Author Archives: fxpmarketscom

Market Forecast 18/10/2017

FTSE 100 is slightly correcting lower, but remains supported. SPX 500 would continue to move higher in the near term.

FTSE 100 Index Forecast – Corrections Are Limited

Key Points

  • The FTSE 100 index after forming a short-term top at 7,564 started a downside move.
  • There is a short-term descending channel forming with support at 7,500 on the 4-hours chart of FTSE 100 Index.
  • Today in the UK, the Claimant Change for Sep 2017 was released by the National Statistics.
  • The forecast was slated for 1.0K, but the actual was lower, as the change was 1.7K.

FTSE100H4

The FTSE 100 index made good ground recently and moved above the 7,500 level. The index formed a short-term top near 7,564 and later started a downside correction.

At present, there is a short-term descending channel forming with support at 7,500 on the 4-hours chart of FTSE 100 Index. On the downside, the channel support remains a crucial barrier near 7,500.

Below 7,500, the next support is around the 23.6% Fib retracement level of the last wave from the 7,195 low to 7,564 high. It seems like there is a chance of a downside extension towards the 7,500 and 7,450 levels before the index resumes its uptrend.

On the upside, the channel resistance is at 7,550. A break above the channel resistance and the last swing high at 7,564 would open the doors for a move towards the 7,600 level in the near term.

 

UK’s Claimant Count Change

Today in the UK, the Claimant Change for Sep 2017 was released by the National Statistics. The forecast was slated for a change of 1K compared with the previous reading of 2.8K.

However, the actual result was lower than the forecast as the change was 1.7K. The unemployment rate remained at 4.3%, similar to the forecast of 4.3%.

Looking at the Average earing including bonus, there was a rise of 4.2%, which was more than the forecast of 2.1% and above the last +2.1%. The overall result was positive, but failed to help GBP.

 

SPX 500 Index Forecast – Uptrend Intact

Key Points

  • The SPX 500 Index is trading higher and remains in a major uptrend above 2,550.
  • There is a monster contracting triangle forming with support at 2,558 on the 4-hours chart of the SPX 500 Index.

SPX500H4 (3)

In the last few analysis, we saw a monster contracting triangle forming with current support at 2,558 on the 4-hours chart of the SPX 500 Index. The index followed the triangle and remains in a major uptrend above the 2,550 level.

The index is on the move and might continue to trade higher above 2,560. On the downside, the triangle support is near the 23.6% Fib retracement level of the last wave from the 2,542 low to 2,562 high.

The most important support is close to 2,500 and the 50% Fib retracement level of the last wave from the 2,542 low to 2,562 high.

The overall trend is positive and there are chances of an upside break above 2,562 in the near term.

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Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

These are the 7 most promising Cryptos right now

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If you’ve invested 8,000 dollars 10 months ago, today you would have 290,000 dollars in your pockets, you would actually have to buy more pockets!

Years ago, people thought about various ways of trading worldwide using a singular currency, one that makes the trading process transparent yet anonymous.A trading system that will have top-level security, and have an easy access to Professional traders and Simple folks as one.

Every coin strives to be better than its predecessors. Some of the new currency makers focus on security improvements over the Bitcoin protocol, some improve the speed of the network transaction approval time, and some use cryptographic encryption methods, but the basic principle remains the same: all currencies are digital and controlled by none.

Today there are over 900 digital coins traded across the Internet and a new coin is introduced almost every day. Most of them have a negligible market capacity ranging from tens of thousands of dollars to a few million dollars.

Although there are many coins existing today, our analyses team chose the 7  best Cryptocurrencies with the most potential to gain this year.

 

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Ripple (RPX) is a bit odd in the world of altcoins. It had been around as an open source project for a long time, until a company was launched, a zillion coins were premined. Bitstamp supports Ripple. Switching costs are pretty low, but the cost of supporting more infrastructure in parallel is non-zero (and is bigger the more the different the system is, which is why Ripple isn’t making headway)

 

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Dashcoin (DSH) is an automatically mutating anonymous cryptocurrency. Dashcoin is a Next generation anonymous cryptocurrency and the first automatically mutating cryptocurrency created with CryptoNote technology.

Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that offers all the same features as Bitcoin but also has advanced capabilities, including instant transactions (InstantSend),private transactions (PrivateSend), and decentralized governance (DGBB). Dash’s decentralized governance and budgeting system makes it the first decentralized autonomous organization.

Dash uses a two-tier architecture to power its network. The first tier consists of miners who secure the network and write transactions to the blockchain. The second tier consists of masternodes which enable the advanced features of Dash.

 

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Peercoin, also known as PPCoin or PPC, is a peer-to-peer cryptocurrency utilizing both proof-of-stake and proof-of-work systems.
Peercoin is based on an August 2012 paper which listed the authors as Scott Nadal and Sunny King. Sunny King, who also created Primecoin, is a pseudonym. Nadal’s involvement had diminished by November 2013, leaving King as Peercoin’s sole core developer. Peercoin was inspired by bitcoin, and it shares much of the source code and technical implementation of bitcoin. The Peercoin source code is distributed under the MIT/X11 software license.

Unlike bitcoin, Namecoin, and Litecoin, Peercoin does not have a hard limit on the number of possible coins, but is designed to eventually attain an annual inflation rate of 1%. There is a deflationary aspect to Peercoin as the transaction fee of 0.01 PPC/kb paid to the network is destroyed. This feature, along with increased energy efficiency, aim to allow for greater long-term scalability.

 

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Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called “ether”, which is transferable  between accounts and used to compensate participant nodes for computations performed.”Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale during July–August 2014. The system went live on 30 July 2015.

In 2016 Ethereum was forked into two blockchains, as a result of the collapse of The DAO project, thereby creating Ethereum Classic.

 

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Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator.

It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto, and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

Bitcoin was the first cryptocurrency on global supply and is currently the biggest one with the highest value.

 

LTC

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some technical improvements over Bitcoin, and most other major cryptocurrencies, such as the adoption of Segregated Witness, and the Lightning Network. These effectively allow a greater number of transactions to be processed by the network in a given time, reducing potential bottlenecks, as seen with Bitcoin.Litecoin also has almost zero payment cost and facilitates payments approximately four times faster than Bitcoin.

 

Namecoin_Logo

Namecoin was the first coin with a clear goal outside of currencies and money itself: domain names. With Namecoin you can register .bit domain names. There are several services out there that do this for you but they are quite expensive in comparison to doing it yourself.

 

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Toys R Us pays the price for reading the map too late

The rapid technological development on the one hand and the slow reaction of the toy giant on the other led to its collapse, even though this is a brand whose products are found in almost every home.

TOYS R US

It was sad to read the announcement about of Toys R Us’ collapse as one of the leading brands in almost every household. Now, unfortunately, they are joining other giants whose management were late in their map reading. This has cause a late response and  was too late to adjust its business model to the today’s reality.

Only a few years ago, we encountered a similiar situation with the Kodak and Blockbuster cases. The introduction of digital cameras to the market years ago interfered with the old model of selling films to cameras, which was the main breadwinner of companies such as Kodak, and the introduction of technology to interactive film libraries changed the lending habits of stores and automatic machines, which were Blockbuster’s main business model.

What these giant companies have in common is that they did not identify models of disruptions – models that change the business map and consumer habits, leading to their disappearance from the world. And it seems that not everyone has internalized the moral and the message.

What actually happened here?

The existence of several trends at the same time, with their origins in rapid technological development on the one hand, and the slow reactions of the old model on the other:

The first trend – technology allows us things that were not possible in the past, and the result is the ability to provide a service that was previously provided only by people, this time using the technology itself.

The second trend – technology produces another level of communication. One that brings the consumer very close to the source of information and develops independence in the user’s decision-making.

Third trend – technology exposes a lot more people to innovation and produces more ideas and more entrepreneurs.

The fourth trend – technology accelerates the pace. In everything.

These four trends combined, create an unprecedented acceleration. More people are involved, more innovations appear at every point in time and organizations have to create quick mechanisms that will enable them to understand what is really happening in their environment, react and adopt changes accordingly and quickly.

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What happened to Toys R Us?

