Germany October Ifo business climate index 92.7 vs 93.0 ...

Weekly Forex & Crypto Analysis by PrimeXBT

Weekly Forex & Crypto Analysis by PrimeXBT
The week has started and was led by the only title and header around all economic news which is “US-China trade wars”.
US-China trade wars in general had its effect on all markets, including cryptocurrency. The United States wants to tighten cryptocurrency use and claimed that it’s been used by smugglers and drug-dealers and pointed out that most of the transactions are made in China.
This week BTC tried to break $10500 on Monday, August 26th and was rejected, the price then was floating between $10400-10300 and continued the correction down to $10027. Uncertainty in the BTC has ended when the price hit $10400 again and showed a massive drop to $9366. We will point out several reasons of this week’s drop. The drop could be a result of an update in the US when rumors on crypto-currency taxation became real. Several notes sent by the IRS to crypto-currency holders pushed some investors to get rid of the BTC and led to a major sell.
The Wright and Kleiman case brings another reason to worry about. If Kleiman family surely inherited billions of $ worth of Bitcoin, then they should declare IRS the quantity and pay state taxes. Most probably, when these BTC’s received if they exist, the Kleiman family will sell them, which will result another drop-down of BTC.
CME Exchange’s futures contracts for Bitcoin is expiring today, though the Exchange showed a record-high $515M daily trading volume in May, futures expiry date gave extra-strength to sellers.
The price by the time published is traded at $9608 per BTC, from the technical point of view the price still has to find greater grounds for another massive jump.
https://preview.redd.it/8f0tliwapnj31.png?width=1468&format=png&auto=webp&s=64a5214d8a583bd7b7f3dcdd5f3de63290697050
Though we can see that a double-bottom pattern in 1-hour chart and most likely BTC will test $9750
https://preview.redd.it/vib20xqcpnj31.png?width=1468&format=png&auto=webp&s=06b1a9de59c8c76ecc447b5e2b0a8d506a79c12b
CME Exchange will continue to offer Bitcoin futures which is a positive sign for the cryptocurrency and announcement of the release of ICE-backed Bakkt Bitcoin futures in September 23 could be that pump to get the price above $10K.

Now let’s move to Forex market

The pair to watch this week and the next week is EURUSD.
Economy of Germany which EU's locomotive and other countries are cars, has showed a slight 0.1% decrease in the second quarter of 2019 related to the previous quarter. We can never deny the fact that the EU union with all its economy and power of its currency is completely dependent to the economic well-being of Germany. If the third quarter of this year doesn't show mercy to Germany's economy or Germany doesn't change policies to not only stabilize but improve the economy, the EU should prepare well for recession.
Not only economic state of Germany but rumors and news and overall hype over Brexit and Italy's economic crisis are considered to be a sinker of Euro against USD. For Euro to gain power and for EURUSD to show an uptrend again, firstly all rumors and preparations on recession should be reduced to nothing and EU states should do the needful to prevent the new economic crisis.
This week’s economic data from Germany was not positive, IFO Business Climate was below forecasted 95.1 and 94.3 was announced, German GDP was -0.1. These were news which weakened the European currency, although the worst scenario was yet to come. Thursday, August 29 Germany made an announced on the unemployment, and the number was four times higher than on the previous unemployment change, 4K. Since the announcement EURUSD was showing downwards movement and plummeted to 1.0990
If no signs of progress are shown next week, especially if the German Manufacturing PMI numbers don’t show positive, the price will continue downtrend to 1.0950 and find the next support at 1.0850
https://preview.redd.it/cso52ruepnj31.png?width=1468&format=png&auto=webp&s=21e4bdfed18b0bcce872b8714efa4d5d8fdc8b71
The political tension between EU and UK, US and China last week showed us more-or-less unpredictable movements in US, China, HK, EU, UK stock market indices. Since the “trade-war” begun and US applying higher tariffs on Chinese goods and China taking counter-action the only gainers of these back-to-back pokes were Gold and Silver. Gold showed one more time that it’s the most trusted asset to invest. The price hit $1555 highs this week and is now showing signs of short-term correction being traded at $1526. Major Investment institutions such as UBS and Citigroup look positive on Golds new summit ascents. Mainly UBS has stated that the next week the price could reach $1600.
From the technical point we can see that the price is trying to break the barrier at 1530, and is still unlucky.
https://preview.redd.it/huvtsyugpnj31.png?width=1468&format=png&auto=webp&s=9ccae0383301cabe7b0b479bde81b72cee5aa81c
This could mean that if the support at $1520 is broken, the correction will continue to $1515 and $1507.
If the downtrend is impulsive the price will reach $1494, where it will find support and another upwards move shall be expected.
https://preview.redd.it/oyzz33oipnj31.png?width=1468&format=png&auto=webp&s=1ae2f71cb0fece2770bcff716bd59d39e7a9245d
At the other hand, confirmation of Gold’s uptrend move will be breaking of resistance at $1530 where the price shall face a mile-stone of resistances at 1545-1563-1571.
From the Global prospective we should follow the upcoming Manufacturing PMI’s announcements of Germany and the US, US Non-Farm payrolls and Unemployment rates. Pay a very close attention to announcements of these three states Australia, UK and Canada, as well. Report prepared by analysts from PrimeXBT.
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Daily Forex Signals: EURUSD Daily Technical and Fundamental Forecast

