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.

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
EUR/USD
Bearish
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/7g9pB8D9xK
  • 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/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising 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/UZela9nSIm
  • 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/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
  • 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/lp0tmKS9WR
Bitcoin Rallies into Resistance while Ethereum Hits All-Time High

Bitcoin Rallies into Resistance while Ethereum Hits All-Time High

Tammy Da Costa, Markets Writer

Bitcoin (BTC/USD), Ethereum (ETH/USD) Forecast:

  • Bitcoin bulls drive price action into a wall of resistance
  • Ethereum soars ahead of futures listing
  • Price Action has remained generally bullish
Advertisement

Bulls trading both Bitcoin and Ethereum remain in control of price action after prospects of the larger US Fiscal Stimulus package helped to buoy the demand for major cryptocurrencies. Although Bitcoin has surged approximately 23% (YTD), Ether continues to outperform, rising a massive 123% (YTD).

Bitcoin (BTC/USD) Price Action

After retracing from the record high set in early January, Bitcoin bulls managed to bounce off of the 50% Fibonacci retracement level of the November- January move, driving price action into a wall of resistance, formed by the key psychological level of $38,000, . With prices threatening to break above the upper bound of the Bollinger band, the Commodity Channel Index (CCI) currently rests at 100, highlighting that BTC/USD may not be as overbought as it was earlier this week.

Bitcoin Trading
Bitcoin Trading
Recommended by Tammy Da Costa
Download Your free Bitcoin Trading Guide
Get My Guide

Bitcoin 4 Hour Chart

Bitcoin 4 hour Chart

Chart prepared by Tammy Da Costa, IG

For bullish continuation to persist, bulls need to push above the current resistance level of $38,000, with the next level of resistance showing around the psychological level of $40,000.

On the other side, for bears to take over, they would need to push below the current support of $35,915, formed by the 23.6% Fibonacci retracement, with the next level of support holding at the 38.2% Fibonacci retracement level of $32,153

Ethereum (ETH/USD) Price Action

ETH/USD continues to soar ahead of next week’s launch of Ethereum futures on the Chicago Mercantile Exchange (CME). After peaking at the key psychological level of $1,700, a new record high, prices retraced back towards the current support level of $1,468, formed by the 14.4% Fibonacci retracement level of the historical move. Meanwhile the CCI remains within range, falling below the 100 mark.

Ethereum MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -3% -12% -4%
Weekly -10% -3% -9%
Learn how to use Sentiment in your trading strategy
Get My Guide

Ether (ETH/USD) 4 Hour Chart

Ether 4 hour chart

Chart prepared by Tammy Da Costa, IG

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

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

DISCLOSURES