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Binance CEO Retaliates at Sequoia With lawsuit claiming Monetary Compensation

May 24, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Binance, Changpeng Zhao, Coindesk, CrunchBase, Cryptocurrencies, Cryptocurrency exchange, SCC Venture VI, sequoia, trading platform

Binance CEO and founder Changpeng Zhao has filed a lawsuit against American venture capital firm Sequoia Capital claiming monetary compensation on the grounds of reputation damage as per a report published by news website Coindesk. This lawsuit filed by Mr. Zhao, founder of one of largest cryptocurrency exchange is viewed by many as a retaliatory response to the lawsuit filed by a unit of the above-mentioned venture capital firm over a funding deal which went awry last year.

The lawsuit filed by venture capital firm Sequoia Capital had claimed that Mr. Zhao has violated a contract with them but the allegations were dismissed by the Hong Kong International Arbitration Centre last December. From details which have been made public so far, the lawsuit filed by Mr. Zhao in Hong Kong high court stated that Zhao is claiming monetary compensation on grounds of a damaged reputation.

Mr. Zhao believes the lawsuit filed by venture capital firm Sequoia had prevented him from raising money at a proper valuation for his exchange. To those unfamiliar with the name Binance, it is currently one of the largest and most successful cryptocurrency exchanges in operation so far when considering trading volume data. Sequoia is a California based venture capital firm more commonly known as one of the largest and well-reputed venture capital houses which focus on tech start-ups. As per CrunchBase website, the Silicon Valley-headquartered fund house operates 22 funds around the globe and has raised more than 15 billion USD till date. Mr. Zhao’s dealing with the firm was on a special purpose vehicle of the fund house known as SCC Venture VI from the firm’s Chinese office. Among details of the lawsuit made public is quote “immediate summary of the assessment of damages”.

The lawsuit appeals to the high court for an investigation to determine whether Zhao has sustained any damage because of Sequoia’s injection during the fundraising event in March 2018. And if the investigation committee finds damages, Zhao requests that he be awarded monetary compensation for same as deemed appropriate by the committee. When speaking of same in court, Mr. Zhao commented: “The injunction order has caused loss to me for which I am entitled to reasonable compensation by Sequoia. In particular, I have suffered i) a loss of chance to raise capital through successive rounds of financing at increasing high valuations and ii) damage to my reputation.” Aside from news of the lawsuit, Binance was also recently in the news for a massive attack on its trading platform which led to a loss worth nearly USD 41 million. Binance is also suffering additional setbacks over customer complaints regarding loss worth several thousand dollars over server lag issue.

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Asian Equities Finished Lower, Euro Approaches YTD Low

May 23, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Bitcoin, Brexit, BTC, Capital Markets, Cryptocurrencies, ETH, financial services, FOMC, monetary policy, trading platform

Asian equities finished lower today as traders worry that the China-U.S. trade war escalates, following reports that the US will look at imposing a blacklist on up to five China surveillance companies and the FOMC minutes added nothing new as “Members observed that a patient approach to determining future adjustments to the target range for the federal funds rate would likely remain appropriate for some time,” according to minutes of the Federal Open Market Committee’s two-day meeting in late April.

The Nikkei225 finished 0.76 percent lower to 21,122 the Hang Seng benchmark in Hong Kong finished 1.51 percent lower at 27,284. The Shanghai Composite finished 1.02 percent lower to 2,862 below the 100-day MA, while in Singapore the FTSE Straits Times index finished 0.71 percent lower to 3,184. Australian equities snapped a six-session winning streak, weighed down by falls in the Materials, Financial and Energy sectors. The losses outweighed solid gains in the Consumer Discretionary, Telco, Industrials, and IT sectors. The ASX200 ended the day down 18 points or 0.3% to 6,491.

European session started lower today amid geopolitical concerns and as the European election voting began, the DAX30 is 1.07 percent lower to 12,038 and CAC40 is 0.99 percent lower at 5,325 while the FTSE MIB in Milan is trading 0.92 percent lower at 20,383. The London Stock Exchange is giving up 0.63 percent to 7,286 as Brexit is back in focus as May’s fourth attempt at getting her deal across the board faces significant backlash.

In commodities markets, crude oil plunged today at 60.85 after American Petroleum Institute data showed that U.S. crude stockpiles rose unexpectedly the previous week. Brent oil also trades lower at $70,33 per barrel as major oil producers have yet to agree on adjustments on output. Gold continues the consolidation around 1273 zone at two-week lows. The precious metal breached the 100-day moving average and that gave the control back to bears. XAUUSD technical picture is bearish now after yesterdays sell-off. Gold will find support at 1272 the April low while more bids will emerge at 200-day moving average at 1255. On the upside, resistance stands at 1296 the 100-day moving average.

In cryptocurrencies market, Bitcoin (BTCUSD) breaks lower after two days consolidation below the 8,000 mark. The daily low for BTC was at 7,481 and the daily high at 7,816. The move breached the major hourly moving averages during the Asia session and bears took control for the short term. Immediate support for BTC stands now at $7,000 round, on the upside strong resistance stands at 8,300 the recent high. Ethereum (ETHUSD) gives up over 20 dollars to 236. On the upside, the immediate resistance stands at 263 the high during yesterday session while the support stands at 235 and the 100 hour SMA, Litecoin (LTCUSD) also trades lower at 86.50. The crypto market cap holds above $173.0B.

On the Lookout: In European macro news, the France Business Climate came above forecasts (101) in May: Actual (104) and the France Markit Services PMI also beat analyst’s forecasts (50.8) for May: Actual (51.7).

In the US, the mortgage applications increased 2.4% week-on-week, according to the Mortgage Bankers Association.

In the America economic calendar, we await the US weekly jobless claims and the Canadian wholesale sales data will drop in at 12:30GMT, followed by the US Markit manufacturing and services PMI reports due at 13:45GMT. Next follows the US new home sales data slated for release at 14:00GMT.

Trading Perspective: In forex markets, the US dollar finally brakes higher above 98 and looks north at YTD high at 0.9830, as traders digest the escalation in US-Sino trade war. The Aussie consolidates down to multi-month lows at 0.6871 as RBA Governor Philip Lowe said the board “will consider the case” for an interest rate cut on June 4. Kiwi trades below the critical 0.65 mark for the second day, and as of writing the pair is trading at 0.6487.

