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Currencies Trading Ideas & Charts

USD/JPY Price Analysis: Bounces off a dip below 50-DMA as Treasury yields recover

From a short-term technical standpoint, the spot has recovered ground above the 50-day moving average (DMA) at 109.80.

This is in accordance with the 14-day Relative Strength Index (RSI) rising to 48.43, moving closer to the centre line.

However, with the momentum indicator still below 50, a test of the 21-day moving average upside hurdle at 110.113 is unlikely.

The increasing 100-day moving average (100-DMA) appears to be the line in the sand for USD/JPY buyers.

(Source: FX Street)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

AUD/USD Price Analysis: Struggles for resistance on the road to recovery

The Relative Strength Index (RSI) has flattened out, hovering just below overbought zone, supporting the recent market correction.

If the purchasing interest resumes, the bulls will break above the resistance noted above, opening the way to the July 7 high of 0.7536.

Price Analysis

Failure to reclaim the 0.7490 supply zone, on the other hand, could reawaken the selling, resulting in a new downswing towards the 0.7450.

The upward-sloping at 0.7441 could come into play further south.

(Source: fxstreet)

General Advice WarningAny advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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ipo IPO Watch

Sentage Holdings Approved For Listing, Prices IPO of 4 Million Shares

The Nasdaq Capital Market has authorised the ordinary shares for listing, and they will begin trading on July 9, 2021 under the ticker code “SNTG.”

Before deducting underwriting discounts and other relevant expenses, the firm intends to receive gross proceeds of US$20.0 million from the Offering.

The business has also given the underwriters a 45-day option to buy up to 600,000 additional ordinary shares at the public offering price, minus underwriting discounts. The Offering is scheduled to close on or around July 13, 2021, if all customary closing conditions are met.

Sentage intends to utilise the money from the offering to acquire businesses and activities that are comparable to its own, as well as general business operations and a loan recommendation fund.

Company Profile

Sentage Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides financial solutions across consumer loan repayment and collection management, loan recommendation, and prepaid payment network services. Sentage Holdings serves customers in China.

(Source: Rtt News)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Commodities Trading Ideas & Charts

Drop in Crude Stockpiles is Causing Oil Future to Settle Higher

August West Texas Intermediate Crude oil futures closed at $72.94 a barrel, up $0.74 or nearly 1%.

Brent crude futures were trading at $74.19 a barrel, up $0.76 or 1.03 percent.

Crude stocks in the United States declined by 6.866 million barrels last week, significantly more than the predicted reduction of 4.03 million barrels, according to data issued by the US Energy Information Administration (EIA) this morning.

Distillate stockpiles surged by 1.616 million barrels last week, much exceeding the 171,000 barrels projected gain, while gasoline inventories fell by over 6 million barrels, about three times the predicted reduction.

According to a report released late Wednesday by the American Petroleum Institute (API), oil stocks in the United States decreased by 8.0 million barrels last week.

Since demand fell during the corona virus outbreak, OPEC+ has been limiting supply for more than a year. Investors are now concerned that the lack of a new supply agreement will force big oil producers to ramp up output much more quickly.

(Source: Rtt News)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

Ethereum Emerging As the Next Big Crypto

Bitcoin’s popularity seems to be going down

Bitcoin is viewed as a gold substitute, but Ethereum is viewed as a supercomputer upon which additional crypto’s can be built. Ethereum’s designers have already stated that they are working on a more energy-efficient successor to the cryptocurrency, which might be released later this year.

The more interesting fact here is that, while the number of active Ether addresses has increased, the number of active Bitcoin addresses has decreased. This indicates that Bitcoin investors are considering alternative crypto currencies as long-term investments.

Reasons for the decline in Bitcoin’s popularity

Some possible explanations include China’s restriction on Bitcoin mining and environmental concerns highlighted by a number of people, including Tesla CEO Elon Musk, who confirmed that his company will not accept Bitcoin payments until it becomes more energy efficient. Neither Musk nor Tesla, on the other hand, have sold any of their Bitcoin holdings thus far.

Crypto aficionados remain optimistic that Bitcoin will recover from its present lows, as it has in the past. The coin has been around for nearly a decade and has shown to be durable. This is the first time it has been challenged by another cryptocurrency. It will also be intriguing to watch if Ethereum can keep up the momentum it has gained in recent days.

(Source: India Today)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

AUD/JPY Price Analysis: Bear Maintains Control below 83.00

For the previous two weeks, the AUD/JPY has been trading in a price band between 82.80 and 84.20 on the daily chart.

Daily candle stick chart Price action

If price falls below the intraday low of 82.69, it may try the 82.50 horizontal support level before testing the June 21 low of 82.13.

With a bearish crossover, the Moving Average Convergence Divergence (MACD) indicator is in the oversold zone. Any drop in the MACD could amplify the bearish trend.

Bears in the AUD/JPY would look to test the 81.99 level, which was reached on February 26.

Alternatively, if price reverses course, it might return to the 83.00 horizontal resistance level, then to the 83.35 high set on June 30.

A daily close above 83.35 would allow the 83.50 horizontal resistance area to open up.

(Source: FXSTREET)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

AUD/USD rises to the 0.7500 area after Federal Open Market Committee minutes

Minutes contain no noteworthy surprises.

