FTSE 100 (UKX) Is in an Uptrend, Battles the Resistance at Level 7200

30 June 2021 | Updated: 30 June 2021

Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is in an upward move. Presently, UKX is facing rejection at level 7200. On June 17, the index was repelled as the market declined to level 6990. The index is recovering as it resumed its upward move. Meanwhile, on June 25 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX is likely to rise to level 2.0 Fibonacci extension or level 7317.42.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX has risen to level 46 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the trend.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE is in an upward move. On June 23 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise and reverse at level 1.272 Fibonacci extension or level 7160.80. From the price action, the market has reached a high of 7177.56.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
FTSE 100 is above the 25% range of the daily stochastic. It indicates that the market is in bullish momentum. The 21-day and 50-day SMAs are sloping upward. UKX price is above the moving averages which indicate a possible rise of the index.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is rising after the recent breakdown. The index has resumed an upward move to revisit the previous highs. However, the market is likely to face resistance at level 7200. According to the Fibonacci tool, FTSE 100 will rise to 2.0 Fibonacci extension or level 7317.42.

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Dollar Rises on ADP Job Data, Pound Rebounds As BoE Haldane Speaks

30 June 2021 | Updated: 30 June 2021

After better-than-expected economic figures, the dollar and the loonie rose in the early US session. Following the Bank of England’s top economist’s hawkish comments, sterling is intensely watched. Today, the Swiss Franc is the worst-performing currency, followed by New Zealand and Australian Dollars. The dollar has passed the first data test, and attention will now shift to the ISM manufacturing index tomorrow and non-farm payrolls on Friday.

In June, ADP employment in the US increased by 692 thousand, which is higher than expectations of 600 thousand people. By the size of the company, the small business added 215 thousand jobs, medium business – 236 thousand, large business – 240 thousand. By sector, the number of jobs in the production of goods increased by 68 thousand, in the service sector – by 624 thousand.

“The labor market recovery remains robust and June ended a solid second quarter of job growth,” said Nela Richardson, chief economist at ADP. “Although the number of jobs is still almost 7 million below the level that existed before COVID-19, since the beginning of 2021, the increase in jobs has been about 3 million. Service providers, the sector hardest hit, continue to do the hard work by posting the strongest gains on leisure and hospitality. The biggest payoff as factories across the country begins to open at full capacity.”

The chief economist of the Bank of England Andy Haldane said in his speech that by the end of this year inflation in the UK will be “about 4%, not 3%.” “This increases the chances that the high inflation narrative will become a dominant, central expectation rather than a risk.” Inflationary expectations will then “shift up”.

Dollar establishes a new record high

Following the Federal Reserve’s surprise hawkish stance on June 16, the US dollar index rose to its highest level since it lifted off from 90.441.

DXY reached a high of 92.448, its highest level since April 8 of this year. On Wednesday, a combination of solid US data, delta covid flows, hawkish Fed speakers, and expectations for a healthy Nonfarm Payrolls report on Friday helped the dollar retain its strong narrative in financial markets.

The Fed’s Robert Kaplan reiterated his hawkish attitude, saying, “I’d prefer to taper sooner than the end of the year.” This, combined with the fact that Private Payrolls rose steadily in June, placed the US dollar on course for its best month in four and a half years.

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USD/CAD Retests Overbought Region at Level 1.2500, May Face Rejection

30 June 2021 | Updated: 30 June 2021

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.1900, 1.1800, 1.1700

USD/CAD Price Long-term Trend: Bearish
USD/CAD has resumed a partial upward move after reaching the low of 1.2300. Presently, the currency pair is trading in the overbought region of the market. The pair is trading at level 1.2406 at the time of writing. Meanwhile, on June 23 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.618 Fibonacci extension or level 1.1877.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
USD/CAD has risen to level 64 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. The pair is also approaching the oversold region of the market. The 21-day and 50-day SMAs are sloping downward.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the USD/CAD is trading in the overbought region of the market. Sellers are likely to emerge in the oversold region to push prices down. The price bars are above the moving averages. A break below the moving averages will signal the resumption of selling pressure.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum. However, the market has reached the overbought region. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USD/CAD
USD/CAD pair is now in a downward move. The pair is currently trading in the overbought region. The selling pressure will resume if the pair faces rejection at the 1.2500 resistance zone.



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Ripple Appoints Former Mastercard Executive for Its European Operations

30 June 2021 | Updated: 30 June 2021

In its continued effort to grow in mainstream market adoption, Ripple (XRP) has announced the appointment of Sendi Young as the managing director of its European operations.

Sendi brings over 15 years of experience in the fintech sector and global payments solution to “oversee strategy and champion the expansion of Ripple’s global financial network technology, RippleNet.”

In her most recent appointment, Young worked at Mastercard, where she spent half a decade in “strategy, commercialization, bank-fintech partnerships and business development.”

Speaking on the strategic appointment, general manager of RippleNet Asheesh Birla noted that:

“Sendi’s appointment represents a huge opportunity for our European operations given her leadership experience, deep understanding of the payments landscape, and knowledge of how to grow and scale a network business.”

The committed focus of Ripple on the European market is due to the vastness of the continent as a market opportunity for the cryptocurrency provider. According to Ripple, the European demographic represents around 25% of all their customers. In a press release, the San Francisco-based company noted that:

“Year to date, European On-Demand Liquidity (ODL) transactions grew by 250% in comparison to 2020, making up over 40% of all ODL transactions year to date.”

That said, Ripple appears to have maintained a healthy upward trajectory in XRP adoption, thanks to its strategic partnering with financial institutions across the globe.

Key Ripple Levels to Watch — June 30

Following a healthy recovery over the past 48 hours from the $0.6000 level, XRP appears to be in the middle of a mild correction. The seventh-largest cryptocurrency fell to the $0.6800 area from the $0.7338 high recorded yesterday.

XRPUSD – 4-Hour Chart

That said, it appears that the correction might be ending soon as Ripple regains bullish momentum. A return above the $0.7000 psychological resistance should confirm the end of the bearish correction.

Meanwhile, our resistance levels are $0.7000, $0.7500, and $0.7800, and our support levels are $0.6500, $0.6000, and $0.5200.

Total Market Capitalization: $1.41 trillion

Ripple Market Capitalization: $30.9 billion

Ripple Dominance: 2.18%

Market Rank: #7

 

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Ethereum (ETH) Price Analysis: Ether Resumes Uptrend but May Face Rejection at $2,400

30 June 2021 | Updated: 30 June 2021

Key Highlights
Ethereum rebounds above the previous low at level $1,717
The altcoin is likely to resume an upward move

Ethereum ETH) Current Statistics
The current price: $2,123.30
Market Capitalization$247,927,183,514
Trading Volume: $23,064,862,946
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis June 30, 2021
Since June 26, Ethereum has been making positives move on the upside. The biggest altcoin rebounded above $1,710 support to resume upward. The bulls pushed the altcoin to the high of $2,220 but were resisted. On June 21, Ether was repelled at this resistance level as the market declined to the previous low at $1,717. The bulls bought the dips as the market resumes upward. On the upside, a break above $2,200 resistance will catapult the coin to rally to $2,600.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 46 of the Relative Strength Index period 14. The altcoin is in the downtrend zone and below the centerline 50. The crypto’s price is below the 80% range of the daily stochastic. It indicates that Ether is in the bearish momentum. Presently the altcoin is likely to find support above level $2080.

ETH/USD – 4 Hour Chart

Conclusion
On the 4 hour Chart, Ethereum has resumed its upward move. The current uptrend is facing the resistance at a level $2,200. The uptrend will resume if price breaks the current resistance.
Meanwhile, on June 29 uptrend; a retraced candle body tested 78.6 % Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension and reverse. That is, Ether will reverse at level $2,360. 43.



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GBP/USD Double Bottom Pattern!

30 June 2021 | Updated: 30 June 2021

GBP/USD has found strong support in the short term and now it looks to trade higher. The Pound is bullish right now even if the UK’s data have come in mixed earlier. The Current Account was reported at -12.8B higher versus -13.9B expected and compared to -26.3B in the previous reporting period.

The Final GDP dropped by 1.6% more versus 1.5% expected, while the Revised Business Investment dropped by 10.7% versus 11.9% estimates. The US ADP Non-Farm Employment Change, Chicago PMI, and the Pending Home Sales could shake the pair and could bring strong movements.

GBP/USD H1 Technical Analysis!

GBP/USD has found support on the descending pitchfork’s lower median line (lml).  Now is located above the daily pivot point (1.3842) level.

Making a new higher high, closing above 1.3860 could activate a potential Double Bottom pattern and could bring a strong rebound.

Conclusion!

GBP/USD has found strong support and now it could turn to the upside. A new higher high could indicate a potential growth towards the former highs.

 

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XLM/USD (Stellar) Price: Bulls Are Gathering Momentum to Dominate Market

30 June 2021 | Updated: 30 June 2021

STELLAR Price Analysis – June 30

Further increase of the bulls’ momentum may break up the resistance level of $0.30, which may leads to further price increase to the $0.42, later it may extend to $0.50 level. In case the bulls’ pressure are unable to break up the resistance level of $0.30, bears may continue to dominate the Stellar market and the price may decrease towards the $0.22, $0.16 and $0.11 support levels.

Key Levels:

Resistance levels: $0.30, $0.42, $0.50

Support levels: $0.22, $0.16, $0.11

XLM/USD Long-term Trend: Bearish
On the daily chart, Stellar is bearish. The bearish momentum has pushed the coin to the support level of $0.22. The sellers’ pressure is becoming weak and the mentioned level could not be penetrated. Last week, the bulls are gradually increasing their momentum to push the coin towards north side. The price has penetrated the fast moving dynamic resistance upside to indicate an increase in the Bulls’ pressure.

XLMUSD daily chart, June 30

Stellar is trading between the 9 periods EMA and 21 periods EMA which indicate an increase of bullish momentum. Further increase of the bulls’ momentum may break up the resistance level of $0.30, which may leads to further price increase to the $0.42, later it may extend to $0.50 level. In case the bulls’ pressure are unable to break up the resistance level of $0.30, bears may continue to dominate the Stellar market and the price may decrease towards the $0.22, $0.16 and $0.11 support levels. However, the relative strength index period 14 is bending up at 40 levels to indicate buy signal.

