USOIL (WTI) May Decline as It Reaches the Overbought Region AtLevel 74.21

31 July 2021 | Updated: 31 July 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is correcting upward. It has reached a high of $74.21. Also reached bullish exhaustion. WTI crude oil is expected to fall. Meanwhile, on July 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.618 Fibonacci extension or level $60.90.

Daily Chart Indicators Reading:
USOIL (WTI) is at level 56 of the Relative Strength Index period 14. It indicates that WTI is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMA are sloping upward indicating the uptrend. The price bars are above the SMAs which suggests that the market will rise.

USOIL – Daily Chart

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the WTI price is correcting upward. The upward correction is facing resistance at level 74.00 as the market declines. WTI price is expected to fall as it has been trading in the overbought region since July 21. Meanwhile, on July 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.618 Fibonacci extension or level $60.90.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. USOIL has reached the overbought region of the market. WTI price is likely to fall as sellers emerge in the overbought region of the market. The 21-day and 50-day SMAs are sloping upward.

General Outlook for USOIL (WTI)
USOIL (WTI) price has ended upward correction as the market resumes downward. The market has reached the overbought region. There is a likelihood of prices resuming a downward movement. According to the Fibonacci tool, USOIL will fall to level 2.618 Fibonacci extension or level $60.90.

You can purchase crypto coins here: Buy Token

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

GBP/JPY Resumes Downtrend after Rejection at Level 153.50

30 July 2021 | Updated: 30 July 2021

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bearish
Today, the GBP/JPY pair is falling after facing rejection at level 152.00. Since May 10, the market has been declining gradually on the downside. The currency price has broken below moving averages which accelerated the selling pressure. Meanwhile, on June 21 downtrend; a retraced candle body tested the 38.2 % retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension or level 143.62.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping downward. The price bars are below the SMAs which indicates further downside.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The pair is falling as it faces rejection at level 153.50. The pair has been in a sideways move.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is below the 50% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move for the past three months According to the Fibonacci tool, the market is expected to decline to level 145.62. However, it fell to level 148.45 and pulled back. The pair is now resuming a fresh downward move


You can purchase crypto coins here. Buy Tokens

Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Bitcoin Records Massive Crypto Exchange Outflows

30 July 2021 | Updated: 30 July 2021

According to new data from on-chain analytics platform Glassnode, Bitcoin exchange balances have plummeted to their lowest levels since the bearish market in late 2018.

A new report from market analyst Will Clemente shows that two massive outflows occurred over the past 24 hours. He noted that:

“Two massive outflows today: one worth 23,530 BTC this morning and another batch worth 40,181 BTC about a half-hour ago.”

BTC outflow from centralized cryptocurrency exchanges typically indicates an underlying bullish sentiment for the cryptocurrency. It means that the assets could be getting moved to cold storage in anticipation of a price rally.

Likewise, when there are significant inflows into crypto exchanges, it signifies a bearish outlook on the market as investors are getting ready for liquidation.

In April and May, the market recorded the mass transfer of BTC to exchanges, which reversed the year’s trend. Bitcoin peaked at $64,800 in April and has since remained in a downward trending pattern. That said, the ongoing mass withdrawal of BTC from exchanges indicates that the downward trend might have ended.

Bitcoin Sees Massive Whale Activities this Week

Over the past few days, blockchain and large transaction analytics platform Whale Alert observed about 50 transactions totaling 456k BTC worth $18.5 billion at current market prices. The platform noted on Wednesday that:

“9,977 #BTC (399,349,419 USD) transferred from unknown wallet to unknown wallet.”

Meanwhile, Bybt and CryptoQuant revealed that the market recorded its highest one-day outflow of coins over the past year this week, with 57k BTC leaving crypto exchanges under 24 hours.

While it is unclear which entities own these whale addresses or where the crypto assets are getting moved to, there is no denying that Bitcoin is rapidly leaving centralized exchanges.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Polkadot (DOT) Resumes Uptrend, Battles the Resistance at $15.24

30 July 2021 | Updated: 30 July 2021

Key Resistance Levels: $60, $62, $64
Key Support Levels: $40,$38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
Today, Polkadot’s (DOT) is retracing after facing rejection at the $15.60 resistance. The crypto fell to $14.40 low and resumed an upward move. Since July 26, Polkadot has been facing rejection at the $15.24 resistance. On the upside, if buyers breach the $15.24 high, the market will rise to $17 high. On the other hand, if the DOT/USD faces rejection, the DOT price will continue to fluctuate between $13 and $15.24.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and the 50-day SMAs are sloping southward indicating the downtrend. The price bars are below the moving averages which suggest further downsides.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin is making an uptrend. The uptrend is facing rejection as price fell above the 21-day Support. The uptrend is likely to continue if the 21-day SMA support holds.Meanwhile, on July 21 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the DOT price will rise to level 2.0 Fibonacci extensions or level $18.04.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The crypto is below the 50% range of the daily stochastic. It indicates that the altcoin is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The altcoin has a bullish crossover as the 21-day SMA crosses over the 50-day SMA. This indicates a buy signal.

