2023-10-31 09:39

Market Update - 31 October 2023 EUR/GBP continues the winning streak despite downbeat German Retail Sales. Investors await Eurozone HICP and GDP data to gain economic insights into the Eurozone. BoE is expected to maintain interest rates at 5.25%; weakening the Pound Sterling. (FXStreet) USD/CHF remains comfortable above 0.9000 as the focus shifts to Fed monetary policy. The market mood remains vulnerable as the Israeli army is all set for a ground assault in Gaza. Investors await the Fed policy and the speech from SNB Jordan. (FXStreet) USD/JPY rebounded above 150.00 after dovish guidance on interest rates from the BoJ. The Japanese economy is aiming to keep inflation comfortably above 2% through high wage growth. Further action in the US Dollar will be guided by the Fed's monetary policy. (FXStreet) The index leaves behind two consecutive daily pullbacks. The Fed is seen leaving rates unchanged at its event on November 1. CB Consumer Confidence takes centre stage later in the NA session. The greenback, in terms of the USD Index (DXY), regains some upside impulse and advances to the 106.40 zone ahead of the opening bell in Euroland on Tuesday. (FXStreet) EUR/USD reverses the recent gains ahead of the Fed policy decision. MACD line lies above the signal line; suggesting a potential shift in momentum. A firm break above the 50-day EMA at 1.0654 could revisit October’s low. (FXStreet) GBP/JPY gains momentum around 182.15 after the BoJ rate decision. BoJ decided to keep the interest rate and 10-year JGB yield target at -0.1% and 0% respectively. The growing worries about a recession in the UK economy could weigh on the British Pound. Market players await the Bank of England (BoE) rate decision on Thursday. (FXStreet) EUR/JPY continues to gain ground on the dovish BoJ decision. Japan’s central bank kept its policy rate at -0.1%. Investors await a slew of economic data from the Eurozone to be released on Tuesday. (FXStreet) USD/CAD could revisit the yearly high on the back of weaker Crude oil prices. The decline in the Chinese PMI index could put pressure on the Oil-linked CAD. BoC Governor Macklem said that higher interest rates and subdued growth will have repercussions on the government's spending. The decline in US Treasury yields undermines the US Dollar. (FXStreet) NZD/USD retraces recent gains ahead of Fed policy rate decision. China’s NBS PMI data shows a contraction in economic trends; which could affect the Kiwi Dollar. New Zealand Building Permits declined by 4.7% against the previous drop of 0.7%. (FXStreet) USD/MXN rebounds after a losing streak. MACD line diverges below the signal line, indicating that upward momentum weakens. Support at 23.6% Fibonacci retracement aligned with the 18.0000 key level. (FXStreet) WTI gains some positive traction on Tuesday and recovers a part of the precious day’s slide. The technical setup favours bearish traders and supports prospects for a further downfall. Any positive move back above the $83.00 mark is likely to get sold into and remain capped. (FXStreet) Natural gas prices started the week on the back foot and came under pressure following Friday’s nine-month highs. The daily downtick came on the back of rising open interest, which seems to reinforce the idea that a corrective decline appears likely in the very near term. In the meantime, further rebound carries the potential to extend to the next hurdle at the round level of $4.00 per MMBtu. (FXStreet) Gold price attracts some dip-buying on Tuesday following an intraday slide to the $1,990 region. Hawkish Fed expectations, elevated US bond yields and a modest USD strength could cap gains. Receding safe-haven demand further warrants caution for bulls ahead of the key FOMC decision. (FXStreet) Silver drifts lower on Tuesday and snaps a two-day winning streak to over a one-week high. The mixed technical setup warrants some caution before placing aggressive directional bets. A sustained strength beyond the $23.60-70 area to support prospects for any further gains. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-30 09:05