The source of the entanglement is the development of online shopping, but this is not the full picture. Online shopping began years ago. In this case, a number of factors were also involved. This is all about Amazon’s growth as a major retailer, its introduction into a range of areas it has not offered in the past, the strengthening of consumer confidence in the online model and increase in purchases.

Not only was the model already in the market, but the trend was clear –  strengthening of the model and strengthening of consumer confidence in the model.

In fact, consumer confidence passed the point of no return in their preference for using the Internet as a supplier over a store purchase process.

So right, Toys R Us has a website, but what does it allow? First, it is the site of a toy company only, while customers today prefer to enter one place, which allows them to make purchases of a variety of products, rather than a single product necessarily.

Second, Toys R Us model is a store model, meaning we can find the product online and order it or find in which store the product is located and purchase it there. This is a complementary method to the method we actually purchase at one of the chain’s stores.

Today we prefer a different shopping experience – the purchase is being made more and more on the Internet while visiting the store is a complementary experience, and unlike the past, does not manage the buying process.

Toys R Us was built of a layout of stores, a model that had been very successful in previous decades. But did the company’s management act to become an Internet model as a leading sales model? Probably not, since such a model would have forced it to transform its business center of operations into collaborations with leading websites over stores with an internet site. Did Toys R Us adopt organizational thinking processes that allow flexibility and adaptation to change? According to the actual result, it seems not.

It is very important to remember – technology is strategic and a strategy must be technological.

Adopting change as a way of life, organizational and structural flexibility, developing mechanisms to locate new tools and models to deal with them correctly and perhaps adopt some of them (if you can not beat them – join them) are necessary. Otherwise, this is another sad story about a giant brand that is plummeting, and all that is left to hope is that someone will buy it and put it back in a new business model.

Market Forecast 20/09/2017

EUR/GBP likely completed a correction and would resume its downtrend below 0.8880. USD/CHF is under pressure and approaching a short term break below 0.9600.

EUR/GBP Forecast – Euro To Resume its Downtrend

Key Points

  • The Euro has started a major downside move and is currently trading below the 0.8900 handle against the British Pound.
  • There is a crucial bearish trend line forming with resistance at 0.8890 on the hourly chart of the EUR/GBP pair.
  • Today in the UK, the Retail Sales for August 2017 was released by the National Statistics.
  • The forecast was +0.2%, but there was an increase of 1% (MoM) in the Retail Sales.

EURGBPH1 (5)

The Euro is under a lot of pressure and already broke the 0.8950 support against the British Pound. The EUR/GBP pair after trading as low as 0.8777 started a recovery, but upsides were capped by 0.8900.

The pair failed to break the 50% Fib retracement level of the last decline from the 0.9039 high to 0.8777 low, the 100 hourly simple moving average and a crucial bearish trend line with resistance at 0.8890 on the hourly chart.

The pair is once again moving down and broke a bullish trend line with support at 0.8877.  The overall trend is still bearish and any rallies towards 0.8880 can be considered as selling opportunity in the short term.

 

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UK’s Retail Sales

Today, the UK saw the release of the Retail Sales for August 2017 by the National Statistics. The forecast was slated for a rise of 0.2% in sales compared with the previous month.

However, the actual result was above the forecast, as there was an increase of 1% in the Retail Sales in August 2017. In terms of the yearly change, the market was looking for the sales to increase by 1.1%. The actual was better, as there was a rise of 2.4% in sales.

The Core Retail Sales was aligned for a rise of 0.2% in sales compared with the previous month, but it came in at 1%, more than the last 0.7%.

The overall result was positive, and it is most likely to weigh on EUR/GBP for declines towards 0.8810 in the near term.

 

USD/CHF Forecast – US Dollar at Risk of Further Declines

Key Points

  • The US Dollar after trading towards 0.9565 against the Swiss Franc started an upside move.
  • At present, the pair is attempting to break an ascending channel support at 0.9600 on the hourly chart of the USD/CHF pair.

USDCHFH1 (5)

The US Dollar started a recovery after trading as low as 0.9564 against the Swiss Franc. The USD/CHF pair traded higher and moved above the 38.2% Fib retracement level of the last decline from the 0.9702 high to 0.9564 low.

