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EURJPY Approached Recent Swing Lows, Likely to Breach the Low of the Year on the Level at 117.50

 

EURJPY Price Analysis – August 16

 

The pair depreciated again in value against the Japanese Yen. The currency pair during the mid-week breached both the upper and lower horizontal lines on the moving average 5 and 13 while completing another lap on the low in today’s session towards the low level at 117.50.

 

 

Key Levels

 

Resistance Levels: 123.01, 121.40, 119.91

 

Support Levels: 117.50, 117.00, 114.84

 

EURJPY Long term Trend: Bearish

The Daily time frame displays the EURJPY at the low, showing the pair is also testing a swing area on the level at the 117.50 to the level at 118.16 below the moving average 5 areas. The price attempted to dip below the area on August 12 to the low for the year on the level at 117.50, but could not keep the momentum going. The swing area was reestablished as support on August 13 and again today

 

However, buyers are trying to lean against the low level at 117.50, on the retest and hoping for a quick bounce. The trend is showing a bearish outlook in the medium and long term.

 

EURJPY Short term Trend: Ranging

On its Intraday, the bias in EURJPY remains neutral for the moment. With the level of 119.91 minor resistance intact, further decline is in favor. Although a break of the level at 117.50 will resume a large downtrend to the level at 114.84 support next.

 

However, on the break of 119.91 resistance will indicate short term bottoming. A stronger rebound should be seen to the horizontal resistance line now at 121.40.

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AUDUSD Market Dragged Lower on Bears Dominance

 

AUDUSD Price Analysis – August 15

The bears were in full control moving the market lower in the prior session, although in the present session we see the pair found buyers around the level at 0.6748 for the 4th day in a row while the pairs bear dominance is evident falling to lowest close since the beginning of the year.

 

Key Levels

Resistance Levels: 0.7297, 0.7207, 0.7085

Support Levels: 0.6748, 0.6676, 0.6620

 

AUDUSD long term Trend: Bearish

In the bigger picture of the daily time frame, the decline from the level at 0.7207 (high) is seen as resuming the long term downtrend from 0.7297 (February high). Firm break of the level at 0.6876 (low) should confirm this bearish view.

 

On observation, further fall may be seen to the level at 0.6620 (low) next. On the upside, the break of the level at 0.7085 resistance is needed to be the first sign of medium-term bottoming. Otherwise, outlook will remain bearish even in case of a strong rebound.

 

 

AUDUSD short term Trend: Ranging

On the flip side of the 4-hour chart, the AUDUSD is staying in consolidation from the level at 0.6676 and it’s intraday bias remains neutral first. On the upside, the break of the level at 0.6827 will extend the rebound.

 

But upside should be limited below the level at 0.6909 support turned resistance to bring fall resumption. On the downside, the break of the level at 0.6676 may target 100% projections from the level at 0.7085 to 0.6827 from 0.7085 at 0.6620 level reflecting on the daily chart.

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Posted (edited)

Staying Within Previous Boundary EURJPY Continues to Trade Within a Range

 

%2> EURJPY Price Analysis – August 23

In today’s trading session, the common European currency traded sideways against the Japanese Yen. The currency pair was trading below the moving average 5 and 13 since yesterday’s trading session. We may see bearish traders pressurize the currency pair towards the level at 117.50 before the end of today’s trading session.

 

 

Key Levels

 Resistance Levels: 123.01, 119.88, 118.33

 Support Levels: 117.65, 117.50, 117.00

 

 EURJPY Long term Trend: Bearish

In the daily picture, the EURJPY pair may most likely maintain the price range during the next trading session. Alternatively, a breakout may occur downwards.

 While the exchange rate has been trading within the range of the level at 118.33 and 117.50 since mid-August. The trend is bearish, showing an intact downtrend in the medium and long-term.

 

 

EURJPY Short term Trend: Bearish

Today’s trading range has been going negative and more, and that’s below the last trading month’s daily average range. On the flip side, we may see a change in trend with renewed upward strength.

 

Buying could accelerate should prices move above the close-by swing high towards the level at 118.33 where further buy stops might get activated. Although with the level at 119.88 resistance intact, near term outlook remains bearish.

