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The New Zealand Dollar turned lower as expected, breaking the rising trend guiding the currency higher against its US counterpart since early December. The plunge played out against a backdrop of risk aversion that gripped financial markets amid worries about a steep Fed rate hike cycle. Near-term support is now at 0.7186, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis opening the door for a challenge ...
Bitcoin, Litecoin, Ripple broke important levels For Bitcoin, 7888 in confluence with the 200-day MA may bring some relief, but not looking for it to do much more than that. Rallies are expected to be short-lived events, rather than sustaining moves higher. With that said, the November low at 5555 is the next big downside target. Chart 1 – BTC/USD Litecoin is dropping sharply after breaking out of a wedge, ...
US 500: Retail trader data shows 46.0% of traders are net-long with the ratio of traders short to long at 1.17 to 1. The number of traders net-long is 17.7% higher than yesterday and 26.5% higher from last week, while the number of traders net-short is 1.8% lower than yesterday and 5.9% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US 500 prices may continue to ...
Ethereum broke out of wedge to top-side; but can it sustain? On Friday, we noted wedges forming in Ethereum and Bitcoin, of which the former broke out of to the top-side and sustained a move higher. Since the plunge during the middle of the month Ethereum has been the strongest of the group, but is it ready to head higher or is a broader lower-high developing? On the 4-hr, there is a series of higher-lows and higher-highs ...
Bitcoin near the apex of a triangle, sitting on big support On Friday, the cryptocurrency market was sent lower by exchange-related news in Japan, but managed to rebound. The drop and rebound helped further along the development of a symmetrical triangle in Bitcoin (BTC/USD). The coiling price action is indicative of a potentially explosive move on the horizon. Triangles can break in either direction, which is why it is important ...
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