AUD/USD refreshes 3.5-month low just below 0.6750 with Australia's business confidence gauge hitting multi-year lows. The pair is currently trading around 0.6750, reporting marginal losses on the day. China's coronavirus contagion also weighs on the Aussie.
USD/JPY recovers from nearly three-week low amid bearish MACD and mixed market sentiment on coronavirus outbreak. 50% Fibonacci retracement, 200-day SMA add to the support. 61.8% Fib level offers short-term resistance.
US indices had a poor start to the week as the virus that originated in Wuhan spreads globally and the number of deaths increase. Safe haven assets see heavy demand, while oil prices drop. Onshore markets in China remain closed for the week.
Gold has largely been in a consolidation mode since Monday's early Asian session and is currently sidelined near $1,580. The hourly chart shows the yellow metal is trapped in a pennant pattern. A breakout would allow a re-test of recent highs above $1,600.
Over the last three days, the bulls have taken full control of the BTC/USD market. The price jumped from the $8,332.50 support level and went to $9,105.35. As per the daily confluence detector, there is a strong resistance at $9,175.
The cryptocurrency market is back in its January 2020 bullish phase. Ripple price has not been left out of the bullish frenzy. At the time of writing, XRP is exchanging hands 1.45% higher on the day.
Ethereum is trading within a whisker of the January 2020 peak. This follows an impressive bullish reversal from the pullback experienced last week.
Active user wallets in Venezuela have surged 562% since May, according to reports from digital currency Dash. A significant 29% rise bolstered this number in just ...
SPECIAL YEARLY FORECAST
Markets' lean season has lasted two full years and while those are not yet over, flush times are looking more and more likely for this 2020. EUR/USD news: The beginning of the end of the trade war? Ever since hitting 1.2537 in January 2018, the EUR/USD pair has been on a selling spiral that set a multi-year low of 1.0878 just two months ago. The level can hardly be considered an interim bottom when just considering the following price’s recovery, but the focus this time shouldn’t be put on technical readings, but in politics.
GBP/USD is looking for s new direction as speculation about the upcoming Bank of England decision rocks the pound. How is the currency pair positioned?
The Technical Confluences Indicator is showing that pound/dollar is capped at 1.3134, which is the convergence of the Simple Moving Average 5-15m, the SMA 10-4h, the Fibonacci 61.8% one-day, the Fibonacci 61.8% one-month, and more.
Support is somewhat weaker. At 1.3100, the confluence of the Pivot Point one-day Support 1, the previous daily low, and the SMA 200-4h is seen.
The upside target is 1.3223, which is the meeting point of the Bollinger Band one-day Upper and the Fibonacci 161.8% one-week.
Looking down, support awaits at 1.3058, which is where the 50-day SMA and the Fibonacci 61.8% one-week converge.