Daily Market News by Xtreamforex

[xtreamforex]

GOLD PRICE FUTURES (GC) TECHNICAL ANALYSIS – TRADING ON WEAK SIDE OF LONG-TERM FIB LEVEL AT $1250.00
Based on last week’s close at $1240.40, the direction of the December Comex Gold this week will be determined by trader reaction to the long-term, uptrending Gann angle at $1245.00.
Gold futures finished lower last week after hitting its lowest level since the week-ending January 13, 2017.

December Comex Gold futures settled at $1240.40, down $11.50 or -0.92%.

The price action was primarily driven by the movement in the U.S. Dollar. The Greenback was pushed higher by hawkish testimony before Congress by U.S. Federal Reserve Chairman Jerome Powell on Tuesday and Wednesday then driven lower on Thursday and Friday when President Trump criticized the Fed for raising interest rates.

This news helped drive gold in two directions at times last week.
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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.
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[xtreamforex]

EUR/GBP TECHNICAL ANALYSIS: EURO BREAKS KEY RESISTANCE
EUR/GBP TECHNICAL STRATEGY: FLAT

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  • 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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[xtreamforex]

A DOLLAR SLIDE AND THAT’S BEFORE TRUMP MAKES A NOISE
The U.S Dollar slides and takes the equity markets along for the ride as trade war jitters weigh at the start of the week.
Earlier in the Day:
There were no material stats released through the Asian session this morning, on what was an unusually quiet day on the data front, leaving the markets with little else to consider other than Trump’s end of week rant and threat of an all-in move against China in the trade war that has to-date seen the U.S face nothing but retaliation.

The Art of the Deal may have worked in the real estate world, but it’s the Art of War that is likely to have more influence as a reference in the world of international relations and trade.

For the Japanese Yen, a morning 0.48% rise to ¥110.88 against the Dollar came off the back of continued market jitters over the ongoing trade war pinning back the Dollar, coupled with news of the BoJ planning to discuss changes to monetary policy, though the news has yet to be commented on by BoJ members, which could see a reversal once denied.

For the Kiwi Dollar and Aussie Dollar, concerns over the trade war failed to pin back the pair, which gained 0.10% and 0.13% respectively, a pullback in the U.S Dollar off the back of falling Treasury yields providing direction early on.

In the equity markets, it was red across the majors, with the Nikkei and ASX200 leading the way, sliding by 1.3% and by 0.83% respectively, while the Hang Seng and CSI300 were down just 0.20% and 0.15% respectively, at the time of writing, the pair giving up gains from early in the day, tracking U.S futures that had also kicked off the day in positive territory.
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[xtreamforex]

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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[xtreamforex]

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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[xtreamforex]

GOLD PRICE FORECAST – GOLD MARKETS FIND BUYERS AFTER INITIALLY FALLING ON TUESDAY
Gold markets initially fell during the day on Tuesday but found enough support at the $1220 level to turn around and rally towards the $1228 level by the time the Americans got to work. It looks as if we are trying to form some type of base in the market, which of course is a bullish sign overall.
Gold markets have initially falling during the trading session on Tuesday but found enough buying pressure and demand at the $1220 level to turn things around and reach towards the $1228 level by the time New York came to work. It looks as if we are trying to form some type a basing pattern, not only in the gold market but also the Australian dollar. I believe that it is only a matter of time before the market tries to reach towards the $1250 level. I also believe that longer-term investors are starting to pick up gold “on the cheap” as we have seen it beaten down so drastically. Given enough time, I fully anticipate gold to enter a bull market, but we need the US dollar to calm down first. I believe that could be coming later this year, but in the meantime expect a lot of choppiness and back-and-forth type of trading. However, from a longer-term standpoint I do like the idea of buying at these lower levels.
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[xtreamforex]

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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[xtreamforex]

