2023-11-16 12:30

Bitcoin (BTC) Prices, Charts, and Analysis: Bitcoin and Ethereum pushing back to multi-month highs. Has the long-awaited altcoin season started? Bitcoin made a fresh 18-month high on Wednesday as buyers continue to dominate the cryptocurrency space. The largest coin by market cap broke through resistance at $37.3k and clipped $37,980 before edging back. Bitcoin is currently trading on either side of $37.3k and if BTC can keep this level as support, then fresh multi-month highs are likely in the days and weeks ahead. The next level of horizontal resistance is seen at $40k. Bitcoin (BTC) Continues to Rally as Spot ETF Chatter Gets Louder Bitcoin (BTC/USD) Daily Price Chart – November 16, 2023 Ethereum has rallied by over 35% in the last month as spot ETF fever continues to drive the second-largest crypto higher. ETH/USD made a fresh 7-month high just over a week ago on the BlackRock ETF application but has yet to reclaim this high. Support is close at $2,032 and needs to hold if Eth/USD is to move higher. Ethereum (ETH/USD) Daily Price Chart – November 16, 2023 One of the reasons that Ethereum has underperformed Bitcoin over the last few weeks is the strong performance seen in the altcoin market as other L1 coins grab market attention. In the last 30 days, Ethereum is 28% to the good, while Solana (SOL) is 170% higher, Cardano (ADA) is up by 60%, and a recent surge in Avalanche (AVAX) has seen its price appreciate by over 150%. While this recent performance, and outperformance of Ethereum, is impressive, all of these L1s have underperformed ETH over the last 18 months. Solana/Ethereum Spread Weekly Chart Cardano/Ethereum Spread Weekly Chart All Charts via TradingView What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1. https://www.dailyfx.com/news/bitcoin-btc-ethereum-eth-rally-continues-resistance-levels-come-under-pressure-20231116.html

2023-11-16 11:00

Article by IG Chief Market Analyst Chris Beauchamp Dow Jones, Nasdaq 100, Nikkei 225 Analysis and Charts Dow returns to 35,000 The index is back at the 35,000 area, the highs from early September.The past three weeks have seen the market make huge gains, with no sign of a reversal yet in view. A close above 35,100 would then open the way to the July highs at 35,650. A short-term drop might find support around the 100-day SMA, or further down towards 34,000. Dow Jones Daily Chart See How Changes in Retail Sentiment Can Change Price Action Nasdaq 100 hits new 2023 high Wednesday’s session briefly saw the index touch the highest level since the beginning of 2022. The surge from the 200-day SMA has witnessed a 13% gain for the index, breaking out of the summer descending channel and opening the way to more upside in the direction of the 2022 highs towards 16,600. Short-term support might be found around 15,500, the August highs, and then down towards the 100-day SMA. Nasdaq 100 Daily Chart Nikkei 225 reaches trendline resistance November’s rally has carried the index back to trendline resistance from the June highs.There may be some volatility around this area, which is close to the September lower high, but a close above 33,700 would open the way to the 34,000 highs of June. In the short-term, the mid-October highs around 32,500 might provide some support if a pullback develops. Nikkei 225 Daily Chart https://www.dailyfx.com/news/dow-nasdaq-100-and-nikkei-225-continue-their-rally-20231116.html

2023-11-16 09:41

GBP/USD News and Analysis GBP/USD oscillates around key level as uptrend takes shape Sterling holds narrow advantage over the US in terms of expected rate cuts Fed speakers and UK Autumn Statement next up on the calendar The analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library GBP/USD Oscillates Around Key Level as New Uptrend Takes Shape Despite a broad lack of bullish drivers, the pound continues to build a series of higher highs and higher lows, clawing back lost ground after the pair declines for the majority of 2H so far. Recent spikes to the upside have primarily been driven by USD sell-offs sparked by worsening fundamental data experienced by the world’s largest economy. Once again, the pair has eased lower in the days following the sharp rise on Tuesday after better-than-expected US CPI data. The 200-day SMA is the new challenge for a bullish extension with a daily close above it boding well for a continued move higher. The pair has put in a series of higher highs and higher lows meaning that from a technical perspective GBP/USD is no longer in a downtrend. Look out for any pushback from Fed officials today regarding the recent risk off sentiment and general loosening in financial conditions which may limit GBP/USD upside. Resistance appears at 1.2585 with support at 1.2345, followed by 1.2200 flat. GBP/USD Daily Chart Source: TradingView, prepared by Richard Snow Interest rate markets across the UK, Europe and the US no longer hold out for another potential rate hike and now only consider rate cuts with a high degree of confidence. Sterling may find the slightest bit of enjoyment out of a slightly delayed first rate cut (expected by August) when compared to the US which expects a first cut by June. Market Implied Probabilities of UK Rate Cuts Source: Refinitiv, prepared by Richard Snow Main Risk Events on the Horizon Apart from a considerable number of Fed speakers lined up for later today, there is the FOMC minutes next week that could provide intra-day volatility. The highlight for the UK next week is undoubtedly the Autumn Statement to be delivered by Jeremy Hunt. Earlier this week the UK Government highlighted the achievement of halving inflation in the UK before year end and political commentators now wonder if the prospect of tax cuts may be viewed in a more positive light by the Chancellor – particularly ahead of next general election. https://www.dailyfx.com/news/pound-sterling-update-gbp-usd-uptrend-in-focus-20231116.html

