Daily Technical Analysis by XtreamForex

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USD/JPY FUNDAMENTAL WEEKLY FORECAST – SELLERS IN CONTROL UNLESS TRUMP CHANGES TUNE OVER FED POLICY, DOLLAR STRENGTH

There is economic data this week, but investor focus will be on Trump’s criticism of the Fed and a potential escalation of the trade dispute between the U.S. and China. Both comments weakened the U.S. Dollar. The USD/JPY is not likely to rally very much unless Fed members come out strong against the President’s comments, or Trump backpedals from his criticism of the Fed and his call for a weaker U.S. Dollar.
The Dollar/Yen posted a potentially bearish closing price reversal top last week after hitting its highest level since January 8. Sellers came in at 113.210, just slightly before a series of main tops at 113.381, 113.631 and 113.745.

The strength early in the week was fueled by hawkish testimony before a pair of congressional sub-committees by U.S. Federal Reserve Chairman Jerome Powell. The top was reached and a sharp break ensued after President Trump criticized the Fed’s monetary policy and threatened China with additional tariffs.

The Dollar/Yen rallied on July 17, driven by firmer U.S. Treasury yields and increased demand for risky assets. The catalysts behind the rally were the hawkish congressional testimony of U.S. Federal Reserve Chairman Jerome Powell and strong U.S. economic data.
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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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EUR/GBP TECHNICAL ANALYSIS: EURO BREAKS KEY RESISTANCE

EUR/GBP TECHNICAL STRATEGY: FLAT
Euro breaks above 9-month chart resistance against British Pound
A break of March swing high might open the way above 0.90 figure
Near-term positioning hints entering long trade premature for now
The Euro may be on the cusp of launching a sustained move higher against the British Pound after breaching nine-month trend resistance.

With the series of lower highs and lows established from October 2017 now invalidated, prices look poised to challenge the March 7 high at 0.8968. A daily close above that opens the door for a test of the October 12 peak at 0.9033. Alternatively, a turn back below resistance-turned-support – now at 0.8876 – exposes a rising trend line guiding the upswing since mid-June (currently at 0.8841).A look at shorter-term positioning seems to argue against buying in however. The four-hour chart reveals that the near-term uptrend has been broken, with a deeper pullback possible if the pair manages to get below 0.8924. From a tactical perspective, it seems premature to commit to commit on the long side before this retracement finds a demonstrable bottom.
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AUD/USD AND NZD/USD FUNDAMENTAL WEEKLY FORECAST – AUSSIE CPI DATA MAY TAKE BACKSEAT TO GEOPOLITICAL TURMOIL

Aussie and Kiwi investors are going to focus on demand for risk, U.S. Treasury yields and the direction of the U.S. Dollar this week. The catalyst likely to influence these factors is the escalating tension over the trade dispute between the United States and China. Traders are also likely to continue to react to any renewed criticism from Trump on Fed policy and the value of the U.S. Dollar.

The Australian and New Zealand Dollars finished mixed last week with the Australian Dollar posting a small loss and the New Zealand Dollar closing slightly better. The price action was volatile with both currencies posting two-sided moves.

Domestic data did influence the price action in the Aussie for a time. There was nothing out of New Zealand to speak of. The currencies were pressured by hawkish testimony by U.S. Federal Reserve Chairman Jerome Powell and supported by comments from President Trump, who criticized Fed policy and the strength of the U.S. Dollar. Trump also threatened China with additional tariffs.Last week, the AUD/USD settled at .7418, down 0.0006 or -0.09% and the NZD/USD finished at .6808, up 0.0040 or +0.60%.
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USD/JPY PRICE FORECAST – UPTREND LINE HOLDS AS SUPPORT

The US dollar has fallen against the Japanese yen yet again during the day on Monday but has found support at a trendline that crosses just below the ¥111 level. It looks as if the market is trying to recover from here, and I do think that we will see a short-term bounce. Much of the selling has been due to concerns about a currency war, but in the end I believe that this market will eventually attract enough value hunters to turn around.
You can see on the hourly chart we crashed towards the uptrend line only to bounce. In fact, it was a perfect test of the uptrend line, and I believe that some value hunters are starting to come into the marketplace now. This bounce could be bought, but then again I think it’s going to be noisy regardless of what is going to happen over the next several days. Because of this, I would anticipate that smaller position sizes should be employed, as although there is a significant amount of demand just below, there is a lot of noise above. Longer-term, this pair does tend to move with risk appetite, so if we get some type of calming of trade tensions, this market will turn around.
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BITCOIN – THE BULLS ARE GETTING HUNGRY FOR MORE

Bitcoin is on the move early, following last week’s double digit gains, with the bulls now targeting $8,000 levels. We’ve been here before…
Bitcoin slipped by just 0.09% on Sunday, following Saturday’s 0.96% gain, to end the week up 16.54% to $7,396.8.

It was a choppy start to the day, Bitcoin pulling back to a start of the day intraday low $7,329.1 before a move through to a morning high $7,486.9 in the early hours, with a more extended run kicking off in the late morning.

Off the back of a slide back to $7,300 levels, the late morning recovery saw Bitcoin break through the first major resistance level at $7,501.27 to a late in the day intraday high $7,575, before a broad based market sell-off saw Bitcoin pullback to sub-$7,400 levels by the day’s end.