General Outlook for Polkadot (DOT)
DOT/USD is still trading in the bearish trend zone. Presently, crypto has resumed an upward move. The upward move is facing rejection at the 50-day SMA. If price breaks above the 50-day SMA, the crypto will be in the bullish trend zone.



You can purchase crypto coins here. Buy Tokens

Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Gold rallies to monthly highs after dovish FOMC day

30 July 2021 | Updated: 30 July 2021

Key Support: 1825
Key Resistance: 1833 – 1850

Gold is very bullish. I’ve been saying this for months. The hedge against inflation is this metal and even though price action has been VERY volatile and choppy most of the time; long term the bullish structure is in play.

On Wednesday, Gold saw by the end of the day an influx of buying volume after Chairman Powell’s press conference where he centered the attention on current and near future high inflation and the Fed keeping the pace of this round of QE to continue to boost the economy which is still suffering from the Pandemic (and current increases in cases) shutdown. The Fed had 2 choices, to fight inflation now and hike rates and start tapering down its asset purchasing program or to continue to boost the economy with its inflationary program. They chose the latter.

This was extremely bullish for Gold. We saw a +2.25% rally from Wednesday’s lows to yesterday’s highs. The level capping the upside in Gold id this month’s highs (1833). The last time price traded at this level Gold dipped 2.5% in a very long (1 month long) ABC pullback.

Today’s trade is an easy break of the monthly highs on a very tight daily range.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

GBPUSD breaking 1.3980: Buys in play

30 July 2021 | Updated: 30 July 2021

Key Support: 1.3940
Key Resistance: 1.3980 – 1.4080

The GBPUSD has rallied 3% (407 pips) from last week’s lows around the 1.3560 level. This base / key level is where we saw buyers jump in at the beginning of February pushing price up about 5.07% (687 pips) to test the massive 1.42 level.

Last week. buyers jump in again at this exact same level and now price is trading inside a very structured bullish move.

we haven’t seen any real deep pullbacks in this move which suggests, with the USD dipping, a very strong Pound. The deepest pullback was just 0.59%.

Right now, the GBP’s upside is being capped by the 1.3980 level (yesterday’s and today’s highs) whilst creating higher lows. This trade is more USD driven in the sense that we are looking at further downside after the break of the reversal pattern and the extremely dovish press conference yesterday from Chairman Powell. The main topic was inflation and most importantly, the non tapering of the current asset purchasing program.

All of this is as bearish as it gets for the USD.

Our buy stops on the Pound-Us Dollar are aimed at a break of today’s lows on the USD come pre market volume.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

AUD/JPY Breakout Brings Continuation!

30 July 2021 | Updated: 30 July 2021

AUD/JPY decreased a little in the short term, but the upside pressure is strong. The support area holds, so an upside breakout is favored. In the short term, the pair dropped as the Yen was boosted by Nikkei’s sell-off.

AUD/JPY increases right now even if the Japanese Unemployment Rate, Prelim Industrial Production, and the Housing Starts have come in better than expected. Unfortunately, the Retail Sales increased only by 0.1% in June versus 0.3% expected and after 8,3% growth in May.

AUD/JPY H4 Technical Analysis!

AUD/JPY escaped from a Falling Wedge pattern signaling an upside movement. It has found temporary resistance at the ascending pitchfork’s median line (ml) and now it has declined a little.

It has found support below the weekly pivot point (80.956), right on the inside sliding line (sl). Technically, it’s trapped within a down channel, an upside breakout could validate further growth, a new leg higher.

Conclusion!

Stabilizing above the weekly pivot point (80.956) followed by a valid breakout through the downtrend line could validate a fresh swing higher.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

Tron Network Sees Record-Breaking Daily Transaction Count

30 July 2021 | Updated: 30 July 2021

Tron Foundation, the host organization behind the Tron (TRX) blockchain, has recorded an unparalleled spike in user interest. According to an official report via Twitter, the organization revealed that the net daily transaction count on the Tron network touched a new all-time high on Wednesday.

The transaction counting tool monitors all sent and received transactions in all active TRX accounts. The Tron network recorded a total of 9,298,611 transactions on July 28. The network recorded its previous high of 9,278,050 transactions on July 6. The tweet from the official TRX handle noted that:

“The number of daily transactions on #TRON reached 9,298,611 on July 28, setting a new record high!!!

#TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.”

Reports show that this hawkish development got triggered by two factors. Firstly, the recent spike in interest in GameFi protocols played a crucial role in TRX’s network activity jump.

GameFi protocols, in a way, merge the benefits of decentralized gaming, DeFi protocols, and NFTs. Tron emerged as the most preferred platform for decentralized games, gambling profits, and high-risk schemes.

The second catalyst is the recent bullish recovery across the crypto market. Net market valuation has recorded double-digit gains for the past few days.

Key Tron Levels to Watch — July 30

TRX is on an overt bullish momentum as the crypto market regains bullish traction. That said, the twenty-fifth-largest cryptocurrency suffered a sharp drop from the $0.0640 resistance on Monday to the $0.0566 support.