The recovery was initiated with an ascending channel with support at 0.9600 on the hourly chart. The pair tested the 61.8% Fib retracement level of the last decline from the 0.9702 high to 0.9564 low, failed to break and traded below the 100 hourly simple moving average.

At the moment, the pair is attempting a downside break below 0.9600 and if it succeeds, it could trade back towards the 0.9580 or even 0.9565.

 

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 19/09/2017

EUR/USD is likely to break 1.2000 again, USD/JPY remains in an uptrend and GBP/USD might correct a few pips lower in the near term.

EUR/USD Forecast – Euro to Break 1.2000

Key Points

  • The Euro after finding support near the 1.1840 level against the US Dollar recovered well.
  • There was a break of a major bearish trend line with resistance at 1.1985 on the hourly chart of the EUR/USD pair.
  • Today, the Euro Area Current Account figure for July 2017 was released by European Central Bank.
  • The forecast was €22.3B, but the trade surplus was €25.1B, more than the last revised €22.8B.

EURUSDH1 (7)

The Euro corrected lower this week and traded below the 1.1900 support area against the US Dollar. The EUR/USD pair traded towards the 1.1850-40 support area and later started an upside move.

The pair is currently trading near the 1.236 extension of the last drop from the 1.1986 high to 1.1913 low and recently broke a major bearish trend line with resistance at 1.1985 on the hourly chart.

It seems like the pair is in an uptrend and would soon break the 1.2000 level and trade towards the 1.618 extension of the last drop from the 1.1986 high to 1.1913 low at 1.2031.

 

Euro Area Current Account

Today in the Euro Area, the Current Account figure for July 2017 was released by European Central Bank. The forecast was slated for a trade surplus of €22.3B, compared with the previous month reading of €21.2B.

However, the actual result was above the forecast, as the trade surplus was €25.1B. The last reading was also revised up from €21.2B to €22.8B. The report stated that “This reflected surpluses for goods (€26.4 billion), primary income (€10.9 billion) and services (€2.6 billion), which were partly offset by a deficit for secondary income (€14.8 billion)”.

The Euro gained bids after the release, and EUR/USD is likely to settle above 1.2000 sooner or later.

 

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GBP/USD Forecast – 1.3500 Is Important Support

Key Points

  • The British Pound after trading above the 1.3600 level against the US Dollar struggled to hold gains.
  • The GBP/USD pair is currently struggling to hold a major bullish trend line with support at 1.3500 on the hourly chart.

GBPUSDH1 (5)

The British Pound gained heavy bids this week and moved above 1.3600 against the US Dollar. The GBPUSD pair traded as high as 1.3617 and later started a correction.

It declined and tested the 1.3465 support and a major bullish trend line with current support at 1.3500 on the hourly chart.

It seems like the pair might correct further in the near term and could even break the 1.3500 support to retest 1.3460.

One might consider selling with a break of 1.3500 in the near term.

 

 

USD/JPY Forecast – US Dollar Eyes Further Gains

Key Points

  • The US Dollar is in a solid uptrend above 111.20 against the Japanese Yen.
  • There is a connecting resistance trend line forming with resistance at 111.90 on the hourly chart of the USD/JPY pair.

USDJPYH1 (4)

The US Dollar started a nasty uptrend from the 108.20 swing low against the Japanese Yen. The USD/JPY pair surged higher and is currently trading above the 110.00 pivot level.

It seems like the pair might continue to move higher and could even break 112.00 for further gains. An upside hurdle is near a connecting resistance trend line with resistance at 111.90 on the hourly chart.

On the downside, there is a bullish trend line with support at 111.45 where one might consider buying in the short term.

 

 

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 18/09/2017

The GBP/JPY pair remains in a bullish trend above 148.00 and dips present buying opportunity. On the other hand, upsides remain capped near 0.7250-0.7260 in NZD/USD.

NZD/USD Forecast – Upsides Remain Capped

Key Points

  • The New Zealand Dollar managed to find bids near 0.7190 against the US Dollar, and recovered.
  • There is a bearish trend line with resistance at 0.7255 forming on the hourly chart of the NZD/USD pair.
  • Recently in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ.
  • The outcome was above the forecast of 55.4, as there was a rise in the PMI to 57.9.