GBPUSD bearish momentum is still intact as growing concerns over the PM May’s resignation are back in play. The pair hit the daily low at 1.2604 a four and a half month low and the daily high at 1.2665. Bears are in full control now and a test of 1.26 bottoms looks possible. On the upside, immediate resistance now stands at 1.2686 the high from yesterday and the 50-hour moving average while more sellers will emerge at the 100-hour moving average at 1.2712.

In Sterling futures the open interest increased by 7K contracts to their open interest positions on Wednesday, reaching the eighth consecutive build, volume kept the choppy activity and dropped by around 43.2K contracts.

EURUSD Daily Chart

EURUSD remains fragile and trades at three-week lows at 1.1134 as any attempt to the upside meets strong offers. The pair made the Asian high at 1.1156 and the low at 1.1132. The pair breached all major moving averages last Friday and now is looking for support at the yearly low down to 1.1115. On the upside, the immediate resistance stands at 1.1180 the high from yesterday, while more offers will emerge at 1.1245 the 50-day moving average.

In euro futures, the open interest rose by around 5.5K contracts the volume shrunk by nearly 43K contracts in choppy trading.

USDJPY trades at 110.20 amid general USD strength across the board. Today the pair hit the low at 110.12 and the high at 110.35. The pair will find support at 109.54 Friday low, on the upside immediate resistance for the pair stands at 110.51 the 100-day moving and then at 111.01 the 50-day moving average.

In Yen futures the open interest shrunk for the second straight session on Wednesday, now by around 1.6K contracts. Volume decreased by more than 29K contracts.

USDCAD managed to rebound from the recent trading range (1.3390-1.3490) low and now is heading to mid 1.34. The pair will find immediate support at the 50-day moving average around 1.3392 while extra support stands at 1.3300 round figure. On the upside, immediate resistance stands at 1.3435 the 100-hour moving average, while a break above can escalate the rebound towards the 1.35 zone.

USDCAD Hourly (H1) Chart

Trading Technologies Connects CoinFLEX to Eligible Traders Outside U.S.

May 22, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: Bitcoin Cash, BTC, CoinFlex, Cryptocurrencies, Cryptocurrency exchange, ETH, FLEX Coin tokens, Polychain, trading platform, Trading Technologies

The innovative cryptocurrency operator was launched with the backing of renowned investors Digital Currency Group and Polychain, as well as Trading Technologies and Roger Ver.

Trading Technologies has made connectivity to CoinFLEX, a physically delivered bitcoin futures exchange, available to eligible professionals and retail traders outside the U.S. through the TT trading platform. Physically delivered futures means that at the time of a contract’s expiration, traders will be given the underlying cryptocurrency instead of a cash payment.

The global provider of high-performance professional trading software, infrastructure and data solutions added that with CoinFLEX, now eligible TT users now have access to the world’s first physically delivered stablecoin-to-stablecoin futures contract. The firm claims the futures contract ensures hedging with zero index or settlement manipulation risk.

Mark Lamb, CEO of CoinFLEX, commented:

“Together with our technology partner Trading Technologies, we are excited to deliver a robust trading and charting solution to the retail trader market. Access to CoinFLEX through TT will also be available to commercial hedgers, including mining firms, OTC trading desks, and global proprietary trading firms, many of whom are already using TT’s toolset.”

Michael Unetich, VP of Cryptocurrencies at Trading Technologies

Michael Unetich, VP of Cryptocurrencies at Trading Technologies, said:

“This connection to CoinFLEX will greatly benefit our eligible customers outside the U.S. who are seeking to diversify their crypto portfolios and differentiate their trading strategies. Through TT, they now can trade cryptocurrencies with our comprehensive array of award-winning professional trading, charting, spreading, and algorithmic tools via a global trading infrastructure that delivers optimal speed, security, and stability.”

The physically-settled futures exchange is set to capture order flow from a wide range of market participants, from speculators to institutional players. To encourage liquidity and reward members who trade on the platform, the crypto exchange has also announced the daily distribution of FLEX Coin tokens.

CoinFLEX is preparing to offer futures and spot contracts for each of bitcoin (BTC), bitcoin cash (BCH), and ether (ETH) with as much as 20x leverage.

Sterling at Four-Month Lows

May 22, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: banks, Bitcoin, Brexit, Capital Markets, Cryptocurrencies, EUR-USD, Huawei, monetary policy, Sino-US trade talks, Theresa May, trading platform

Asian markets finished mixed today amid global politics and geopolitical uncertainty. The Nikkei225 finished 0.05 percent lower to 21,283, the Hang Seng benchmark in Hong Kong finished 0.04 percent lower at 27,647. The Shanghai Composite finished 0.87 percent lower to 2,880, while in Singapore, the FTSE Straits Times index finished flat at 3,184.

Australian stocks clawed back earlier losses to finish in positive territory for a sixth straight trading session. The market was lifted by gains from the Consumer Discretionary, Materials, Energy and Industrials sectors, which outweighed weakness in the Consumer Staples, Financials and Telco sectors. The ASX200 ended the session 10 points higher or 0.2% to 6,510. ASX200 is now up 15.3% year-to-date.

European session started mixed today amid geopolitical concerns and the upcoming election in EU. The DAX30 is 0.07 percent lower to 12,133 and CAC40 is 0.06 percent lower at 5,383 while the FTSE MIB in Milan is trading 0.27 percent lower at 20,643. The London Stock Exchange is adding 0.48 percent to 7,364 as May proposed giving MPs a vote on putting her Brexit deal to a referendum in an attempt to win over Parliament over to her side and get her proposals through.

In commodities markets, crude oil trades lower today at 62.48 after American Petroleum Institute data showed that U.S. crude stockpiles rose unexpectedly the previous week. Brent oil also trades lower at $71,73 per barrel. Major oil producers have yet to agree on adjustments on output. Gold consolidates around 1273 zone at the two weeks low. The precious metal breached the 100-day moving average, and that gave the control back to bears. XAUUSD technical picture is bearish now after yesterdays sell-off. Gold will find support at 1272, the April low, while more bids will emerge at the 200-day moving average at 1255. On the upside, resistance stands at 1296, the 100-day moving average.

