Daily Technical Analysis by XtreamForex

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Gbp/usd inching towards 1.39, boe’s haldane to set the tone later

GBP/USD INCHING TOWARDS 1.39, BOE’S HALDANE TO SET THE TONE LATER

The Sterling is still trying to correct a slowly-sinking ship.
The BOE’s Haldane to speak later today; a bullish tone is expected.
The GBP/USD pair is middling ahead of the London markets, reaching an overnight session high of 1.3862 before giving up Asia’s gains to trade back near 1.3845.

The Sterling has drifted lower against the US Dollar for most of February, and the GBP is geared up to put an end to that with the pair bouncing upwards recently after digging in its heels from the swing low of 1.3712 on March 1st. Sterling data is spread thin today, featuring a low-tier 30-year bond auction taking place and a potentially market-moving speech from the Bank of England’s (BOE) Chief Economist, Andy Haldane. Haldane will be speaking at the Royal Society for the Encouragement of Arts, Manufactures, and Commerce beginning at 18:15 GMT, and although it’s highly unlikely that Haldane will be providing anything new in the way of forward guidance for Sterling traders, a hawkish tone and upbeat outlook from the Monetary Policy Committee member will give the Sterling the boost it needs to start climbing back up the charts.

Fears about Brexit uncertainty were assuaged and then promptly replaced with new ones following the UK Prime Minister Theresa May’s speech last Friday, where she addressed the lack of clarity for business operators and citizens following Brexit. PM May has shown a willingness to meet European Union (EU) leaders in Brussels at the halfway point on many issues,

Read more :http://www.xtreamacademy.com/forex-news/gbp-usd-inching-towards-1-39-boes-haldane-set-tone-later/

 

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Nzd/usd – resilient to risk-off in early asia, yield differential rises in nzd-postiv

NZD/USD – RESILIENT TO RISK-OFF IN EARLY ASIA, YIELD DIFFERENTIAL RISES IN NZD-POSTIVE MANNER

Kiwi stuck in a 25-pip range of 0.73-0.7775 in Asia, despite risk-off.
10Y NZ-US yield spread rises in the NZD-positive manner.
Trump’s Chief Economic Advisor Gary Cohn’s resignation boosted trade war fears and weighed over risk assets in early Asia. The S&P 500 futures fell almost 1.5 percent and the Japanese Yen rose across the board.

Also, the dairy product prices fell at the GlobalDairyTrade auction, with whole milk powder declining amid an increase in supply.

Still, the NZD remained relatively resilient, possibly due to favorable yield spread. The 10-year NZ-US yield spread rose to 16 basis points (bps) yesterday from 10 basis points. As of writing, the spread stands at 18 basis points, while the Kiwi is trading marginally weak at 0.7285.

The currency pair rose from 0.7221 to 0.7311 yesterday after news hit the wires that North Korea is willing to hold talks with the US over its nuclear weapons programme.
http://www.xtreamacademy.com/forex-...-yield-differential-rises-nzd-postive-manner/
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Usd/jpy sees little action after boj maintained status quo

BOJ kept rates unchanged as expected.
Upgraded assessment of overseas economies
USD/JPY sees little action, remains bid on fading N.Korea risks.
Focus of Kuroda speech.
The Bank of Japan (BOJ) kept the interest unchanged as expected, stuck to its upbeat view on the economy and upgraded the assessment of overseas economies. Also, the central bank kept yield curve control target at zero percent. As per Reuters report, “the decision was made by an 8-1 vote with board member Goushi Kataoka dissenting on the view that the BOJ should speed up bond buying to further push down longer-term yields.”

However. the USD/JPY is not impressed. The pair continues to trade at 106.70 – the level seen before the BOJ rate decision. As of writing, the upside is likely being capped due to BOJ’s weak comments on housing investment.

The spot hit a high of 106.94 earlier today as fading North Korea risks triggered much-awaited correction in the overbought Japanese Yen.

Read more : http://www.xtreamacademy.com/forex-news/usd-jpy-sees-little-action-boj-maintained-status-quo/

 

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NZD/USD EXTENDING PAST 0.73 HANDLE DESPITE WANING RISK APPETITE


Kiwi higher in Asia to kick off the new week, but little macro data for the NZD this week.
Japanese cronyism headlines are weakening risk assets, but Kiwi remaining resilient.
The Kiwi is on the upside in the early Monday session, testing up into 0.7320 in the Tokyo markets.