Market Update - 30 October 2023 USD/JPY kicks off the new week on a positive note and recovers a part of Friday’s losses. The divergent BoJ-Fed policy outlook is seen as a key factor lending support to the major. Intervention fears might keep a lid on further gains ahead of the central bank event risks. (FXStreet) NZD/USD moves upward on the subdued performance of the US Dollar. Israel has expanded its ground operations in Gaza; which could affect the Kiwi Dollar. The market sentiment leans towards the Fed’s dovish stance on policy rates. (FXStreet) USD/CAD loses ground around 1.3862 amid a softer USD. Fed is anticipated to maintain rate steady at the end of its two-day meeting on Wednesday. A decline in oil prices might exert pressure on the commodity-linked Loonie. Investors will focus on the Canadian growth number and PMI data ahead of the Fed rate decision at its November meeting. (FXStreet) GBP/USD maintains its position ahead of the central banks’ policy decisions. The pair faces tepid momentum suggested by the MACD. Immediate support emerges at 1.2000; key resistance at 14-day EMA at 1.2162. (FXStreet) EUR/USD lacks any firm intraday direction and oscillates in a narrow range on Monday. The formation of a bearish flag pattern supports prospects for some meaningful decline. A sustained strength beyond the 1.0700 mark is needed to negate the negative outlook. (FXStreet) The index trades without direction around 106.60. Cautiousness should prevail ahead of the FOMC event. Nonfarm Payrolls will be the salient release later in the week. The USD Index (DXY), which tracks the greenback vs. a bundle of its main competitors, extends the consolidative mood around the 106.60 at the beginning of the week. (FXStreet) EUR/GBP receives upward support before the releases of economic data from Germany. German GDP is expected to decline by 0.3% (QoQ); the yearly index suggests a 0.7% decrease. Investors adopt cautious stance ahead of the BoE policy meeting. (FXStreet) USD/MXN receives upward support as Crude prices could surge due to Middle-East conflict. The escalation of the Israel-Hamas war could provide minor support for the Mexican Peso. Fed’s policy decision is awaited on Wednesday; market expectations lean towards policy rates to remain at 5.5%. (FXStreet) USD/CHF continues to move on an upward trajectory despite the tepid US Dollar. The escalation of the Israel-Hamas war could provide support for the safe-haven Swiss Franc. Downbeat US Core PCE Price Index (YoY) weighed on the Greenback. The rebound in 10-year US Bond yield could underpin the buck. (FXStreet) WTI kicks off the new week on a weaker note, though lacks follow-through and remains confined in a familiar range. The uncertainty over the impact of the Israel-Hamas war holds back traders from placing aggressive directional bets. Traders also prefer to wait on the sidelins ahead of this week’s key central bank event risks and important macro data. (FXStreet) Gold price kicks off the new week on a weaker note and retreats from a multi-month high. A slightly overbought RSI prompts profit-taking ahead of this week’s key event/data risks. Geopolitical tensions in the Middle East should limit losses for the safe-haven XAU/USD. (FXStreet) Silver climbs to a one-week high on Monday, albeit struggles to capitalize on the move up. The technical setup seems tilted in favour of bulls and supports prospects for further gains. A sustained move beyond the $23.30-40 confluence is needed to reaffirm the positive bias. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-27 09:29

Market Update - 27 October 2023 The EUR/USD pair recovers some lost ground above the mid-1.0500s during the early European session on Friday. The lower US Treasury bond yields drag the US Dollar (USD) lower, which acts as a tailwind for the EUR/USD pair. (FXStreet) The USD/JPY pair edges lower during the Asian session on Friday and for now, seems to have snapped a three-day winning streak to its highest level since October 2022, around the 150.75-150.80 region touched the previous day. Spot prices, however, manage to hold above the 150.00 psychological mark as traders keenly await the US PCE Price Index before positioning for the next leg of a directional move. (FXStreet) The GBP/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.2070 area, or over a three-week low and seesaws between tepid gains/minor losses during the Asian session on Friday. Spot prices, meanwhile, manage to hold comfortably above the 1.2100 round-figure mark and remain at the mercy of the US Dollar (USD) price dynamics. (FXStreet) USD/CHF continues the winning streak that began on Tuesday, gaining fresh weekly highs near 0.9000 during the Asian session on Friday. The US Dollar (USD) struggles to move upward, with the potential for support as US Treasury yields rebound following losses from the previous day. The yield on 10-year US bonds trades at 4.87% by the press time. (FXStreet) The Australian dollar has received some fundamental backing of recent through a low unemployment rate and some hawkish messaging from the Reserve Bank of Australia (RBA) minutes and officials alike. The fight against inflation seems to be at the forefront of the central bank and many believe that the softening of inflationary pressures is not happening at a fast enough rate. With Australian inflation data