GBPUSD is trending downwards ⬇️ 63.45% of traders have a Short ⬇️ position open!

dThe U.S. dollar edged higher on the back of better than expected performance of the Services Sector of the United States in April. At 19:00 GMT, the U.S. Institute of Supply Management released PMI for the Non-Manufacturing Industry, which exceeded the expectations of 37.5 and came in as 41.8 and supported the U.S. dollar. Later today, the eyes will be on the series of low to medium impact Services PMI figures from the Eurozone. Alongside this, the U.S. ADP figures will also help drive some price action in the market during the U.S. session. During the Asian session today, the Bitcoin prices showed a slight bears correction, but the overall trading range remains the same around 8,970/ Before that, the BTC/USD price gained back a significant portion of its losses from Sunday's weekly close retracement, and figures show that within a previous hour the leading cryptocurrency has remained below the $9K mark again. Despite testing the $8,500 previously, BTC/USD price immediately rebounded and gained support in the $8,700-$8,850 range before spending the bulk of Monday consolidating in this zone. The BTC/USD prices showed some bearish movement considering a stronger U.S. dollar. However, the dovish monetary policy and low-interest rates from the Federal Reserve are likely to keep the Bitcoin bullish in the wake of potential weakness in USD. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD - Daily Technical Levels Support Resistance 8,838 9,176 8,638 9,314 8,501 9,514 Pivot Point 8,976 BTC/USD – Daily Forecast On Wednesday, the BTCUSD is exhibiting choppy sessions. However, the technical side of the market mostly remains neutral as the Bitcoin is now facing double top resistance around 9,000, and closing of candles above this level is likely to drive more buying in the BTC/USD pair. Continuation of a bullish trend above 9K level can extend buying until 9,200 and 9,380. RSI and EMA also support an upward trend in the market. However, below 9K, the BTC/USD can remain exposed to the 50 EMA, which is likely to support it around 8,615. The EUR/USD pair was closed at 1.08372 after placing a high of 1.09257 and a low 1.08257. Overall the movement of the EUR/USD pair remained bearish throughout the day. On Tuesday, EUR/USD fell after the German constitutional court ruled that if the ECB could prove the need for bond purchases, then the Bundesbank must stop it. The ruling by court hit the EUR market hard, which was calmed by the aggressive asset purchases by ECB to prevent the economic crisis caused by a coronavirus. However, the decision by the court was not applicable for the ECB's latest program against the pandemic worth 750 Billion euro program, which was announced to prop up the economy. As a result of the court decision, the single currency EUR fell about 0.7% to $1.0826. Another factor included in the downward movement of the EUR/USD pair on Tuesday was the poor economic data. The PPI of the European Union showed a decline more than the forecasted and weighed on EUR. On the other hand, the U.S. dollar edged higher on Tuesday on the back of better than expected performance of the Services Sector of the United States in April. At 19:00 GMT, the U.S. Institute of Supply Management released PMI for the Non-Manufacturing Industry, which exceeded the expectations of 37.5 and came in as 41.8 and supported the U.S. dollar. At 18:45 GMT, the Final Services PMI came almost in line with the expectations of 27.0 and supported the U.S. dollar. EUR/USD - Daily Technical Levels Support Resistance 1.0801 1.0902 1.0763 1.0965 1.07 1.1003 Pivot Point 1.0864 EUR/USD – Daily Forecast The EUR/USD is trading at 1.0833, having completed 61.8% Fibonacci retracement at 1.0833. A bearish breakout of 1.0833 level can lead the EUR/USD prices towards 1.0786, which marks 78.6% Fibonacci level. Below this, the next support stays around 1.0725. On the higher side, resistance holds around 1.0864. The RSI is holding below 50, which is keeping the EUR/USD in a bearish mode while the 50 EMA is also suggesting odds of selling trend in the EUR/USD. The GBP/USD pair was closed at 1.24339 after placing a high of 1.24836 and a low of 1.24202. Overall the currency pair GBP/USD moved sideways throughout the day while holding a bearish trend. The GBP/USD moved in between a consolidated range of 1.2420 and 1.2483 on Tuesday. The outlook of the GBP/USD pair suggests that traders are confused about how to react over the recent circumstances when COVID-19 has affected the global economy. The latest escalation in the conflicting relationship between U.S. & China has come in a time when the world is already facing a bigger fear named COVID-19. This pandemic has forced the central banks and governments around the globe to respond with monetary & fiscal easing. Meanwhile, the GDP forecast by the Standard Chartered of the United Kingdom for 2020 was dropped to -6.0%, which was previously forecasted as -3.0%. The expected contraction of GDP in the 1st quarter was reported as 3.4%, while for the second quarter the contraction in GDP is expected to be even large as 12.6%. On the other hand, at 13:30 GMT, the Final Services PMI came in better than the expectations and supported GBP. Sterling was in demand after the services sector of the U.K. exceeded the forecast of 12.3 and came in as 13.4 in the month of April. This helped GBP/USD to move near 1.248 levels on Tuesday. Support Resistance 1.2409 1.2473 1.2383 1.2511 1.2345 1.2537 Pivot Point 1.2447 The GBP/USD is entering into a selling zone after having violated the 1.2447 pivot point level. On the 4 hour timeframe, the GBP/USD has violated the upward trendline, which was supporting the pair around 1.2435. On the lower side, the Cable is likely to find support around 1.2385 and 1.2309. Considering the RSI and 50 EMA are suggesting chances of selling bias until 1.2385. On the higher side, the GBP/USD prices are likely to find resistance around 1.2470 and 1.2515. Let's look for selling trades below 1.2447 today. Good luck!

