GBPUSD Cracks Below 1.20, BTC Breaks Above 10,000

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

BTC

GBPUSD Cracks Below 1.20, BTC Breaks Above 10,000

September 3, 2019

Asian indices finished mixed today on traders concern about tensions between the China and USA and Brexit developments. The Hang Seng ended 0.39 percent lower at 25,527, Nikkei225 in Japan ended 0.02% higher at 20,625. The Shanghai Composite trading 0.21 percent higher to 2,930, while in Singapore the FTSE Straits Times index finished 0,06 percent higher at 3,084. The ASX 200 in Australia finished 0.10% lower to 6,573.

European equities started lower today, DAX30 is 0.50 percent lower to 11,892, CAC40 is 0.52 percent lower at 5,464 while the FTSE MIB in Milan is 0.23 percent lower at 21,387. In London FTSE 100 is trading 0.09% lower at 7,276.  

In commodities markets, crude oil trades 1.13 percent lower at $54.48 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.84% lower at $58,17 per barrel despite major oil producers have agreed to cut output. Gold trades higher at 1,530 keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,555.13 recent high.      

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BTCUSD Daily Chart

In cryptocurrencies, Bitcoin (BTCUSD) trading higher managing to break above the 10,000 mark at 10,365, hitting the daily low at 10,297 and the daily high at 10,492. Bitcoin short term momentum is neutral now as it trades below the 50-day moving average but above the 100-day moving average. Immediate support for BTC stands now at $9,258 recent low, while next support stands at 9,000. On the upside, strong resistance now stands at 13,138 recent high and then at 13,500 round figure. Ethereum (ETHUSD) rebounds from 4-month lows at 176,92 with capitalization now to 19.1 billion, and on the upside, the immediate resistance stands at 317 high while the support stands at 136 the low from May 6th, Litecoin (LTCUSD) also trades higher at 67.11. The crypto market cap now stands above $264.8 billion.

On the Lookout: Reserve Bank of Australia left interest rates unchanged as widely expected at 1%. The Australia Retail Sales s.a. (month over month) came in at -0.1%, below analyst’s expectations of 0.2% in July. 

Japan Capital Spending came in at 1.9% for 2Q, 2019 versus previous 6.1%. Japan Monetary Base (year over year) came down to 2.8% in August from previous 3.7%.

Trading Perspective: In forex markets, USD index trades 0.20 percent higher at 99.24, the Aussie dollar trades 0.13 percent higher at 0.6724, while Kiwi trades 0.28% lower to 0.6290.

GBPUSD cracks 0.48% lower at 1.2000. Major support now stands at 1.1957 daily low which if broken might accelerate the slide further towards 1.19. On the upside, immediate resistance now stands at 1.2320 the 50-day moving average while more offers will emerge at 1.2563 the 100-day moving average.

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GBPUSD Daily Chart

EURUSD trades 0.17% lower at 1.0947, after mixed signals from the US-China trade war developments. Immediate resistance for the pair stands at 1.1171 the 50-day moving average and then at 1.1270 the 200-day moving average. On the downside, immediate support stands at 1.0930 today’s low and then at 1.09 round figure. 

USDJPY is trading 0.13% lower at 106.05 having hit the daily low at 105.91 and the daily high at 106.37. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 107.25 the 50-day moving average and then at 108.52 the 100-day moving average. 

USDCAD is trading 0.23 higher at 1.3352, the pair will find immediate support at 1.3017 the YTD low while extra support stands at 1.30 round figure. On the upside, immediate resistance now stands at the 1.3356 the daily high before an attempt to 1.3450 high from 31st May. 

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