In spite of the choppy day that left Bitcoin in the red, the near-term bullish trend remained intact, with the week’s gains seeing Bitcoin avoiding a slide through the 23.6% FIB Retracement Level of $7,230 to resume the extended bearish trend, formed back at 5th May’s swing hi $9,999.

For the Bitcoin bulls, steering clear of the day’s first major support level at $7,263.27 was also a positive, though over the near-term we continue to see a hold above the 23.6% FIB Retracement Level of $7,230 as key for the near-term bullish trend to remain intact.
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BITCOIN HITS $8000 FOR THE FIRST TIME IN TWO MONTH

Over the last 24 hours, BTC added more than 4% and overcame an important psychological level of $8,000, which sets optimists on the proximity of the new milestone of $10,000.
Cryptomarket actively replaces altcoins in portfolios with the Bitcoin. Over the last 24 hours, BTC added more than 4% and overcame an important psychological level of $8,000, which sets optimists on the proximity of the new milestone of $10,000. Bitcoin was trading at $8189 at the time of writing.

The top 10 coins for capitalizations show either a decrease or a slight increase from + 1.5% for Ethereum (ETH) to -52% for the Bitcoin Diamond (BCD), according to CoinMarketCap.

The increase in the demand for the Bitcoin (BTC) coincides with the boost for daily volumes traded by 60% from $3.5 billion on Monday to $5.6 billion today. Investors bet for the market warming up with institutional money, as well as for the creation of investment products that would lead the demand for the Bitcoin (BTC) to a new mainstream level.
Over the past month, the Bitcoin grew by 36% which contrasts sharply with 14% growth of the whole market ex BTC. The total cryptomarket capitalization without Bitcoin almost stagnated around $150 billion level for the previous month.
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USD/JPY PRICE FORECAST – DOLLAR FALLS AGAINST YEN

The US dollar fell a bit during the trading session on Tuesday against the Japanese yen, reaching towards the ¥111 level. The market has a significant uptrend line just below though, so I think it’s only a matter time before the buyers come in to pick up a bit of value.
The US dollar started out the day soft on Tuesday, reaching down towards the ¥111 level where the buyers were found. There is also an uptrend line underneath that should offer support, so I think it’s only a matter time before we get some type of rally. This will be especially true if we get more of a “risk on” move, which I think is coming. Obviously, the pair has been sold off rather drastically recently, but I think it’s been overdone. At the very least I would anticipate some type of bounce.

The US dollar has taken a bit of a beating against the Japanese yen during the trading session on Tuesday, but I think it’s only a matter time before things turn around and rally again due to the uptrend line underneath than the psychological importance of the ¥111 region. Because of that, I think that the ¥111.50 level will be targeted initially, which was the most recent high. If we can break above there, then the market will more than likely go looking towards the ¥112 level, and then the ¥112.50 level.
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[xtreamforex.com]

BITCOIN HITS $8000 FOR THE FIRST TIME IN TWO MONTH

Over the last 24 hours, BTC added more than 4% and overcame an important psychological level of $8,000, which sets optimists on the proximity of the new milestone of $10,000.
Cryptomarket actively replaces altcoins in portfolios with the Bitcoin. Over the last 24 hours, BTC added more than 4% and overcame an important psychological level of $8,000, which sets optimists on the proximity of the new milestone of $10,000. Bitcoin was trading at $8189 at the time of writing.

The top 10 coins for capitalizations show either a decrease or a slight increase from + 1.5% for Ethereum (ETH) to -52% for the Bitcoin Diamond (BCD), according to CoinMarketCap.

The increase in the demand for the Bitcoin (BTC) coincides with the boost for daily volumes traded by 60% from $3.5 billion on Monday to $5.6 billion today. Investors bet for the market warming up with institutional money, as well as for the creation of investment products that would lead the demand for the Bitcoin (BTC) to a new mainstream level.
Over the past month, the Bitcoin grew by 36% which contrasts sharply with 14% growth of the whole market ex BTC. The total cryptomarket capitalization without Bitcoin almost stagnated around $150 billion level for the previous month.
Read more:http://www.xtreamacademy.com/cryptocurrency-news

 

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USD/JPY PRICE FORECAST – US DOLLAR TRYING TO FIND BASE AGAINST JAPANESE YEN

The US dollar drifted a bit lower to open the Wednesday session, as we are looking at support below based upon an uptrend line, and of course the psychologically important ¥111 level. I believe at this point we are starting to see value hunters come back into the marketplace, offering an opportunity to pick up the US dollar “on the cheap.”
The US dollar has dropped a bit to start out the session on Wednesday but has an uptrend line just below to offer a significant amount of support. Because of this, I believe that the market will continue to go higher, perhaps reaching towards the ¥112 level. Overall, I believe that the market could perhaps go looking towards the ¥113 level after that. If we break down below the uptrend line, then we are probably looking at a move towards the ¥110 level.

The US dollar has been punished a bit due to the currency war, but quite frankly in the end I think that the interest rate differential will continue to favor the US dollar as the Federal Reserve is known to have a handful of interest rate hikes on the table, while the Bank of Japan is on the sidelines, and nowhere near tightening monetary policy. Beyond that, the ultra-loose policy of the Bank of Japan looks likely to continue for years, so under this scenario it makes sense that eventually we will turn things back around.
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