.
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.