Category: Currencies

Currency is a medium of exchange for goods and services. In short, it’s money, in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment. Currency is the primary medium of exchange in the modern world, having long ago replaced bartering as a means of trading goods and services. Currency is a generally accepted form of payment, usually issued by a government and circulated within its jurisdiction. The value of any currency fluctuates constantly in relation to other currencies. The currency exchange market exists as a means of profiting from those fluctuations. Many countries accept the U.S. dollar for payment, while others peg their currency value directly to the U.S. dollar.

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Currencies Trading Ideas & Charts

The crypto market is feeling the blues as GBTC shares become available

Bitcoin, despite its decline, continued to gain dominance

Despite its decrease, Bitcoin (BTC) maintained its dominance this week, accounting for 46.3 percent of market value, a concerning indicator for big altcoins. While Bitcoin (BTC) lost 6% this week, big altcoins lost even more. With an 11 percent decrease this week, Ethereum (ETH) has fallen below $2,000 and is already challenging important support at $1,800.

Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Solana (SOL), and Polygon (MATIC) are among the most popular cryptocurrencies, all of which are down by more than 20%. The current state of the market is one of indecision and inactivity. The trading activity on major cryptocurrency exchanges remained relatively modest, indicating investors’ cautious attitude.

Bank of America allowed some of its clients to trade BTC

The Grayscale Bitcoin Trust (GBTC) will release 16,240 BTC worth of shares on July 18. The announcement could cause Bitcoin values to fluctuate in either direction as investors adopt a wait-and-see attitude. Bank of America, the second largest bank in the United States, has apparently allowed some of its clients to trade BTC futures. Argentina was said to be introducing a measure earlier this week that would allow workers to take Bitcoin as payment.

France has advocated for an EU-wide cryptocurrency regulation that would give the European Securities and Markets Authority (ESMA) in Paris more power and control over the region’s booming crypto industry.

Paypal and Visa, for example, have decided to maintain Bitcoin and other cryptocurrencies. Paypal has stated that its clients will now be allowed to buy crypto for up to $100,000 every week, a five-fold boost in buying limitations. After reporting crypto-linked card usage of $1 billion or more in the first half of 2021, Visa released a new version of a physical Bitcoin Debit card in Australia.

Source: economictimes

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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

Why is Square entering the Bitcoin custodial industry, decrypting crypto trends?

Many people were not surprised by Square’s decision to enter the digital asset custody and service business. In June, at the Bitcoin 2021 Conference in Miami, Jack was at his eloquent best, revealing that Square was playing with the notion of a hardware wallet.

Square’s recent move is dissected

The global digital asset management (DAM) market is expected to expand at a compound annual growth rate (CAGR) of 12 percent from $3.4 billion in 2020 to $6.0 billion in 2025. Institutional institutions like Morgan Stanley and Goldman Sachs, as well as corporations, have recognised the digital currency space’s growth potential.

Secure custody alternatives for managing and using digital assets are in high demand around the world. Square’s desire to be a force to be reckoned with in this arena is self-evident.Wallets for digital currencies are used to receive, send, and store them. Hardware cryptocurrency wallets, also known as “Cold Wallets,” are more secure than “Hot Wallets” like desktop and smartphone wallets. Asset security has been raised by all market players, including retail and institutional investors.

Hardware Wallets’ Security

Hardware wallets have been known to be hacked in the past. Ledger, a Bitcoin hardware wallet supplier, was hacked in July of last year. More than 1 million user accounts were hacked. To establish itself as a strong and trustworthy player in the custody service space, Square would have to solve concerns about wallet security.

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 Trading Ideas & Charts

Price of the Australian dollar against the Japanese yen remains pressed towards the 200-day moving average (DMA)

In a quiet Asian trading session on Monday, the AUD/JPY remains under pressure around 81.45. As a result, the cross-currency pair has failed to maintain Friday’s rally off the monthly low while remaining below a downward sloping trend line that has been in place since June 25. The MACD signs are also in favour of the selling.

However, the pair’s potential decline is hampered by an oversold RSI and proximity to the major moving average. For the time being, AUD/JPY trades are aimed at 200-DMA support near 81.20, followed by the 81.00 level. However, the pair’s further decline could be challenged by January’s high near 80.90.

The 50 percent Fibonacci retracement of the September 2020 to May 2021 upside, near 79.50, will be the key to watch if the bears keep the reins below 80.90. In the meantime, any correct pullback will be deemed mild unless it stays below a short-term resistance line near 82.30.

