2019-11-11 • Updated
Trade ideas
SELL 7.565; TP 7300; SL 7670
BUY 8.340; TP1 9.000; TP2 9.300; SL 8.100
The market is gripped by trade war fears and yet today we decided to consider some Bitcoin trades. The interesting thing is that the cryptocurrency is currently playing the role of a safe-haven asset: as fears about global economic well-being mount, market players turn to BTC seeing it as a kind of independent alternative.
Indeed, in May BTC/USD went above 23.6% Fibo of the 2017-2018 decline at $7,142. It tested levels around $8,350 last week. The advance paused there as it met the resistance of the July 2018 high. A pullback occurred to the mentioned Fibo level and the rebound from it was very quick. Probably even too quick as it seems that Bitcoin didn’t gather enough strength to overcome $8,355 just yet. A “hanging man” candlestick appeared yesterday on D1 with Awesome Oscillator declining.
The cryptocurrency will likely test $7,565 and $7300 before making another go at the resistance. A break above $8,355 will allow the cryptocurrency to target $9,580 (38.2% Fibo), whereas a decline below $7,140 will open the way down for a deeper correction to $6,400.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
