Price Cracks Through Support Level in Kiwi Market

Updated:

NZDUSD Price Analysis – November 30

Price cracks through the support level of 0.68200 in the Kiwi market. NZDUSD price system has been in a downtrend for a long time. The market system has been stacked in favor of the bears, and market sellers can keep Kiwi in a downward trend. As a result of the price decline, the sellers were able to break through an old support level of 0.68200. This fracture was fueled by the bear’s discretion and market favor. As a result, the price is anticipated to continue in the sellers’ favor until their momentum runs out.


Kiwi Significant Levels:

Resistance Levels: 0.71800, 0.70600
Support levels: 0.69309, 0.68200

Price cracks throughNZDUSD Long Term Trend: Bearish

Glancing at the general orientation of the structure in the price, it is observed that the market pattern after a consolidation between the levels of 0.70600 and 0.69300 points of significance, the price movement formed an M-shaped market pattern as the bears and the bulls keep fighting for power. Arising after this pattern is a crack through the 0.68200 points of significance. The price first underwent indecision in the market with a Doji candlestick before the bears flows in.

Based on this, the bears will ultimately progress in their direction as long as the bearish phase has not expired. However, the price may witness a withdrawal back to this level before the downtrend can continue in a bearish light. The combination of the RSI (Relative Strength Index) and Stochastic Oscillator shows the price in the oversold region on the 1-day chart. This shows that a pullback will be impending at such a level before the bears can succeed in moving downward.

Price cracks through NZDUSD Long Term Trend: Bearish

The market shows a price rally in the movement of the NZDUSD. The market continues to be in the bears’ favor as the outbreak continues. The bears are also certain to go downward. The TSI (True Strength Indicator) of the market displays price movement as the downtrend is set in motion by the sellers after breaking through the 0.68200 significant level. The price is anticipated to go lower after the withdrawal to that level.

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Dollar Vulnerable Against Euro and Yen, Risk Selloff Resumes on Omicron

Updated:

The dollar appears to have taken a knock as a result of the concerns about the Omicron COVID variant, which was just discovered, and has introduced significant hazards to the world economy. Today’s stock market selloff resumed as Moderna CEO Stéphane Bancel predicted a “substantial reduction” in the efficiency of current Omicron vaccinations.

On safe-haven movements, benchmark Treasury yields have also fallen considerably. As oil prices fall, the Canadian Dollar leads commodity currencies to lower in currency markets. The dollar is being pulled down by a sharp drop in Treasury yields. At the same time, the strongest currencies are the Yen, Swiss Franc, and Euro.

Eurozone CPI in November accelerated to 4.9% y / y, compared with 4.1% y / y, well above expectations of 4.4% y / y, the highest level in the entire 25-year history of the series … The core CPI rose to 2.6% YoY from 2.0% YoY, above expectations of 2.3% YoY.

Looking at the main components of inflation, the energy sector is expected to have the highest annual rate (27.4% versus 23.7% in October), followed by services (2.7% versus 2.1% in October). October), non-energy manufactured goods (2.4% versus 2.0% in October), and food, alcohol, and tobacco (2.2% versus 1.9% in October).

The omicron variant, according to Federal Reserve Chair Powell, creates uncertainty about inflation and hence threatens growth prospects. The virus’s strain could potentially stymie the US employment market’s rebound and prolong supply chain disruptions, which have kept price pressures high. The key question is whether the new omicron virus variant will impose new restrictions on mobility and, if so if this could derail the Fed’s policy tightening or delay rate hikes.

As the Dollar Declines, Risk Aversion Mounts

Despite the worse market sentiment, the U.S dollar has lost ground, with the DXY trading at 95.78. Haven currencies are witnessing a lot of movement in the FX market. With USDCHF at 0.9177 and USDJPY at 112.80, the yen and the Swiss franc are outperforming.

That means that if the Non-Farm Payrolls figure is weaker than predicted on Friday, the emerging market area, rather than the DM zone, would see gains. And any strong dollar repercussions from a higher-than-500k report on Friday will most certainly be muted by omicron. Markets, like other asset classes, will be watching the news ticker for the newest omicron headlines.

