Daily Technical Analysis by XtreamForex

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GOLD PRICES MAY FALL FURTHER AFTER HITTING ONE-YEAR LOW

GOLD & CRUDE OIL TALKING POINTS:
Gold prices hit 1-year low after hawkish comments from Fed’s Powell
Day 2 of Powell testimony, Fed Beige Book may sustain down move
Crude oil prices may extend drop if EIA inventory data echoes API print
Gold prices sank as hawkish comments from Fed Chair Jerome Powell pushed the US Dollar higher (as expected), undermining the appeal of non-interest-bearing and anti-fiat assets. He argued that despite recent worries about trade tensions, the economy remains in good shape and the best path forward continues to be a gradual increase in interest rates.

Meanwhile, crude oil prices continued to edge lower following Monday’s sharp selloff. That move came amid reports that Saudi Arabia was planning to increase exports to Asia while speculation that President Trump might release some of the US’ strategic reserves continued.

The latest round of weakness comes after legislation allowing the US government to sue OPEC for “price-fixing” was introduced in the Senate. Separately, the weekly set of inventory flow figures from API showed stockpiles added 629k barrels last week.
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BITCOIN – THE BULLS ARE BACK!

Bitcoin gives up early gains as investors lock in profits, though the losses are not large enough to pin back any hopes of further gains later in the day.
Bitcoin rallied 5.59% on Monday, following on from the weekend gains, to end the day at $6,702.3.

A particularly range bound start to the day saw Bitcoin’s intraday low $6,327.1 hold well above the day’s first major support level at $6,255.33, the early moves a consolidation of the weekend’s gains, before a mid-morning broad based cryptomarket rally saw Bitcoin surge through the day’s major resistance levels to an intraday high $6,750 before easing back late in the day.

Following 6-consecutive’s of falling well short of the 23.6% FIB Retracement Level of $6,757, selling pressure was tested late in the day, with Bitcoin’s day end hold at $6,700 levels for only 3rd time this month providing some hope for the Bitcoin bulls of a bearish trend reversal forming.

Holding above the day’s major resistance levels was also a positive sign for Bitcoin and the broader markets, with the daylong rally coming off the back of news that Warren Buffet’s Blackrock was taking a closer look at a possible move into the crypto space, Blackrock’s crypto team needing to look closer as more institutional money heads for the cryptomarket.
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GBP/USD PRICE FORECAST – BRITISH POUND FALLS THROUGH SUPPORT

The British pound fell during the trading session on Tuesday, due to suggestions that perhaps the UK was going to leave the EU customs union without a deal. At this point, it looks as if the market is trying to find whether there is enough support just below the 1.32 level to continue the recent bullishness.
The British pound fell mid-day on Tuesday, slicing through the 1.32 level to show signs of weakness again. However, I think there’s even more support at the 1.31 level underneath to keep the market afloat. Overall, I think that the market continues to be very noisy, mainly because we are still not very sure how the whole Brexit thing is going to play out. Because of this, keep in mind that there will be headlines occasionally that will cause issues going forward. I do think that eventually the British pound turns around, but right now we are obviously in the throes of overreaction to every little rumor, so therefore the British pound is one of the most difficult currencies trade right now.
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EUR/USD PRICE FORECAST – EURO FALLS AGAIN FOR WEDNESDAY

The Euro fell hard to kick off the Wednesday session, reaching down to the 1.16 level as the US dollar continues to strengthen overall. With a general “risk off” attitude, the market is testing significant support in the form of a large come around, psychologically significant number as I record this.
Looking at the charts, you can see that we have most certainly seen a lot of selling pressure as of late. However, I do see some demand around the 1.16 level, so bounce could be coming. Otherwise, if we break down below the 1.1580 level, it’s likely that we will go lower from here to test the 1.15 level, an area that is much more supportive. Right now, it certainly looks bearish but there is reason to think that there should be significant interest in this region. If that’s going to be the case, abounds cannot be ruled out.
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BITCOIN AND ETHEREUM PRICE FORECAST – BTC PRICES CONSOLIDATE THE GAINS

The prices have been steady as the bulls try and hold on to the gains to inspire other traders and investors to join their lot.
The BTC prices consolidated and ranged for much of the day and what should encourage the bulls is the fact that the markets was able to hold up the range break that we had seen over the previous day and this should set the tone for the coming days. The bullishness in the markets is clear for everyone to see and the fact that the breakout has arrived at almost the same time as when it happened last year as well, is something that is ominous for the markets. Now, the bulls would be hoping to keep pushing the prices higher and not allow it to fall back into the range over the next few days. If they do managed to do that, it would give a lot of confidence for the traders and the investors who are on the sidelines and this should help accelerate the bull run.
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GBP/USD PRICE FORECAST – BRITISH POUND CONTINUES TO DROP

