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Bitcoin analysis for September 22, 2017

September 22, 2017 Forex analysis review 0

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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $3,850 driven on the news that Chinese bitcoin exchange executives must stay in China during the government’s crackdown and “clean-up” of the nation’s cryptocurrency industries. A rough translation from a story published by China’s Bjnews states that “a number of informed sources say the executives of special currency trading platforms are not allowed to leave Beijing to cooperate with the investigation. The technical picture confirms downward presure.

According to the 1H time frame, I found a strong rejection from key resistnace cluster at the price of $4,000, which is a sign that buying looks risky. Another sign of weakness is a breakout of rising wedges in the background. My advice is to watch for selling opportunities. Downward targets are set at the price of $3,643 and $2,976.

Support/Resistance

$3,750 – Intraday resistance (price action)

$4,000 – Major cluster resistance (price action)

$3,463 – Pattern objective target

$2,976 – Second objective target (price action)

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NZD/USD Intraday technical levels and trading recommendations for September 22, 2017

September 22, 2017 Forex analysis review 0

Daily OutlookIn February 2017, the depicted short-term downtrend was initiated around the depicted supply zone (0.7310-0.7380).However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as …

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Intraday technical levels and trading recommendations for EUR/USD for September 22, 2017

September 22, 2017 Forex analysis review 0

Monthly OutlookIn January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.In March 2015, EUR/USD bea…

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Technical analysis of USD/CHF for September 22, 2017

September 22, 2017 Forex analysis review 0

Overview:
The current price is seen at 0.9674 which represents a key level today. The USD/CHF pair will continue rising from the level of 0.9674 in the long term. It should be noted that the support is established at the level of 0.9674 which represen…

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Global macro overview for 22/09/2017

September 22, 2017 Forex analysis review 0

Global macro overview for 22/09/2017:

A strong market reaction was triggered by the publication of the minutes of Swedish Riksbank’s latest meeting minutes (6 September), which raised concerns about the growing risk of overheating of the Swedish economy. The policymakers have warmly adopted a clear improvement in inflationary trends disturbed by the impact of temporary factors. Cecilia Skingsley, Deputy Governor of the Riksbank, decided to hit the dovish tone. In her opinion, the sudden abandonment of quantitative loosening will lead to a wide spectrum of side effects, which will translate into a sharp deterioration of the economic outlook.

At the last meeting, the Executive Board of the Riksbank decided to hold the repo rate unchanged at –0.50%. The first rate increase is expected to occur in mid-2018, which is the same assessment as in the Monetary Policy Report in July. The purchases of government bonds will continue during the second half of 2017, as decided by the Executive Board in April.

Let’s now take a look at the USD/SEK technical picture on the H1 time frame after the news was published. Over the course of the day, the Swedish Crown gained 0.5% to the Dollar, but the spike up was short-lived and currently, the market has retraced most of the yesterday’s gains. The key level for bulls is the technical support at the level of 7.9335, the market conditions look oversold at the time frame, so a bounce might be expected towards the level of 7.9620. Nevertheless, the larger time frame trend remains bearish.

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