The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Daily News: the USD recovers
- The USD has been trying to recover. The US dollar index rebounded from the support at 95.10 (50-day MA). Up to now, it has been moving to the resistance at 95.70. Traders will consider ISM Manufacturing PMI figures (17:00 MT time). The forecast is weak. However, if the actual data is greater than the forecast, the index will be able to break above the resistance.
- Although the market expected a cautious RBA at today’s meeting, the statement remained similar to the previous one. The central bank didn’t take into consideration the recent rise of the mortgage rate by Westpac. As a result, AUD/USD got a chance to go up. However, the rise didn’t last for long. The surge of the USD affected the pair’s direction. Up to now, AUD/USD has been trading near the support at 0.7160. The RBA governor will give a speech at 12:30 MT time. If he sounds optimistic, the Australian currency will be able to recover. Otherwise, there are risks of the further fall. The next support is at 0.7121. If the USD weakens, the pair will have chances to stick above the support at 0.7160.
- The euro has been falling as the USD is strengthening. EUR/USD has been moving to the support at 1.1546. No important European data will be released today. If the USD is stronger, the pair will test the support. Otherwise, it has chances to stay above it. The resistance is at 1.1585.
- The pound keeps falling as Brexit uncertainties still put pressure on the currency. GBP/USD has tested below the support at 1.2841. Traders will have a look at inflation report hearings (15:15 MT time). If the central bank sounds hawkish about the inflation and the economic conditions, GBP/USD will have chances to return above the support. If the USD is stronger and the BOE isn’t optimistic enough, risks of the further fall will increase. The next support is at 1.28. On H4, moving averages move in the horizontal direction. It means that no significant moves are anticipated today.
That’s all for today! Follow market news with FBS!
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