Daily Technical Analysis by XtreamForex

[xtreamforex.com]

Key Highlights of Cardano’s ADA Technical Analysis

It’s an unhurried beginning for Cardano’s ADA early on, but should the extensive market hold onto early increase, a run at $0.06 levels could be on the cards.

Key Highlights

• Cardano’s ADA dropped by 15.5% on Monday, following on from last week’s 19.1% slide, to end the day at $0.0527.
• The day’s first most important confrontation level at $0.0638 was left unproven with a start of a day intraday high $0.06242.
• A day long sell-off saw Cardano’s ADA slide through the day’s foremost support levels to an intraday low $0.05079 ahead of finding support at $0.0500.
• The extended bearish movement was reaffirmed with a new move to and fro lo $0.05079, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1305.

Price Support of Cardano’s ADA

Cardano’s ADA dropped by 15.5% on Monday, following on from a 19.1% slide from side to side last week, to end the day at $0.0527.
It was a predominantly bearish day at the begin of the week, with Cardano’s ADA following the extensive market in a mass sell-off, sliding from a start of a day intraday high $0.06424 to a late afternoon intraday low and new swing lo $0.05079 earlier than finding support.

The day long sell-off saw Cardano’s ADA fall through the day’s most important support levels with qualified ease, Cardano’s ADA not capable to break back from end to end the day’s third main support level at $0.0567 by the day’s end, support at $0.0500 avoiding heavier losses on the day.

A new move back and forth lo $0.05079 reaffirmed the comprehensive bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA falling well short of the 23.6% FIB Retracement Level of $0.1305 and more prominently for the crypto bulls, the 38.2% FIB Retracement Level of $0.1798.

At the time of writing, Cardano’s ADA was up 0.35% to $0.052883, a reasonably range jump start to the day seeing Cardano’s ADA rise to a start of a day morning high $0.05375 prior to easing back to a morning low $0.052, the moves through the early morning leaving the day’s main support and resistance levels untested.

For the day ahead, a move back through the morning high $0.05375 to $0.0553 would support a run at the day’s first major resistance level at $0.0598, with Cardano’s ADA lagging the broader market early on, supporting a possible catchup move should sentiment remain positive through the late morning, though we can expect plenty of resistance at $0.060 to pin Cardano’s ADA from more material gains.

Failure to maneuver through the morning high $0.05375 to $0.0553 might see Cardano’s ADA come back on the spot later within the day, with a pullback through the morning low $0.052 conveyance Monday’s swing lo $0.05079 and sub-$0.050 levels into play before any recovery, the day’s 1st major damage at $0.0482 possible to stop a additional material reversal within the event of a broad primarily based crypto sell-off later within the day.

 

[xtreamforex.com]

EUR Breaks Support Amid broader Italian spreads and Firmer USD - US Market Open

MARKET IMPROVEMENT – USD Hits Best heights of the Day, while the Euro breaks through hold up

USD: The US Dollar has scratched back near the beginning losses to trade higher by 0.2%. As US equity markets go on with to plunge, bringing US surrenders and Fed rate hike expectations lower, the outlook for the US Dollar is softening. As it stands, market pricing for a December hike is at 72%, down from the +80% seen a few weeks back. Together with this, given the crowded net long positioning, the US Dollar is susceptible to extra losses. As mentioned last week, USD bearish bets may be best uttered through USDJPY shorts.

EUR: The Euro is on the edge at session lows, plunging under 1.14, having failed in front of the 1.15 handle. Fresh 2018 wide bond spreads between Italy and German has played an issue in the bearish price action seen this morning. The indecision regarding Italian government is set to amplify as tomorrow will see the EC provide their estimation on the Italian financial plan and given that little in the budget has been amended, it is possible that the EC will carry out an “extreme debt procedure”.

AUD / NZD: The sell-off across risk assets has seen the Australian Dollar under pressure with the currency sitting at 0.6850, down 0.4%. On the other hand, regardless of the throw in equity markets the Kiwi has not followed the Aussie and has been amazingly firm with notable selling in AUDNZD potentially explaining the Kiwi positive aspect.