scheduled next week (expected lower), this could give a good indication as to where the RBA bias may shift going forward. (DailyFX) USD/CAD snaps a three-day winning streak, retreating from the seven-month highs. The spot price trades around 1.3820 during the early European session on Friday. The pair faces challenges due to the higher Crude oil prices amid geopolitical tension pertaining to the Israel-Hamas conflict. (FXStreet) NZD/USD rebounds from the year-to-date low of 0.5772, trading around 0.5830 during the Asian session on Friday. The pair bid the lowest on Thursday since November 2022 as the New Zealand Dollar (NZD) is contending with pressure, with the situation exacerbated by the recent release of headline Consumer Price Index (CPI) data from the nation. (FXStreet) The EUR/JPY cross loses ground during the early European trading session on Friday. The cross currently trades around 158.61, up 0.01% for the day. Market players await the Spain’s Gross Domestic Product (GDP) estimated for the third quarter. The quarterly and annual growth numbers are expected to expand by 0.3% and 1.6%, respectively. (FXStreet) USD/MXN treads water to retrace the losses registered in the previous session, trading around 18.1600 during the Asian session on Friday. The Mexican Peso (MXN) surged as Mexico's employment data revealed a robust labor market, showcasing the enduring strength of the Mexican economy. (FXStreet) WTI prices edged lower on Thursday amidst increasing open interest, which is indicative that further retracements should not be ruled out for the time being. Against that backdrop, extra losses in the commodity are expected to meet initial support around the monthly lows near $81.50 (October 6). (FXStreet) Prices of natural gas jumped well past the $3.00 mark per MMBtu on Thursday. The strong rebound, however, was accompanied by dwindling open interest, which suggest the idea that a sustained advance should not be favoured for the time being. Next on the upside, in the meantime, emerges the round level at $4.00, an area last traded in early January. (FXStreet) Gold price (XAU/USD) attracts some buying for the third day in a row on Friday and remains supported by a steady demand for safe-haven assets due to the ongoing conflict in the Middle East, as well as a lack of price movement in the US Dollar (USD). The precious metal maintains its bid tone through the first half of European session, albeit remains below its five-month high reached last Friday amid bets that the Federal Reserve (Fed) would need to raise interest rates further. (FXStreet) Silver (XAG/USD) struggles to capitalize on its modest intraday uptick and attracts some intraday sellers in the vicinity of the $23.00 mark on Friday. The white metal currently trades around the $22.80 region, nearly unchanged for the day, and remains confined in a multi-day-old range through the first half of the European session. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-26 09:22

Market Update - 26 October 2023 The EUR/USD pair loses traction near 1.0545 during the early European session on Thursday. The major pair faces some sell-off on the firmer US Dollar (USD) and the downbeat Eurozone economic data. Furthermore, recent tensions in the Middle East have also prompted worries about the region's dwindling growth prospects. Market players await the European Central Bank (ECB) interest rate decision on Thursday, which is expected to hold the rate unchanged at its October meeting. (FXStreet) The USD/JPY pair fall sharply from 150.70 to 149.90 during the early European session on Thursday. The Japanese Yen soars against the US Dollar (USD) amid the suspect FX intervention by the Japanese authorities. At the press time, the USD/JPY pair is gaining 0.15% on the day to trade at 150.43. (FXStreet) The GBP/USD pair extends this week's retracement slide from the vicinity of the 1.2300 mark and remains under some selling pressure for the third successive day on Thursday. The pair weakens further below the 1.2100 round figure, hitting over a three-week low during the Asian session, and is pressured by sustained US Dollar (USD) buying interest. (FXStreet) USD/CHF moves upward for the third successive day, marking weekly highs around 0.8990 during the Asian session on Thursday. The US Dollar (USD) continues to gain value on the back of surging US Bond yields, which provides support to underpinning the USD/CHF pair. (FXStreet) The Australian dollar has received some fundamental backing of recent through a low unemployment rate and some hawkish messaging from the Reserve Bank of Australia (RBA) minutes and officials alike. The fight against inflation seems to be at the forefront of the central bank and many believe