XLM/USD Medium-term Trend: Bullish

XLM is on the bullish movement in the 4-hour chart. The bearish momentum was rejected at the support level of $0.22 on June 22. A bullish engulfing candle formed triggered the bullish action. The price is increasing towards the resistance level of $0.30. At the moment, it is carrying out a pullback.

XLMUSD 4 hours chart, June 30

The price is trading above the 9 periods EMA and the 21 periods EMA as a sign of bullish movement. However, the Relative Strength Index period 14 is at 50 levels pointing down to indicate sell signal.
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US Wall Street 30 (US30USD) Consolidates below Level 35000, Uptrend Is Likely

30 June 2021 | Updated: 30 June 2021

Key Resistance Zones: 34000, 34500, 35000
Key Support Zones: 27000, 26500, 26000

US Wall Street 30 (US30USD) Long-term Trend: Bullish
US Wall Street 30 is in a range bound move below level 35000. Since May 7, the index has been trading below it. The index retested the resistance zone twice and was repelled. Buyers are still retesting the resistance zone to break above it. On May 14 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or level 35631.10.

US30USD – Daily Chart

Daily Chart Indicators Reading:
US Wall Street 30 has risen to level 52 of the Relative Strength Index period 14. It indicates that the index is in an uptrend zone. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

US Wall Street 30 (US30USD) Medium-term Trend: Ranging
On the 4-hour chart, the index is presently fluctuating below the resistance zone. Since June 21 the index has been recovering from the recent breakdown. The upward move is facing rejection from the recent high. The index is consolidating below the resistance at level 34600.

US30USD – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD is in an uptrend. The upward move is facing resistance at level 35000. The market is currently fluctuating below the resistance level. According to the Fibonacci tool, the index is likely to rise to level 2.0 Fibonacci extension or level 35631.10.


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Ark Invest Joins Race to Launch First Bitcoin ETF in the US

29 June 2021 | Updated: 29 June 2021

Famous investment company Ark Invest has just announced a Bitcoin ETF filing with the SEC. The firm revealed that it partnered with 21Shares in its ETF undertaking because of its experience in this field.

The proposed BTC ETF will get listed as ARK 21Shares Bitcoin ETF. The proposed ETF will track the performance and price of the benchmark, offering BTC exposure for regulated markets.

While Bitcoin has remained in a range-bound momentum for a while now, crypto-based funds and experts predict a spike in demand and price soon. Cathie Wood, the founder of the investment company, is a big Bitcoin fan, and much of Ark’s holdings reside in crypto companies like Coinbase and Bitcoin itself.

Wood recently predicted that Bitcoin could hit $500,000 because of its inherent properties while admitting that it could take a while for this prediction to come true given the current state of the market.

Ark Invest’s Bitcoin ETF Filing Comes Amid SEC Apathy

Ark Invest has become the latest of several companies to apply for a BTC ETF this year alone. Other companies awaiting approval of a Bitcoin ETF include Galaxy Digital, VanEck, Fidelity, SkyBridge Capital, NYDIG, WisdomTree Investments, and BitWise. The US Securities and Exchange Commission is yet to approve any and has delayed giving a verdict on some.

Meanwhile, SEC Chairman Gary Gensler asserted that the cryptocurrency sector still requires a comprehensive regulatory framework. The Chairman recently stated that:

“This is a quite volatile one might say highly volatile, asset class and the investing public would benefit from more investor protection on the crypto exchanges.”

That said, analysts and experts doubt the possibility of seeing the approval of a BTC ETF this year. The SEC argues that most of the problems it highlighted in Bitcoin, including price volatility and market manipulation, a long while ago still exist.

Nonetheless, asset managers will continue to jostle for the opportunity to launch the very first BTC ETF in the US.

 

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EUR/CHF Declines, Makes Lower Highs and Lower Lows, Targets Level 1.0827

29 June 2021 | Updated: 29 June 2021

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bearish
EUR/CHF pair is in a downward move. The currency price has continued to make series of lower highs and lower lows. The pair is making a lower high at level 1.0961. Rejection at the recent high will signal the resumption of the downtrend. Meanwhile, on April 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.0 Fibonacci retracement or level 1.0827.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 55 of the Relative Strength Index period 14. It implies that the pair is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

EUR/CHF Medium-term Trend: Bearish
On the 4 hour chart, the pair is falling. The currency pair is range-bound below level 1.0970. The market is falling after retesting the resistance zone. EUR/CHF price has broken below the moving averages which will accelerate the selling pressure.

EUR/USD – -4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The moving averages are sloping downward indicating the downtrend.

General Outlook for EUR/CHF
EUR/CHF pair is in a downward move. The downtrend is making a lower high which will result in a downward move. According to the Fibonacci tool, EUR/CHF will fall to level 2.0 Fibonacci retracement or level 1.0872.

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  • Award-winning Cryptocurrency trading platform
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