NZDUSDH1 (1)

The New Zealand Dollar recently declined below the 0.7200 handle against the US Dollar before finding support near 0.7182. Later, the NZDUSD pair formed a base and started a recovery above the 0.7200 handle

It moved above the 38.2% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low. However, the upside move is facing hurdles near a bearish trend line with resistance at 0.7255 on the hourly chart.

The 100 hourly simple moving average and the 61.8% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low are also near the trend line resistance.

Therefore, a break above the 0.7255-0.7260 resistance won’t be easy in the near term.  On the flip side, dips towards the 0.7210 level remains supported before the pair attempts the next break.

 

New Zealand Business PMI

Today in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ. The forecast was slated for a minor rise from the last reading of 55.4 to 56.2.

However, the actual result was above the forecast of 55.4, as there was a rise in the PMI to 57.9. The current reading was 2.5 points more than the last reading and it is very near to expansion levels seen in May 2017.

Commenting on the data, the BusinessNZ’s executive director for manufacturing, Catherine Beard, stated, “Expansion was higher for three of the five sub-indices, with production (60.3) at its highest level since September 2016”.

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GBP/JPY Forecast – Bullish Trend Intact

Key Points

  • The British Pound is in a super bullish trend above the 147.50 level against the Japanese Yen.
  • There is a major bullish trend line with support at 146.60 forming on the hourly chart of GBP/JPY.

GBPJPYH1 (2)

The British Pound started a crucial uptrend from the 141.30 low against the Japanese Yen, and is currently up by more than 500 pips. The GBP/JPY pair formed many bullish patterns during the upside and currently trading above the 148.00 handle.

The recent high was 148.8 and it seems like upsides are far from over. On the downside, there is a major bullish trend line with support at 146.60 forming on the hourly chart along with 100 hourly simple moving average.

There is a chance of a minor correction towards the 38.2% Fib retracement level of the last wave from the 146.59 low to 148.89 high, but it can be seen as buying opportunity.

Overall, as long as the pair is above 146.80 and the 100 hourly SMA, buyers are here to stay.

 

 

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 15/09/2017

The GBP/JPY pair remains in a bullish trend above 148.00 and dips present buying opportunity. On the other hand, upsides remain capped near 0.7250-0.7260 in NZD/USD.

 

NZD/USD Forecast – Upsides Remain Capped

Key Points

  • The New Zealand Dollar managed to find bids near 0.7190 against the US Dollar, and recovered.
  • There is a bearish trend line with resistance at 0.7255 forming on the hourly chart of the NZD/USD pair.
  • Recently in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ.
  • The outcome was above the forecast of 55.4, as there was a rise in the PMI to 57.9.

NZDUSDH1

The New Zealand Dollar recently declined below the 0.7200 handle against the US Dollar before finding support near 0.7182. Later, the NZDUSD pair formed a base and started a recovery above the 0.7200 handle

It moved above the 38.2% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low. However, the upside move is facing hurdles near a bearish trend line with resistance at 0.7255 on the hourly chart.

The 100 hourly simple moving average and the 61.8% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low are also near the trend line resistance.

Therefore, a break above the 0.7255-0.7260 resistance won’t be easy in the near term.  On the flip side, dips towards the 0.7210 level remains supported before the pair attempts the next break.

 

New Zealand Business PMI

Today in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ. The forecast was slated for a minor rise from the last reading of 55.4 to 56.2.

However, the actual result was above the forecast of 55.4, as there was a rise in the PMI to 57.9. The current reading was 2.5 points more than the last reading and it is very near to expansion levels seen in May 2017.

Commenting on the data, the BusinessNZ’s executive director for manufacturing, Catherine Beard, stated, “Expansion was higher for three of the five sub-indices, with production (60.3) at its highest level since September 2016”.

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GBP/JPY Forecast – Bullish Trend Intact

Key Points

  • The British Pound is in a super bullish trend above the 147.50 level against the Japanese Yen.
  • There is a major bullish trend line with support at 146.60 forming on the hourly chart of GBP/JPY.

