Bitcoin could not resist the $10,924 level and fell below the 50-day SMA on Tuesday.
Market updates on July 9
- The US dollar has continued to gain strength on the improved outlook and the cooling in the US-China trade tensions. On H4, EUR/USD slid towards the support at 1.1202. If this level is broken, the next support will lie at 1.1185. Bulls need to push the pair above the 1.1217 level. If they succeed, buying action will be limited by the 1.1232 level.
- GBP/USD has tested the lows below the 1.2480 level on H4. The next support is placed at the level of the January’s flash crash at 1.2418. If the British pound is supported, the cable will try to break the descending trading channel and rise towards the resistance at 1.2541. The next key level will lie at 1.2604.
- The Australian dollar weakened on the poor Business confidence data. The indicator dropped to 2 (vs. 7 previously). Combined with a stronger USD, this release pulled the aussie down. On H4, the AUD/USD pair has fallen below the 100- and 200- period SMA. The downward movement will complete the double top pattern. The next major support for the pair will be at 0.6920. After that pay attention to the 61.8% Fibo level at 0.6913. From the upside, levels at 0.6968 (38.2% Fibo) and 0.6989 will be important for bulls.
- The New Zealand dollar has fallen below the support at the 50% Fibo level at 0.6608 on H4. The next support will lie at 0.6581, which is close to the 61.6% Fibo. Alternatively, the strong bullish surge may push the kiwi above the 100-period SMA at 0.6629. After that, reaching the 0.6641 and 0.6652 resistance levels seem possible.
- Gold continues falling down due to the firmer USD. At the moment, it is targeting the support at $1,384. After the breakout, sellers will pay attention to the next support at $1,364. From the upside, the traders of the yellow metal will keep an eye on the $1,397 and $1,416 resistance levels.
The level of retail sales released today came out lower than the forecasts.
Will Friday be more optimistic for the USD?
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…