Weekly Technical Outlook 18.Mar.2019

The British pound encountered volatile waters last week, concluding the session up 2.10%. Brexit was the principal driver, with Parliament kicking off a series of votes by rejecting PM May’s Withdrawal Agreement for a second time Tuesday, and precipitating votes on a no deal (also ruled out), and finally whether to extend Article 50 beyond March 29 on Thursday, which was approved. From a technical view, weekly supply at 1.3472-1.3204 remains in the fold, though may be fragile given the number of times this area has been tested since July 2018.

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Weekly Technical Outlook – 10.Mar.2019

Challenging fresh 2019 highs at 97.71, the US dollar put in solid gains last week, up 0.96%. On the data front, US ISM non-manufacturing PMI reported strong gains (59.7 vs. expected 57.4). Total non-farm payroll employment was little changed in February (+20,000 – the fewest in more than a year), after increasing by 311,000 in January, the US Bureau of Labour Statistics reported Friday. The US unemployment rate also declined to 3.8%, beating expectations of 3.9%, and US average hourly earnings ticked higher at 0.4% vs. expected 0.3%. The release weighed on an already waning greenback, pulling back from the said 2019 highs.

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12 more FX Options assets added

First, let me tell you what is FX Options if you are not familiar with it, FX Options combine features of regular options and Forex. It’s similar to binary options in a way but it’s not totally identical, with Binary options you can either win or lose the amount you invested without early cash out, with FX Options you can close your position if you don’t think it’ll go your way and cut your loses early.

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Cryptos rally, recover $5 billion in lost market cap

The cryptocurrency market surged over the past 24 hours, as all top 20 cryptos registered gains. As of the time of writing, two top 10 cryptos, EOSand Litecoin, showed double-digit gains, while Bitcoin was up more than 3%, nearing the $3,900 mark. The crypto market has now regained all of the losses seen last Monday, reaching a combined market cap of more than $130 billion, up from $125 billion.

Binance coin leaps 10% while other cryptos lag

Binance Coin leaps 10%: While the majority of top 10 cryptos showed little movement over the past 24 hours, including Bitcoinwhich was nearly flat at the time of writing, Binance Coin (BNB)showed impressive gains, climbing more than 10%. The recent price surge erased all losses suffered by BNB since the major price dip in the crypto market last Sunday.

Weekly Technical Outlook – 03.Mar.19

Underpinned by a better-than-expected US growth reading and robust US Treasury yields – the 10-year yield chalked up its third consecutive gain, reaching highs of 2.76% – the greenback pared earlier losses and concluded the week marginally in the red by 0.05%, according to the US dollar index. 

Technically, the top edge of a monthly supply-turned support area at 95.13-92.75 remains a valuable structure for the currency, which could eventually lead to a move being seen towards monthly resistance parked at 99.62. A closer reading on the weekly timeframe, nevertheless, has resistance plotted at 97.80.

Meanwhile, in other currencies:

  • Early week witnessed the British pound soar against its US peer on news of Labour’s shift regarding a second referendum, and following reports UK PM May is to offer a vote on extending Article 50 (as well as offering a vote on a no deal Brexit) if her deal doesn’t pass Parliament on 12 March. Despite ending the week firmly in the green, up 1.15%, the GBP/USD pulled back Thursday and Friday on dollar strength. In addition to this, the technical picture had its spotlight on hefty resistance: weekly supply at 1.3472-1.3204 and a daily Quasimodo resistance at 1.3315. Adding weight to this resistance is also the approach: a daily ABCD bearish formation.
  • The Australian dollar kicked off the week on a reasonably strong note, as US President Trump busied himself on Twitter, stating he will be delaying the US increase in China tariffs, and assuming US and China make additional progress, will be planning a Summit with Chinese President Xi at Mar-a-Lago. Buyers lost their flavour Wednesday, nevertheless, as Australia’s seasonally adjusted estimate for total construction work done fell 3.1% to $51,092.3m in the December quarter. This, along with the US dollar index turning higher on the day, eclipsed a large portion of the week’s gains. The Australian dollar ceded further ground to its US counterpart Thursday (despite running to highs of 0.7166 in early trade on upbeat Aussie private capital expenditure q/q) and Friday, concluding the week down by 0.68%.

Weekly Technical Outlook – 03.Feb.19

Down 0.42%, according to the US dollar index, Wednesday proved to be a turning point for the greenback last week. On the much awaited FOMC rate decision holding pat, dovish tweaks in the latest FOMC statement and Fed’s Chairman Powell position shifting to more of a dovish stance, the US dollar, engulfing Monday and Tuesday’s candles, explored lower ground and collided with fresh lows at 95.25.

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