that the softening of inflationary pressures is not happening at a fast enough rate. With Australian inflation data scheduled next week (expected lower), this could give a good indication as to where the RBA bias may shift going forward. (DailyFX) The USD/CAD pair retreats a few pips from its highest level since March touched during the early part of the European session and currently trades just below the 1.3800 mark, unchanged for the day. (FXStreet) NZD/USD marks an 11-month low, hovering around 0.5790 during the Asian session on Thursday. The pair could reach November’s low during the session. (FXStreet) EUR/JPY cross has almost recovered its intraday losses, struggling below the session’s opening bid at 158.71 during the European trading hours on Thursday. The cross receives upward support ahead of the Monetary Policy Statement from the European Central Bank (ECB) due to be released later in the day. (FXStreet) The EUR/GBP cross holds positive ground for the second consecutive day during the early European trading hours on Thursday. Investors will closely monitor the European Central Bank (ECB) interest rate decision later on Thursday, which is anticipated to hold the rate unchanged. The cross currently trades around 0.8726, gaining 0.02% on the day. (FXStreet) The GBP/USD pair extends this week's retracement slide from the vicinity of the 1.2300 mark and remains under some selling pressure for the third successive day on Thursday. The pair weakens further below the 1.2100 round figure, hitting over a three-week low during the Asian session, and is pressured by sustained US Dollar (USD) buying interest. (FXStreet) West Texas Intermediate (WTI) Crude Oil prices struggle to capitalize on the previous day's goodish rebound from sub-$82.00 levels, or a near two-week low and oscillates in a narrow trading band through the Asian session on Thursday. The commodity currently trades around the $85.00/barrel mark, nearly unchanged for the day, as investors keep a close eye on developments surrounding the Israel-Haman war. (FXStreet) Prices of natural gas extended the rebound and flirted with the key $3.00 mark per MMBtu on Wednesday. The move was in tandem with rising open interest and favours the continuation of the rebound in the very near term. Above the $3.00 mark, there are no resistance levels of note until the October highs near $3.50 (October 9). (FXStreet) Gold price (XAU/USD) gains some positive traction for the second successive day on Thursday and continues scaling higher through the first half of the European session. The safe-haven precious metal has now moved back closer to its highest level since May 16 touched last Friday and remains well supported by the risk of a potential escalation in the Israel-Hamas war. This, to a larger extent, helps offset a further rise in the US Treasury bond yields, bolstered by hawkish Federal Reserve (Fed) expectations, which pushes the US Dollar (USD) to a three-week high and tends to undermine the non-yielding yellow metal. (FXStreet) Silver (XAG/USD) builds on the previous day's bounce from the vicinity of mid-$22.00s, or over a one-week low and scales higher through the early part of the European session on Thursday. The white metal, for now, seems to have snapped a three-day losing streak and currently trades around the $23.00 round figure, up nearly 1% for the day. (FXStreet) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-25 09:24

Market Update - 25 October 2023 EUR/USD attempts to regain the upward direction post losses registered in the previous session due to weaker Eurozone PMI and upbeat S&P Global PMI from the United States (US). The preliminary HCOB Composite PMI for the eurozone declined to 46.5 in October, down from 47.2 in September. This marks the sixth consecutive reading below 50, indicating a persistent slowdown. (FXStreet) USD/JPY moves sideways around 149.80 during the Asian session on Wednesday. The pair faces a minor challenge as the US Dollar (USD) consolidates after recent gains. The government is facing increasing political pressure to intervene and safeguard Japanese households from the rising inflation. The Bank of Japan's (BoJ) actions, coupled with the USD/JPY nearing a potential breach of the 150 mark, may not create the impression that the government is exhaustively addressing the inflation challenge. (FXStreet) The GBP/USD pair stalls its decline and holds below the 1.2200 mark during the Asian session on Wednesday. A decline of the US Dollar (USD) and a retreat in US Treasury bond yields lend some support to the pair. However, the renewed safe-haven flows amid the geopolitical conflicts in the Middle East and the higher-for-longer rate narrative in the US might cap the