2023-11-16 07:30

EUR/USD ANALYSIS All eyes now shift to eurozone CPI to round off the week. ECB President & Fed speakers under the spotlight later today. EUR/USD finds resistance at overbought zone. EURO FUNDAMENTAL BACKDROP The euro has been capitating off the weaker than expected US CPI earlier this week despite weakening slightly both yesterday and today. Markets are seemingly expecting the Federal Reserve to have reached its hiking cycle peak and have since ‘dovishly’ repriced expectations through to December 2024. This may be an overreaction as inflation remains sticky and after Fed Chair Jerome Powell’s recent comments to maintain elevated interest rates, the roughly 91bps of cumulative rate cuts by the end of 2024 could be amplified. US PPI did encourage further disinflation being a leading indicator but Fed officials stay cautious. From a euro area perspective, the EU commission stated that the region will avoid a technical recession but recent economic data has shown extremely poor statistics including yesterday’s industrial production. Source: Refinitiv TECHNICAL ANALYSIS EUR/USD DAILY CHART Chart prepared by Warren Venketas, IG The daily EUR/USD daily chart above has been rejected around the overbought mark on the Relative Strength Index (RSI) coinciding with the 1.0900 psychological handle. A sharp decline in euro area inflation could see the pair back below the 200-day moving average (blue)/1.0800 once more. Resistance levels: 1.1000 1.0900 Support levels: 1.0800/200-day MA 1.0700 1.0635 50-day MA 1.0600 IG CLIENT SENTIMENT DATA: MIXED IGCS shows retail traders are currently neither NET SHORT on EUR/USD, with 59% of traders currently holding long positions (as of this writing). https://www.dailyfx.com/news/forex-eur-usd-price-forecast-it-s-time-for-eurozone-inflation-wv-20231116.html

2023-11-15 23:40

This article focuses on the technical outlook for EUR/USD, Nasdaq 100 and crude oil (WTI Futures), taking into account sentiment analysis and recent price action dynamics. Most Read: US Dollar Forecast - Fed Pivot Ahead? Setups on USD/JPY, GBP/USD, AUD/USD EUR/USD FORECAST – TECHNICAL ANALYSIS The EUR/USD retreated on Wednesday, after staging a massive bullish breakout in the previous session. Despite this setback, the euro maintains a positive outlook against the U.S. dollar, with the exchange rate recently printing a sequence of impeccable higher highs and higher lows and currently trading above key moving averages, as shown in the daily chart below. To validate the bullish thesis, the pair needs to hold above the 200 and 100-day SMA, situated around 1.0765. If this support area remains unbroken and keeps sellers at bay, prices could start consolidating to the upside after a brief period of digestion, setting the stage for a move above the 1.0900 handle and towards Fibonacci resistance at 1.0960. On further strength, the focus shifts to 1.1075. In the event of sellers regaining firm control of the market and successfully pushing prices below the 1.0765 area, the short-term bias would turn bearish, meaning more losses could be in the cards for the common currency. In such a scenario, a retreat towards 1.0650 becomes plausible, with prolonged weakness elevating the risk of testing trendline support at 1.0570. EUR/USD TECHNICAL CHART EUR/USD Chart Created Using TradingView If you're looking for in-depth analysis of U.S. equity indices, our Q4 stock market outlook is packed with great insights rooted in strong fundamental and technical viewpoints. Get your guide now! NASDAQ 100 FORECAST – TECHNICAL ANALYSIS The Nasdaq 100 was subdued on Wednesday, failing to extend the previous session's robust rally, with prices encountering resistance near July’s highs at 16,050. This area will need to be watched closely in the coming days to assess the price reaction and gain perspective on the short-term outlook, bearing in mind two possible scenarios could unfold: a bullish breakout or a bearish rejection. In the event of a bullish breakout, upward impetus could pick up pace as FOMO mentality drives fresh capital into equities, setting the stage for a challenge of last year’s peak. Conversely, if sellers reject attempts by the bulls to breach resistance at 16,050 and trigger a pullback, initial support appears at 15,720, followed by 15,500/15,400. Further losses could lead to a retracement toward 15,250. NASDAQ 100 TECHNICAL CHART Nasdaq 100 Chart Created Using TradingView OIL PRICES FORECAST – TECHNICAL ANALYSIS After a brief bounce earlier in the week, crude oil prices (WTI futures) shifted downwards on Wednesday, falling more than 2% and breaking below the 200-day simple moving average – a bearish development from a technical standpoint. If selling pressure intensifies in the coming days, cluster support stretches from $75.65 to $75.00. Continued weakness raises the possibility of descending towards $72.50. On the other hand, if oil manages to stage a turnaround, the 200-day simple moving average will be the first line of defense against further advances. Though surpassing this technical hurdle might prove hard for the bulls, a breakout could reinvigorate buying enthusiasm, opening the door for a move toward $79.75. On continued strength, the focus shifts to the 50-day SMA, a tad below the $82.50 mark. CRUDE OIL TECHNICAL CHART Oil Chart Created Using TradingView https://www.dailyfx.com/news/forex-eur-usd-hits-snag-after-breakout-nasdaq-100-stalls-oil-prices-at-risk-of-meltdown-20231115.html