In cryptocurrencies market, bitcoin (BTCUSD) consolidates near recent highs just below the 8,000 mark. The daily low for BTC was at 7,839 and the daily high at 8,101. BTCUSD breached the 50 and 100-hour moving average during the weekend and bulls took control for the short term. Immediate support for BTC stands at $7,644, the 50-hour SMA round figure and then at the 200-hour moving average at 7,147, and on the upside, strong resistance stands at 8,300, the high from the Asian session. Ethereum (ETHUSD) continues higher to 256. On the upside, the immediate resistance stands at 263, the high during the Asian session, while the support stands at 236 and the 100 hour SMA, Litecoin (LTCUSD) digests the high at 91.51. The crypto market cap holds above $174.0B.

On the Lookout: U.S. Commerce Department on Monday granted Huawei Technologies Co Ltd a license to buy U.S. goods until Aug. 19th The Australian construction data report delivers a contraction of 1.9% in the first three months of 2019 against economist’s expectations for a no change.

In the Central Banks calendar, the European Central Bank President Mario Draghi is due to speak in Frankfurt today. Also, we’ll get the FOMC minutes from the meeting earlier this month.

In the America economic calendar, we await the weekly data on the mortgage.

Trading Perspective: In forex markets, the US dollar trades higher at 97,92 as traders digest the developments in US-Sino trade war. The Aussie dollar started the week strong after Prime Minister Scott Morrison registered surprise victory in the general election, but today during the Asian session, it got a hit down to 0.6879 as RBA Governor Philip Lowe said the board “will consider the case” for an interest rate cut on June 4. Kiwi also trades lower breaking below the critical 0.65 mark. As of writing, the pair is trading at 0.6497.

GBPUSD Hourly (H1) Chart

GBPUSD failed to materialize the jump during the PM May speech which lifted the pair above 1.28, but traders very fast dumped the Pound as T. May failed to deliver a solid solution in the dust of Brexit uncertainty. The pair hit the daily low at 1.2671 a fresh four-month low and the daily high at 1.2718. Bears are in full control now and a test of 1.2670 the January 15th bottom looks possible. On the upside, immediate resistance now stands at 1.27 and then at the 50-hour moving average around 1.2720.

In Sterling futures, the open interest increased for the seventh session in a row on Tuesday, this time by around 4.7K contracts. The volume posted the largest single day build since March 29.

EURUSD trades at three-week lows at 1.1150 as any attempt to the upside meets strong bids. The pair made the Asian high at 1.1165 and the low at 1.1150. The pair breached all major moving averages last Friday and now is looking for support at the yearly low down to 1.1115. On the upside, the immediate resistance stands at 1.1180 the high from yesterday, while more offers will emerge at 1.1245, the 50-day moving average.

In euro futures, the open interest rose by 714 contracts on Tuesday, reaching the fourth consecutive build in a row. Volume, also rose by around 64.7K contracts, extending the choppy activity for one more session.

USDJPY trades at 110.40 amid general USD strength across the board. Today the pair hit the low at 110.36 and the high at 110.62. The pair will find support at 109.54 Friday low. On the upside, immediate resistance for the pair stands at 110.51, the 100-day moving and then at 111.01 the 50-day moving average.

In Yen futures, the open interest shrunk by 4.5K contracts on Tuesday vs. an increase of almost 26.5K contracts in volume.

USDCAD is trading lower for the third day at 1.3405. The pair will find immediate support at the 50-day moving average around 1.3392 while extra support stands at the 1.3300 round figure. On the upside, immediate resistance stands at 1.3435, the 100-hour moving average, while a break above can escalate the rebound towards the 1.35 zone.

USDCAD Hourly (H1) Chart

GBPUSD in search for support, Bears control EURUSD

May 21, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Bitcoin, Brexit, Capital Markets, Cryptocurrencies, ECB, Huawei, monetary policy, RBA, Sino-US trade talks, trading platform

Asian markets finished lower today amid global politics and geopolitical uncertainty. The Nikkei225 finished 0.14 percent lower to 21,272; the Hang Seng benchmark in Hong Kong finished 0.10 percent lower at 27,756. The Shanghai Composite outperformed adding 1.23 percent to 2,903 while in Singapore the FTSE Straits Times index finished 0.49 percent lower at 3,188. Australian stocks managed to recover earlier losses to finish higher for a fifth straight session, supported by gains in the Financial, Property Trusts and Telco sectors. The ASX200 gained 24 points or 0.4% to a fresh 11.5 year high of 6,500, having been down about 40 points in the first hour of trade.

European session started on positive tones amid geopolitical concerns and the upcoming election in EU, the DAX30 is 0.51 percent higher to 12,104, and CAC40 is 0.10 percent higher at 5,364 while the FTSE MIB in Milan is trading 0.55 percent lower at 20,653. The London Stock Exchange is adding 0.41 percent to 7,341 as the no deal Brexit scenario is back on the table.

In commodities markets, crude oil trades flat at 63.58 near multi-week highs after mounting tensions in the Middle East. Brent oil trades lower at $72,28 per barrel. Gold stabilizes around the 1275 zone at the two weeks low. The precious metal breached the 100-day moving average, and that gave the control back to bears. XAUUSD’s technical picture is bearish now after yesterdays sell-off. Gold will find support at 1273, the April low, while more bids will emerge at the 200-day moving average at 1255, on the upside resistance, stands at 1296 the 100-day moving average.

In cryptocurrencies market, bitcoin (BTCUSD) holds the weekend highs just below the 8,000 mark. The daily low for BTC was at 7,826 and the daily high at 8,143. BTCUSD breached the 50 and 100-hour moving average during the weekend and bulls took control for the short term. Immediate support for BTC stands at $7,644, the 50-hour SMA round figure, and then at the 200-hour moving average at 7,147. On the upside, strong resistance stands at 8,300, the high from the Asian session. Ethereum (ETHUSD) continues higher to 252, on the upside, the immediate resistance stands at 263, the high during the Asian session while the support stands at 236 and the 100 hour SMA, Litecoin (LTCUSD) adds one dollar to 91.51. The crypto market cap holds above $174.0B.

