News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here: https://t.co/MzaIl7tPmZ
Bitcoin Prices Eye Record High – Pullbacks to Offer Opportunity

Bitcoin Prices Eye Record High – Pullbacks to Offer Opportunity

Michael Boutros, Strategist

To receive Michael’s analysis directly via email, please SIGN UP HERE

BTC/USD Daily Chart

Bitcoin Price Chart - Daily Timeframe

Technical Outlook: Bitcoin broke though downslope resistance early in the month with the subsequent rally taking prices back above the record high-day close at 4600. The focus remains weighted to the topside while above this threshold (note the median-line) with a breach above the record high at 4979 needed to fuel the next leg higher. Subsequent resistance targets are eyed at 5200 & 5375. Broader bullish invalidation now raised to 4213/25.

New to Forex? Get started with this Free Beginners Guide

BTC/USD 240min

Bitcoin Price Chart - Daily Timeframe

Notes: close look at price action shows Bitcoin continuing to trade within the confines of an ascending median-line formation (modified) with prices reversing off parallel resistance yesterday in New York trade. Interim support now rests at 4700 with near-term bullish invalidation set to 4600.

A breach above the median-line targets 4979 – Look for a reaction there. Bottom line: Bitcoin prices remain at risk for a near-term pullback while below the ML, but the focus remains higher while within this near-term formation.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

Bitcoin IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long Bitcoin- the ratio stands at +1.56 (60.9% of traders are long) –bearishreading
  • Long positions are 5.1% higher than yesterday but 0.6% lower from last week
  • Short positions are 2.4% higher than yesterday and 18.9% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

See how shifts in retail positioning are impacting price trends- Click here to learn more about sentiment!

Relevant Data Releases

Economic Calendar

Check out this week’s DailyFX Webinar Schedule

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES