EURUSD is trending upwards ⬆️ 50.32% of traders have a Short ⬇️ position open!

USDCAD is trending downwards ⬇️ 59.54% of traders have a Short ⬇️ position open!

GBPUSD is trending upwards ⬆️ 62.85% of traders have a Short ⬇️ position open!

A day before, the U.S. dollar slipped across the board as various countries laid out plans to loosen limitations on businesses that have been blocked in the wake of novel coronavirus outbreak, increasing risk appetite and reducing demand for the safe-haven U.S. currency. The significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the latest updates from COVID19, European Spanish Unemployment Rate, and U.S. consumer confidence figures, which are expected to release during the trading sessions today. Economic Calendar On Monday, the Bitcoin prices haven't changed much due to a lack of liquidity in the market. Even today, on Tuesday, the Bitcoin prices continue to move in a tight trading range 7,625 - 7,800. We can't have much of the trading opportunity until the bitcoin prices break this range and determine the clear trend. Elsewhere, we can do choppy sessions until this range gets violated. Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week's accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance. BTC/USD - Daily Technical Levels Support Resistance 7,685 7,847 7,579 7,904 7,522 8,010 Pivot Point 7,741 BTC/USD – Daily Forecast The BTC/USD prices haven't moved much, as it continues to move in a tight trading range 7,625 - 7,800. At the moment, the BTC/USD price is holding around 7,713 level, and a bullish breakout of 7,800 can open buying trend until 8,004 trading range while the bearish breakout of 7,625 level can lead the Bitcoin prices further lower towards 7,448 area. On the 4 hour timeframe, the Bitcoin has also formed an upward channel which is suggesting odds of bullish trend continuation in the Bitcoin. Let's look for buying trades over 7,635 levels until the trading range violated. Today in the early Asian session, the EUR/USD currency pair continues to retrace back to trade at 1.08250 after soaring over 1.0840 level today. The broad-based U.S. dollar draw offers and reporting losses on the day in the wake of risk-on market sentiment, which eventually supports the currency pair. Yesterday's bullish trend in the EUR/USD pair proved to be short-lived because the European leaders failed to agree on a comprehensive coronavirus stimulus package last week. At the moment, the EUR/USD is holding at 1.0825 and consolidates in the range between the 1.0812 - 1.0843. On the other hand, the German Chancellor Merkel showed some willingness to offer almost EUR 1 trillion as financial support for a coronavirus recovery package. The leaders failed to reach an agreement on the size of the fund, and it should share the burden of financing with those countries that run fiscal and trade surpluses. As per the German disease and epidemic control center, Robert Koch Institute (RKI) showed the number of confirmed coronavirus cases increased to 155,193, with a total of 5,750 deaths registered so far. Moreover, the institute surveyed that a total of 114,500 people has recovered from the virus. Therefore, the declining trend in the daily new infections and death tolls is encouraging news, because the government is going towards easing of the lockdown restrictions. EUR/USD - Daily Technical Levels Support Resistance 1.0804 1.0858 1.0779 1.0887 1.0749 1.0912 Pivot Point 1.0833 EUR/USD – Daily Forecast The EUR/USD is trading at 1.0825 level, and it's expected to face a resistance level of 1.08500, which is stretched by a bearish trendline on the 4-hour timeframe. For now, the 50 EMA has switched to 1.0825 area, and the EUR/USD is tossing above and below this level. The RSI is in the oversold zone now, but we should ignore it as the market is moving sideways, and during such situations, the RSI doesn't extend a reliable signal. Today, the EUR/USD may find support around 1.0770 area while the breakout of this level may extend selling until 1.0720. On the higher side, resistance continues to hold around 1.08500 level, and selling should be preferred below this level. The GBP/USD currency pair succeeded in extending its 4th consecutive day winning streak and rose above mid-1.2400 while representing 0.60% gains on the day mainly due to the broad-based U.S. dollar weakness in the wake of better mood in the market. Apart from this, the on-going criticism about the U.K.'s handling of the coronavirus (COVID-19) crisis and Tory government's stand on Brexit keeps the currency pair's gain limited for the time being. At present, the GBP/USD is training at 1.2417 and consolidates in the range between the 1.2360 - 1.2455. However, the UK PM Boris Johnson came back from the pandemic infection, which satisfied the buyers. The PM Boris Johnson will likely take its seat back from the acting chief Dominic Raab after getting permission from the doctors at the Chequers. Although, Boris Johnson said that he is looking forward to going to Downing Street on Monday. As we all well aware that the Uk PM Boris Johnson was absent since early April due to the coronavirus decease. Whereas, the UK Tory government getting an inadequate response from the entire nation about the handling of the coronavirus (COVID-19) crisis despite the hard efforts from the Chancellor Rishi Sunak and Health Secretary Matt Hancock, and the Deputy PM Dominic Raab. Although, the shortage of medical supplies and the surge in the death toll have forced the United Nations (U.N.) poverty expert Philip Alston to attack the U.K.'s coronavirus response as "utterly hypocritical. Moreover, the Health Secretary's optimistic target of 100,000 tests a day got a surprise on Saturday after the government needed to avail the military helps to overcome the 29,000 marks. At the Brexit front, the European Union's (E.U.) E.U.'s Chief Negotiator Michel Barnier said that the discussions of Brexit have been disappointing so far. The major reason behind could be the Tory government's refrain from extending the Brexit deadline from December 31, 2020. As in result, the market's risk-tone sentiment remains moderately positive with the U.S. 10-year Treasury yields gaining more than 3-basis points (bps) to 0.632% while the Asian stocks are also flashing gains by the press time. Looking forward, the UK PM Boris Johnson is set to announce some critical decisions about when the lockdowns will be eased while also expected to give signals about Brexit proceedings. It should also be noted that Chancellor Sunak's loans to the small companies failed to leave any significant impact. Support Resistance 1.2374 1.2471 1.2318 1.2512 1.2277 1.2568 Pivot Point 1.2415 The technical side of the GBP/USD pair is suggesting indecision among traders as the pair is holding at 1.2415, attempting to break the sideways trading range of 1.2445 - 1.2400 level. The Sterling is likely to find immediate support around 1.2425, which marks a pivot point level for the day while the bearish breakout of this level can extend sell-off until the next support level of 1.2355 level. The resistance stays at 1.2459 area, and above this, the triple top level will be worth watching at 1.2522 level. The RSI and Stochastics are holding below 50, supporting selling bias in the GBP/USD pair. Today, let's look for buying over 1.2415 and selling below the same level today. Good luck!

