Forex Today: Bitcoin Back Below $30k

After advancing to long-term highs above $30k, Bitcoin seems to have topped out convincingly, falling back below $30k in its biggest daily drop in one month.



  1. Bitcoin seems to have made a convincing bearish reversal from its highs above $30k, fuelled by stronger risk-off sentiment and a continuing rise in the US Dollar.
  2. In the Forex market, the US Dollar has risen today against its long-term bearish trend \, so trend traders may be watching for a new short trade if confirmed by the first couple of hours of the London session, probably looking to be long of the EUR/USD or GBP/USD currency pairs, both of which are in confirmed long-term bullish trends. Over today’s Asian session, the Australian Dollar looked like the strongest major currency, while the US Dollar was the weakest.
  3. Several soft commodities are performing well, with the Sugar ETF CANE and the Cocoa ETN NIB reaching a new multi-year high closing price last week, while the Coffee ETF JO has also made a strong bullish breakout.
  4. Official Chinese GDP data showed annualized GDP increasing from 4.0% to 4.5% over the past quarter.
  5. RBA Meeting Minutes released earlier today were slightly more hawkish than expected as they showed that the Board considered a rate hike despite deciding to skip. This may boost the price of the Aussie somewhat today.
  6. US Empire State Manufacturing Index data came in much better than expected yesterday.
  7. Today will see the release of Canadian CPI (inflation) data, which is expected to show a fall in the annualized rate from 6.4% to 6.0%.
  8. There will be a release of British unemployment (claimant count change) data today.
Buka akaun dagangan patuh syariah anda di Weltrade.
Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button