According to the minutes, Fed officials believe the criteria of “substantial further progress” required to change monetary policy has not yet been satisfied. Several FOMC members stated that they expect the pace of asset purchases to slow down and those criteria would be met sooner than expected.

Following the minutes, the US dollar retreated across the board, wiping off the previous day’s gains. The DXY fell to the 92.50 level, turning negative. US yields are still hovering around daily lows. The 10-year note is currently trading at 1.31 percent, its lowest closing since February 18.

Short-term Outlook

With the price well below the 20-day simple moving average, the AUD/USD remains negative (SMA). The pressure will be relieved if the Aussie recovers over 0.7540, and it will rise above 0.7600/05. The 0.7560 area, where the 20 and 200-day SMAs intersect, will be a key milestone to watch.

The key support, on the other hand, is at 0.7455. A break below 0.7400 would pave the way for additional losses, with the initial target being around 0.7400.

(Source: FXSTREET)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies

When is the best time to buy Bitcoin? JPMorgan provides a metric to monitor.

How to find Bitcoin’s market cap

Divide the total Bitcoin’s market capitalisation by the total market capitalisation of all cryptocurrencies to find Bitcoin’s dominance. Bitcoin currently has a 44.7 percent market share, according to the indicator. By comparison, in April, it was about 60%.

There are two possibilities for the dominance to return to 50%: one, if Bitcoin’s price rises, increasing its market share; and two, if other coins see a large sell-off, thus pushing the cryptocurrency market cap down.

Comments on Bitcoin by Nikolaos Panigirtzoglou, JPMorgan

With a proportion of Bitcoin of 50% or more of the overall cryptocurrency market capitalisation, this is a good number. That, I believe, is another indicator to keep an eye on in order to determine whether or not the bear market is gone. Bitcoin’s low market share was a negative indicator, indicating a low level of interest in the currency. Bitcoin’s market share has climbed in over the last week, which is worth noting.

Comments on Crypto Markets by Avinash Shekhar, Co-CEO, ZebPay

Despite the latest price drop, crypto markets have seen tremendous gains over the prior 6-9 months. However, the market is still trading considerably above 2017’s all-time high pricing. This is a good indication that the market is still optimistic. We anticipate future enhancements to various blockchain networks and believe that this space will gain greater fundamental strength, resulting in long-term development.

Source:- Economic times

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies

The Australian dollar may suffer as a result of the RBA’s actions.

Analysts believe the RBA will not prolong its yield curve objective than April 2024, but the next phase of its quantitative easing programme is less definite. The third phase of QE may comprise $5 billion weekly bond purchases with an adjustable lever associated, allowing the RBA to reduce in reaction to economic developments without producing too much uncertainty, according to ANZ strategists and others.

In the lacking of a significant taper announcement, Commonwealth Bank predicts the dollar’s ongoing decline will continue. The Australian dollar has been under pressure in over the last week as a rebounding greenback has risen on expectations that the Federal Reserve will raise interest rates twice by 2023.

Despite commodities prices being higher and Australia earning its 41st consecutive trade surplus in May, and continuing on track to extend that streak in June, the fallout was enough to drive Australia’s dollar lower.

Expert’s predication on Australian dollar

Many experts predicted the Australian dollar would break beyond US80 in the following months due to these factors, but other reasons have already come into play, causing analysts to revise their expectations. This scenario, combined with Westpac’s projection that the RBA will raise interest rates in early 2023, prompted the bank to lower its Australian dollar end-of-year estimate from US82 to US80.

ANZ FX strategist John Bromhead Comments

Given that the resolution on the yield target is set for April 2024, we believe the devil will be in the details of the QE programme. We don’t believe there will be a reduction in volume, but the real test will be how transparent they are with the evaluation process and how frequently they conduct it.

Source:- afr

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

Despite India’s lowest coronavirus mortality since April, the rupee bears recover 75.50

Even as the death toll in India declines, market mood dwindles amid covid troubles

The official covid data for India, obtained from the Health Ministry early Monday, indicated a 39,796 daily increase in coronavirus infections, bringing the total to 30.59 million. The bulletin also cites 723 covid-related deaths the day before, the lowest number since April 2008, bringing the overall number of fatalities to 402,278.

Statements from Barclays and Nomura predicting an increase in the current budget deficit could also be fuelling the quotation (CAD). According to Nomura, the CAD will grow from 0.9 percent of GDP in FY 2021 to 1.5 percent of GDP in FY 2022. Barclays is aiming for a 1.1 percent CAD figure, which appears to be a tad bullish on Indian economics.

USD/INR pair has reversed Friday’s decline from late-April highs.

Despite Friday’s mixed US jobs figures, a negative attitude and uncertainty over the Fed’s next moves keep the US dollar bought versus key currencies. However, S&P 500 futures are down 0.15 percent, while markets in Asia-Pacific are down somewhat as of press time.

Moving on, a prolonged holidays in the United States and a light schedule elsewhere may hold the USD/INR near the mid-72.00s. Any unexpected benefits from India, on the other hand, should not be overlooked.

Despite the fact that the mid-April lows test USD/INR bulls near 74.50-55, also short-term sellers are less inclined to take risks entry until the price stays above the 10-DMA level of 74.32. Overall, the USD/INR is forming a bullish rounding bottom chart pattern on the daily chart, implying additional upward towards the yearly top near 75.65.

Source: https://www.fxstreet.com/

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.