Crude Oil: Ahead of the bi-annual OPEC meeting on December 6th, opportunities have been developing that the cartel will look to cut oil output (by roughly 1-1.4mbpd) in order to put off oversupply given the slowing demand increase, coupled with the surge in oil manufacture by the US (currently producing at a record 11.7mbpd). On the other hand, the rebound in oil prices had been short-lived as Russia stated that they would want to take a wait-and-see approach with regard to a potential supply cut. Since this statement by Russia, oil prices are off 1% as the need of cooperation from Russia dents sentiment in the energy complex, suggesting that the market is not buying the current plan by OPEC. For OPEC’s plan to lift oil prices, Russian involvement is needed to increase its impact.

 

[xtreamforex.com]

Retail Sales Does Not Get Affected from Holiday Even, Increase in the Prices of Natural Gas, Economical Gasoline

I think Trump could cause the begin of a Santa Claus rally to save his management and enhance his re-election probability as early as December 1 if he hits a buy and sell deal with China at the G-20 summit in Argentina.

There are no major earning reports of major earning report as The U.S. financial market is closed for business on Thursday for the Thanksgiving holiday. This is expected to go ahead to a low volume directionless trade in the Forex markets. The banks in Japan are also on holiday, adding more to hopes of light trading and well-below average volatility.

On the other hand, even with the holiday, one can’t get away the markets. At some time throughout this short break you will be thinking about Black Friday retail sales, rising natural gas prices, low-priced crude oil and gasoline and a possible Santa Claus rally.

Focus Will be on Retailers
Although U.S. trading will resume on Friday, number and volatility are likely to be limited a second day, which is distinctive at the start of the more than month-long holiday period. Tomorrow is also Black Friday, which is a very essential day for U.S. retailers. The name says it all. It’s called Black Friday because sales are often large sufficient to make a business profitable, or put a retailer “in the black” for the year.

Being “in the black” is very essential this year to U.S. retailers. Just ask Sears, which is on the brink of bankruptcy. We all saw what take placed in the U.S. stock markets on Tuesday. The Dow dropped over 500 points and turned negative for the year. Traders said one of the factors driving the blue chip average lower was an earnings miss by U.S. retailer objective.

Target shares fell 10.5 percent after reporting weaker-than-expected earnings for the preceding quarter. The company also posted lighter-than-estimate same-store sales, which is a key metric for retailers.
The Target news broadens transversely the U.S. Retail sector rather speedily sending the SPDR S&P Retail ETF (XRT) down 3.4 percent. Other retailers like Kohl’s, L Brands and Macy’s also fell 9.2 percent, 17.7 percent and 3.4 percent, correspondingly.

So if you’re looking for the next event that could make or break the stock market into the end of the year, watch the Black Friday sales results.

Record Cold Could Limit Retail Sales in the East
If you live in the northern U.S. particularly on the East Coast then your option will be to shop or stay indoors. If you choose to shop then you’ll be helping the economy. If you choose to stay at home then you’ll be enjoying the heat created by costly natural gas.
Heating costs are expected to increase sharply this winter because natural gas inventories are well below their one-year and five-year averages. Additionally, winter has arrived weeks earlier this year, putting supply issues at the forefront.

Will There Be a Santa Claus Rally in the Stock Market?
I have not eliminated a Santa Claus Rally in the stock market just yet. Given the results of the mid-term elections, President Trump’s endorsement numbers, the threat of accusation, the Mueller investigation and warnings about a recession, I think Trump could trigger the start of a Santa Claus rally to save his presidency and increase his re-election chances as early as December 1 if he hits a trade deal with China at the G-20 summit in Argentina.

 

[xtreamforex.com]

Trade War Rhetoric and Brexit Chatter to maintain the USD and GBP in Action

Trump talks of more tariffs as the G20 Summit come up to, with Brexit chatter ongoing to pin the Pound back on probabilities of the deal being thrown out.

Earlier in the Day:
Economic data discharged through the Asian session this morning was restricted to October trade figures out of New Zealand.

For the Kiwi Dollar, there was more bad news following some mainly disappointing 3rd quarter retail sales figures released on Monday, with the trade shortage widening in October, year-on-year, from NZ$5,330m to NZ$5,790m, which is the highest annual trade deficit since October 2007.

