Market Focus: EUR – USDCAD – Oil – Bitcoin
Today’s Video Report
We look at last night’s moves on the EURUSD and EURJPY, are these breakout bars the start of a new trend? We look at the price action we would like to see back up the bars. It wasn’t all about risk currencies overnight, the AUD fell to the USD as did gold.
The USDCAD rallied after testings 1.3870 this could be the start of a double bottom pattern. Buyers have continued on today adding 0.41%. Has oil reached a resistance point? After three days of buying, the price has started to stall at a previous low/support level $21.50. We’ll be watching this level to see if it can become resistance.
Bitcoin jumped above 9k but was faded after hitting 9445, a 19+% rally to the high for the week so far. it’s not a total surprise that profit-taking started after gains like that in a short time. It’s thought bitcoin-halving is a factor to the current rally, it’s a pre-programmed change in part of bitcoin’s underlying technology blockchain, miners are rewarded 12.5 per block mined. The rewards are halved every few years to keep inflation under control. This month the reward will be cut back to 6.25 bitcoin. Halving reduces the supply of bitcoin coming into the market and happens every four years. Previous halving events have been seen preceding large price increases in bitcoin.
Market Analysis Video