On the Lookout: RBA minutes released today from the May Board Meeting showed members said “a decrease in the cash rate would likely be appropriate” if the labour market did not improve. Hours later, while delivering a speech in Brisbane, RBA Governor Philip Lowe said the board “will consider the case” for an interest rate cut on June 4.

US technology companies have started cutting off supplies to China’s Huawei to comply with US president Trump’s executive order. These include Google, Intel Corp, Qualcomm, and Broadcom.

In the America economic calendar, we await the US existing home sales along with weekly chain store sales.

Trading Perspective: In forex markets, the US dollar trades higher at 97,95 as traders digest the developments in US-Sino trade war. A stronger US dollar will likely increase the US trade deficit, adding risk that Trump administration continues to target those nations with a significant trade surplus with the US (China – Germany – Europe). The Aussie dollar started the week strong after Prime Minister Scott Morrison registered surprise victory in the general election, but the Asian session got a hit down to 0.6873 as RBA Governor Philip Lowe said the board “will consider the case” for an interest rate cut on June 4. Kiwi also trades lower touching the critical 0.65 mark.

GBPUSD Hourly (H1) Chart

GBPUSD continues south for one more day at three-month lows amid Brexit uncertainty. The pair hit the daily low at 1.2713 and the daily high at 1.2731. Bears are in full control now, and a dive below 1.27 looks possible searching for support at 1.2670, the January 15th bottom. On the upside, immediate resistance stands at 1.28 and then at the 50-hour moving average around 1.2830.

In Sterling futures, the open interest increased by around 7K contracts to their open interest positions on Monday, clinching the sixth build in a row, volume decreased by around 15.3K contracts.

EURUSD also trades at three-week lows at 1.1150. The pair made the Asian high at 1.1167 and the low at 1.1150. The pair breached all major moving averages last Friday and now is looking for support at the yearly low down to 1.1115. On the upside, the immediate resistance stands at 1.1200, while more offers will emerge at 1.1245, the 50-day moving average.

In euro futures, the open interest rose for the third session in a row on Monday, this time by nearly 3.1K contracts. Volume, instead, shrunk by almost 35.8K contracts, reversing the previous build.

USDJPY consolidates above the 110 and in a narrow trading range, as traders turn their eyes to safe assets amid renewed China-USA trade worries. Today the pair hit the low at 110.01 and the high at 110. The pair will find support at 109.54 Friday low. On the upside, immediate resistance for the pair stands at 110.31 the high from yesterday session and then at 110.50, the 100-day moving average and then at 111.17, the 50-day moving average.

In Yen futures, the open interest rose by 908 contracts at the beginning of the week, at the same time reversing seven consecutive daily drops. The volume extended the erratic performance and shrunk by around 37.2K contracts.

USDCAD is trading lower for the second day at 1.3422. The pair will find immediate support at the 50-day moving average around 1.3392 while extra support stands at the 1.3300 round figure. On the upside, immediate resistance stands at 1.35, while a break above can escalate the rebound towards the yearly high at 1.3635.

USDCAD Hourly (H1) Chart

ASX200 closed to fresh 11.5 year high after surprise in General Election

May 20, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Brexit, Capital Markets, economy, EU Parliamentary elections, EUR-USD, Huawei, Iran sanctions, Sino-U.S. trade talks, trading platform

Asian markets finished mixed today as Japan’s 1Q Gross Domestic Product came at 0.5% better than economist’s estimates of 0.0%. Meanwhile, Trump threatens Iran in a tweet: “… that will be the official end of Iran”.

The Nikkei225 finished 0.24 percent higher to 21,301; the Hang Seng benchmark in Hong Kong finished 0.59 percent lower at 27,784. The Shanghai Composite lost 0.41 percent to 2,870 while in Singapore the FTSE Straits Times index finished 0.77 percent lower at 3,205. Australian stocks rallied to a fresh 11.5 year high, as investors responded to the Federal Election result. The ASX200 closed at the day’s highs, up 110 points or 1.7% to 6,476, its best one-day performance in three months.

European session started amid geopolitical concerns and the upcoming election in EU. The DAX30 is 0.64 percent lower to 12,161 and CAC40 is 0.84 percent lower at 5,392 while the FTSE MIB in Milan is trading at 1.95 percent lower at 20,702. The London Stock Exchange is giving up 0.60 percent to 7,304 as the no deal Brexit scenario is back on the table.

XAUUSD Daily Chart

In commodities markets, crude oil trades higher for at 63.64 after mounting tensions in the Middle East. Brent oil also trades higher at $73.16 per barrel. Gold continues its slide down to the 1275 zone, the two-week low. The precious metal breached the 100-day moving average, and that gave the control back to bears. XAUUSD technical picture is bearish now after yesterday’s sell-off. Gold will find support at 1273, the April low, while more bids will emerge at the 200-day moving average at 1255, on the upside resistance, stands at 1296 the 100-day moving average.

In cryptocurrencies market, the weekend brought back bitcoin (BTCUSD) to recent highs after strong correction last Thursday. The daily low for BTC was at 7,787 and the daily high at 8,305. BTCUSD breached the 50 and 100-hour moving average during the weekend and bulls took control for the short term. Immediate support for BTC stands at $7,644 the 50 hour SMA round figure and then at the 200-hour moving average at 7,147. On the upside, strong resistance stands at 8,300 the high from the Asian session. Ethereum (ETHUSD) also continues higher mirroring BTC to 250, on the upside the immediate resistance stands at 263 the high during the Asian session while the support stands at 236 and the 100 hour SMA, Litecoin (LTCUSD) follows suit at 90.71. The crypto market cap holds above $174.0B.

On the Lookout: In Australia, PM Scott Morrison won re-election, although the incumbent Labor Party had been widely expected to win. Japan’s 1Q Gross Domestic Product came at 0.5% beat expectations of 0.0%.

US technology companies have started cutting off supplies to China’s Huawei to comply with US president Trump’s executive order. These include Google, Intel Corp, Qualcomm, and Broadcom.

In the America economic calendar, we await the Chicago Federal Reserve National Activity index.