According to NZ Stats:
• Monthly introduces hit a record NZ$6.2bn in October, rising above September’s preceding record high NZ$5.9bn, the continued rise featured to higher prices for crude oil and a pullback in the Kiwi Dollar.

• Import values for October were NZ$758 (14%) higher than in October 2017, with the increase spread across a range of commodities, through petroleum and producers were the main contributor, up NZ$257m (68%).

• On the export front, total exports rose by NZ$303m (6.6%) in October to NZ$4.9bn compared with October 2017, with exports sitting at their highest level for any October month.

• The increase in exports was attributed to fruit exports (NZ$204m) and kiwifruit exports in particular (NZ$112m).

• The monthly trade insufficiency narrowed from NZ$1.596m to NZ$1.205m, which was inferior than a forecasted narrowing to an NZ$850m deficit.

At the time of writing, the Kiwi Dollar moved from $0.67734 to $0.67694 upon discharge of the figures before falling to $0.67761, marking a 0.13% loss for the session.

Elsewhere, the Japanese Yen stood at ¥113.43 against the U.S Dollar, a gain of 0.13% for the session, while the Aussie Dollar was down 0.03% to $0.7219, talk of Trump going at the forefront with the January 1st, 2019 tariffs a negative start to the day to weigh on risk appetite.

In the equity markets, the Hang Seng saw red early on, down 0.49%, while the rest of the majors held onto early gains, the Nikkei and CSI300 both up by 0.09%, while the ASX200 gained 0.36%, moderately reversing Monday’s slide, with the gains in the U.S and Europe providing little support ahead of the G20, as Trump lay’s down the fundamentals to trade talks with more tariff chatter at the start of the week.

The Day Ahead:
For the EUR, economic data is limited to jobseeker numbers out of France that are unlikely to have a material impact on the EUR through the day, with focus likely to remain on Italy and general outlook towards the economic outlook, which could cause the ECB to pause on its financial policy plans for next year should conditions go down further.

At the time of writing, the EUR was up 0.03% to $1.1331, with geo-political risk and chatter on Italy the key drivers through the day.

For the Pound, it’s another quiet day on the data front, leaving the markets to continue to focus on Theresa May and her progress on home soil to convince MPs to shift on their current stance on the deal to drive through the Brexit deal in the announced 11th December parliamentary vote, the current vote count going heavily against Theresa May’s widely criticised deal.

At the time of writing, the Pound was down 0.14% at $1.2809, with Brexit news the key driver through the day.

Across the Pond, economic data released through the day incorporates September housing sector figures and November’s consumer self-assurance numbers.

While focus will likely stay behind on the consumer confidence numbers, which comes in the wake of the mid-term elections and a choppy period in the U.S equity markets, in housing sector number we will also anticipate some Dollar sensitivity, weaker house price development likely to consider on the Dollar.

On the policy front, FOMC members Bostic and George are planned to verbalize late in the day that could also manipulate, any continued increase in dovish FOMC members positively not supportive of a bullish Dollar.

At the time of writing, the Dollar Spot Index was down 0.01% to 97.06, with today’s stats and any trade war chatter ahead of Friday and Saturday’s G20 Summit likely to be the key drivers through the day.

For the Loonie, another quiet day ahead, leaves the Loonie in the hands of market risk appetite and direction in crude oil prices in particular.
The Loonie was down 0.04% to C$1.3260 against the U.S Dollar at the time of writing.

 

[xtreamforex.com]

Attention again goes in Put Options (Bearish Bets) as Gold Hits its 12-Day Low

 Gold's price knock down to 12-day lows during the night trade, indicating an end of the corrective bounce from $1,196.

 This Price Drop of Gold seems to have revived interest in Put Options.

• Gold knock down to $1,212 in the overnight trade - a point last seen on Nov. 16 - as the greenback picked up a bid on hawkish comments by Fed's Vice Chair Clarida.

• Notably, the drop to 12-day lows point towards the counteractive bounce from the Nov. 13 low of $1,196 has likely ended at $1,230 and the bears have reclaimed control.