STRONG AUSTRALIA CONSUMER PRICE INDEX (CPI) TO FUEL AUD/USD REBOUND
TRADING THE NEWS: AUSTRALIA CONSUMER PRICE INDEX (CPI)
Updates to Australia’s Consumer Price Index (CPI) may fuel the recent rebound in AUD/USD as the headline reading for inflation is projected to increase to 2.2% from 1.9% per annum in the first-quarter of 2018.
The Australian dollar may exhibit a more bullish behavior over the remainder of the month should the data prints put pressure on the Reserve Bank of Australia (RBA) to alter the forward guidance for monetary policy, and the central bank may start to change its tune in the second-half of the year as inflation approaches the central bank’s target of 2-3%.Australia’s Consumer Price Index (CPI) held steady a 1.9% for the second straight quarter, while the core rate of inflation unexpectedly climbed to 1.9% from 1.8% in the fourth quarter of 2017. With price growth still holding below the Reserve Bank of Australia’s (RBA) inflation target of 2-3%, signs of subdued price growth may encourage the central bank to retain the record-low cash rate throughout 2018 as ‘inflation is low and is likely to remain so for some time, reflecting low growth in labour costs and strong competition in retailing.’
The initial dip in the Australian dollar was short-lived, with AUD/USD climbing back above the 0.7600 handle to end the day at 0.7603.
In turn, Governor Philip Lowe & Co. may prepare Australian households and businesses for higher borrowing-costs at the next meeting on August 7, but another below-forecast CPI print may drag on the Australian dollar as it encourages the RBA to keep the official cash rate (OCR) at the record-low throughout 2018.
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[xtreamforex]

EURUSD Is Calm Early In the Week
On Monday morning, EURUSD was trying to recover. However, due to the lack of macroeconomic statistics, it reached stability and right now is moving inside a narrow trading range.
The basic fundamental catalyst for the major currency pair is the speech delivered by the US Federal Reserve Chairman Jerome Powell during the Jackson Hole symposium. Powell was pretty positive and optimistic and made a stand for the regulator’s current monetary policy relating to the key rate hike despite being criticized by the US President Donald Trump earlier last week.
Jerome Powell is in favor of “slow” tightening of the regulator’s monetary policy (in fact, he just continues the same policy as his predecessor, Janet Yellen), which is not a secret for investors. However, in this case, Powell is the person, who investors can obviously predict, but Trump is not. That’s why investors’ response to Powell’s speech wasn’t very clear.
The head of the US regulator said that the American economy remained strong and the macro statistics confirmed that. According to him, if the labor market remains strong and employment/income numbers continue growing, “slow” tightening of the monetary policy will be appropriate. However, the dynamic growth of income requires the same from the labor efficiency numbers.
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Dovish European Central Bank (ECB) Forward-Guidance to Rattle EUR/USD
EURO TALKING POINTS
EUR/USD pares the decline following the U.S. Non-Farm Payrolls (NFP) report, with the exchange rate bouncing back from a fresh monthly-low (1.1526), but the European Central Bank (ECB) meeting on tap for September 13 may produce headwinds for the Euro as the Governing Council remains in no rush to move away from its easing-cycle.
DOVISH EUROPEAN CENTRAL BANK (ECB) FORWARD-GUIDANCE TO RATTLE EUR/USD
EUR/USD may face range-bound conditions ahead of the ECB interest rate decision in light the failed attempt to test the August-high (1.1734), but fresh remarks from the Governing Council may continue to sap the of the single currency as the central bank keeps the door open to further support the monetary union.
Keep in mind, the ECB is expected to unveil an updated exit strategy as the central bank pledges to wind down its asset purchases to EUR15B/month starting in October, with the quantitative easing (QE) program set to expire in December.
However, the ECB may continue to highlight a dovish forward-guidance as ‘significant monetary policy stimulus is still needed to support the further build-up of domestic price pressures and headline inflation developments over the medium term,’ andthe Governing Council is likely to reiterate that interest rates will ‘remain at their present levels at least through the summer of 2019’ as the central bank struggles to achieve its one and only mandate for price stability. As a result, unless there’s a material change in the monetary policy outlook, more of the same from President Mario Draghi and Co. may rattle the Euro, with EUR/USD at risk of facing range-bound conditions as market participants gear up for the Federal Reserve rate decision on September 26.

 

[xtreamforex]

Gold Price Prediction – Gold Forms Doji Day withing Bear Flag Pattern
Gold prices whipsawed and initially moved lower but rebounded into the close of the trading session. The dollar was firmer against the yen and slightly stronger against the euro which weighed on yellow metal prices. Interest rates moved higher following a robust US Job openings and layoffs report. Stronger yields spilled over into the greenback as the US 10-year moved toward the 3% level.
Technical Analysis
Gold prices whipsawed forming a doji day where the open and the close were near the same level reflecting indecision. Prices are forming a bear flag pattern which is a pause that refreshes lower. Resistance is seen near the 50-day moving average at 1,214. Support is seen near the 20-day moving average at 1,195. Momentum is neutral as the MACD (moving average convergence divergence) histogram prints in the black with a flat trajectory which points to consolidation.
The Dollar Rises on Robust JOLTS
July JOLTS hit new high at 6.939 million job openings. Over the month, hires and separations were little changed at 5.7 million and 5.5 million, respectively. the quits rate was little changed at 2.4% and the layoffs and discharges rate were unchanged at 1.1%. An elevated quit rate combine with a high openings level lifted US yields.
UK Data is Solid
UK data is coming out strong. The robust PMI services and growth figures and solid weekly earnings helped to lift sterling which helped buoy the yellow metal. When you include the bonus payments the weekly wages figures increased by nearly 3% in the current quarter ending July on a year over year basis which was stronger than expected and match the highs for 2018 seen in March. The claimant count increased by 8.7k after an upward revision to 10.2k in July. It has risen by an average of 10.2k this year after being virtually flat in the same 2018 period. Employment growth has also slowed, but remain at elevated levels.