2023-11-15 18:10

US DOLLAR, USD/JPY, GBP/USD, AUD/USD OUTLOOK The broader U.S. dollar regains ground after Tuesday’s selloff Despite today’s moves, the path of least resistance may be lower for the greenback, especially against some of its top peers This article delves into crucial technical levels to monitor for USD/JPY, GBP/USD, and AUD/USD Most Read: EUR/USD Hits Snag After Breakout, Nasdaq 100 Stalls, Oil Prices at Risk of Meltdown The U.S. dollar, as measured by the DXY index, inched higher on Wednesday, up about 0.25% to 104.35 following Tuesday’s selloff instigated by softer-than-forecast U.S. CPI numbers. Nonetheless, the greenback’s advance, likely fueled by a modest rebound in U.S. yields, was limited and unimpressive, with markets continuing to position for a Fed pivot in the not-so-distant future. U.S. producer price figures released in the morning seem to have reinforced the prevailing view that the FOMC is done raising borrowing costs and that its next move will be rate cuts. By way of context, the October PPI declined by 0.5% m-o-m, significantly below the anticipated 0.1% increase, a sign that price pressures are cooling rapidly in the country. US ECONOMIC DATA Moving forward, there is scope for the U.S. dollar to extend lower, but to be confident in this assessment, incoming information will need to confirm that economic activity is downshifting, and that inflation is on a sustained downward path and heading towards the central bank’s 2.0% target. For this reason, traders should pay close attention to upcoming economic releases. Turning the focus to the calendar, key events to watch in the coming days will be U.S. jobless claims, industrial production and building permits. Weak reports will spell trouble for the U.S. dollar by putting downward pressure on yields. Positive data, on the other hand, should be supportive of the greenback, as it would push expectations for monetary policy easing further back into 2024. UPCOMING US ECONOMIC REPORTS USD/JPY TECHNICAL ANALYSIS USD/JPY recovered ground after a pullback on Tuesday, recapturing a key technical barrier at 150.90 and approaching its 2022/2023 peak, just shy of the psychological 152.00 level. With prices on an upward trajectory and flirting with a critical threshold, it is important to remain vigilant as Tokyo may step in unexpectedly to prevent further yen weakness and suppress speculative trading behavior. In the scenario of Japanese authorities intervening in the FX market, there's a possibility of USD/JPY slipping below 150.90 and descending towards 149.00. Subsequent losses could shift the focus to 147.25. Conversely, if Tokyo abstains from intervention and allows USD/JPY to break above 152.00, a potential move towards the upper boundary of a medium-term ascending channel at 153.50 is conceivable. USD/JPY TECHNICAL CHART USD/JPY Chart Created Using TradingView For a comprehensive assessment of the British pound’s medium-term prospects, request a complimentary copy of the Q4 outlook! GBP/USD TECHNICAL ANALYSIS GBP/USD pulled back on Wednesday, unable to sustain its previous session’s upside breakout, with the exchange rate slipping below the 200-day simple moving average. If losses accelerate in the coming days, primary support appears at 1.2320. Maintaining this floor is imperative to bolster confidence in the bullish stance; any failure to do so could prompt a retreat towards the 1.2200 handle. In the event that the bulls regain command of the market and spark a reversal, initial resistance is identified between 1.2450 and 1.2460. A successful breach of this barrier might lure new buyers in, creating conditions for an upswing toward the 100-day simple moving average. On continued strength, the focus shifts to 1.2590, representing the 50% Fibonacci retracement of the July/October slump. GBP/USD TECHNICAL CHART GBP/USD Chart Created Using TradingView Interested in learning how retail positioning can shape the short-term trajectory of AUD/USD? Our sentiment guide explains the role of crowd mentality in FX market dynamics. Get the guide now! AUD/USD TECHNICAL ANALYSIS AUD/USD extended its recent advance on Wednesday, breaching technical resistance around the 0.6500 mark. With bullish impetus on its side and sentiment on the mend, the pair is likely to consolidate to the upside in the coming days, setting the stage for a possible move towards the 0.6600 handle, which roughly aligns with the 200-day simple moving average. Further up, attention shifts to 0.6680. Conversely, in the scenario of sellers mounting a comeback and initiating a bearish reversal, initial support appears at 0.6500, with the next area of interest at 0.6460. It is of utmost importance for the bulls to robustly defend the latter threshold; any failure to do so may rekindle downward pressure, potentially leading to a drop toward 0.6395. Should weakness persist, a decline towards 0.6350 is plausible. AUD/USD TECHNICAL CHART AUD/USD Chart Created Using TradingView https://www.dailyfx.com/news/forex-usd-dollar-forecast-fed-pivot-ahead-setups-on-usd-jpy-gbp-usd-aud-usd-20231115.html