• Adding credence to that view is the increase in implied instability premium for the XAU put options. As of writing, the XAU/USD three-month 25 delta risk turnarounds are trading at -0.125 in support of puts vs 0.325 in support of calls seen on Nov. 26

• The negative reading point towards the implied instability premium (or demand) for put options is more than that for calls.

• So, it appears safe to say that the options market has rotated bearish on the yellow metal. In other words, investors are likely expecting a deeper fall in gold and hence are buying downside defense.For more information visit us:-https://www.xtreamforex.com/academy/attention-again-goes-in-put-options-bearish-bets-as-gold-hits-its-12-day-low/

 

[xtreamforex.com]

In Previous Three Days USD/JPY Hits Lowest Price Below 113.50

The USD/JPY pair recommenced its decline and breaks the 113.50 support in the Asian trading, as the USD bears recovered poise amid dovish remarks by the Fed Chair Powell while markets pay no attention to the risk-on action on the equities.

1. Technical Overview

The increasing momentum seen in the last few days continues easing according to technical readings in the 4 hours chart, where signs are in frank retracement straight from overbought readings and now nearing their midlines. The 100 SMA in the mentioned chart lacks directional force a few pips under the current level, at around 113.35, providing an instantaneous short-term support, as a break below it will likely worsen the decline. The 200 SMA is also aimless at around 112.90, with bulls possibly giving up on a break below this last.

Support levels: 113.35 112.90 112.55

Resistance levels: 113.75 114.05 114.50

SUPPORT & RESISTANCE
USD/JPY
S1 113.720 W R3 115.870 S
S2 112.9000 M R2 114.8800 M
S3 111.9100 S R1 113.9600 W

 

[xtreamforex.com]

Why Trade Forex

There are a number of reasons which explains why you should trade forex. Here are just a few reasons why so many people are choosing this market:

Free Stuff Available Everywhere
Most Forex Brokers offers Demo Accounts to practice trading and build your skills, along with real time forex news and charting services. Also get free training from most Forex Brokers.

Lowest Trading Cost
You only pay spread which can be relatively very low as compared to stocks. This spread may be less than 0.1% under normal trading conditions.

Free Style Trading
In Forex Trading there is no fixed style for trading. You can trade with your knowledge and experience. You can either use day trading or hold positions for a longer time.

Manage Risk through a Number of Ways
You can use Stop Loss or Take Profit techniques to minimize the risk. Other than this there are a number of ways through which you can manage risk.

Option of Leverage
In Forex Trading, Leverage gives the trader the ability to make nice profits, and at the same time keep risk capital to a minimum. With the help of Leverage you can choose trades to larger positions.

Help Overnight Gaps than Stocks
As the market only closes over weekend you will not get the same daily gaps that you find when trading stocks.

Forex Market is 24/5 Hour Working
Forex Market works 24 Hours a day and 5 days a week, which is wonderful for those who wants to trade part time or in the evening.

Trade from Anywhere
You can trade from anywhere from your office or your home. There is no need of a particular location as you just need an internet connection for trading either on mobile, desktop, laptop or tablet.

Free Software for Trading
All Forex Brokers provides you free and advanced software for trading.

No Trading Volume Restriction
As in Future Market lot or contract sizes are determined by exchanges but in Forex Trading you can take decision how bigger or smaller lot size you need to open a trade.

High Liquidity in the Market
Because the forex market is so vast, it is also exceptionally liquid. This is an benefit because it means that under normal market conditions, with a click of a mouse you can immediately buy and sell at will as there will frequently be someone in the market willing to take the other side of your trade.

Forex Market is one of the Largest International Financial Market in the world. To make large profit Open an account with Best Forex Brokers.For more information visit us on:-https://xtreamforex.com/academy/why-trade-forex/

 

[xtreamforex.com]

Technical Analysis of Three Currency Pairs

EUR/USD
According to analysis, The EUR/USD fell close to 90 pips on Friday, counteracting the bullish view put ahead by the outside-day reversal. That bearish move has founded Thursday's high of 1.1402 as the level to beat for the bulls, that is, the rally from the Nov. 28 low of 1.1267 is seen resuming above 1.1402.