AUDUSD Daily Chart

Trading Perspective: In forex markets, the US dollar trades higher at 97,75 as traders digest the developments in US-Sine trade war. A stronger US dollar will likely increase the US trade deficit, adding risk that Trump administration continues to target those nations with a significant trade surplus with the US (China – Germany – Europe). The Aussie dollar started the week strong after Prime Minister Scott Morrison registered surprise victory in the general election. Kiwi also trades higher at 0.

GBPUSD looks vulnerable for one more day as it trades at three-month lows. The pair hit the daily low at 1.2723 and the daily high at 1.2756. Bears are in full control now and an attempt to 1.27 looks possible scenario. On the upside, immediate resistance stands at 1.28 and then at the 50-hour moving average around 1.2830.

In Sterling futures the open interest increased for the sixth session in a row on Friday, this time by nearly 7.9K contracts, the volume went up by around 18K contracts.

EURUSD trades at three-week lows at 1.1154. The pair made the Asian high at 1.1167 and the low at 1.1150. The pair breached all major moving averages last Friday and now is looking for support at the yearly low down to 1.1115. On the upside, the immediate resistance stands at 1.1200, while more offers will emerge at 1.1245 the 50-day moving average.

In euro futures the open interest increased nearly 3K contracts to their open interest positions on Friday from Thursday’s final 510,218 contracts, reaching the second consecutive build. Volume rose by around 3.2K contracts.

USDJPY trades lower at 110.03 as traders turn their eyes to safe assets amid renewed China-USA trade worries. Today the pair hit the low at 109.99 and the high at 110.31. The pair will find support at 109.54 Friday low, and on the upside, immediate resistance for the pair stands at 110.31 the high from Asian session and then at 110.50 the 100-day moving average and then at 111.17 the 50-day moving average.

In Yen futures the open interest shrunk for yet another session on Friday, this time by more than 2.1K contracts, while volume went up by around 37.5K.

USDCAD is trading lower the last hours and trades at 1.3435. The pair will find immediate support at the 100-day moving average around 1.3325 while extra support stands at 1.3300 round figure. On the upside, immediate resistance stands at 1.35, while a break above can escalate the rebound towards yearly high at 1.3635.

Pound breaches 1.28 as the no deal Brexit scenario is back on the table

May 17, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Bitcoin, Brexit, Cryptocurrencies, economy, EUR-USD, FX trading, Huawei, RBA, RBNZ monetary policy, Sino-U.S. trade talks, trading platform

Asian markets finished mixed today as China responded with a firm message that it does not want to sit down to negotiate so long as the US remains ‘insincere’ in trade talks. The Nikkei225 was the outperformer adding 0.89 percent to 21,250. The Hang Seng benchmark in Hong Kong finished 1.19 percent lower at 27,941. The Shanghai Composite crushed 2.59 percent to 2,878 while in Singapore, the FTSE Straits Times index finished 0.57 percent lower at 3,210. Australian stocks added to gains for the third day, supported by gains across all sectors, firmer commodity prices and market speculation of a potential RBA rate cut in June.

European session also started lower mirroring Asian indices. The DAX30 is 0.82 percent lower to 12,211 and CAC40 is 0.56 percent lower at 5,417 while the FTSE MIB in Milan is trading 0.45 percent lower at 21,056. The London Stock Exchange is giving up 0.48 percent to 7,318 as the no deal Brexit scenario is back on the table.

In commodities markets, crude oil trades higher for the third day at 63.14 after mounting tensions in the Middle East. Brent oil adds a half dollar at $72,76 per barrel. Gold got a hit on the chin yesterdays as it lost over 10 dollars down to 1285. The precious metal breached the 100-day moving average, and that gave the control back to bears. XAUUSD’s technical picture is bearish now after yesterday’s sell-off. Gold will find support at 1275, the April low, while more bids will emerge at the 200-day moving average at 1255. On the upside, resistance stands at 1296, the 100-day moving average.

BTCUSD Hourly (H1) Chart

In cryptocurrencies market, bitcoin (BTCUSD) lost over 20% yesterday and gave up almost 800 dollars in an extreme volatility day without any specific news. The daily low for BTC was at 6,497 and the daily high at 7,957. BTCUSD’s immediate support stands at the $7,000 round figure and then at the 200-hour moving average at 6,949. On the upside, strong resistance stands at 7,959 the high from the Asian session. On Monday the CME Bitcoin futures reached an all-time record high of 33.7k contracts. Ethereum (ETHUSD) also retreated from recent highs down to 237. On the upside, the immediate resistance stands at 273, the high during the US session while the support stands at 200. Litecoin (LTCUSD) mirrors major cryptocurrencies losing almost 10 dollars down to 87.71. The crypto market cap holds above $173.0B.

On the Lookout: Reuters report that the PBOC will intervene and use monetary policy tools to ensure that the yuan does not weaken past 7.00 per dollar in the immediate term, citing three people familiar with the matter.

The Japanese Cabinet Office released a statement confirming that it will hold the next round of trade talks with the US on May, 21st in Washington.

An executive order by the Trump administration, aimed at banning Huawei equipment from U.S. networks, took effect on Thursday.

In Australia yesterday, the April employment data received the most attention. 28,400 jobs were added in April; 13,000 above consensus. Employment has improved for nine straight months.

In the America economic calendar, we await the US UoM preliminary consumer sentiment data, due at 1400 GMT, will remain the key focus. At 1700 GMT, oil traders will look forward to the US rigs count data due to be published by Baker and Hughes oilfield services company.

Trading Perspective: In forex markets, the US dollar trades higher at 97,65 as traders digest the developments in US-Sino trade war. A stronger US dollar will likely increase the US trade deficit, adding risk that Trump administration continues to target those nations with a significant trade surplus with the US (China – Germany – Europe). The Aussie dollar continues its trip south for another day breaking the 0.69 level to 0.6878 as the market is pricing in a 90 percent chance of a rate cut by December. Kiwi also gives up ten cents to 0.6539, approaching the low after the interest rate cut from RBNZ.

GBPUSD is the majors worst performer for one more day after the pair lost yesterday the 1.28 and trades down to 1.2778 as Prime Minister May agreed to set out the date of her departure in the first week of June after she makes one final attempt at getting her Brexit deal through parliament. The pair hit the daily low at 1.2775 and the daily high at 1.2797. Bears are in full control now, and an attempt to 1.27 looks possible scenario. On the upside, immediate resistance stands at 1.28 and then at the 50-hour moving average around 1.2830.

