CryptoCurrency News: Bitcoin Drifts Down as Price Breaks Below Key $7.8K Support

Bitcoin has broken the key support level at $7,800 as the bears take back full control of the market during an exhaustive sell-off.

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CryptoCurrency News: One Year Later, A Wave of Apps Is Emerging on Bitcoin Cash

Now a year old, bitcoin cash is carving out a unique niche for itself with new applications.

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CryptoCurrency News: Stellar Month: July's Top Performing Crypto Asset Saw 40% Gains

Stellar (XLM) was the best performing cryptocurrency amongst the 25 largest cryptocurrencies by market capitalization during the month of July.

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CryptoCurrency News: Ripple Partners With Madonna to Fundraise for Orphans in Malawi

Cryptocurrency payments startup Ripple is partnering with Madonna to raise funds for orphans in the African nation of Malawi.

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CryptoCurrency News: Korean Officials Probe Shipwreck ICO for Possible Fraud

Korean police are investigating a cryptocurrency startup claiming to be selling treasure from a sunken ship, the Korea Joongang Daily reported.

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CryptoCurrency News: US Lawmakers Seek Blockchain Solution in Fight Against Fungal Disease

A group of U.S. lawmakers has proposed the creation of a blockchain pilot as part of a wider effort to combat infectious fungal diseases.

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CryptoCurrency News: Ripple Taps Bill Clinton to Give Keynote at Upcoming Conference

Former U.S. President Bill Clinton will headline Ripple's Swell conference later this year, the cryptocurrency payments startup announced Tuesday.

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CryptoCurrency News: Binance Acquires Anonymous Mobile Wallet for Ethereum Tokens

Cryptocurrency exchange Binance has acquired the open-source and anonymous mobile ethereum wallet Trust Wallet, it was announced Tuesday. 

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CryptoCurrency News: Steam Yanks Game From Marketplace Over Crypto Mining Allegations

Video game marketplace Steam removed an alleged crypto miner from its platform Monday amid user complaints.

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CryptoCurrency News: Bitcoin Price Hits One-Week Low In Drop Below $8K

The price of bitcoin fell below $8,000 for the fourth time in seven days as the cryptocurrency's value sank to its lowest level since July 23rd.

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CryptoCurrency News: China's Government Censorship Agency Is Hiring a Crypto Expert

A high-level government media censor in China wants to hire a cryptographer with expertise in blockchain technology.

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[FOREX TIP] AUDUSD Monthly Forex Forecast for August 2018

AUDUSD Monthly Forex Forecast for August 2018

The Aussie remains trapped in a very narrow trading range between support level 0.7300 and the big psychological number 0.7500. As long as we trade between these two S/R levels we should expect more consolidation. However, with the summer trading conditions in full swing mode, we can’t rule out the possibility to see some false breakouts on both sides of the market. The stochastic indicator is in neutral mode, so there are no extreme readings in the market. Above resistance level 0.7500 we can mention the next significant level as being the pivot point 0.7650.

While, on the downside, we can mention the intraday support level 0.7220. There are no major risk events that can disrupt the AUD/USD volatility other than the ongoing trade war rhetoric between the USA and China, which can act as a proxy risk event for the Australian Dollar. The RBA is also not expected to make any major changes in its monetary policy during the coming months, so we should expect a more technically driven market.

Previous AUDUSD Monthly and Weekly Forex Forecast

AUDUSD Monthly Forex Forecast for August 2018

The post AUDUSD Monthly Forex Forecast for August 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] USDCAD Monthly Forex Forecast for August 2018

USDCAD Monthly Forex Forecast for August 2018

As long as the Canadian dollar, trades above the big psychological number 1.3000 the bulls remain in control. However, we can’t rule out a short-lived sell off all the way down until we retest the support level 1.2920 from where we should expect the bulls to show up again. Only a daily break and close below 1.2920 will signal that a significant swing high was put in place at the level 1.3380.