The NZD/USD has been climbing steadily in March, following commodities higher in the face of the ongoing trade war risks spurred on by Donald Trump’s steel and aluminum import tariffs. Little data is slated for the Kiwi for the first half of the week, but the Business PMI on Thursday may give Kiwi bulls something to think about, depending on how the US Monthly Budget Statement goes over today at 18:00 GMT.

The top is getting taken off of risk assets in the Asia session as the Japanese political drama continues to unfold. Japanese Prime Minister, Shinzo Abe, may have sold government land at a steep discount to a school operator with ties to Abe’s wife, and allegations that Finance Minister Aso forged documents related to the sale of the land are beginning to fly along the wires.

Read more : http://www.xtreamacademy.com/forex-...ast-0-73-handle-despite-waning-risk-appetite/

 

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Eur/usd – bull case strengthens, eyes draghi speech, us retail sales data

EUR/USD – BULL CASE STRENGTHENS, EYES DRAGHI SPEECH, US RETAIL SALES DATA


Euro looks north as trade war fears flare again.
Focus on Draghi speech.
Dismal US data could yield stronger rally to 1.25.
The common currency nudged higher in Asia, pushing the EUR/USD to a four-day high of 1.2412, courtesy of turbulence in Washington and increased fears of full-blown US-China trade war.

China may retaliate by taking strong measures

In past trade confrontations with the US, China has often backed off, according to a Reuters report. But this time the world’s second-largest economy may retaliate with tariffs that hurt US agriculture and manufacturing sector.
Euro could move above 1.2446 (March 8 high) if China responds with strong words to news of broader US tariffs on Chinese imports.

Draghi will likely sound dovish

ECB’s Draghi, scheduled to speak at 08:00 GMT, will likely reiterate, there is no urgency in removing accommodation given the lack of inflation pressure. The Eurozone will also see ECB’s Praet speech at 8.45 GMT. Industrial production and employment change data for the Eurozone is due for release at 10.00 GMT. ECB’s Coeuré will wrap up the day with a speech at 16.15.

Read more : http://www.xtreamacademy.com/forex-n...il-sales-data/

 

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Nzd/usd recovers losses amid the risk-averse mood in stocks

NZD/USD RECOVERS LOSSES AMID THE RISK-AVERSE MOOD IN STOCKS


Kiwi bounced off the ascending 5-day moving average.
Ignores risk-off mood in stocks.
The GDP-led drop in the NZD/USD was short-lived.
The NZD/USD pair found takers below the ascending 5-day moving average of 0.7311 and recovered to 0.7325 – a level seen ahead of the NZ GDP release.
The recovery from the session lows is somewhat surprising, given the risk assets are under pressure due to rising fears of US-China trade war. As of writing, the stocks in Australia, Hong Kong, Japan are trading modestly weaker. Further, the S&P 500 futures are reporting a 0.16 percent drop.
Ahead in the day, the pair will likely track the broader market sentiment and may turn positive if the European desks offer US dollar in response to global trade tensions.

Read more : http://www.xtreamacademy.com/forex-n...e-mood-stocks/

 

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Eur/usd: Focus on diverging central bank expectations ahead of fed

EUR/USD: FOCUS ON DIVERGING CENTRAL BANK EXPECTATIONS AHEAD OF FED


Euro under pressure due to diverging central bank expectations.
ECB lift off in 2019, a distant dream.
Yield differential widens in the USD-positive manner.
The common currency traded on the backfoot against the greenback in Asia and will likely extend losses in Europe and US session, courtesy of diverging monetary policy expectations.

The bullish breakout in the Euribor futures, as discussed on Friday, indicates the markets no longer expect the European Central Bank (ECB) to raise rates in 2019. Meanwhile, speculation is gathering pace that Fed would revise higher its dot plot chart to four 2018 rate hikes at the forthcoming meeting.

Consequently, the 10-year US-German yield spread has jumped to the highest level since late 2016. Thus, the EUR is becoming less attractive.