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Price Cracks Through Support Level In Kiwi Market

Updated:
NZDUSD Analysis – price cracks through the support level of the 0.68200 in the Kiwi market

Price cracks through the support level of 0.68200 in the Kiwi market. NZDUSD price system has been in a downtrend for a long time. The market system has been stacked in favor of the bears, and market sellers can keep Kiwi in a downward trend. As a result of the price decline, the sellers were able to break through an old support level of 0.68200. This fracture was fueled by the bear’s discretion and market favor. As a result, the price is anticipated to continue in the sellers’ favor until their momentum runs out.

Kiwi Significant Levels:
Resistance Levels: 0.71800, 0.70600
Support levels: 0.69309, 0.68200

NZDUSD Long Term Trend: Bearish
Glancing at the general orientation of the structure in the price, it is observed that the market pattern after a consolidation between the levels of 0.70600 and 0.69300 points of significance, the price movement formed an M-shaped market pattern as the bears and the bulls keep fighting for power. Arising after this pattern is a crack through the 0.68200 points of significance. The price first underwent indecision in the market with a Doji candlestick before the bears flows in.

Based on this, the bears will ultimately progress in their direction as long as the bearish phase has not expired. However, the price may witness a withdrawal back to this level before the downtrend can continue in a bearish light. The combination of the RSI (Relative Strength Index) and Stochastic Oscillator shows the price in the oversold region on the 1-day chart. This shows that a pullback will be impending at such a level before the bears can succeed in moving downward.

NZDUSD Long Term Trend: Bearish
The market shows a price rally in the movement of the NZDUSD. The market continues to be in the bears’ favor as the outbreak continues. The bears are also certain to go downward. The TSI (True Strength Indicator) of the market displays price movement as the downtrend is set in motion by the sellers after breaking through the 0.68200 significant level. The price is anticipated to go lower after the withdrawal to that level.

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USDCHF Pair Falls to Two-Week Low, CHF Benefits From Risk-Off

Updated:

USDCHF Price Analysis – November 30

During the early American session, the USDCHF pair fell to a two-week low, with sellers now looking for a sustained break below the 0.9200 round-figure line. The USD was weakened by falling US government yields, which added to the selling tendency as CHF benefits from the current risk-off.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9275
Support Levels: 0.9150, 0.9050, 0.8950
USDCHF Long term Trend: Ranging
The USDCHF was hit by fresh selling at the start of the day at 0.9266, and it proceeded to fall due to broad-based USD weakening on risk sentiment. With no sign of recovery, the price fell to an intraday low of 0.9157. The pair’s prevailing trend may continue till the end of the session.

In any case, a break below the 0.9150 support level will imply a medium-term bottom. In the absence of a rebound, the trend may remain bearish. As a result, any subsequent rise to the 0.9200 level will almost certainly be viewed as a buying opportunity.
USDCHF Short term Trend: Ranging
On a retest of the 0.9157 low, the USDCHF intraday bias remains moderately negative. A decisive break could signal the start of a bigger decline. Going above the minor resistance level of 0.9215, on the other hand, may initially revert the falling trend into the support zone 0.9150/9175.

The attention is on the 0.9157 level, which represents the most recent low. This protects the 0.9150 support, and a dive below 0.9150 is needed to make room for more lows. The prolonged decline could prompt short-term sell coverage in the near term, allowing USDCHF to rebound past 0.9200.

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Bears Retain Control as EURCHF Breaks Below the Most Recent Support Zone

Updated:

EURCHF Price Analysis – November 30

Bears retain control as EURCHF plunges below the latest support setup at 1.04450. Having successfully navigated the last support setup at 1.05400, the market speedily dropped below the next critical level and touched down at 1.04450, where purchasers set up another barricade to control the market’s drop. As in times past, EURCHF accumulated above the zone for some days and punched through the setup to retain bearish momentum.


EURCHF Key Zones

Resistance Zones: 1.09890, 1.09320, 1.08360
Support Zones: 1.07010, 1.05400, 1.04550

Bears retain control as EURCHFEURCHF Long Term Trend: Bearish

EURCHF bearish regime started after the price dropped below the 1.09890 significant level. On the other hand, the bulls attempted to intercept the setup at 1.07010 but failed to sustain the break above the 1.09320 resistance level. The market has since progressed downward even more steeply. Purchasers have also popped up to divert the bearish flow of the market with another support setup at 1.07010 and 1.05400, but they have failed at each instance.

