Bitcoin is on sale, oil is on the way to $75

Bitcoin is on sale, oil is on the way to $75

Latest news

  • The Bitcoin “death cross” has occurred: the 50-day moving average has crossed the 200-day moving average upside down, giving a bearish signal. Besides, renewed crypto crackdowns in China pressed the BTC down. China officials held a meeting to repeat a ban on providing cryptocurrency services.
  • The US stock market rebounds as the prospect of very gradual policy tightening calms down investors. Earlier, the Fed surprised the markets with the hawkish move: the bank hinted about two rate hikes in 2023 and also started a discussion on cutting bond buys. It pushed the USD up and stocks down, but the sentiment changed yesterday.
  • The S&P 500 rallied the most in five weeks! It has even outperformed the technological Nasdaq 100, driven by a recovery of value stocks like energy and financials. 
  • Crude oil and gold jumped as the US dollar weakened. Brent oil reached $75 a barrel for the first time in more than two years! Gold has been rising for a second day.
  • Follow the testimony of the Fed Chair Jerome Powell today at 21:00 GMT+3!

Technical outlook

Let’s start with the most traded pair in the Forex market: EUR/USD. The RSI indicator has bounced off the 30.0 level, giving a bullish signal. The pair has managed to come back to the area inside the channel. It has briefly jumped above the psychological mark of 1.1900. If it jumps above 1.1950, it will rally up to the next round number of 1.2000. In the opposite scenario, the move below yesterday’s low of 1.1840 will press the pair down to the 1.1750 support.

EURUSDDaily.png

Gold has reversed up from the 61.8% Fibonacci retracement level of $1770. It gets closer to the next key resistance level at the 50% Fibo level of $1800 and the 100-day MA. It won’t cross it on the first try, but if it does, the way up to the 38.2% Fibo levels of $1825 will be clear.

XAUUSDDaily.png

Brent oil (XBR/USD) has broken above $74.00 and rallies up towards the next round number of $75.00. According to banks such as Citi, Bank of America, and Goldman Sachs, the oil will rally above $80.00 this year. Support levels are $72.00 and $71.00 – the recent lows.

XBRUSDDaily.png

Watch the daily report! 

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Similar

USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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