Overview:
Today Last Price: 1.1352
Today Daily change: 30 pips
Today Daily change %: 0.265%
Today Daily Open: 1.1322

GBP/USD
GBP/USD Technical readings in the chart continue the risk twisted to the downward, as the pair is developing far under moving averages, while the RSI pointer resumed its decline, now gaining descending traction at around 42. The risk of a descending extension will add on a break below 1.2724, November 27th daily low.
Support levels: 1.2725 1.2690 1.2665
Resistance levels: 1.2770 1.2805 1.2840

USD/JPY
According to Technical Readings the USD/JPY pair pared back increases to close the bullish opening gap, now roundabout near 113.55 regions on distinguished US dollar supply, as the US-China trade break boosts the demand for the riskier currencies.
Support levels: 113.20 112.90 112.55
Resistance levels: 113.60 114.05 114.50

 

[xtreamforex.com]

Cryptocurrency Market Overview: Bitcoin is running toward Multi Month Lows
• Bitcoin is down 3.4% after a sharp sell-off on Monday.
• Altcoins are pulled down by Bitcoin underperformance.

• Bitcoin and other major digital assets continued the downside drift on Monday with a little break during Asian hours on Tuesday. The total market value of all digital coins in transmission dropped to $126B from $130B the day before. The green shoots of revitalization have died away amid resumed bearish feelings.

• Bitcoin is floating at $3,833 at the time of writing. While the price of the major digital coin has hardly changed since the beginning of Tuesday, it is 3.4% under the levels registered this time on Monday. BTC/USD is running fast towards multi-month low under $3,500.

• Ethereum stays at $107.7, over 4% lower on a day-to-day basis and remains same since the beginning of Tuesday. The third largest coin with a market value of $11.2B is awkwardly close to a significant $100.00. The coin is dragged down by Bitcoin deficit and overall bearish sentiments that grasped the market.

• Ripple's XRP is floating around $0.3500 handle, down 3.5% in recent 24 hours. The coin goes down as low as $0.3465 throughout early Asian hours but handled to improve since that time amid short-term bullish trend. However, the upside momentum is too weak to take the price well above the current $0.3500. For more information visit us:-https://xtreamforex.com/academy/cryptocurrency-market-overview-bitcoin-is-running-toward-multi-month-lows/

 

[xtreamforex.com]

Technical Overview of EUR/USD, GBP/USD and USD/JPY Currency Pairs

EUR USD

The EUR traded lower against the USD and closed at 1.1341

The positive momentum in high-yielding assets triggered by weekend news related to the trade war was faded throughout the day, with most major indexes closing in the red.
Need to monitor ECB president Draghi’s Speech and its impact on the prices of Eur.

According to the Analysis, The pair is expected to find support at 1.13005, and a fall through could take it to the next support level of 1.12572. The pair is expected to find its first resistance at 1.14000, and a rise through could take it to the next resistance level of 1.14586. Precious Day range was 99.5 and Current Day Range is 23.1

GBP USD

The GBP traded lower against the USD and closed at 1.2711, after the Services Purchasing Managers' Index (PMI) is a diffusion index incorporating survey results provided by firms in the services sector throughout the country. According to the news, reading is above fifty which means service sector is expanding, but lower than expected forecast (53.3, 52.2) which is bearish for GBP.

The pair is expected to find support at 1.2686, and a fall through could take it to the next support level of 1.2669. The pair is expected to find its first resistance at 1.28122, and a rise through could take it to the next resistance level of 1.29147.

GBP/USD previous Day range was 180.1 and Current Day Range is 40.1

USD JPY

The USD strengthened 0.22% against the JPY and closed at 112.771.
The Japanese Yen has benefitted this week from a surge in risk aversion which has seen USD/JPY retreat all the way back down to the dominant uptrend line.

The pair is expected to find support at 112.343, and a fall through could take it to the next support level of 111.908. The pair is expected to find its first resistance at 113.422, and a rise through could take it to the next resistance level of 114.078.
For more information visit us:-https://xtreamforex.com/academy/technical-overview-of-eur-usd-gbp-usd-and-usd-jpy-currency-pairs/