Following that, the bulls may be enticed by the recent swing high near 82.80 and April’s low near the 83.00 round figure.

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 Trading Ideas & Charts

AUD/JPY Likely To Continue Declining

On the other hand, Bearish traders may find support at 81.13 in the coming trading sessions.

AUD/JPY 4 hourly chart

(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 Trading Ideas & Charts

AUD/JPY Sentiment Outlook – Bearish

Currently, Daily High is 81.749 while daily low is 81.456.
A bearish crossover between the 20- and 50-day SMAs suggests a near-term technical tendency to the downside.
The 200-day SMA, on the other hand, is approaching, and it could reintroduce the main upward trend as critical support.

(Source: FX Street)
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

3 Key Factors Affecting the Exchange Rate Fluctuations between AUD and INR

High interest rates in India attract foreign investors to earn high returns for their savings which increases demand & value of the Rupee against AUD and vice versa. Presently the cash rates are 8.5% and 2.25% for Reserve Bank of India and Reserve Bank of Australia respectively.

  1. Inflation

Inflation is general price rise over a period of time. A prices rise will buy you less i.e. it erodes the value of money over time. Presently India is facing high inflation of about 5.5% to 8.5% which decreases the demand for Rupees. And Australia facing relatively low inflation approx to 1.3% creates safer option to invest for the investor and increases demand for the AUD but the Rupee falls. Investors’ confidence changes with political stability affecting the price of currency which causes the decrease in value of the Indian currency against the AUD.

  • Balance of Payment

Rise in exports for a foreign country appreciates the value of currency of the country. If we import from Australia the payment has to be done in Australian dollars which increases the value and demand for AUD. And opposite is the case with increase in imports i.e. it will devalue the local currency. And this difference between the imports and exports for the country is termed as Balance of Payment. If the imports are greater than exports then, local currency will fall and vice versa.

India and Australia are negotiating a free trade deal that would allow goods to flow freely between the two countries without additional taxes, tariffs or import quotas. This would help in balancing import/export imbalances. As a result, the currency is anticipated to be more stable.

(Source:  Orbitremit)

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

AUD/JPY Price Analysis: Offered 15 Week Old Support Line Above 82.00

Meanwhile, before aiming for the monthly declining trend line near 83.50, the corrective bounce will have to clear the 82.80 immediate barriers.

The late May low near the 84.00 round figure is also acting as a major upside hurdle.

To sum up, the AUD/JPY remains under pressure, although bearish are waiting for confirmation of even more losses.

(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 Trading Ideas & Charts

AUD/JPY Price Analysis: Bears in Control, Eye Daily Extension

AUD/JPY Daily Chart

The price is in a negative trend, and given the recent pullback, which has started to lose steam, there is a chance that the trend will continue to the downside.

Current high is at 82.251 and current low is 81.881.

(Source: FX Street)

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

AUD/JPY Prints three-day uptrend below 83.00 despite coronavirus fears

After the largest virus infections since September, Australian policymakers tighten activity restrictions in crucial locations, such as New South Wales, while also indicating that lockdowns will be extended for a few weeks.

On the other side, Japanese officials have already extended the Tokyo emergency and are prepared to provide free vaccine passports, not to mention hold no-spectator Olympics, in order to deflect criticism of holding a sporting event in the midst of a pandemic.

Alternatively, UK diplomats continue to work on a July 19 unlock date, while US health officials deny the necessity for Pfizer booster shots for fully vaccinated Americans.

Stock futures are actually moving near the record high, while shares in Australia and Japan have gained 0.50 percent and 0.78 percent, respectively, as of press time. The 10-year Treasury yields in the United States have remained firmer for the third day in a row.

Moving on, the conflicting headlines and China’s June trade data may entice intraday traders. However, the Bank of Japan’s (BOJ) monetary policy meeting this week will be closely watched, as officials may reduce economic predictions in the wake of the virus’s recovery, putting pressure on the Japanese yen (JPY).

(Source: FX Street)

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

AUD/USD– Australian Dollar Recovers Into the Weekend

But, there seems to be a strong resistance above that should and most likely will come into play. After all, Australia is strengthening its lock down and is unlikely to reopen anytime soon, so the Australian dollar should continue to be weighed down over time.

Moreover, there is still a rising “risk off” mindset which supports the greenback around the world.

The psychological impact of the 0.75 level is very significant, so all things being equal, and a  belief that market that will find reasons to collapse.

If this pair drops to the 0.70 level in the coming months based on longer-term technical analysis, there would be any surprise.

(Source: FXEMPIRE)

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.