In Sterling futures, the open interest increased by 6.5K contracts on Thursday, reaching the fourth consecutive build, the volume went down by almost 21K contracts after three straight daily increases

GBPUSD Daily Chart

EURUSD lost the 1.12 handle yesterday amid USD strength. The pair made the Asian high at 1.1183 and the low at 1.1168. The pair breached all major moving averages and now is looking for support at the yearly low down to 1.1115. On the upside, the immediate resistance stands at 1.1200, while more offers will emerge at 1.1245 the 50-day moving average.

In euro futures, the open interest increased for the first time after four consecutive drops by nearly 7.7K contracts on Thursday. Volume shrunk by around 38.5K contracts after three builds in a row.

USDJPY trades lower at 109.60 as traders turn their eyes to safe assets amid renewed China-USA trade worries. Today the pair hit the low at 109.54 and the high at 110.03. The pair will find support at 109.14 yesterdays low, and on the upside, immediate resistance for the pair stands at 110 round figure (a level where the pair rejected in early Asian session) and then at 110.50, the 100-day moving average and then at 111.17, the 50-day moving average.

In Yen futures, the open interest dropped for yet another session on Thursday, this time by around 1.2K contracts, volume resumed the downside and shrunk by nearly 31.8K contracts.

USDCAD is trading and gaining momentum in the last 24 hours and trades at 1.3490. The pair will find immediate support at the 100-day moving average around 1.3335 while extra support stands at 1.3300 round figure. On the upside now that the pair broke yesterday high (1.3476) immediate resistance stands at 1.35, while a break above can escalate the rebound towards yearly high at 1.3635.

GBPUSD at Three Month Low, Equities Looking for Direction

May 16, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Bitcoin, Blockchain, Brexit, brokerage, Capital Markets, Cryptocurrencies, economy, financial services, monetary policy, Sino-U.S. trade talks, trading platform

Asian markets finished mixed today as President Trump issued an executive order declaring a national economic emergency that empowers the government to ban the technology and services of “foreign adversaries” deemed to pose unacceptable risks to national security. The Nikkei225 gives up 0.69 percent to 21,042 the Hang Seng benchmark in Hong Kong finished 0.24 percent higher at 28,336. The Shanghai Composite added 0.28 percent to 2,947 while in Singapore the FTSE Straits Times index finished 0.05 percent higher at 3,220. Australian stocks trading 11 points higher or 0.16% to 6,381.

In commodities markets, crude oil trades higher at 62.34 after mounting tensions in the Middle East. Brent oil adds one dollar at $72,16 per barrel. Gold consolidates at 1295 as it retreated from the recent high at 1303. Investors turned to safe assets amid escalation in US-China trade war. XAUUSD technical picture is bullish as the precious metal holds above the 50 and 100-day moving averages. Gold will find support at 1290 the 50-hour moving average and on the upside, resistance stands at 1307 the high from April 10th, 2019.

In cryptocurrencies market, bitcoin (BTCUSD) trades slightly lower at 7,930 as it eyes for a convincing break above the 8,000 resistance. The daily low for BTC was at 7,845 and the daily high at 8,379. BTCUSD immediate support stands at $7,503 level the 100-hour moving average and then at the 7,000 round figure. On the upside, strong resistance stands at 8,379 the high from the Asian session. On Monday the CME Bitcoin futures reached an all-time record high of 33.7k contracts. Ethereum (ETHUSD) is the outperformer in the cryptos universe today as it continues higher for the fifth day in a row and adds another 25 dollars to 253, on the upside the immediate resistance stands at 273 the high during the US session while the support stands at 200, Litecoin (LTCUSD) mirrors major cryptocurrencies higher at 98.40. The crypto market cap holds above $175.0B.

AUDUSD Daily Chart

On the Lookout: In Australia, the ABS reported a mixed set of labor force data. The employment rose for the ninth straight month, up by 28,400 in April after a revised 27,700 increase in jobs in March, which was previously reported as a 25,700 increase in jobs. Fulltime jobs fell by 6,300, but part-time jobs rose by 34,700. Analysts had tipped an increase in total jobs of around 15,000.

In the US according to the Department of Commerce, in seasonally-adjusted terms, retail sales volumes slipped by 0.2% month-on-month to reach roughly $513bn, although excluding sales of automobiles they edged higher by 0.1%, helped by a jump in gasoline station sales. Economists had forecast a rise in total sales of 0.2% month-on-month and an increase of 0.7% excluding automobiles. The industrial output growth in the States missed forecasts by a wide margin last month as manufacturing added to a growing list of monthly declines.

In the America economic calendar, we await the US Jobless Claims, Housing Starts, Building Permits and Philly Fed Manufacturing Index, all will be released at 12:30GMT. At the same time, the Canadian ADP Jobs and Manufacturing Sales data will grab some attention.

Trading Perspective: In forex markets, the US dollar trades flat at 97,35 as traders digest the developments in US-Sine trade war. A stronger US dollar will likely increase the US trade deficit, adding risk that Trump administration continues to target those nations with a significant trade surplus with the US (China – Germany – Europe). The Aussie dollar continues its trip south for another day to 0.6912 after the disappointing labor figures. Kiwi also gives up some cents to 0.6549.

GBPUSD is the majors worst performer for one more day after the pair lost yesterday the 1.29 and trades down to 1.2845 due to Brexit uncertainty. The pair hit the daily low at 1.2839 and the daily high at 1.2851. On the downside, major support will be found at 1.2839 the low from Us session. On the upside, immediate resistance stands at 1.29 and then at the 100-day moving average around 1.2957.

In Sterling futures the open interest increased for the third session in a row, this time by almost 6.8K contracts, the volume also went up for yet another session by more than 15K contracts.

GBPUSD Daily Chart

EURUSD trades some pips higher at 1.1207, getting a hand by US President Trump that he will delay the decision on the auto tariffs on the EU. The pair made the Asian high at 1.1210 and the low at 1.1201. Immediate support can be found at 1.1180 the 200 hours moving average while more solid support can be found at the yearly low at 1.1115. On the upside, the immediate resistance stands at 1.1236 the bottom of horizontal resistance line from the three-month trading range, while more offers will emerge at 1.1268 at the 50-day moving average.