EURUSD is trending downwards ⬇️ 63.78% of traders have a Long ⬆️ position open!

On Tuesday, the research firm Markit will report final readings of April Services PMI for the U.K. (12.3 expected) and the U.S. (27.0 expected). The European Commission will post March PPI (-2.7% on year expected). The U.S. Commerce Department will release March's trade balance (44.2 billion dollars deficit expected). The Institute for Supply Management will publish its Non-manufacturing Index for April (37.8 expected). During the Asian session, the BTC/USD prices rose to break over the major resistance areas and to trade around $8,943. It crossed over the 200-day SMA (simple moving average), the 200-day EMA (exponential moving average), and the 0.618 Fibonacci Retracement level measured in within $3,600 and $14,000. The BTC/USD is trading around to their highest levels in approximately two months, up as much as $9,478, following the release of worse than expected Jobless Claims data from the U.S. econoU.S.The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollar. It seems like the BTC/USD prices can remain high for a while now, considering the significantly low-interest rates, which are making dollar weaker versus Bitcoin. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD - Daily Technical Levels Support Resistance 8,689 9,153 8,479 9,408 8,224 9,618 Pivot Point 8,943 BTC/USD – Daily Forecast The BTCUSD prices are on a bullish run, as just now, the Bitcoin prices have violated the double top resistance level of 8,969, and closing of candles above this level is likely to drive more buying in the BTC/USD pair. Continuation of a bullish trend above 8,969 level can extend buying until 9,200 and 9,380. RSI and EMA also support an upward trend in the market. While the recent candle close on the 4-hour timeframe is also bullish engulfing, bullish bias can be seen in the BTC/USD today. the EUR/USD pair was closed at 1.09035 after placing a high of 1.09738 and a low of 1.08954. Overall the movement of the EUR/USD pair remained bearish throughout the day. The EUR/USD pair dropped on Monday amid the risk-off market sentiment after the U.S. administration accused China of holding the information from the rest of the world, which ultimately led to the global pandemic of coronavirus. The World Health Organization has confirmed that it has not received any evidence from the U.S. administration about the speculations of the Wuhan laboratory. The WHO response came in after the U.S. Secretary of State Mike Pompeo said that there were huge shreds of evidence that the coronavirus was originated in the Wuhan laboratory. However, according to the U.S. intelligence agency report, the COVID-19 was not a man-made virus. For the start of the new month, the U.S. dollar remained strong across the board and caused its rival currencies like EUR to move in a downward direction. On Monday, the EUR/USD pair dropped below 1.090 level on the back of weak PMI from the whole bloc. At 12:15 GMT, the Spanish Manufacturing PMI for the month of April showed a contraction in the manufacturing sector of Spain when it came in as 30.8 against the expectations of 35.0. At 12:45 GMT, the Italian Manufacturing PMI exceeded the expectations of 30.3 but still showed contraction when it came in as 31.3 and weighed on EUR. At 12:50 GMT, the French Final Manufacturing PMI came in line with the expectations of 31.5 for the month of April and represented a contraction in manufacturing activities in France. At 12:55 GMT, the German Final Manufacturing PMI showed a decline in the manufacturing sector of Germany when it came in line with the expected 34.5. At 13:00, the Final Manufacturing PMI for the whole bloc was released, which also showed a contraction by 33.4 points of the index. EUR/USD - Daily Technical Levels Support Resistance 1.0896 1.0912 1.0891 1.0921 1.0881 1.0927 Pivot Point 1.0906 EUR/USD – Daily Forecast The EUR/USD is trading at 1.0890, exhibiting bearish bias in the wake of the stronger dollar and weaker Euro. At the moment, the EUR/USD is entering into the selling zone as we cane in the chart above, the Stochastics is crossing below 50 zones. This means the bulls are exhausted, and sellers have entered the market. The EUR/USD is trading with a bearish bias, falling from 1.0906 area to 1.0890 level. Below this, the pair may open further room for selling until 1.0830, which marks a 61.8% Fibonacci level. Below this, the next support can be found around 1.0800. The GBP/USD pair was closed at 1.24416 after placing a high of 1.24854 and a low of 1.24051. Overall the movement of GBP/USD pair remained bearish throughout the day. It is only the second trading day of May, and Sterling has already lost all of its April gains. April was the positive month for Pound, which was derived by the new U.K. tax year and corporate dividend deportation of overseas income. But May seems to be a month for Pound where dollar's strength would decide the movement of under-performed Sterling. Throughout April, Sterling underperformed and picked up its pace at the end of the month due to the weakness of the U.S. dollar across the board. The fall of Pound was caused after it was confirmed that the U.K. was the worst-hit country by the coronavirus pandemic in Europe. This was confirmed after the day-to-day testing of COVID-19 was conducted throughout April. However, U.K.'s Prime Minister Boris Johnson at the end of April announced to come up with a comprehensive plan on how to restart the economy and restart the schools and hospitals and transports to bring back the normal life. This gave hopes to Britain about the easing of lockdown and better economic conditions. Support Resistance 1.2449 1.247 1.244 1.2482 1.2427 1.2491 Pivot Point 1.2461 The GBP/USD is recovering from earlier losses as it's the price has bounced off from 1.2406 level. The Cable price has retraced higher to complete 23.8% Fibonacci retracement at 1.2461 level, which also marks the pivot point area for Sterling today. Next support is expected to be found around 1.2384, which mark's double top pattern now and closing of candles below this level are indicating odds of bearish retracement, mainly because the Cable is trading in the selling zone. On the lower side, violation of 1.2384 level may extend selling until 1.2309 level while resistance will continue to pressure around 1.2520 today. Good luck!