 

Edited by analyst75

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Near Term Outlook Unchanged as AUDUSD Trades Weaker

 

AUDUSD Price Analysis – August 22

The Aussie is holding weaker so far with the yuan softer on the day on a softer note for the equities and treasury yields. However, yuan has a relative effect on USD as the PBOC fixed the yuan weaker again today, reaffirming the notion that they will allow the currency to weaken but not too quickly.

 

Key Levels

Resistance Levels: 0.7205, 0.7085, 0.6827

Support Levels: 0.6748, 0.6676, 0.6620

 

AUDUSD Long term Trend: Bearish

But as seen in the daily picture above, the near-term picture in AUDUSD remains unchanged despite the pair slipping to session lows on the level at 0.6748 currently. Both buyers and sellers have more work to do to gain more momentum to push prices out of the downward range since last week.

 

While the forex pair is experiencing a stall, this could just be a correction, as both the medium and long-term trends are still bearish.

 

AUDUSD Short term Trend: Ranging

However, AUDUSD needs to break the monthly support zone on the level at 0.6676, which is currently providing support for the momentum on the pair at the level at 0.6748.

 

The currency exchange rate will most likely continue to trade downward and flat for today waiting for the required volatility to change the direction.

 

 

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EURJPY Turns Lower Again After a Bullish Rebound, Now Pushing Through Key Support Level at 117.00

 

EURJPY Price Analysis – August 30

EURJPY pushes through the key area, past the horizontal line on the level at 117.00 during today’s trading session although on Thursday the common European currency appreciated against the Japanese Yen with almost 59 points to the upside.

 

Key Levels

Resistance Levels: 124.03, 121.66, 119.59

Support Levels: 116.59, 116.00, 114.84

 

EURJPY Long term Trend: Bearish

Showing on the daily time frame, sellers have managed to take out the key technical support horizontal line on the level at 117.00 during today’s trading session. EURJPY is staying in consolidation from the level at 116.59.

However, in the case of stronger recovery, the upside should be limited by the level at 119.59 resistance to bring fall resumption. The trend is bearish, and it’s showing an intact downtrend in the medium and longterm.

 

EURJPY Short term Trend: Bearish

On the 4-hour time frame, given that the currency pair has breached the key technical support horizontal line on the level at 117.00, most likely, bearish traders might dominate the EURJPY pair during the following trading session.

 

As it is, intraday bias remains bearish and on the downside break of the level at 116.59 will resume a larger downtrend to the level at 114.84 medium-term support. Though, a break of the level at 119.59 will indicate short term bottoming and bring stronger rebound.

 

 

Source: https://learn2.trade 

 

 

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AUDUSD in a Continuous Bearish Market Breaking past Key Technical Support Level at 0.6740

 

AUDUSD Price Analysis – August 29

The FX pair is moving lower gradually for the 3rd day in a row, during the past 24 hours, the Australian Dollar has depreciated against the US Dollar, and subsequently closing below its opening price while unable to hold early session gains.

 

Key Levels

Resistance Levels: 0.7085, 0.6909, 0.6823

Support Levels: 0.6676, 0.6620, 0.6600

 

AUDUSD Long term Trend: Bearish

In the bigger picture, today’s close may mark the lowest recorded closing price since the beginning of the year, with room for more downside. The potential target for bearish traders within the next 24 hours of trading will be on the level at the 0.6676 area.

 

Selling could accelerate should prices move below the close-by swing low on the level at 0.6676 where further sell stops might get activated. The trend is bearish, showing an intact downtrend in the medium and long-term.

 

 

AUDUSD Short term Trend: Ranging

On the flip side, the AUDUSD intraday bias remains neutral for the moment. On the upside, a break of the level at 0.6823 minor resistance will extend the rebound from the level at 0.6676 low.

 

However, the upside should be limited below the level at 0.6909 support turned resistance to bring fall resumption. Otherwise, the AUDUSD currency exchange rate will most likely continue to trade south today.

 

 

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Facebook’s Libra To Apply For Licence In Switzerland

 

Swiss financial regulators have signaled that Facebook’s cryptocurrency, Libra is mandated to meet up to extra requirements besides acquiring a payment system license before they can begin operations in the region.

 

In a recent press release, the Swiss Market Supervisory Authority (FINMA) explained that the diverse services projected by Libra have created the need for adding the requirements being imposed. They stated that due to the issuance of payment tokens by Libra, the operations planned by Libra would clearly exceed those of a pure payment system and therefore should be subjected to such extra requirements.