In euro futures, the open interest shrunk for the fourth consecutive session on Wednesday, this time by more than 3K contracts. Volume rose by nearly 17.5K contracts, clinching the third build in a row.

USDJPY consolidates in mid 109 as traders turn their eyes to safe assets amid renewed China-USA trade worries. Today the pair hit the low at 109.33 and the high at 109.58. The pair will find support at 109.14 yesterdays low, on the upside immediate resistance for the pair stands at 110 round figure and then at 110.50 the 100-day moving average and then at 111.17 the 50-day moving average.

USDCAD is trading lower today at 1.3432 as higher crude oil prices, Canada’s main export item, seems to have added further strength in the Canadian Dollar (CAD). The pair will find immediate support at the 100-day moving average around 1.3335 while extra support stands at 1.3300 round figure. On the upside, immediate resistance stands at 1.3476 the high from yesterday, while a break above can escalate the rebound towards 1.35 round figure.

Markets Rebound as Trade War Concerns Ease

May 15, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian Markets, Bitcoin, Blockchain, Brexit, Brokers, Capital Markets, Cryptocurrencies, financial services, monetary policy, Sino-US trade talks, trading platform, US tariffs

Asian markets managed to rebound today from a three-and-a-half month low and oversold levels as President Trump continued his tweets on Tuesday, claiming tariffs had rebuilt America’s steel industry and criticizing Beijing for walking away from a deal. China on Monday announced it would impose higher tariffs on $60 billion of U.S. goods. The Nikkei225 added 0.58 percent to 21,188 the Hang Seng benchmark in Hong Kong finished 0.98 percent higher at 28,396. The Shanghai Composite was the best performer in the region adding 1.91 percent to 2,938, while in Singapore, the FTSE Straits Times index finished 0.04 percent higher at 3,219. Australian stocks closed 44 points higher or 0.7% to 6,284.

European session started lower failing to follow Asian indices, the DAX30 is 0.27 percent lower to 11,959 and CAC40 is 0.48 percent lower at 5,315 while the FTSE MIB in Milan is trading 0.66 percent lower at 20,755. The London Stock Exchange is giving up 0.05 percent to 7,242.

In commodities markets, crude oil trades lower for the second day at 61.24 after the American Petroleum Institute reported bigger-than-expected build in crude oil inventory. Brent oil, on the other hand, trades higher at $71,06 per barrel. Gold retreats from the high at 1303 as investors turn to safe assets amid escalation in US-China trade war and trades at 1295. XAUUSD’s technical picture is bullish as the precious metal holds above the 50 and 100 day moving averages. Gold will find support at 1290, the 50-hour moving average, and on the upside, resistance stands at 1307 the high from April 10th, 2019.

In cryptocurrencies market, Bitcoin (BTCUSD) holds recent gains at 7,980 and continues as yesterday also managed to break above the 8,000 resistance. The daily low for BTC was at 7,616 and the daily high at 8,140. BTCUSD’s immediate support stands at the 50-hour moving average at 7,073 while the next strong support stands at the $6,515 level, the 100-hour moving average, and then at the 7,000 round figure. On the upside, strong resistance stands at 8,158, the high from the Asian session. On Monday the CME Bitcoin futures reached an all-time record high of 33.7k contracts. Ethereum (ETHUSD) continues higher for the fourth day in a row and adds another 20 dollars to 227. On the upside, the immediate resistance stands at 234 while the support stands at 200, Litecoin (LTCUSD) mirrors major cryptocurrencies higher at 92.40. The crypto market cap holds above $175.0B.

On the Lookout: Italy’s deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to spur employment.

The Chinese retail spending growth has hit a 16-year low. In the US, the small business optimism improved throughout the month of April, increasing by 1.7 points to 103.5, with one index component falling, another unchanged and the remaining eight improving. US import prices edged higher last month on the back of dearer fuel imports. According to the Department of Labor, import prices rose at a 0.2% month-on-month clip (consensus: 0.7%) in April but were lower 0.2% year-on-year.

Trading Perspective: In forex markets, the US dollar adds 20 cents at 97,35 as traders digest the developments in US-Sino trade war. A stronger US dollar will likely increase the US trade deficit, adding risk that Trump administration continues to target those nations with a significant trade surplus with the US (China – Germany – Europe). The Aussie dollar continues its trip south for another day to 0.6923 after the disappointing macro figures from China. Kiwi also trades lower today at 0.6560.

GBPUSD Hourly (H1) chart

GBPUSD trades lower for one more day after the pair broke yesterday below the 1.30 figure to 1.2914 amid Brexit uncertainty. The pair hit the daily low at 1.2897 and the daily high at 1.2921. On the downside, major support will be found at 1.2865, the low from 25th April. On the upside, immediate resistance stands at 1.30 and then at the 100-day moving average around 1.3015.

In Pound futures markets, the open interest increased for the second consecutive session, this time by around 2.6K contracts on Tuesday. The volume went up once again, this time by nearly 2.5K contracts.

EURUSD trades lower at 1.1207; the pair made the Asian high at 1.1215 and the low at 1.1197. Immediate support can be found at 1.1180, the 200 hours moving average, while more solid support can be found at the yearly low at 1.1115. On the upside, the immediate resistance stands at 1.1236, the bottom of the horizontal resistance line from the three-month trading range, while more offers will emerge at 1.1268 at the 50-day moving average.

In the euro futures market, open interest shrunk by 3.5K contracts on Tuesday from Monday’s final 509,005 contracts. Volume, rose for the second session in a row, this time by just 820 contracts.

USDJPY consolidates in mid 109 as traders turn their eyes to safe assets amid renewed China-USA trade worries. Today the pair hit the low at 109.47 and the high at 109.69. The pair will find support at 109.14 yesterday’s low. On the upside, immediate resistance for the pair stands at 110 round figure and then at 110.50, the 100-day moving average and then at 111.17, the 50-day moving average.