TRXUSD – 4-Hour Chart

TRX is now on a rebound to retest the $0.0640 resistance as buyers pile on. Failure to clear the $0.0640 level over the coming hours or days could send the cryptocurrency below the $0.0600 support, followed by another rebound.

Meanwhile, our resistance levels are $0.0640, $0.0650, and $0.0700, and our support levels are $0.0600, $0.0566, and $0.0500.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $4.32 billion

Tron Dominance: 0.28%

Market Rank: #26

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

USDCAD: Canadian CAD Strengthens, Dollar Softens as US GDP Falters

30 July 2021 | Updated: 30 July 2021

USDCAD: The most recent employment data from Canada showed that employment increased by 231,000 (+1.2 percent) in June, following a two-month fall of 275,000. Part-time work accounted for all of the job growth, which was concentrated among young people aged 15 to 24. The unemployment rate was 7.8%, with a 61,000 decrease in the number of unemployed Canadians (-3.7 percent ). The number of people in the labor force, whether employed or unemployed, grew by 170,000 people (+0.8%). The participation rate in the labor force increased by 0.6 percentage points to 65.2 percent. As a result, there are encouraging signals that the recovery will continue as COVID-19 restrictions are likely to be lifted.

On Friday, the USDCAD pair extended the previous day’s rejection drop and saw heavy selling for the third day in a row. The pair’s downward trend, which brought it to over two-week lows, was fueled by several reasons. The US dollar was further weighed down by a minor improvement in global risk sentiment and dismal US macro data, as well as Fed Chair Jerome Powell’s dovish statements on Wednesday. Powell stressed during the post-meeting press conference that they were still a long way from making significant progress on jobs. Powell was likewise hesitant about tapering, saying that it would take a few more meetings before it could be implemented.

The US data was disappointing and the major currencies jumped the dollar and sent it down overall. Advanced GDP for the second quarter grew by 6.5%. This is a sharp increase, but it is much less than the consensus forecast of 8.5%. A soft reading could be due to a drop in inventories, which is unlikely to be a major concern. Jobless claims also fell short of consensus as both initial and ongoing claims were slightly higher than anticipated.

Dollar Weakens After a Selloff, USDCAD Drags Lower

Overnight, the dollar suffered another round of selling and is now trading at a low level. Risk aversion isn’t benefiting the dollar much. However, commodity currencies, particularly the Australian and New Zealand dollars, are following closely as the week’s worst performers. The European majors, lead by Sterling, appear to be the clear winners this week. However, before the weekend, a slew of GDP statistics from the Eurozone and Canada might change the picture.

The collapse of 1.2485 resistance turned support in the USDCAD suggests that the increase from 1.2005 may have already finished at 1.2805. The intraday trend is presently bearish, with the next cluster support at 1.2301. (61.8 percent retracement of 1.2005 to 1.2805 at 1.2311). In the event of a recovery, risk will remain marginally to the downside as long as 1.2605 resistance remains.

Any additional upward movement, on the other hand, appears to be met with severe resistance near the psychological level of 1.2500. A horizontal support breakpoint, now turned resistance at the 1.2525-30 region, corresponds with the 38.2 percent Fibo. level and is closely followed by a horizontal support breakpoint, now turned resistance near the 1.2525-30 region. A persistent move beyond the 1.2600 confluence could aid the pair in making a new attempt to challenge it.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

EURJPY Sustains Near Term Bias Towards 131.00 on Expected EU Data

30 July 2021 | Updated: 30 July 2021

EURJPY Price Analysis – July 30

During the early European trading hours on Friday, the EURJPY surged somewhat. The pair has continued to rise from July 20 lows and is now on track to reach the 130.50 level. Although the Euro’s advances are constrained by the ECB’s outlook and anticipated mixed economic data.

Key Levels
Resistance Levels: 132.70, 132.00, 131.00
Support Levels: 129.61, 128.58, 127.50
EURJPY Long term Trend: Ranging
The EURJPY is steadily sustaining the trend to reach 131.01 level, the pair is maintaining its northward surge. It is currently trading at a high of 130.32, up 0.08 percent with more room for the upside, and a break above the 130.50 resistance zone will take it to 131.00, a near-term barrier.

Initial support, on the other hand, is at 130.00, followed by 125.00 (the November 30 low) and lastly 129.61. In the meantime, the rise from 121.63 is considered as a medium-term phase of growth inside a long-term consolidation trend. As long as the support level of 127.50 remains unchanged, a steady gain is likely.
EURJPY Short term Trend: Ranging
For the time being, the intraday slope of EURJPY remains horizontal as it fluctuates from the temporary low of 128.58. On the contrary, even if there is a bigger comeback, a steeper decline may continue in support as long as the 131.00 resistance level holds.

A breach of the temporary low of 130.00, which is close to the important support level of 129.61, might resume the decline from 131.00 to a pullback from 128.59 to 129.61. However, the exchange rate may be supported in the short run by the lower boundary of the uptrend line.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.