On the upside the first level of interest comes at pivot point 1.3125 followed by 1.3380 which can open up the door for a retest of the big round number 1.3500 if we managed to get a daily close above it. The stochastic indicator is coming close to reach oversold readings so a bounce might be in the short horizon. The Canadian economic calendar doesn’t have much to offer in terms of risk events as there are no big shifts in the BOC’s monetary policy.

Previous USDJPY Monthly and Weekly Forex Forecast

USDCAD Monthly Forex Forecast for August 2018

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[FOREX TIP] GBPUSD Monthly Forex Forecast for August 2018

GBPUSD Monthly Forex Forecast for August 2018

The GBPUSD technical pattern remains bearish, but since August is considered to be the slowest trading month of the year we should expect the current trading ranges to prevail. The big psychological number 1.3000 remains the line in the sand between the bulls and the bears. Only a strong weekly close below 1.3000 will open the door for the bearish trend to resume and possible see a retest of support level 1.2770. On the upside the resistance level 1.3300 should stop any rally for moving forward. The stochastic indicator is in neutral territory and it doesn’t highlight any extreme conditions in the market.

A break and a daily close above 1.3300 will indicate that we’re in the process of a larger correction, in which case we can see the resistance level 1.3670 retested again. On the fundamental side the ongoing BREXIT negotiation remains the biggest threat to the GBPUSD exchange rate. The chances of a hard BREXIT have increased considerably over the last few especially after the EU has rejected some of the key elements of the UK government BREXIT plan. A hard BREXIT will also make it harder for the BOE to raise interest rates, which is why the odds remains stacked against the British Pound.

Previous GBPUSD Monthly and Weekly Forex Forecast

GBPUSD Monthly Forex Forecast for August 2018

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CryptoCurrency News: Thomson Reuters Is Adding 50 Crypto Assets to Finance Data Feed

Thomson Reuters will soon track 50 crypto assets on one of its desktop finance feeds, thanks to a new deal with market data aggregator CryptoCompare.

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CryptoCurrency News: Bitcoin's Price Moves Below $8K as Bull Case Weakens

Bitcoin's price faces the risk of a deeper drop as an extended period of low volatility action has ended up making way for a downside move.

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CryptoCurrency News: National Football League Union Partners With Blockchain Startup

The National Football League Player's Association is partnering with a blockchain startup to help its athletes license products in return for tokens.

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CryptoCurrency News: Coinbase Taps Regulation Veteran for First-Ever Crypto Compliance Chief

Coinbase has announced the appointment of its first-ever chief compliance officer as it moves to become a licensed broker-dealer.

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CryptoCurrency News: Another US County Hits Pause on Crypto Mining Power Requests

Franklin, Washington State, is the latest U.S. county to have suspended new utility applications from crypto mining farms over spiking power demands.

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CryptoCurrency News: BBVA Can't Hold Cryptocurrency – And That's a Problem

The bank wants to use ethereum as a notary, but regulators discourage holding even the tiny bit of ether needed to put data on the public blockchain.

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[FOREX TIP] USDCHF Monthly Forex Forecast for August 2018

USDCHF Monthly Forex Forecast for August 2018

 

Technical Outlook: The USDCHF currency pair briefly broke past the previously noted resistance level of 0.9968. However, the gains saw a new resistance level being established at 1.0028. After two attempts to break past this resistance level, the currency pair posted strong declines. While the overall trend remains sideways, this comes at the top end of the rally. Therefore, the breakout within 1.0028 or 0.9803 could potentially determine the next leg of the trend in the currency pair. To the downside, a breakdown below 0.9803 could trigger a correction toward the lower support at 0.9462 – 0.9432.

Fundamental Outlook: As with most of the other markets, the economic calendar for the Swiss franc looks very light for the month of August. Therefore, most of the fundamentals are likely to be determined by the data from the United States. The only notable event over the month of August comes from the FOMC meeting minutes. However, no surprises are expected given the state of momentum in the U.S. economic growth. With the Swiss franc being one of the save haven assets, investors will be flocking to the Swiss franc in the event of any geo-political or economic shocks which remains the main risk for the USDCHF currency pair.