 

[xtreamforex]

Gold Price Forecast – Gold markets volatile for session on Wednesday
Gold markets chopped around during the day on Wednesday, showing signs of life as the US dollar got beat up a bit. However, I do see significant resistance above that could come into play, so therefore I’m not willing to throw a ton of money at this market.
Gold markets were very noisy during trading on Wednesday, as we continue to see a lot of volatility around the world. The US dollar got a bit of a beating during the day as James Bullard suggested that an inverted yield curve could cause a recession. Everybody on Wall Street knows that, except for currency traders it seems. However, at the end of the day the Gold markets continue to face a lot of selling pressure due to the US dollar strength longer-term. There have been a lot of concern with emerging markets, and that should continue to be the case. I also recognize that we are a bit range bound, although I think there is some upward pressure to be found eventually. If we do break above the $1208 level, that would be a good sign. In the meantime, I think that rallies are selling opportunities on signs of exhaustion, as gold simply can’t seem to get its act together longer-term.
I like buying physical gold when I get a chance, but obviously that’s a long-term play. In the short term, I think you need to continue to look at this as a range bound market and pay attention to recent highs and lows. The market certainly has more of a downward slant to it, but I also recognize that participants will be following the US dollar. The easiest way to do that with gold is to pay attention to the EUR/USD pair. If it rises, typically gold will as well.

 

[xtreamforex]

AUD/USD Forex Technical Analysis –Trend Traders Likely to Defend .7224 to .7257 Retracement Zone
Thursday’s close fell inside a pair of 50% levels at .7157 and .7224. This means the direction today is a toss-up.
The Australian Dollar closed higher on Thursday, underpinned by stronger-than-expected employment data and pushed higher by weaker-than-expected U.S. Consumer Inflation data.
The jobs data was good enough to drive up Australian Government bond yields, making the Aussie a more attractive asset, at least for one day. However, it won’t have any long-term implications unless it leads to higher wages, and consequently higher inflation.
At 0136 GMT, the AUD/USD is trading .7191, up 0.0006 or +0.08%.
The U.S. CPI data won’t alter the Fed’s plans to raise rates later this month, but when combined with yesterday’s weak Producer Inflation data, it could mean the central bank is nearing neutrality.

 

[xtreamforex]

AUD/USD Forex Technical Analysis –Trend Traders Likely to Defend .7224 to .7257 Retracement Zone
Thursday’s close fell inside a pair of 50% levels at .7157 and .7224. This means the direction today is a toss-up.
The Australian Dollar closed higher on Thursday, underpinned by stronger-than-expected employment data and pushed higher by weaker-than-expected U.S. Consumer Inflation data.
The jobs data was good enough to drive up Australian Government bond yields, making the Aussie a more attractive asset, at least for one day. However, it won’t have any long-term implications unless it leads to higher wages, and consequently higher inflation.
At 0136 GMT, the AUD/USD is trading .7191, up 0.0006 or +0.08%.
The U.S. CPI data won’t alter the Fed’s plans to raise rates later this month, but when combined with yesterday’s weak Producer Inflation data, it could mean the central bank is nearing neutrality.
Daily Swing Chart Technical Analysis
he main trend is down according to the daily swing chart. However, momentum shifted to the upside on Tuesday with the formation of a closing price reversal bottom
A trade through .7085 will negate the closing price reversal bottom and signal a resumption of the downtrend. A move through .7363 will change the main trend to up.
The minor trend is also down. A trade through .7235 will change the minor trend to up. This move will reaffirm the shift in momentum.
The main range is .7363 to .7085. Its retracement zone at .7224 to .7257 is the primary upside target. Thursday’s rally stopped inside this zone at .7230.
The new short-term range is .7085 to .7230. If the late session selling carries over into Friday then its retracement zone at .7157 to .7140 will become the primary downside target. A test of this zone will be very important to the chart’s structure because aggressive counter-trend buyers may try to form a secondary higher bottom.
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[xtreamforex]

