Brad Alexander
FX Large Limited
We see price action on BitCoin approaching the upper trend line in this downward trend on the weekly chart, but is it a short trade in the works?
From the technical standpoint, the correlation between the rise and fall of BTCUSD and the reversal of indicators is obvious.
Even on other time frames you will find similar correlations but be careful.
Fundamental analysis of cryptocurrency can be tricky, especially now that both Republicans and Democrats are endorsing crypto in the US general elections.
After all these months we can now trade a two-way market on JPY and we see price action on USDJPY approaching the upper trend line.
The stochastic oscillator is moving into overbought territory but you might want to wait for a downturn before pulling the trigger on a short trade.
Watch out though as we have a statement due from the Bank of Japan which could change things.
Speaking of Central Banks, we also have statements from the Banks of Canada, Switzerland and the US Fed so watch for volatility and opportunities.
The Swiss National Bank is expected to lower its Interest Rate by 0.25%.
CHF has been weak lately in anticipation of the cut so let’s see if the news moves price action.
That’s all for now.
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While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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