GBPJPYH1 (1)

The British Pound started a crucial uptrend from the 141.30 low against the Japanese Yen, and is currently up by more than 500 pips. The GBP/JPY pair formed many bullish patterns during the upside and currently trading above the 148.00 handle.

The recent high was 148.8 and it seems like upsides are far from over. On the downside, there is a major bullish trend line with support at 146.60 forming on the hourly chart along with 100 hourly simple moving average.

There is a chance of a minor correction towards the 38.2% Fib retracement level of the last wave from the 146.59 low to 148.89 high, but it can be seen as buying opportunity.

Overall, as long as the pair is above 146.80 and the 100 hourly SMA, buyers are here to stay.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Bitcoin is a fraud – said JP Morgan CEO Jaime Dimon

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The Bitcoin dropped 8% after JPMorgan’s CEO claimed it is a fraud

“It won’t end well, the Bitcoin will explode,” Jamie Damon said 3 days ago, sending the price of the digital currency below $4,000. Investors reacted nervously, Dimon words came from the background threats of the regulators in China to block all digital currency transactions and ICO’S.

 

The price of the Bitcoin fell below $4,000 yesterday, as investors continued to worry about the currency’s tightening by Chinese regulators and a sharp criticism of the digital currency by JPMorgan CEO Jamie Dimon.

Bitcoin fell to a low of 3,766.36 and was down 8.7%, according to “CoinDesk”. The devaluation came a day after JPMorgan CEO Jamie Damon called the currency a “fraud” and said, “someone is going to be killed.”

Damon’s critique was particularly unusual. “The madness around Bitcoin is worse than the tulip mania around the 17th century,” he said. “It won’t end well, someone is going to get killed.” Dimon said at a conference attended by bankers organized by Barclays. “The Bitcoin will explode.”

At its lowest level in trading in the past few days, the price of the Bitcoin lowered by over $1,500 less than the record high of $5,013.9 recorded on September 2. Bitcoin’s market capacity dropped down more than $15.5 billion since the beginning of the month, from $82.3 billion on September 2 to $66.7 billion today, according to “CoinMarketCap”.

Trading in Bitcoin was nervous today, partly due to recent reports of Chinese regulators’ intention to block large-scale transactions in Bitcoin and prevent fundraising for various projects using digital currencies.

Not only China is looking closely at the Bitcoin, the Reserve Bank of India has also announced that it is considering its moves on the matter.

 

What now?

The bitcoin is 23% down since its all-time high on September 2nd, is it drop time? is the Bitcoin is a pump and dump fraud?

We think differently. It is clear that Dimon is terrified of the fact that the digital currency markets are growing in hundreds of percentages each year which essentially, means a direct threat to his Bank. It is still not clear where the Bitcoin is headed in the next couple of weeks, but for the long term to those who believe in the digital currency revolution, the price now may be a good price for an entry point.

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Market Forecast 14/09/2017

CAC 40 Index Forecast – Dips Remain Supported

Key Points

  • The CAC 40 index recently traded higher and moved above the 5,200 level before facing resistance.
  • There was a break above a key bearish trend line with resistance at 5,100 on the 4-hours chart of CAC 40 Index.
  • Today in the Euro Zone, the French Consumer Price Index for August 2017 was released by INSEE.
  • The forecast was slated for a rise of 1%, and the actual was 1% (YoY) (EU norm).

CAC40H4The CAC 40 index started a nice upside move from the 4,952 low and moved above the 5K mark. Buyers were in control and they even managed a close above 5,050 and the 100 simple moving average (H4).

Moreover, there was a clear break of a key bearish trend line with resistance at 5,100 on the 4-hours chart. It opened the doors for more gains and pushed the index above 5,200.

A high was formed at 5,226 where sellers emerged. At the moment, a short-term consolidation/correction is underway. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the 4,992 low to 5,226 high.

However, there is a major support near 5,150 and a bullish trend line on the same chart, which is also above the 100 simple moving average (H4).

The overall bias is positive, and any major dips towards the 5,150 and 5,130 remain supported in the near term.

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France CPI

Today in the Euro Zone, the French Consumer Price Index for August 2017 was released by INSEE. The forecast was slated for an increase of 0.6% in the CPI compared with the previous month.