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/09/18
It’s been a mixed start to the day, the majors giving up gains from earlier in the day, key levels needed to be held on to in support of an afternoon rally.
Bitcoin Cash Steadies
Bitcoin Cash gained 0.6% on Sunday, following Saturday’s 0.29% rise, to end the day at $450.7, with the weekend’s minor recovery leaving Bitcoin Cash down 6.4% for the week.
A particularly choppy day saw Bitcoin Cash take a tumble through the day’s first major support level at $440.03 and second major support level at $431.77 to an intraday low $425.1 before bouncing back to $440 levels. A boost late in the day saw Bitcoin Cash move through to an intraday high $452, coming up short of the day’s first major resistance level at $459.53 before easing back to $450.
At the time of writing, Bitcoin Cash was up 1.8% to $458.7, with Bitcoin Cash rallying at the start of the day to a morning high $463.4 before easing back. The moves through the early part of the day saw Bitcoin Cash test the first major resistance level at $460.1, while leaving the first major support level at $433.2 left untested.
For the day ahead, holding on to $450 levels would support another run at $460 levels and the day’s first major resistance, with a breakout to test the second major resistance level at $469.5 in play should Bitcoin Cash avoid a late in the day reversal.
Failure to hold on to $450 levels could see Bitcoin Cash fall pullback to $440 levels, while we would expect the day’s first major support level at $433.2 to be left untested barring materially negative news hitting the wires.

 

[xtreamforex]

AUD/USD Rallies After Release of House Prices Data, RBA Minutes
TALKING POINTS – AUD/USD, RBA, EQUITIES, TRADE WARS

• AUD/USD pares losses after mostly in-line housing inflation data, September RBA minutes
• However, AUD/USD is still engaged in downside momentum near Dec 2016 support levels
• US-China tariffs, equities’ performances, and Fed rate decision in the spotlight next two weeks

The Australian Dollar strengthened against its US namesake after local economic data crossed the wires early into Tuesday’s Asia Pacific trading session. Second quarter year-on-year housing inflation came in at -0.6%, a slight uptick from economists’ forecasts of -0.7% and a decrease from the 2.0% prior. The gauge measured quarterly was -0.7% in line with both the estimate and previous figure of -0.7%. AUD/USD’s ascent helped pare losses sustained earlier in response to the Trump administration announcement of 10% tariffs on $200B worth of Chinese goods, rising to 25% in 2019.
The rise in Aussie Dollar was further compounded by the release of the Reserve Bank of Australia’s September 4th meeting minutes. The central bank noted that while there was no strong case for near-term adjustment in policy, the next move in the cash rate is more likely to be an increase. The monetary authority also stated that while risks remain from uncertainty abroad and low wages growth, the modest decline in the Australian Dollar has been helpful for domestic growth.
As the RBA highlighted, the sentiment-linked unit has been steadily weakening against the US Dollar for the majority of 2018. Recently, the pair broke May/December 2016 support levels near the 0.716 figure, but slightly reversed its bearish momentum. AUD/USD traders should look to signs of possible RSI divergence and confirmation by breaking the downtrend channel before next moves.
Looking forward, the Aussie Dollar faces a relatively light docket of local economic data, with job vacancies and private sector credit figures coming out in the next two weeks. Rather, the pro-risk unit will be closely watching the implementation of US tariffs on $200B of Chinese goods on September 24thand equities’ weak performances, possibly driving the currency lower. Furthermore, AUD/USD traders should also pay attention to factors moving the greenback, specifically the release of US PMI figures and the Federal Reserve’s rate decision.

 

[xtreamforex]

EUR/USD Back to Key Resistance as the Nikkei Breaks Out Ahead of BoJ
Talking Points:
– Global equities remain on the move and the Nikkei has broken out from a big level of resistance over the past few trading days, adding a bit of resolution to an ascending triangle formation that’s been building over the past few months. Later tonight/early-Wednesday brings a Bank of Japan rate decision with very few expectations for anything new. Will the BoJ provide any hints or clues towards future changes towards their QE policy that just so happens to buy ETF’s of the very same indices that have been breaking out ahead of the meeting?
– In FX-land, the week started with haste but has since calmed, as both EUR/USD and the US Dollar are holding at key areas on the chart. In EUR/USD, prices have returned to the big resistance zone that we’ve been following that runs from 1.1709-1.1750. Bulls don’t look to soon let up, so at this stage a resistance break is starting to feel more likely. In the US Dollar, on the other hand, prices have built into a descending triangle formation as the Dollar continues to sit on support.
EUR/USD BACK TO CONFLUENT RESISTANCE: WILL BULLS FINALLY BREAK FREE?
At this point the primary hope is that EUR/USD is earning frequent flyer miles for all of these trips back to resistance, as we’re now seeing the third such visit to this zone over the past three weeks. We’ve been following the resistance area in EUR/USD that runs from 1.1709-1.1750; looking for a topside break to re-open the door to longer-term themes of continuation.
This area had helped to hold the highs in the latter-portion of July, but it also contains multiple Fibonacci levels in the same range. This is a confluent area as there are multiple reasons for sellers to come-in and respond, and that’s largely what we’ve been seeing over the past few weeks. But following each response, we’ve seen an increasingly strong response from bulls as buyers have started to come-in at higher-lows. On the chart below, we’ve added a blue bullish trend-line underneath the higher-lows that have printed over the past week, following last week’s support test at the 1.1530 level.