With all of the drama and noise around the United Kingdom over the last couple of days, it’s not a huge surprise that the British pound has taken it on the chin. However, as we saw the Americans come to work on Wednesday, the pair was testing a major support level. The 1.30 level has been important more than once, and I think at this point if the British pound is going make some type of stand, it’s here.
The British pound has fallen again during the day on Wednesday, reaching towards the 1.30 level for major support. I believe at this point; the market probably looks likely to bounce as the 1.30 level is significant support. If we were to break down below the 1.30 level, that would be an extraordinarily negative turn of events, and I think it would break down the British pound significantly. I believe at this point, the market will continue to be difficult to deal with, but clearly if there is an area where we should see a lot of pushback.
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BITCOIN AND ETHEREUM PRICE FORECAST – BTC PRICES STEADY

The prices have been consolidating and ranging but the bulls should be encouraged by the gains that have been ade over the last few days.
The BTC prices continued to consolidate and range below the $7500 region which is something that was expected considering the breakout that we had seen during the middle of the week. Generally a breakout is followed by consolidation and then a correction back towards the highs of the range that had a breakout and we now await and see whether the correction happens. So far, it has not happened and it remains to be seen whether the correction would happen or whether the prices would continue to move higher after the consolidation phase is over. The bulls have established control and they should be happy now that they have been able to hold on to their gains over the past 2 days.
BTC Prices Holds on to Gains
This means that the breakout could be here to stay and it in turn would give a lot of confidence for those traders and the investors who are on the sidelines. It should also make the short sellers think twice before trying to short the market again and all this points to the continued bullishness in the markets over the short and medium term as well. The big investors, funds and the banks continue to queue up to enter the crypto market and also use the underlying blockchain technology to improve their infrastructure and the way that they do the transactions and all this points to a strong market in the future.
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NZD/USD TECHNICAL ANALYSIS: DOWN TREND INTACT AS SELLOFF STALLS

NZD/USD TECHNICAL STRATEGY: FLAT
New Zealand Dollar down trend intact despite 2 weeks of standstill
Break below July swing low sought for opportunity to enter short
Close through resistance above 0.68 needed to invalidate bearish bias
The New Zealand remains locked in a well-defined down trend against its US counterpart despite over two weeks of sideways consolidation. Price action has been marked by a clear-cut series of lower highs and lowssince a reversal from triple top resistance in mid-April.

From here, a daily close below support in the 0.6688-0.6726 area opens the door for a challenge of the 38.2% Fibonacci expansion at 0.6589. Alternatively, a reversal above 0.6851 – support-turned-resistance reinforced by a falling trend line – paves the way for a test of the 38.2% Fib retracement at 0.6959.
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GOLD PRICE PREDICTION – GOLD DROPS AND THEN POPS FOLLOWING TRUMP COMMENTS

Gold prices tumbled but closed off the lows of the session following news that Donald Trump said he hoped the Federal Reserve would not raise interest rates. Initially the yellow metal was on the defensive as stronger than expected jobless claims and a robust Philly Fed survey buoyed the greenback generating headwinds for gold prices. The trend remains downward with target support near the July 2017 lows at 1,204. Resistance on the yellow metal is seen near the 10-day moving average at 1,241. Momentum remains negative as the MACD (moving average convergence divergence) histogram prints in the red with a downward sloping trajectory which points to lower prices. The fast stochastic generated a crossover buy signal in oversold territory which points to a potential rebound. The RSI (relative strength index) is printing a reading of 25, below the oversold trigger level of 30 which could foreshadow a correction.
President Donald Trump said Thursday he hoped the Federal Reserve would curtail raising interest rates. The Fed is suppose to be an independent institution, and its very unusual that a President would comment on the Feds action. “I am not happy about it,” Mr. Trump said during an interview conducted Thursday by CNBC.
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BITCOIN – THE BULLS ARE IN CONTROL, AS BITCOIN EXTENDS ITS GAINS

Another positive move by Bitcoin on Saturday saw weekly gains extended, as the bulls look to round off a solid week.
Bitcoin gained 0.96% on Saturday, partially reversing the week’s only loss on Friday, to end the day at $7,403.4, with Bitcoin up 16.64% for the current week.

A start of the day slide to an intraday low $7,221 saw Bitcoin call on support at the 23.6% FIB Retracement Level of $7,230 to avoid heavier losses and a resumption of the extended bearish trend that had been formed at 5th May’s swing hi $9,999.

Bitcoin recovered through to a mid-morning $7,356.2 high that fell short of the first major resistance level at $7,587.63, before pulling back to test support at $7,300 through the late morning.

An afternoon rally saw Bitcoin break out from the 23.6% FIB Retracement Level once more, easing immediate concerns of a tumble and a reversal of the near-term bullish trend, formed back at 24th June’s swing lo $5,755.

Bitcoin stuck an intraday high $7,459 in the late afternoon and, while Bitcoin fell short of testing the day’s first major resistance level at $7,587.63, moving back through to $7,400 levels was key for the Bitcoin bulls, a pullback through the 23.6% FIB Retracement Level of $7,230 likely to see Bitcoin back at sub-$7,000 levels.

There was no particularly material news driving Bitcoin and the broader market on Saturday, with the moves in recent days giving investors some comfort with the knowledge that support levels are playing a role in Bitcoin’s recovery, which is in contrast to some of the majors that have pulled back below key levels hit in the early part of the week.
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