NZDUSD is trending downwards ⬇️ 73.84% of traders have a Short ⬇️ position open!

The global stock market indices and the U.S. dollar seems to be proposing a potential turning point with the stimulus trade. Global stocks have been broadly backed by unique stimulus from central banks and states, but that appears to be missing some of its firepowers, while the constant demand for U.S. Bonds has buoyed the greenback. The subsequent significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the Japanese unemployment rate and the latest updates from COVID19. Economic Calendar The BTC/USD price continues to soar week in and week out, as another 9% has been combined to its price since the previous Sunday. Nevertheless, with the block reward halving being presented over two weeks away, and drilling pressure set to grow 5% further. The BTC/USD prices have abruptly jumped over $7,700, implying the remainder of the weekend, along with the weekly close will produce higher than usual levels of activity. The progress to $7,708 was short-lived but almost set a higher high above Thursday's dramatic wave to $7,742. Currently, the BTCUSD price is trading sideways between $7,600-$7,769 as traders have violated the intraday pivot point level of 7,632 to press the price above $7,600. Bullish seems stronger today. BTC/USD - Daily Technical Levels Support Resistance 7,557 7,776 7,413 7,851 7,338 7,995 Pivot Point 7632 BTC/USD – Daily Forecast During the previous week, the BTC/USD violated the symmetric triangle pattern, which was extending resistance at 7,200 level, and as a result, the Bitcoin bulls gain motivation to drive its prices higher towards 7776 levels. Currently, the BTC/USD prices are holding in a narrow trading range of $7,600-$7,769, and violation of this will help determine the next trend in the BTC/USD pair. A bullish breakout of 7,769 range can lead the Bitcoin prices further higher until 8,000 psychological level while bearish breakout of 7,632 support level can drive selling until 7500 and 7391 levels. Bullish bias seems stronger today. The EUR/USD is trading slightly bullish around 1.0825 level, closing Doji and spinning top candles below the downward trendline, which can be seen at the 4-hour timeframe. However, the single currency Euro is still weaker as a dispute over Europe's emergency reserve pulled down the single-currency. According to news, the European Union granted to build a trillion Euro emergency reserve; however, it left the details for later. According to the European Central Bank (ECB), Italy and Spain faced far harder than Germany by the crisis; traditional animosities have surfaced over a bloc, which allows a cut to output as deep as 15%. During the previous week, the preliminary Markit surveys for April activity dropped, and the German manufacturing index slipped sharply to 34.3 while services PMI figures reported declined to 15.9. For the whole Union, the manufacturing PMI finished at 33.6, while the services index rushed to 11.7, all historic lows. Besides, the German GFK Consumer Confidence figures for the month of May slipped to -23.4 versus the previous 2.7, while the ECB declared that it would take some junk-rated securities as collateral to alleviate the impact of potential rating downgrades. Later today, eyes will be on the COVID19 updates as the Eurozone isn't expected to deliver any major economic news. EUR/USD - Daily Technical Levels Support Resistance 1.0812 1.0829 1.0802 1.0836 1.0795 1.0847 Pivot Point 1.0819 EUR/USD – Daily Forecast Technically, the EUR/USD is trading at 1.0824 level, and it's likely to face a strong resistance level of 1.08500, which is extended by a downward trendline on the 4-hour timeframe. At the same spot, the 50 periods EMA is also extending resistance, while the closing of EUR/USD candles below this level is confirming the chances of selling bias in the EUR/USD pair. The RSI and Stochastics are in overbought zoner, and sooner or later, it may trigger bearish retracement in the EUR/USD pair. In case of a bullish breakout, we may see EUR/USD prices higher towards 1.0880 level while on the lower side, the EUR/USD pair hold around 1.07280. The GBP/USD pricers trade higher on Monday after the U.S. durable goods data showed the biggest drop of -14.4% vs. economists forecast of -12% and the previous figure of 1.1%. The worse than expected U.S. figures drove the GBP/USD prices higher as the U.S. dollar started getting weaker on Friday, and it continues to support bullish bias in the Cable on Monday due to lack of high impact economic events. On the other hand, Sterling's bullish trend is being pressured as official figures showed sales volumes fell by 5.1% in March, indicating the hit from the coronavirus shutdown, which ended many businesses in the second half of the month. The fall, which was bigger than a median forecast for a drop of 4.0% in a Reuters poll of economists, came despite a surge in shopping for food. The Health Secretary Matt Hancock is suggesting the start of the human trials over 300,000 people in a year. Later today, eyes will remain on the Retail sales data from the U.K., which is going to help us determine further trends in the market. As Britain's lockdown rules limit people's capacity to live, work, and spend money, as usual, economists assume the country to see its most severe economic recession in more than 300 years. Consequently, the Sterling may face selling pressure over sentiments, but the technical side seems to support the GBP/USD pair. Support Resistance 1.2363 1.2371 1.2359 1.2375 1.2356 1.2379 Pivot Point 1.2367 On Monday, the technical side of the GBP/USD pair is suggesting a bullish bias as the pair is trying to crossover the 50 EMA resistance level of 1.2390, while it has already violated the triple top resistance level of 1.2367 level. Bullish trend continuation can lead the GBP/USD prices further higher until 1.2450 and 1.2500 level while the intraday pivot point support holds around 1.2367 level. Closing of candle below this level may drive selling bias until 1.2245 level. The RSI and Stochastics are holding over 80, supporting bullish bias in the GBP/USD pair. Today, let's look for buying over 1.2367 and selling below the same level today. Good luck!

NZDUSD is trending upwards ⬆️ 78.11% of traders have a Short ⬇️ position open!

AUDUSD is trending upwards ⬆️ 68.67% of traders have a Short ⬇️ position open!

GBPUSD is trending upwards ⬆️ 52.52% of traders have a Short ⬇️ position open!

EURUSD is trending upwards ⬆️ 57.54% of traders have a Short ⬇️ position open!