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  • Technical Analysis of ETH/USD for May 18, 2020:

    Crypto Industry News:
    Visa has applied for the creation of a digital currency on Blockchain at the United States Patent and Trademark Office.

    According to the published application, inventors Simon Hurry and Alexander Pierre of the Visa International Service Association in San Francisco applied for a patent for the digital currency registered on Blockchain and controlled by the computer of the central unit. The application cites Ethereum as a possible network, and the cryptocurrency itself would be a stablecoin. The application lists two points, one of which would indicate that "a digital currency was created for the amount associated with the denomination for the public key associated with the digital wallet." The second entry is about "removing physical currency from circulation in the currency system."

    While the US dollar is specifically mentioned as one of the fiat functional currencies to be used, the application said that the patent could apply to other central bank digital currencies such as pounds, yen and euros: "The physical currency of the central bank anywhere in the world can be digitized. "

    Technical Market Outlook:
    The ETH/USD pair has broken through the short-term trend line resistance around the level of $205 and made a new local high during the rally at the level of $216 (at the time of writing the article). The momentum behind the move up is strong, but the market conditions are extremely overbought on the daily time frame chart, so the rally might be short-lived. Nevertheless, the next target for bulls is seen at the level of $217.65 and $225.84.

    Weekly Pivot Points:
    WR3 - $259.01
    WR2 - $231.70
    WR1 - $222.59
    Weekly Pivot - $197.56
    WS1 - $188.48
    WS2 - $163.94
    WS3 - $154.56

    Trading Recommendations:
    The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

    Analysis are provided by InstaForex

    Comment


    • Forecast for EUR/USD on May 19, 2020

      EUR/USD
      The euro grew by 94 points on several controversial factors yesterday - on the one hand, oil rose by 10.5% to 32.83 dollars and overall risk appetites increased, on the other hand, the EU summit considered a package of assistance to the affected sectors and regions, which is half as much, than expected - 500 billion against the expected 1 trillion. Moreover, it will be a fund, and not direct help, which creates additional bureaucratic difficulties. As often happens, the expected but not realized optimism worked on the market, that is, the euro's growth as a result occurred on speculation. The growth occurred on volumes equal to Friday, which indirectly confirms the speculative nature of yesterday's growth in the thin market.

      The price reached the price channel line just above the MACD line on the daily chart. The Marlin Oscillator is growing in the zone of positive values, so there is still a growth potential. Overcoming yesterday's high may send the euro to the upper border of the 1.5-month trading range of 1.0767-1.0995.

      It is possible to turn down prices directly from current levels, indicators will quickly return to the downward trend, the euro will go to the lower border of the range of 1.0767.

      The situation is not clarified on the four-hour chart. The price is above the indicator lines, Marlin is in the growth zone. All that remains is to wait for speculation to cool and then it will become clear what the market really intended.

      Analysis are provided by InstaForex

      Comment


      • Technical Analysis of BTC/USD for May 20, 2020:

        Crypto Industry News:
        Robert Kiyosaki, businessman and author of the book Rich Dad, Poor Dad, again visited Twitter to announce his bullish position to Bitcoin. In a published tweet, Kiyosaki states that fear of a dying economy led him to buy more three assets, which he considers valuable outside of the traditional financial system: gold, silver and Bitcoin. The author's tweet describes how valuable he thinks every resource will be in the coming years.

        "I bought more silver and Bitcoin gold. GOLD [currently] at $ 1,700. I forecast $ 3,000 in 1 year. Silver [currently] at $ 17. I predict $ 40 for 5 years. Bitcoin [currently] at $ 9,800. I anticipate $ 75,000 in three years. "

        In numerical terms, this forecast reflects the expected annual increase of around 76%, 19% and 97% for gold, silver and Bitcoin, respectively. This indicates, at least according to Kiyosaki's calculations, that Bitcoin has the most favorable profit potential out of three.

        This is not the first time Robert Kiyosaki has used his platform to explain the benefits of Bitcoin and Blockchain. In recent months, the businessman has repeatedly talked about his faith in the future of these technologies.

        Technical Market Outlook:
        The BTC/USD pair has been seen hovering around the level of $10,000, which is the key short-term technical resistance for the bulls. The recent local high was made at the level of $9,884, so any violation of this level will lead to the local up trend extension towards the level of $10,227 - $10,430. The nearest technical support is seen at the level of $9,381. The nearest technical support is seen at the level of $9,382. Please notice, the market conditions on daily time frame chart are extremely overbought.