USDCAD is trending downwards ⬇️ 81.3% of traders have a Short ⬇️ position open!

BTCUSD is trending upwards ⬆️ 88.22% of traders have a Long ⬆️ position open!

The U.S. dollar remains weaker due to more than expected unemployment claims. The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollar. Later today, during the New York session, the market will be following ISM Manufacturing PMI from the United States. Later today, the eyes will remain on the E.U. Economic Forecasts as it may help drive some movement in the market today.     During the previous week, the BTC/USD prices soared sharply to violate major resistance areas and to trade around $9,400. It crossed over the 200-day SMA (simple moving average), the 200-day EMA (exponential moving average), and the 0.618 Fibonacci Retracement level measured in within $3,600 and $14,000. The BTC/USD prices soared to their highest levels in approximately two months, up as much as $9,478, following the release of worse than expected Jobless Claims data from the U.S. econoU.S.The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollaU.S. It seems like the BTC/USD prices can remain high for a while now, considering the significantly low-interest rates, which are making dollar weaker versus Bitcoin. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD - Daily Technical Levels Support Resistance 8,689 9,153 8,479 9,408 8,224 9,618 Pivot Point 8,943 BTC/USD – Daily Forecast The Bitcoin's immediate resistance holds below 8,840 level, which marks the pivot point of the day. Closing of candles below this level is suggesting odd's of bearish potential bearish retracement in the Bitcoin. On the lower side, Bitcoin may find immediate support at 8,370 level. Violation of this 8.370 can open up additional space for selling until 8,100 and 7,700. The market is extremely volatile. Therefore, a bullish crossover of 9,465 can lead to Bitcoin prices towards 10K psychological mark. The EUR/USD pair was closed at 1.09785 after placing a high of 1.10186 and a low of 1.09343. Overall the movement of the EUR/USD pair remained bullish throughout the day. On Friday, euro raised higher for the 3rd consecutive day in spite of the risk-off sentiment in the market. EUR/USD pair has posted gains for five days in the last six days and has recovered some of its losses by moving from 1.072 to 1.101. The rise of EUR/USD above 1.101 level was due to the weakened U.S. dollar across the board after the release of weaker than expected U.S. manufacturing data. The ISM Manufacturing Purchasing Manager's Index dropped to its lowest level for 11 years on Friday on the back of coronavirus pandemic, which resulted in a contraction in U.S. manufacturing activities by affecting the supply chain across the globe. In the U.S. session, EUR/USD pair jumped over 1.101 level due to weakened U.S. dollar, but in the European session, it remained steady because of the empty Eurozone Calendar where major European markets were closed for Labor Day. On Thursday, the ECB left its interest rates unchanged but introduced a new lending program, the initial reaction to this decision of ECB was negative, but in Friday markets were stabilized afterward. On the other hand, the U.S. Federal Reserve also announced two lending programs for Municipal Bonds and Main Street