Previous USDCHF Monthly and Weekly Forex Forecast

USDCHF Monthly Forex Forecast for August 2018

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[FOREX TIP] USDJPY Monthly Forex Forecast for August 2018

USDJPY Monthly Forex Forecast for August 2018

Technical Outlook: The USDJPY currency pair was seen breaking briefly above a multi-year falling trend line. While this signaled a potential upside breakout, price action quickly gave way to a steep decline. Despite breaking past the horizontal resistance level near 111.49 – 111.08, the USDJPY settled below this level. As price action consolidates around this level, we expect to see potential downside momentum gaining pace. A much needed correction could push the USDJPY lower toward 108.76 over the next couple of months. However, in the near term, we expect the declines to be very gradual.

Fundamental Outlook: Economic data from Japan has been sparse in the month of July. The quarterly BoJ Tankan surveys released earlier in the month showed that large manufacturing and non-manufacturing firms were cautious. This came amid rising trade tensions between the United States and its trading partners. Meanwhile, inflation continues to rise at a sluggish pace. Wage growth, which was one of the aspect that the Bank of Japan was holding on to also remains weak. Amid this backdrop, the yen is likely to maintain its weakness in the near term. On the economic front, no major releases are scheduled for the month ahead.

Previous USDJPY Monthly and Weekly Forex Forecast

USDJPY Monthly Forex Forecast for August 2018

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[FOREX TIP] EURUSD Monthly Forex Forecast for August 2018

EURUSD Monthly Forex Forecast for August 2018

Technical Outlook: The EURUSD currency pair was seen trading within the flat range of 1.1801 and 1.1540. The flat price action emerges after a previous strong downtrend. This could potentially signal either a bottom formation or a temporary sideways pause ahead of further declines. This will be determined by the potential breakout from this range. An upside breakout could trigger near term gains and could cause a short term correction in prices. However, in the event that the EURUSD breaks out to the downside, a close below 1.1540 could trigger steep declines as the downtrend could resume.

Fundamental Outlook: Economic data for July did not impact the euro currency much. Although the broader outlook remained one that of cautious, the common currency managed to hold its ground. The ECB meeting was the main highlight of the month in July. However, the central bank stood pat on monetary policy. This came as the ECB had announced its forward guidance in June which included its plans to end QE by December 2018. The month ahead is expected to remain quiet for the most part. No major economic releases are scheduled amid a holiday month. As a result, the euro currency could be seen to continue trading within the range.

Previous EURUSD Monthly and Weekly Forex Forecast

EURUSD Monthly Forex Forecast for August 2018

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[FOREX TIP] AUDUSD Price Action Analysis – 31st July 2018

AUDUSD has been in a range on the H4 chart. However, there is some space for the price to go upward. Today’s price action shows that the pair produced a strong H4 Bullish candle. If the breakout level is held by the current H4 candle, then we might get an opportunity to take a long entry on the pair. Let us have a look at the H4 AUDUSD chart.

AUDUSD Price Action Analysis – 31st July 2018

Have a look at today’s H4 Bullish Engulfing candle. The candle also has made a breakout at the level of 0.74155. Now that level has to be held by the current H4 candle. If this level is held and it produces an H1 Bullish Engulfing Candle afterwards, then buying the pair would get us some green pips later today. Let us have a look at the summary of the trade…

• Buy Limit Order: 0.74155
• Stop loss: 0.74035
• Take Profit: 0.74640
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

The best buying signal here would be if the current H4 candle finishes a bit above the breakout level. Later, an H1 candle of the next H4 candle comes to the breakout level, and then an H1 Bullish Engulfing Candle is produced. If the H1 Engulfing Candle is produced within the current H4 candle, that is a valid entry as well. However, the signal candle within the next H4 candle is considered as an A+ signal to take the long entry that we have recommended here. Let us wait and see what happens next.

 

AUDUSD Price Action Analysis – 31st July 2018

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