 

The Extra Regulatory Requirements

According to FINMA, the extra requirements would be targeted specifically at liquidity, risk concentration and capital allocation.

 

The financial regulators of Switzerland have also noted that the management of Libra is another element necessitating the demand for Facebook to meet extra requirements concerning its cryptocurrency initiative.

 

In the launch of the Libra white paper in June, Facebook noted that the reserve would be controlled by a web of custodians who would be spread across different geographies. The so-called custodians will be mandated to possess an investment-grade credit rating.

 

Also, Facebook noted that the real assets used to back the Libra cryptocurrency would be a selection of low-risk assets such as bank deposits and government securities.

 

What Form Will these Extra Libra requirements take?

 

According to FINMA, the extra regulatory requirements that Libra would have to meet would be nothing different from what other participants in the financial markets have to adhere to.

 

For example, Libra would be expected to be exposed to certain bank-like rules such as a large simultaneous number of withdrawals of Libra coin by users would have to be palliated by the application of certain bank-like regulatory requirements. This means that Facebook would be required to obtain a banking license. This idea has been pushed for in the past by U.S. President, Donald Trump.

 

FINMA also mentioned that Libra’s international range will mandate a globally coordinated approach. This new development would drastically delay the launch of the cryptocurrency.

 

U.S. Pressures Switzerland over Libra Cryptocurrency

Switzerland is under intense pressure from the United States to ensure that its cryptocurrency regulations are not prone to misuse. Facebook chose the Central European nation as its hub because of the country’s progressiveness towards FinTech.

 

According to a report by the Wall Street Journal, officials from Switzerland and U.S. Held a meeting in Switzerland earlier this week, where they discussed matters surrounding the new cryptocurrencies regulations.

 

The U.S Undersecretary of the Treasury for Terrorism and Financial Intelligence, Sigal Mandelker, emphasized his concerns over the need to have regulations strong enough to fend off bad actors. He mandated that the Swiss handle these concerns with all importance.

 

Source: https://learn2.trade 

 

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China’s New Cryptocurrency

 

China plans to release a new digital currency which would bear some similarities to Facebook’s Libra coin. It would be usable across several platforms like WeChat and Alipay.

 

In a recent interview with the Shanghai Security News on the 6th of September, the deputy director of the People’s Bank of China, Mu Changchun, stated the purposes and the need for the new digital currency. He stated that the central bank needed to evolve from the use of traditional paper currency and delve into electronic payment methods which are making strong advances around the world. He said that the digital currency would be a realistic way to protect monetary sovereignty and legal currency status, stating that this digital currency initiative was a way of planning for a rainy day.

 

He also mentioned that digital currency would be as safe as the traditional central bank-issued paper notes and that it could even be used without requiring an internet connection. This offline feature is one of its major selling points as monetary transactions can still be carried out even in the face of communication breakdowns resulting from natural disasters like earthquakes, tsunamis and so on.

 

In 2014, the Chinese central bank set up a research party to explore the possibilities of a China-based digital currency to reduce the costs of producing and circulating paper money, which in turn would boost policymakers’ control over the supply of money.

 

Information about the development of this new digital currency was unknown to the public until last month when Mu announced that the innovation was almost ready.

 

US-based financial magazine Forbes has made claims that the currency would be ready by November 11.

 

Analysts are saying that the announcement made by social media giants, Facebook on the release of its digital coin, Libra, is the reason for the acceleration of the push towards digital currency by the PBoC.

 

Mu made mention of how the new digital currency would strike a balance between allowing anonymous payments and preventing money-laundering as compared to Libra. Although the Chinese digital currency may bear some resemblances with Libra, it would possess characteristics that even Libra didn’t have.

 

Facebook’s Libra

Facebook’s Libra has sparked a lot of worries among global regulators that it could become the predominant digital payment format and could become a medium for money laundering considering the social media’s wide reach.

 

Libra is said to be a digital currency that would be backed by several real-world assets, including bank deposits and government securities, and it will be held by a network of stewards. The structure of Libra is predicated on promoting trust and to stabilize its price.

 

Finally, Mu further discussed the superiority of the digital currency over altcoins was that others could go bankrupt and cause its users huge losses. Thus he said, can never be the case of PBoC’s new currency.

 

Source: https://learn2.trade 

 

 

 

 

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