        Weekly Pivot Points:
        WR3 - $12,194
        WR2 - $10,994
        WR1 - $10,553
        Weekly Pivot - $9,337
        WS1 - $8,765
        WS2 - $7,555
        WS3 - 7,013

        Trading Recommendations:
        The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.

        Analysis are provided by InstaForex

        Comment


        • Forecast for AUD/USD on May 21, 2020

          AUD/USD
          The Australian dollar grew by 60 points on Wednesday, and it almost returned to yesterday's opening today in the Asian session. This is a sign that the price will not reach the target level of 0.6677, the aussie aimed to overcome the price channel line in the region of 0.6492, which will be a good reason for continuing the fall to 0.6338. A slightly veiled double divergence is formed on the Marlin oscillator.

          The price returned to the signal level of 0.6562 on the four-hour chart - yesterday's exit above it turned out to be false. The MACD indicator line is located at the 0.6492 level taken from the daily time, which strengthens this level. Accordingly, overcoming it will become a significant condition for opening short positions with a target above 0.6338.

          *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

          Analysis are provided by InstaForex

          Comment


          • Forecast for EUR/USD on May 22, 2020

            EUR/USD
            The euro grew during the first half of Thursday due to optimistic rates of European business activity for the current month: Manufacturing PMI of the euro area grew from 33.4 to 39.5, Services PMI showed even greater dynamics - an increase from 12.0 to 28.7. The euro has decisively reversed since the US session opened. US PMIs came out better than expected, but not as much as we expected: Manufacturing PMI grew from 36.1 to 39.8 against 39.3, Services PMI grew from 26.7 to 36.9 with 32.6 expected. Nevertheless, the trading volumes were comparable to those observed on May 18, which indicates a massive closure of purchases and even the opening of sales. A more interesting story awaits us next week, when sales of new housing, orders for durable goods, incomes and expenses of consumers will be published in the US.

            The price was re-marked at the upper border of the price range and with the turn of the oscillator, Marlin headed down on the daily chart. The closest support for the price is the price channel line at 1.0918, below it is the MACD indicator line at 1.0888, overcoming it will confirm the euro's intention to go much deeper down to 1.0767 and 1.0578.

            The signal line of the Marlin oscillator penetrated into the downward trend zone after forming a double divergence on the four-hour chart. The closest target is the 1.0888 level, at which the MACD lines coincide on both scopes. Consolidation under the level opens the way to the lower border of the range 1.0767.

            *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

            Analysis are provided by InstaForex

            Comment


            • Elliott wave analysis of EUR/GBP for May 27, 2020

              EUR/GBP is finally back to test the neckline support at 0.8866. This former resistance which now acts as support should be able to protect the downside for renewed upside pressure through minor resistance at 0.8930 indicating the next impulsive rally towards 0.9065 on the way higher to and above the peak at 0.9495.

              In the short-term, we should see a final dip to test the key-support at 0.8866 before EUR/GBP will be ready to turn higher again.
              R3: 0.9000
              R2: 0.8955
              R1: 0.8930
              Pivot: 0.8910
              S1: 0.8880
              S2: 0.8866
              S3: 0.8844

              Trading recommendation:
              We are long EUR from 0.8760 and our stop is placed at 0.8815.

              *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

              Analysis are provided by InstaForex

              Comment


              • Forecast for GBP/USD on May 28, 2020

                GBP/USD
                The British pound lost 70 points on Wednesday due to investors' concerns regarding the Bank of England's lower rates towards the negative area. The current rate of the BoE is 0.10%. In addition, UK Brexit negotiator David Frost announced the country's refusal to extend the transition period ending at the end of this year and actually reported the failure of the current stage of negotiations.

                The pound's growth on the daily chart was suspended on the balance indicator line. Currently, the price is at the Fibonacci level of 161.8%. But the price is higher than the MACD indicator line, consolidated above it, and if the signal line of the Marlin oscillator moves to the zone of positive values, the upward trend can be restored with the immediate target of 1.2540 at the Fibonacci level of 123.6%.

                The price may return to the downward trend after the price goes below the MACD line (1.2165 - match with the April 7 low). Decreasing goals are also determined by Fibonacci levels: 1.1935, 1.1750.