Read more : http://www.xtreamacademy.com/forex-news/eur-usd-focus-diverging-central-bank-expectations-ahead-fed/

 

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Gbp/jpy searching to regain 149.00 ahead of uk inflation data

GBP/JPY SEARCHING TO REGAIN 149.00 AHEAD OF UK INFLATION DATA

Sterling is shifting higher in Asia markets ahead of UK CPI data.
Risk appetite, UK confidence is keeping the GBP elevated against the Yen.
The GBP/JPY is lifting in early Tokyo trading, testing into 148.90 after falling from a peak of 149.68 in Monday’s action.

The Sterling took a bullish turn against the Yen on Monday and is still on the high side despite walking back some of early Monday’s gains through the London-NY overlap. The pair is currently testing back upwards ahead of the UK’s Consumer Price Index figures.

UK inflation in the pipe

The UK CPI numbers will be dropping at 09:30 GMT today, along with a pile of other indicators including the Retail Price Index, Producer Price Index, Housing Price Index, and the PPI Core Output, but all eyes will be on year-on-year CPI figures. The Bank of England (BoE) is expected to begin lifting interest rates soon, and although analysts are expecting the headline year-on-year CPI to come in at 2.8% (prev. 3.0%), the minor contraction is expected, and the Sterling could go on a tear if the figures come out at or better than expectations.

The Yen is facing a quiet week on the macro calendar, but that’s probably for the best as Japan’s government continues to roil over the government land sale scandal that has seen the Prime Minister of Japan,

Read more : http://www.xtreamacademy.com/forex-news/gbp-jpy-searching-regain-149-00-ahead-uk-inflation-data/

 

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BITCOIN PRICE FORECAST MARCH 22, 2018, TECHNICAL ANALYSIS


Bitcoin markets rallied a bit during the trading session on Wednesday, reaching towards the $9000 level against the US dollar, as we are now testing significant resistance just above.


BTC/USD


Bitcoin rallied a bit during the trading session on Wednesday, reaching towards the $9200 level. We have broken above the $9000 level, so that’s a bullish sign but I think it’s only a matter of time before we get a bit of a push back. I see a lot of noise between here and $10,000 above, so if you cannot handle volatility, this will be the place to be. If we pull back from here, I think that the $8500 level could offer support. A breakdown below the $8400 level resumes the downtrend. Alternately, we could go higher, but I think $10,000 above is a major level to deal with. Any signs of exhaustion should be selling opportunities just waiting to happen between here and there, but if we were to break above the $10,000 level, it’s a very bullish sign. I think there is a lot of noise between here and there, so I would be very cautious about going long.

Read more : http://www.xtreamacademy.com/forex-f...ical-analysis/

 

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BITCOIN CASH, LITECOIN AND RIPPLE DAILY ANALYSIS – 23/03/18


The bears continue to plague the markets this morning, as investors respond to negative news hitting the wires through the 2nd half of the week.


Bitcoin Cash on Slide


Bitcoin Cash fell by 1.84% on Thursday, following Wednesday’s 2.95% fall, to end the day at $1,011. The bullish trend that had been formed last Sunday evening reversed on Wednesday morning and, despite Bitcoin rising to an intraday high $1,066 in the early hours of Thursday, the bearish trend remained intact through the day, falling to an intraday low $981.9.
While the intraday high failed to test major resistance levels, the $981.9 low tested the day’s first major resistance level of $995.67 and buyer appetite at the day’s 38.2% FIB Retracement Level of $991.56, though support was not enough for Bitcoin Cash to break through the day’s 23.6% FIB Retracement Level of $1,026.89 by the close.
There may have been hopes of a recovery going into this morning, with Bitcoin Cash managing to recover to $1,000 levels by the close, but the sell-off continued through the early hours of today.
At the time of writing Bitcoin Cash was down 4.57% to $966.3, with the day ahead looking bleak as investors responded to yet more negative news hitting the wires.
For the day ahead, with Bitcoin Cash sitting below the day’s first major support level of $973.27, failure to move through to $1,000 levels could see the day’s 2nd support level of $935.53 tested, with Bitcoin Cash sitting well below the day’s 23.6% FIB Retracement Level of $1,006.
It’s certainly looking bearish going into the weekend and, while investors have been quick to jump in on the dips of late, there may well be a pause this time around.

Read more :*http://www.xtreamacademy.com/forex-f...ysis-23-03-18/