this week. EUR/USD - Daily Technical Levels Support Resistance 1.095 1.0977 1.0937 1.0993 1.0922 1.1005 Pivot Point 1.0965 EUR/USD – Daily Forecast The EUR/USD is trading at 1.09410, exhibiting bullish bias in the wake of the weaker dollar amid worse than expected jobless claims data from the U.S. econoU.S.At the moment, the EUR/USD is entering into the overbought zone. As we see in the chart above, the Stochastics is entering over 80 zones, and this means the bulls can get exhausted soon, and sellers are looming around the corner. The EUR/USD is trading with a bearish bias, falling from 1.0970 area to 1.0940 level. Below this, the pair may open further room for selling until 1.0940, which marks a 38.2% Fibonacci level. Below this, the next support may be found around 1.0890. The GBP/USD pair was closed at 1.24943 after placing a high of 1.26002 and a low of 1.24828. Overall the movement of pair GBP/USD remained bearish throughout the day. The GBP/USD pair came under fresh selling pressure on the last day of the week after posting gains for the last two consecutive days. At 13:30 GMT, the Final Manufacturing PMI from the United Kingdom was released, which came in line with the expectations of 32.8 and had almost no impact over the pair. The M4 money supply surged to 2.8% against the expectations of 0.2%. The M4 money supply measures the change in the total quantity of money in circulation as well as in the bank's deposits. A sharp increase in the M4 money supply in the month of March supported Sterling on Friday. The Mortgage Approvals for the month of March dropped to 56K against the forecasted 59K and represented a decreased number of purchased homes during the month, which impacted negatively on the single currency Pound. Moreover, the Net Lending to individuals in the month of March was reported as 1.0B, which was lesser than the forecasted number of 4.2B, and it also affected Pound in negative ways. Decreased number of Homes purchases and Net Lending caused the pair GBP/USD to move in a downward direction. Although the Manufacturing PMI of the U.K. exceeded the expectations, it still showed a contraction in the manufacturing sector by falling further in the month of April. It was caused by the coronavirus pandemic, which has created enormous disruptions for the supply chain. This sent the UK PMI from 47.8 in March to 32.6 in April and caused GBP to fall. Support Resistance 1.2436 1.249 1.2416 1.2524 1.2382 1.2544 Pivot Point 1.247 The GBP/USD prices trading sharply bearish, in the wake of stronger U.S. dollar and weaker Sterling bais. The Cable prices have dipped below 1.2470, which marks the pivot point area for Sterling today. Next support is likely to be found around 1.2384, which mark's double top pattern now and closing of candles below this level are indicating odds of bearish retracement, mainly because the Cable is trading in the selling zone. On the lower side, violation of 1.2384 level may extend selling until 1.2309 level while resistance will continue to pressure around 1.2520 today. Good luck!

GBPUSD is trending downwards ⬇️ 63.37% of traders have a Short ⬇️ position open!

EURUSD is trending downwards ⬇️ 61.19% of traders have a Short ⬇️ position open!

USDCAD is trending upwards ⬆️ 53.51% of traders have a Long ⬆️ position open!