The latest endeavor to deter the Bears comes at 1.05400 and this causes a hold at this level for some days, so much so that the Parabolic SAR (Stop and Reverse) switched its dots below the daily candle to signal a reversal movement. However, the EFI (Elders Force Index), which has plunged to a negative value since the 29th of September, retains its position. Bears eventually seized back control and dropped below the zone.

Bears retain control as EURCHF EURCHF Short Term Trend: Bullish

In the short term, having dropped below the support setup to the 1.04170 significant level, there is currently some upward movement as price leverages on the confluence with the midline of the descending channel. The Parabolic SAR has switched the dots below the 4-hours candles to that effect, while the EFI has clawed to the zero level, showing some bullish endeavors in the market.
In the short term, EURCHF could rise to the upper border of the descending channel, but bears retain control overall at the moment.

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MicroStrategy Loads Up on BTC as Bitcoin Reels from Previous Crash

Updated:

As Bitcoin (BTC) continues to stagger around $60,000, MicroStrategy has 7,002 BTC to its stash, bringing its total holdings to 121,044 coins. MicroStrategy CEO Michael Saylor broke the news yesterday, tweeting that:

“Microstrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per bitcoin. As of 11/29/21, we hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin.”

With a current BTC price of $57,000, MicroStrategy’s Bitcoin holding now stands at $6.9 billion.

Meanwhile, Saylor recently talked about the possibility of BTC becoming a $100 trillion asset class at an interview. He added that the benchmark cryptocurrency has recorded steady wins against gold, noting that “digital gold is going to replace gold this decade.”

Additionally, the MicroStrategy executive noted that he is losing no sleep over the ongoing regulation talks on the cryptocurrency industry in Washington. Saylor asserted that it could affect security tokens, decentralized finance (DeFi) exchanges, cryptocurrency exchanges, and other crypto products but not Bitcoin, noting that “Bitcoin is unstoppable as [a] digital property.”

Last Friday, Saylor tweeted that: “Bitcoin offers better inflation protection than gold and is growing faster than big tech.” The billionaire CEO believes that BTC “is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth.”

Key Bitcoin Levels to Watch — November 30

As I projected in the previous analysis, BTC recorded a spike to the upper-$58,000 yesterday but encountered a snag below the $59,000 resistance, which sent the price to the $56,000 pivot top.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

That said, the benchmark cryptocurrency has posted a decent rebound to the $57,000 area as the broader market shakes off the previously bearish sentiment. A break above the 57,500 (descending trendline) over the coming hours should secure a bullish foundation for the flagship cryptocurrency as we head into the last month of the year.

As a caveat, any bearish push should get repelled by the $56,000 – $53,755 pivot area.

Meanwhile, my resistance levels are at $57,500, $58,000, and $59,000, and my key support levels are at $56,700, $56,000, and $55,000.

Total Market Capitalization: $2.63 trillion

Bitcoin Market Capitalization: $1.08 trillion

Bitcoin Dominance: 41.4%

Market Rank: #1

 

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Cardano Price: $1.46 Support Level May Hold, Price Increase Envisaged

Updated:

ADA Price Analysis – November 30

Should the sellers exert more pressure on the market, the support level of $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08.

ADA/USD Market

Key Levels:

Resistance levels: $1.64, $1.87, $2.08

Support levels: $1.46, $1.31, $1.11

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The bears has been dominated Cardano market for more than two weeks. The bearish momentum decreases the price to $1.87 price level. The decrease was interrupted with the formation of bullish engulfing candle which indicate the buyers’ pressure. Cardano price pulled back to retest $2.30 level. After the pullback, bearish trend continues which penetrates the support levels of $1.87 and $1.64. It is testing $1.46 at the moment.

ADAUSD daily chart, November 30

Cardano has broken down the dynamic support levels and it is trading below the 9 periods EMA and 21 periods EMA. Should the sellers exert more pressure on the market, the support level of $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08. The technical indicator relative Strength Index period 14 is at 20 levels with the signal line pointing downside which indicates a sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. Last week was not exempted as Cardano has been under the control of the bears. The bearish momentum pushes the price down to the support level at $1.64 before the bulls reacted against the bearish movement. The level was defended by the bulls. The price reverses and increased towards the resistance level of $1.87.