However, the actual result was similar to the forecast, but more than the last -0.4%.  Looking at the yearly change, the French CPI rose 1%, similar to the forecast of 1% and the last 1%.

Considering the Manufactured products prices, there was an increase of +1.1% in metropolitan France, and the clothing and footwear prices were up by 6.3%, less than the last +8.7%.

 

SPX 500 Index Forecast – Buy Near 2,480?

Key Points

  • The SPX 500 Index climbed further higher and moved above the 2,480 level.
  • There is a major connecting bullish trend line with support at 2,480 forming on the 4-hours chart of the SPX 500 Index.
  • Today, the US Consumer Price Index for August 2017 will be released by the US Bureau of Labor Statistics, which is forecasted to increase by 1.8% (YoY), more than the last +1.7%.

SPX500H4 (2)In the last analysis, we discussed how buying with a break above the 2,470 resistance can be considered for the SPX 500 Index. There was a break above the mentioned 2,470 level and the index climbed towards the 2,500 level.

A high was formed at 2,499, and later the index started a short-term correction. It has not yet tested the 23.6% Fib retracement level of the recent wave from the 2,459 low to 2,499 high.

Moreover, there is a crucial bullish trend line with support at 2,480 forming on the 4-hours chart, which can be seen as a good buy zone.

Therefore, once again buying dips near 2,480 can be considered or with a break above 2,500.

 

 

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The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

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Market Forecast 13/09/2017

EUR/JPY Forecast – Euro Remains In Uptrend

Key Points

  • The Euro traded higher recently and moved above the 131.20 resistance against the Japanese Yen.
  • There is an expanding triangle forming with support at 131.70 on the hourly chart of the EUR/JPY pair.
  • Today in the Euro Zone, the German Consumer Price Index for August 2017 was released by the National Institute of Statistics.
  • The outcome was in line with the forecast, as there was a rise of 0.2% in the CPI (MoM).

EURJPYH1 (1)

The Euro formed a solid support near 129.40-129.50 levels against the Japanese Yen. After forming a base, the EURJPY pair climbed higher and traded above the 130.00 and 131.00 resistance levels.

Recently, it cleared a major hurdle at 131.20, opening the doors for further gains. A new weekly high was formed at 132.00 from where a correction wave was initiated.

On the downside, the 23.6% Fib retracement level of the last wave from the 130.90 low to 132.00 high is an immediate support. Moreover, there is an expanding triangle forming with support at 131.70 on the hourly chart.

As long as the pair is above the triangle support and 131.50, it might continue to move higher in the near term and could even break 132.00.

German CPI

Today in the Euro Zone, the German Consumer Price Index for August 2017 was released by the National Institute of Statistics. The forecast was slated for a rise of 0.2% in the CPI compared with the previous month.

The actual result was in line with the forecast, as there was a rise of 0.2% in the CPI. Looking at the yearly change, there was a rise of 1.8% in the German CPI, similar to the last +1.8%.

The German wholesale price Index was also released today for August 2017. The result was positive, as there was a rise of 0.3% (MoM), higher than the forecast of +0.1%.

 

AUDUSD – Aussie Dollar To Surge Higher?

Key Points

  • The Aussie Dollar is holding the 0.8000 support against the US Dollar, and might trade higher.
  • The AUD/USD pair is currently attempting an upside break above a bearish trend line at 0.8040 on the hourly chart.

AUDUSDH1 (2)

The Aussie Dollar started a correction wave from the 0.8124 high against the US Dollar. The AUD/USD pair traded as low as 0.7997 where it found bids.

Later, the pair slowly formed a decent support base and moved above the 23.6% Fib retracement level of the last decline from the 0.8124 high to 0.7997 low. A bullish trend line on the hourly chart at 0.8010 is holding losses and acting as a major buy zone.

At the moment, the pair is attempting an upside break above a bearish trend line at 0.8040 and the 100 hourly simple moving average. If buyers succeed, the pair could head towards the 0.8060 level.

Therefore, buying with a break above the 0.8040 level and 100 hourly SMA can be considered in the near term. The upside targets could be 0.8060 and 0.8075 and supports are at 0.8010 and 0.8000.

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Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

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