Forex NewsMarket Outlook

11-12-19 Daily market Summary

1BITCOIN (BTC/USD)1. Bitcoin (BTC) is moving inside the range with a bearish bias. 2. Altcoins in retreat, following the lead of the first cryptocurrency. 3. BTC/USD recovery has faded away on approach to the resistance of $7,600. 4. The coin remains range-bound as long as it stays above $7,000. 5. Bitmain has come up with three tactics to restore its fading market dominance.
2DASH (DASH/USD)1. Dash users have begun receiving their lost funds from master node operator MooCowMoo. 2. DASH Adoption Spikes as Active Wallets in Venezuela Rises By 410%.
3ETHEREUM (ETH/USD)1. The Ice Age is a period of transition in the Ethereum network where mining will difficult and complicated. 2. The number of Ethereum coins produced per day has continued to tank from January 2019. 3. Ethereum finds support at $144.23, allowing for the ongoing shallow recovery. 4. The full stochastic oscillator suggests that the next course of action is sideways.
4GOLD (GC)1. Gold fails to benefit from UK election polls and doubts over the US-China trade deal. 2. Traders turn cautious ahead of the FOMC. 3. US CPI adds burden to market watchers, British election, trade headlines will dominate the Fed.
5Crude Oil (WTI/USD)1. WTI is under pressure, likely due to surprise US inventory build-up. 2. A close below Tuesday’s low would confirm a short-term bearish reversal.
6Natural Gas (NG)1. Natural gas prices edged higher on Tuesday, but and continue to form an additional bear flag pattern. 2. Prices gapped down and are now retracing the breakdown which is generally seen as a continuation pattern that leads to additional lower prices. 3. Inventories are expected to decline by approximately 52 Bcf this week according to the latest forecast from survey provider Estimize.
7Euro/ Japanese Yes (EUR/JPY)1. EUR/JPY is nearing the December highs as bulls have taken control. 2. The level to beat for bears is the 120.00 support level/round figure.
8Euro/ US Dollar (EUR/USD)1. 1.1100 is a tough nut to crack for the EUR bulls amid firmer USD. 2. EUR/USD pulls back from a three-day high. 3. The eight-day-old rising support line, 100-bar SMA limits near-term declines. 4. Bulls can target the monthly top after crossing adjacent resistance confluence.
9British Pound/ US Dollar (GBP/USD)1. GBP/USD has fallen off the highs after YouGov showed a tighter race. 2. Elections speculation is set to dominate trading less than 24 before voting begins. 3. GBP/USD tries to overcome market pessimism spread through the YouGov MRP poll. 4. The recent polls tilt towards a hung parliament, Tories get broad criticism. 5. GBP/USD’s weekly risk reversals show the strongest bearish bias in over three years.
10Australian Dollar/ Japanese Yes (AUD/JPY)1. AUD/JPY witnessed two-way business on Navarro’s comments. 2. US may not delay December tariff hike, Navarro told FOX Business. 3. The US equity index futures are flashing moderate losses.
11Australian Dollar/ US Dollar (AUD/USD)1. AUD/USD rebounds from the 0.6800 handle, 100-DMA support area. 2. A modest pickup in the USD demand does little to hinder the uptick. 3. The upside is likely to remain limited ahead of the FOMC decision. 4. AUD/USD struggles for clues after two consecutive days of declines. 5. Aussie Westpac Consumer Sentiment dropped well below forecasts. 6. November low on sellers’ radar while buyers will wait for the break of 61.8% Fibonacci retracement.
12US Dollar/ Canadian Dollar (USD/CAD)1. USD/CAD edges higher on the back of a modest USD uptick, weaker oil prices. 2. The upside remains limited ahead of the highly anticipated FOMC policy update.
13US Dollar/ Japanese Yen (USD/JPY)1. USD/JPY pulls back from 200-hour EMA, stays within the nearby bullish formation. 2. 61.8% Fibonacci retracement can please buyers, November low may gain sellers’ attention after the channel’s break. 3. USD/JPY Indecisive in the open of Tokyo, trading around session highs and lows