 

[xtreamforex]

Bitcoin – Are We In For Another Tumble?
Another range bound start to the day for Bitcoin as investors consider the SEC’s next Bitcoin ETF application decision. It could get choppy later…
Bitcoin continued to recover from Monday’s losses, rising by 0.97% off the back of Tuesday’s 1.31% gain to end the day at $6,395.7.
A particularly range bound morning and early afternoon saw Bitcoin steer clear of the day’s major support and resistance levels, a lack of direction through the first half of the day leading to a slide through the day’s first major support level at $6,246.73 and second major support level at $6,159.47 to a late evening intraday low $6,100 before finding support.
An almost immediate bounce back saw Bitcoin break though the day’s first major resistance level at $6,402.63 and second major resistance level at $6,471.27 to an intraday high $6,549.9 before pulling back to sub-$6,400 levels late in the day.
The choppy 2nd half of a day came off the back of mixed crypto news hitting the wires, with the negative news including reports of a Japanese cryptocurrency exchange being hacked and a UK Treasury Committee report concluding that Bitcoin and other cryptocurrencies are ill-suited for retail investors and are in dire need of regulation.
While the UK may not be of the largest crypto jurisdictions, the possibility of other jurisdictions considering the report content is a negative, particularly when considering the fact that the vast majority of cryptocurrency investors are high net worth individuals and retail investors, the existence of high net worth individuals in the market coming off the back of the ascendancy of Bitcoin and other cryptos.
On the positive side, news of Fidelity Investments looking to launch Bitcoin products by the end of the year was a positive, other reputable asset managers likely to follow suit, supporting capital inflows into the market.
With the sentiment skewed towards the negative, focus remains on the next SEC decision on a Bitcoin ETF application and the G20’s anticipated rollout of unified rules and regs that continue to drive volatility, which in itself could be construed as a negative for a market that is looking for institutional money to come pouring in, the SEC unlikely to approve products for institutional money until the year’s persistent volatility abates.
At the time of writing, Bitcoin was up 0.19% to $6,402.9 to buck the broader market trend, with Bitcoin moving through to an early morning $6,420 high before easing back to a morning low $6,382.2, the moves through the early part of the day leaving the major support and resistance levels untested.

 

[xtreamforex]

Pound Boosted by Retail Sales, EU Summit in Focus
UK retail sales dished out an upside surprise by rising 0.3% last month as shoppers shrugged off Brexit concerns over the summer period. While this encouraging report adds to a number of solid economic indicators produced by the UK.
The Pound was thrown back into the limelight today after UK retail sales unexpectedly rose in August.
UK retail sales dished out an upside surprise by rising 0.3% last month as shoppers shrugged off Brexit concerns over the summer period. While this encouraging report adds to a number of solid economic indicators produced by the UK, investors are likely to remain more concerned with Brexit developments.
Market optimism over Britain striking a Brexit deal with the European Union has been the primary driver behind the Pound’s appreciation in recent weeks. However, it is becoming evident that Sterling remains extremely sensitive and highly reactive to Brexit talks. The explosive price action witnessed yesterday following reports of Theresa May set to reject the European Union’s “improved” offer on the Irish border is a testament to this.
Investors will be keeping a close eye on today’s informal EU summit in Salzburg which will play a major role in where the Pound concludes this week. It is worth noting that the Irish border puzzle remains a fierce obstacle to a deal, and it will be interesting to see if both sides are able to overcome this issue.
Taking a look at the technical picture, the GBPUSD is firmly bullish on the daily charts with prices trading above 1.3200 as of writing. While Dollar weakness has played a role in the Pound’s upside, most of the gains remain attributed to Brexit optimism and positive UK economic data. A solid daily close above the 1.3200 level could inject bulls with enough inspiration to challenge 1.3280 and 1.3320, respectively.