The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Market updates on June 26
- Bitcoin is a rocket! During the Asian trading session, the price for Bitcoin jumped above the $11,000 and $12,000 levels. The digital asset nearly reached the $13,000 level. Bulls need to push the BTC above the $12,927 level to continue the surge. The next resistance is placed at $13,177. Bears need to pull the pair to the support at $12,080 to take over the market.
- During the RBNZ meeting, the central bank kept its interest rate unchanged and said that further easing would be needed to provide support for the economy. The dovish comments pulled the kiwi below the support levels at 0.6626, 0.6615 and made it test the 0.6598 level on H4. However, NZD/USD managed to correct to the upside. At the moment it is trying to stick above the 0.6666 level. If this level is broken, further resistance levels are placed at 0.6681 and 0.6693.
- Reportedly, China is going to halt all imports of meat from Canada. The news affected the CAD. The USD/CAD pair has tested the resistance at 1.3193 on H4. The next resistance lies at 1.3227. If this level is broken, bulls will target the resistance at 1.3266. From the downside, the levels are 1.3155, 1.3132 and 1.3116.
- After the Fed members soften their tone in the speeches, fading the fears of the aggressive rate cuts, the USD was supported. EUR/USD has fallen from 1.1395 to 1.1353 level. If the EUR strengthens back, the resistance levels lie, as follows at 1.1375, 1.1387 and 1.1395. On the other hand, bears will target 1.1353, 1.1344 and 1.1335 levels.
Key events ahead:
US core durable goods orders - 15:30 MT time.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).