USD’s downside for the time being. The pair is adding 0.08% on the day to trade at 1.2170 at press time. (FXStreet) USD/CHF extends its gains for the second consecutive day, trading higher around 0.8950 during the Early European session on Wednesday. The pair strengthened driven by the positive Purchasing Managers Index (PMI) data from the United States, which provides support to the US Dollar (USD). (FXStreet) The Australian dollar has received some fundamental backing of recent through a low unemployment rate and some hawkish messaging from the Reserve Bank of Australia (RBA) minutes and officials alike. The fight against inflation seems to be at the forefront of the central bank and many believe that the softening of inflationary pressures is not happening at a fast enough rate. With Australian inflation data scheduled next week (expected lower), this could give a good indication as to where the RBA bias may shift going forward. (DailyFX) The USD/CAD pair struggles to capitalize on the overnight goodish intraday rally of around 90 pips from a multi-day low and oscillates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.3700s, or a near three-week high touched on Tuesday as traders keenly await the Bank of Canada (BoC) policy decision before positioning for the next leg of a directional move. (FXStreet) NZD/USD struggles to remain in the positive territory after minor losses registered in the previous session due to weaker upbeat S&P Global PMI from the United States (US). US S&P Global Composite PMI showed growth in October, rising from 50.2 to 51.0. The Services PMI experienced an increase, reaching 50.9, while the Manufacturing PMI rose to 50.0. The manufacturing index has maintained a level above the 50-point threshold in the last six months, indicating a positive shift in that sector. (FXStreet) The EUR/GBP cross, having shown resilience below the 200-day SMA the previous day, attracts fresh buying on Wednesday and builds on its intraday gains through the early part of the European session. Spot prices currently trade around the 0.8720-0.8725 region and remain well within the striking distance of the highest level since May 8 touched last Friday. (FXStreet) USD/MXN continues its gains for the second consecutive day, trading higher near 18.3000 during the Early European session on Wednesday. The pair strengthens on the back of the upbeat PMI data from the United States, which bolsters the US Dollar (USD). (FXStreet) Indian Rupee (INR) gains traction against the US Dollar (USD) on Wednesday, supported by retreating oil prices and US Treasury bond yields. However, investors remained worried about the higher-for-longer rate narrative as Federal Reserve (Fed) Chair Jerome Powell said that the economy's resilience and tight labor markets may require tighter conditions. (FXStreet) The EUR/JPY cross posts modest gains after bouncing off the previous day’s low of 158.53 during the early European session on Wednesday. The cross currently trades around 158.80, gaining 0.03% for the day. That being said, the downbeat Eurozone economic data is one of the factors that exert pressure on the Euro (EUR) against the Japanese Yen (JPY). (FXStreet) The AUD/JPY cross catches aggressive bids during the Asian session on Wednesday and spikes to the 95.90 region, or over a three-week high following the release of Australian consumer inflation figures. (FXStreet) WTI prices saw their decline gather further pace on Tuesday. The daily retracement came amidst diminishing open interest and hints at the idea that a more sustained drop appears to be losing traction. Furthermore, the commodity is expected to meet the next contention area around $81.50 per barrel in the very short term. (FXStreet) Tuesday’s uptick in prices of natural gas was in tandem with diminishing open interest and volume, which at the same time is indicative that extra gains appear not favoured in the very near term. So far, the $3.50 region per MMBtu still emerges as the next resistance of note for the commodity. (FXStreet) Gold price snaps the losing streak, trading higher around $1,970 per troy ounce during the Asian session on Wednesday. The price of the precious metal receives upward support due to the stable US Dollar (USD) post-trimming recent losses. (FXStreet) Silver meets with a fresh supply following an intraday uptick to the $23.00 round figure and turns lower for the third successive day on Wednesday. The white metal remains depressed through the early part of the European session and currently trades around the $22.85 region, down nearly 0.30% for the day. (FXStreet) Bitcoin prices surged overnight following my update yesterday on news that the iShares Bitcoin Trust had been listed on the DTCC (Depositary Trust & Clearing Corporation, which clears Nasdaq trades). This is part of the process to bring the ETF to market prompting speculators to ramp up their bullish bias. (DailyFX) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-24 09:14