ADAUSD 4-hour chart, November 30

At the moment, it seems bearish momentum is becoming weak and the price may reverse. The price is trading around the 9 periods EMA and 21 periods EMA while the former EMAs is crossing the later upside. The relative strength index period 14 is above 50 levels and the signal line pointing up to indicate buy signal.

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EUR/CAD Further Growth In Cards!

Updated:

EUR/CAD edges higher after ending its minor retreat. Also, it has managed to close the gap down signaling that the bulls are strong in the short term. Still, in the short term, the pair reached a resistance level, so we’ll need a valid breakout to get confirmation that we’ll have an upside continuation.

Today, the Canadian Gross Domestic Product could be decisive. The economic indicator is expected to register a 0.0% growth versus 0.4% in the previous reporting period. Also, the German Unemployment Change could be reported at -25K, while the CPI Flash Estimate and the Core CPI Flash Estimate could grow versus the previous reporting period.

EUR/CAD Technical Analysis!

EUR/CAD failed to stabilize below 1.4373 weekly pivot point and now it has jumped above the 1.4494 former high. Confirming its breakout could announce potential further growth. In the short term, the pair has decreased a little after its previous rally and after its failure to stabilize above 1.4442 resistance.

The most recent retreat followed by the current rally confirmed a potential Double Bottom reversal pattern.

Conclusion!

Closing the gap down followed by a new higher high could confirm further growth in the short term.

 

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GBP/USD Struggles Below Level 1.3345, May Further Decline

Updated:

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bearish
GBP/USD pair has been in a downward move since June. The Pound price has been making a series of lower highs and lower lows. On October 1 upward correction, buyers could not keep price above a lower high of level 1.3800. On October 20 lower high of level 1.3800 was the same level as of September 15 lower high. Buyers could not sustain the bullish momentum above that level hence the continuity of the selling pressure. Today, the GBP/USD is trading at level 1.3326 at the time of writing.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
GBP/USD has fallen to level 35 of the Relative Strength Index period 14. The currency pair is in the downtrend zone and is capable of further downside. The price bars are below the 21-day line and 50-day line SMAs indicating a further downward move.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a downward move. Buyers have sustained price above the moving averages but faced rejection at a lower high of 1.3500. Meanwhile, on November 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that GBP/USD is likely to fall to level 2.0 Fibonacci extension or level 1.3100.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 40% range of the daily stochastic. The stochastic band is sloping below the 50% range of the daily stochastic. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/USD
The Pound is likely to further decline on the downside. The currency pair is facing another rejection at the 21-day line moving average. The Pound may reach the low of level 1.2900 or 1.3100


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EURUSD Expected To Continue Fall on Massive Lockdowns

Updated:

EURUSD Price Analysis – November 29

During today’s session, the EURUSD is lagging behind its key rivals, with selling emerging around the intraday high at 1.1311. The pair is giving up some of the gains made on Friday’s robust bounce. As contagions spread, the Eurozone and the EUR are at risk of tighter limitations in the next weeks.

Key Levels
Resistance Levels: 1.1525, 1.1422, 1.1350
Support Levels: 1.1250, 1.1186, 1.1125
EURUSD Long term Trend: Bearish
The rebound from the level of 1.1186 is currently regarded as a corrective move. If there is a further rise, it should be limited to the retracement from the 1.1250 level to 1.1315. It is anticipated to consolidate between levels 1.1186 and 1.1350 in preparation for the following session.

The negative trend that began at the high of 1.2266 may resume at a later time. Meanwhile, a persistent breach on EURUSD of the level at 1.1422 could temper this bearish perspective, resulting in a bigger increase in the retracement to the higher zone.
EURUSD Short term Trend: Bearish
The EURUSD’s intraday tendency remains bearish, with today’s support near 1.1258. A break could confirm that the corrective rise from the low of 1.1186 to the high of 1.1329 is complete. Then we’ll have to wait and see if the price drops any further, retesting the level of 1.1186.

Although on the upside, a modest resistance level above 1.1350 may neutralize intra-day bias first. However, in the event of a rebound, the risk may remain low as long as the resistance of the level at 1.1422 remains intact. The pair is trading lower in the short term, the long-term trend remains bearish, therefore this might be a correction.

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