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UK Treasury: Chancellor of the Exchequer Reeves is expected to announce a series of major reforms to give Parliament the power to approve key energy projects.Futures News, May 20th: Economies.com analysts latest view: Spot gold prices continued their recent decline in intraday trading, remaining below the key support level of $4500, further confirming the validity of the bearish breakout and the continuation of selling pressure in the short term. Spot gold is also currently below its 50-day exponential moving average (EMA50), a technical signal that continues to exert negative pressure and reinforces the current downtrend. Since breaking below the major short-term uptrend line, the bearish outlook for spot gold has further strengthened, indicating that market dominance has shifted to the bears. Furthermore, momentum indicators such as the Relative Strength Index (RSI) continue to release negative signals, suggesting that with selling momentum dominating, the probability of further declines in spot gold prices remains high.May 20th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices have been fluctuating within recent intraday ranges, attempting to accumulate more upward momentum to help break through the stubborn resistance level of $104.00. Currently, the price is finding solid technical support trading above the 50-day exponential moving average (EMA50), further solidifying the stability of the main bullish trend. Meanwhile, the price is moving along the primary and secondary uptrend lines, providing strong support for this positive movement. On the other hand, the negative signal from the Relative Strength Index (RSI) is limiting the prices ability to rebound further, which explains the current volatility and suggests that the market may maintain a cautious trading atmosphere until the price gains sufficient buying momentum to break through the aforementioned resistance level.May 20th, Futures News: Economies.com analysts latest view: Brent crude oil futures have been fluctuating within a range recently, while preparing to challenge the strong resistance level of $109.00. Prices remain supported by trading above their 50-day exponential moving average (EMA50), further solidifying the stability of the short-term bullish trend, while the upward trendline provides strong support for this positive structure. Furthermore, the Relative Strength Index (RSI) is releasing positive signals after the previous overbought conditions eased, leaving more room for prices to test higher resistance levels in the short term.On May 20, President Xi Jinping held talks with Russian President Vladimir Putin at the Great Hall of the People in Beijing. Xi Jinping pointed out that in recent years, facing a complex and volatile international situation, China and Russia have adhered to developing a comprehensive strategic partnership of coordination for a new era on the basis of equality, mutual respect, good faith, and win-win cooperation. Political mutual trust has been continuously deepened, and cooperation in trade, investment, energy, science and technology, culture, and local areas has been steadily promoted, further strengthening people-to-people bonds. China-Russia relations have entered a new stage of more proactive and faster development.

ETH and BTC Price Movement Determined by US Statistics and the NASDAQ

Daniel Rogers

Nov 04, 2022 17:36

截屏2022-11-04 上午11.21.34.png 

 

On Thursday, Bitcoin (BTC) and Ethereum (ETH) joined the larger market in the green. Despite Fed Chair Powell's hawkish speech on Wednesday, US economic indicators fell short of forecasts, alleviating Fed concern. The technical indications continue to be optimistic, indicating rising price movements. The price of Ethereum (ETH) increased by 0.86 percent on Thursday. ETH finished the day at $1,531, partially correcting a 3.80% drop from Wednesday.

 

Due to a rocky start to the day, ETH fell to a low of $1,515 early on. Avoiding the First Major Support Level (S1) at $1,475, ETH climbed to a morning high of $1,559. However, after falling short of the First Major Resistance Level (R1) at $1,593, ETH plummeted further below $1,530 before US economic indicators provided support.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Bitcoin (BTC) climbed by 0.29% on Thursday. BTC concluded the day at $20,223, partially reversing a loss of 1.63% from Wednesday. Notably, BTC broke a four-day losing trend by avoiding sub-$20,000 territory for the ninth consecutive day.

 

BTC reached a mid-morning high of $20,404 after a strong start to the day. BTC plummeted to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 during the trading session. Despite avoiding the First Major Support Level (S1) at $19,900, BTC retested $20,356 before retreating.

 

US economic figures supported cryptocurrency prices, with the crucial ISM Non-Manufacturing PMI below expectations.

 

The ISM Non-Manufacturing PMI decreased from 56.7 to 54.4 in October. Economists anticipate a drop to 55.5.

 

The subcomponents of the Index were diverse. ISM's Non-Manufacturing Employment Index decreased from 53.0 to 49.1. The Prices Index increased from 68.7 to 70.7. The unit labor costs increased by 3.5% in Q3 compared to 8.9% in Q2.

 

While the statistics were favorable for cryptocurrencies, Fed Chair Powell's recent comments weighed on the NASDAQ Composite Index. The NASDAQ Composite Index declined by 1.73 percent on Thursday.

 

The US jobs report will have a significant impact on the NASDAQ Composite Index and the cryptocurrency market today. Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini gained 17.75 points this morning.


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