Facebook-led Libra stablecoin will be comprised of five fiat-currencies, according to a report from German publication Der Spiegel. In response to a request from Fabio De Masi, the finance spokesman of the Left Party faction of the German Bundestag, the social media giant has disclosed the fiat currencies that will make up the reserves for the […]The post Facebook Libra will be made up of U.S. dollar, euro, yen, pound, and Singapore dollar appeared first on The Block.
Holding above the downtrending Gann angle at $1518.20 will indicate that buyers are coming in ahead of the close. This could trigger a late session rally into a 50% level at $1528.50, followed by a Fibonacci level at $1537.40 and a downtrending Gann angle at $1542.20.
After surprising traders with a 50 basis point rate cut in August, many traders thought the RBNZ would pass on a September 24 rate cut and trim on November 12 instead. However, this week’s price action indicates that traders aren’t taking any chances with another surprise and have already begun to price in a rate cut for next week.
The British pound went back and forth during the week, testing the 1.25 level on both sides showing a bit of a neutral candle stick. However, we are running into a significant amount of resistance, so this could be a hit as to the next move.
Gold markets initially fell during the week but have found a bit of support at the crucial $1500 level yet again. At this point, the question is are we going to roll over, or are we entering consolidation?
The gold market continues to grind sideways in general, as we have found quite a bit of support just below. Ultimately, this is a market that continues to find buyers on these dips, as we continue to see Gold levitate. That of course is a very positive sign.
The US dollar continue to grind higher against the Japanese yen after initially gapping lower. Looking at this chart, it’s very obvious that the pair is approaching a major resistance barrier, and a major inflection point.
The British pound initially gapped lower after a reactive move to the Saudi drone attacks, as there were a lot of concerns about the global economy. Most of the week the market turned around to rally, but as we close out it looks like exhaustion is setting in.
The Euro broke down a bit during the week, to reach towards the 1.10 EUR level, an area that would make quite a bit of psychological importance to traders around the world. However, the overall downtrend should continue, although it is very choppy.
The Australian dollar initially tried to rally during the week, but then broke down significantly as we continue to see a lot of concerns when it comes to the US/China trade situation and of course global growth in general which Australia is highly sensitive to.
The British pound initially tried to rally during the trading session on Friday but gave back quite a bit of the gains and now seems to be ready to show signs of exhaustion and perhaps finally roll over for a longer-term move.
The British pound initially tried to rally but fell against the Japanese yen. The ¥135 level has caused a significant amount of resistance, and with the technical confluence in this area, it’s likely that the market will run into a significant amount of trouble.
The Euro initially tried to rally during the Friday session but continues to see plenty of selling pressure above, and it looks as if the EUR/USD pair is trying to break down rather significantly. Longer-term, this is a market that should continue to favor the downside in general.
The Australian dollar initially tried to rally during the trading session on Friday, but then struggled above the 0.68 level. By doing so, the market turned right back around to form a very bearish looking candle stick.
During September, the British pound is struggling to get out of the pit where it fell on the fear of no-deal Brexit. This decline sent GBPUSD in August and early September to levels that had not been consistently achieved since 1985. However, it also probably attracted the interest of speculators who consider the current historically low levels as an excellent opportunity to buy over-sold British currency.
The Canadian, Mexican and British currencies are trading sideways on Friday. With no U.S. fundamental releases on the schedule, I expect an uneventful North American session.
Investing.com -- Gold prices rose on Friday as investors drew in their horns at the end of a week that has ultimately done little to give the market any real sense of direction.
Dovish Fed speaker comments could be supportive for gold. Hawkish comments could put pressure on gold. Ultimately, however, it all depends on which way the wind blows the U.S. Dollar on Friday. Low volume could hold prices in a range.
There were no major economic reports out of Japan overnight and there aren’t any from the United States on Friday. However, several Fed speakers are on tap and they could move the Forex pair especially since the Federal Reserve was unclear about future rate cuts.
Based on the early price action and the current price at 1.1040, the direction of the EUR/USD is likely to be determined by trader reaction to the main 50% level at 1.1045 and the uptrending Gann angle at 1.1047.
Investing.com – Wall Street inched forward on Friday as traders monitored trade developments between the U.S. and China, while easing monetary policy around the globe increased hopes that central banks will help soften the blow from the drawn-out trade war.
The British pound is set to post the largest weekly gain among its major currency counterparts as progress towards an EU exit continues to head in a positive direction.