Daily Forex Signals: EURUSD Daily Technical and Fundamental Forecast
Multi Management Future Solutions is the leading Forex Signals Provider Singapore with strong hand upon price volatiles, moving chart patterns, fundamental research, strong and knowledgeable forex trading experts who come up with highly profitable daily forex signals and intraday forex trading picks. Here we research the technical and fundamental forecast data of EURUSD. The EUUSD is jumped off 1.1600 after an early slide. The USD is recouping after Powell’s tentative words on Friday. The German IFO Business Climate beat desires with 103.8 focuses.
For full details analysis click the given link and sign up for 2 days free trial-
http://www.mmfsolutions.sg/news/daily-forex-signals-eurusd-daily-technical-fundamental-forecast/
https://preview.redd.it/9v439bco7ti11.jpg?width=1024&format=pjpg&auto=webp&s=2518b61a6931a1ca554825264ed115846c7e2057
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Chart of the Day: XAUUSD (28/7/2020)  alb.com AFEX Market Update 27 January 2020 Daily Market Review: Market Sentiment Rebounds as German Business Climate Improves Trade Germany IFO Business Climate report. $7,201 Forex Trading Robots & Strategies. Thursday Preview: German IFO business climate; US durable goods Euro trading flat despite strong business data from Germany (25.07.2017) Forex Market News【German Ifo Business Climate】【New Home Sales】 l News Trading alerts on EURUSD

Germany October Ifo business climate index 92.7 vs 93.0 expected . Mon 26 Oct 2020 09:00:23 GMT. Author: Justin Low Category: News. share. Latest data released by Ifo - 26 October 2020. Prior 93 ... Amended: German Ifo Business Confidence Weakens In October 10/26/2020 - 06:00:00 (RTTNews) (RTTNews) - Corrected third and fourth paragraphs . German business sentiment weakened in October, reports said citing survey data from ifo Institute on Monday. The business climate index fell to 92.7 in October from revised 93.2 in September. The reading ... The Ifo Business Climate indicator for Germany dropped to 92.7 in October 2020, from a seven-month high of 93.2 in the previous month and slightly below market expectations of 93.0. Companies were considerably more skeptical regarding developments over the coming months following the imposition of tougher restriction measures to curb the spread of the COVID-19 pandemic. IFO - Business Climate. This German business sentiment index released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The German IFO survey for October is due for release later today at 0900 GMT. The headline IFO Business Climate Index is seen decelerating to 92.7 versus 93.4 previous. The Current Assessment sub ... German Ifo Business Morale Weakens For First Time In 6 Months 10/26/2020 - 07:58:00 (RTTNews) (RTTNews) - German business sentiment weakened in October as leaders were more worried about coming months amid the rising coronavirus infection numbers, survey data from the Munich-based ifo Institute showed on Monday. Erhalten Sie alle ifo-Geschäftklimaindex Deutschland -Ergebnisse in Echtzeit und sehen Sie die unmittelbaren globalen Marktauswirkungen.

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Chart of the Day: XAUUSD (28/7/2020) alb.com

Economic conditions in the euro area improve at a breakneck pace. The German IFO business climate index that indicates the level of confidence of German entrepreneurs in the economy, hit an all ... Daily Market Review by Charalambos Pissouros European equities and risk-linked currencies gained on Monday, as the German Ifo survey showed improvement in business climate. With the UK and the US ... Automated Forex Winning 5,000 Pips/mo, Get Free Access https://goo.gl/YP1JpD This German business sentiment index released by the CESifo Group is closely watched as an early indicator of current ... Yohay Elam, Forex Crunch’s chief analyst, shares what are the most important events to follow during the Thursday’s session. #forexfundamental #marketnews #forexnews Forex Market News【German Ifo Business Climate】【New Home Sales】 l News Trading alerts on EURUSD -----... Mon Jan 27 • 09:00 EUR German IFO Business climate • 09:30 GBP High street lending Tue Jan 28 • 00:30 AUD NAB Business confidence • 13:30 USD Durable goods •... Better than expected German IFO Business Climate numbers could be signaling improvements for the region as a whole which will further add pressure on the U.S. Dollar. The U.S. Dollar is currently ...

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