                The price develops between two signal levels on the H4 chart: its exit above 1.2362 - yesterday's high, opens up the prospect of growth to 1.2540, consolidation below 1.2165 opens the first bearish target of 1.1935.

                *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

                Analysis are provided by InstaForex

                Comment


                • Forecast for EUR/USD on May 29, 2020

                  EUR/USD
                  Yesterday, investors' expectations for positive US data did not materialize. The volume of orders for durable goods fell by 17.2% in April after a previous drop of 14.7%. The forecast was -19.0%, but of -17.2% optimism, of course, does not cause. The second estimate of GDP for the first quarter was revised down from -4.8% to -5.0% against the forecast without change (i.e. -4.8%). As a result, the dollar index lost -0.47%, the euro grew by 68 points, the S&P 500 fell by 0.21%. Macro statistics do not have to wait for optimism to an even greater extent today. The forecast for personal incomes of consumers for April is -7.0%, for personal expenses -12.6% versus the March contraction of -7.5%. The index of business activity in the manufacturing sector of the Chicago region in May is expected to increase from 35.4 to 40.1, but here (in the spirit of the times) there is a great emotional component, so the data may turn out to be worse.

                  The euro is moving towards its first target of 1.1140 on the daily chart. Whether there will be a price reversal from this level or the euro will continue to grow higher is currently not clear, since there are no prerequisites for technical signs in any direction. Price in a local situation is a leading factor, indicators in a guided position.

                  The price and indicators are growing on the H4 chart, there are no signs of a reversal. We are waiting for the price on the embedded line of the price channel of 1.1140.

                  *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

                  Analysis are provided by InstaForex

                  Comment


                  • Technical Analysis of ETH/USD for June 1, 2020:

                    Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

                    Crypto Industry News:
                    The Cyble Research Team has conducted research that showed that data on more than 80,000 credit cards around the world has been put up for sale at Darknet.

                    According to the information, the data leakage concerned credit card users from various countries, such as the United States (33,000), France (14,000), Australia (5,000), United Kingdom (5,000), Canada (2,000) .), Singapore (1.2 thousand) and India (1.3 thousand). According to the message from Cyble, these are both Visa and Matercard. Each of them contains the cardholder's surname, CVV number and expiry date. The price of these cards is $ 5 in crypto, and is independent of their value in a world outside of Darknet.

                    According to research, information about the countries where the cards come from was disclosed due to a billing data leak. This information included the address of each cardholder, making it easier for cyber security companies to determine the country of origin of each card.

                    It's not entirely clear where the hackers stole their card details, but Cyble thinks they may come from a phishing site or online stores that the hackers attacked. Cybele created a special search engine so that people could check if their personal data leaked into Darknet. In total, the company's database contains over 40 billion records.

                    Technical Market Outlook:
                    The ETH/USD pair has been hovering around the level of $235 for all the weekend and made a new local high at the level of $241.06. This level is just in line with the upper parallel channel line, so it might act as a dynamic resistance despite the fact that it was violated recently. The momentum is not increasing at the alarming rate, so some kind of a corrective pull-back is expected. The target level for correction is seen at $225.84, but the larger time-frame trend remains up. The next target for bulls is seen at 261% Fibonacci extension at $247.36.

                    Weekly Pivot Points:
                    WR3 - $307.85
                    WR2 - $277.87
                    WR1 - $257.91
                    Weekly Pivot - $226.70
                    WS1 - $208.30
                    WS2 - $176.78
                    WS3 - $157.13

                    Trading Recommendations:
                    The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.

                    Analysis are provided by InstaForex

                    Comment


                    • Technical Analysis of EUR/USD for June 2, 2020:

                      Technical Market Outlook:
                      The EUR/USD pair has been consolidating the recent gains in a narrow zone located between the levels of 1.1148 - 1.1100. The bulls are hovering just below the lower supply zone boundary located between the levels of 1.1148 - 1.1190. Please notice, the market conditions are now overbought and despite the positive and strong momentum the price might start a corrective pull-back towards the nearest technical support located at the level of 1.1050.

                      Weekly Pivot Points:
                      WR3 - 1.1499
                      WR2 - 1.1307
                      WR1 - 1.1241
                      Weekly Pivot - 1.1045
                      WS1 - 1.0959
                      WS2 - 1.0772
                      WS3 - 1.0680

                      Trading Recommendations:
                      On the EUR/USD pair the main long term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

                      Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

                      Analysis are provided by InstaForex

                      Comment

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