Market Update - 24 October 2023 EUR/USD continues to move upward for the fourth successive day, trading higher around the 1.0680 level during the Asian session on Tuesday. The pair receives upward support on the decline in the US Dollar (USD), coupled with an improved risk sentiment amid geopolitical tensions in the Middle East. (FXStreet) The USD/JPY pair sticks to mild gains after bouncing off the 149.55 low during the early Asian session on Tuesday. The pair currently trades near 149.76, gaining 0.03% on the day. However, the fear of FX intervention by the Japanese authorities remains intact. (FXStreet) GBP/USD continues the winning streak that began on Thursday, trading higher near 1.2270 during the Asian session on Tuesday. The pair receives upward support due to the correction in the US Dollar (USD), coupled with improved risk sentiment. (FXStreet) USD/CHF loses ground for the second successive day, trading lower near 0.8900 during the Asian session on Tuesday. The pair faces challenges due to the downfall in the US Dollar (USD), which could be attributed to the dovish remarks by the US Federal Reserve (Fed) officials. (FXStreet) The Australian dollar has received some fundamental backing of recent through a low unemployment rate and some hawkish messaging from the Reserve Bank of Australia (RBA) minutes and officials alike. The fight against inflation seems to be at the forefront of the central bank and many believe that the softening of inflationary pressures is not happening at a fast enough rate. With Australian inflation data scheduled next week (expected lower), this could give a good indication as to where the RBA bias may shift going forward. (DailyFX) The USD/CAD pair extends its downside during the Asian session on Tuesday. The downtick of the pair is driven by the correction of the US Dollar (USD) to a one-month low. However, a rise in US Treasury bond yields and the escalating geopolitical tensions in the Middle East might limit the USD’s downside. The pair currently trades near 1.3674, down 0.12% for the day. (FXStreet) Indian Rupee (INR) trades strongly against the US Dollar (USD) amid a decline in US Treasury bond yields on Tuesday. Moreover, the Reserve Bank of India's (RBI) potential aggressive intervention last week lends some support to the Indian Rupee and acts as a headwind for the USD/INR pair. Nonetheless, the higher crude oil prices and escalating geopolitical tension in the Middle East might contribute to the risk-off mood and cap the upside of the Indian Rupee. (FXStreet) The EUR/GBP cross remains under pressure around the 0.8700 psychological mark during the early European session on Tuesday. The latest UK employment data showed mixed results. Market players will monitor the economic data releases from both the Eurozone and the UK for fresh impetus ahead of the European Central Bank (ECB) rate decision on Wednesday. (FXStreet) Western Texas Intermediate (WTI) hovers around $85.50 per barrel during the early European session on Tuesday. Crude oil receives upward support due to the fear of the Israel-Hamas war. (FXStreet) Natural gas could be set for a material rebound: it rose to an eight-month high last week on higher heating demand, smaller-than-expected inventory build, and rising exports. Natural gas rose 14% last week, the biggest weekly percentage increase since mid-June. LSEG forecast US gas demand, including exports, would rise in the coming two weeks. On technical charts, natural gas’ break above crucial resistance at the March & August highs of 3.03 has triggered a significant break out from an eight-month-long sideway range. (DailyFX) Gold price treads waters near the $1,980 post-intraday gains during the Asian session on Tuesday. The price of the precious metal receives upward support due to the correction in the US Dollar (USD), which could be attributed to the downbeat US Treasury yields. (FXStreet) Bitcoin has broken above a crucial hurdle at the July high of 31800, triggering a double bottom (the June and September 2023 lows), potentially opening the way toward 39,000. The surge in momentum follows a rise above another vital barrier on the 200-day moving average, roughly coinciding with the end-August high of 28150. The move on the daily charts coincides with a rise out of the bearish Ichimoku cloud on the weekly charts – BTC/USD was last above the cloud back in 2021. (DailyFX) Source: FXStreet, DailyFX Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.