In Yen futures, the open interest shrunk for the fourth straight session on Tuesday, this time by almost 5.7K contracts. Volume was also down for another session and by around 37.5K contracts.

USDJPY Hourly (H1) Chart

USDCAD is trading higher at 1.3472 as the retreat in crude oil prices, Canada’s main export item, seems to have added further weakness in the Canadian Dollar (CAD). The pair will find immediate support at the 100-day moving average around 1.3335, while extra support stands at 1.3300 round figure. On the upside, immediate resistance stands at 1.3476 the Asian session high while a break above can escalate the rebound towards the 1.35 round figure.

China Retaliation Tariffs adds to Global Economic Uncertainty

May 14, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, Bitcoin, BOJ, Brexit Concerns, Capital Markets, Cryptocurrencies, economy, FTSE MIB, monetary policy, Sino-U.S. trade talks, trade tariffs, trading platform

Asian markets finished lower today and fell to a three-and-a-half month low approaching oversold levels as China announced it would impose higher tariffs on $60 billion of U.S. goods. The Nikkei225 lost 0.75 percent to 21,033. The Hang Seng benchmark in Hong Kong finished 1.43 percent lower at 28,135. The Shanghai Composite lost 0.19 percent to 2,898, while in Singapore, the FTSE Straits Times index finished 0.84 percent lower at 3,207. Australian stocks slipped 57 points or 0.9% to 6,239.

US markets fell sharply overnight with the Dow Jones dropping more than 600 points, and the NASDAQ plunged by 3.4%, its worst daily loss in 2019 so far. European session also started lower mirroring Asian indices, the DAX30 is 1.52 percent lower to 11,876 and CAC40 is 1.22 percent lower at 5,262 while the FTSE MIB in Milan is trading 1.35 percent lower at 20,593. The London Stock Exchange is giving up 0.55 percent to 7,163.

In commodities markets, crude oil trades lower for the second day at 61.18 as investors eyes turn to China-US trade war. Brent oil also trades lower at $70,40 per barrel. Gold breaks higher above 1300 as investors turn to safe assets amid escalation in US-China trade war. XAUUSD’s technical picture is now bullish as the precious metal broke above the 50 and 100-day moving average. Gold will find support at 1290, the 50-hour moving average, and on the upside, resistance stands at 1307 the high from April 10th, 2019.

In cryptocurrencies market, Bitcoin (BTCUSD) continues with another leg higher for the sixth straight day and managed to break above the 8,000 resistance. The daily low for BTC was at 7,554 and the daily high at 8,158. BTCUSD’s immediate support stands at the 50-hour moving average at 7,073. While next strong support stands at the $6,515 level, the 100-hour moving average, and then at the 7,000 round figure, on the upside, strong resistance stands at 8,158 the high from the Asian session. Yesterday, the CME Bitcoin futures reached an all-time record high of 33.7k contracts. Ethereum (ETHUSD) mirrors BTC higher and adds another 15 dollars to 207. On the upside, the immediate resistance stands at 213 while the support stands at 187, the 50-hour moving average. Litecoin (LTCUSD) trades higher at 90.40. The crypto market cap holds above $175.0B.

On the Lookout: Moody’s warns on the consequences of a breakdown in US-China trade talks. The Bank of Japan Governor Kuroda said on Tuesday that there is a good chance of interest rates staying low beyond spring 2020. He also added that forward guidance does not mean the central bank will immediately re-evaluate policy in the spring of 2020. The National Australia Bank’s Business Conditions came in at 3, below expectations (4) in April. Also, the Australia National Australia Bank’s Business Confidence came in below forecasts (1) in April, Actual (0).

In the North Atlantic economic calendar, the US data on export and import prices is issued with the NFIB business optimism index and weekly chain store sales data.

Trading Perspective: In forex markets, the US dollar consolidates at 97,16 as traders digest the developments in US-Sino trade war. A stronger US dollar will likely increase the US trade deficit, adding risk that Trump administration continues to target those nations with a significant trade surplus with the US (China – Germany – Europe). The Aussie dollar continues its trip south to 0.6952 after the disappointing business surveys. Kiwi trades flat today at 0.6580 as it continues its corrective bounce.

GBPUSD Hourly (H1) Chart

GBPUSD failed to follow euro higher and broke the 1.30 level after two weeks of consolidation amid Brexit uncertainty. The pair hit the daily low at 1.2942 and the daily high at 1.2970. On the downside, major support will be found at 1.2865 the low from 25th April. On the upside, immediate resistance stands at 1.30 and then at the 100-day moving average around 1.3015.

In Pound futures markets, the open interest added around 1.5K contracts on Monday vs. Friday’s final 153,763 contracts. Volume also went up by just 206 contracts.

EURUSD trades flat around 1.1230. The pair made the Asian high at 1.1240 and the low at 1.1219. Immediate support can be found at 1.1180, the 200 hours moving average, while more solid support can be found at the yearly low at 1.1115. On the upside, the immediate resistance stands at 1.1236, the bottom of the horizontal resistance line from the three-month trading range, while more offers will emerge at 1.1268 at the 50-day moving average.

In the euro futures market, open interest rose by more than 3K contracts on Monday, while volume increased by around 13.5K contracts with both readings reversing the previous drop.

USDJPY is trading below the 110 level for the fourth day as traders turn their eyes to safe assets amid renewed China-USA trade. Today the pair hit the low at 109.14 (a new low) and the high at 109.70 (lower high). The pair will find support at 109.14 the Asian session low. On the upside, immediate resistance for the pair stands at the 110 round figure and then at 110.50, the 100-day moving average, and then at 111.17 the 50-day moving average.

In Yen futures, the open interest shrunk for the third session in a row, this time by nearly 5.5K contracts and volume dropped by around 41.1K contracts.

USDJPY Hourly (H1) Chart

USDCAD is trading rebounds from yesterdays low at 1.3468 as sellers look exhausted below the 1.3420 zone and weaker prices in crude oil, Canada’s main export item seems to have added further weakness in the Canadian Dollar (CAD). The pair will find immediate support at the 100-day moving average around 1.3335 while extra support stands at 1.3300 round figure. On the upside, immediate resistance stands at 1.3486, the Asian session high while a break above can escalate the rebound towards the 1.35 round figure.

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