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XRP/EUR Confirms Below Daily Ichimoku Cloud on Bearish Sentiment

By 11/01/2017 No Comments

XRP/EUR Confirms Below Daily Ichimoku Cloud on Bearish Sentiment :  XRP/EUR has confirmed below the daily Ichimoku cloud, approaching the 0.16 support level once again.

XRPEUR Confirms Below Daily Ichimoku Cloud

While the future cloud has turned bullish, the market sentiment appears to be bearish, sending mixed signals to the trading crowd. The next support level is set at 0.14, while pivot point falls on the upper band of the Ichimoku cloud at 0.19. It could take the pair a while to get back to the key resistance level of 0.23 at this point.

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Despite the current selloff, Ripple users internationally appear to value its speed. For example, in India, where payments typically take three or four days to reach, Ripple’s six to seven-second settlement is quite extraordinary and could become high in demand.

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However, more than the cryptocurrency itself, the majority of banks seem to be excited about the blockchain industry itself. In many countries, cross-border payments have to deal with two banks and two regulators, so it be two or three years before regulators take a position on cryptocurrencies. Meanwhile, banks can find a good value proposition to start with blockchain without getting into cryptocurrencies.

Key interest rate unchanged / USD/JPY started a day with a bearish sentiment

The Fed left its key interest rate unchanged Wednesday before Donald Trump’s big announcement about the next Federal Reserve Chair. Markets expect Trump to pick either Janet Yellen, Jerome Powell or Kevin Warsh. The USD/JPY pair rallied to our resistance level of 114.29 on Wednesday, however, started today’s Asian session with a slight bearish sentiment.

On the economic calendar…

On the economic calendar today, we have German Unemployment Change (OCT) at 8:55 AM GMT, followed by the Bank of England Bank Rate decision at 12: PM. The markets are expecting the BOE to raise the rates to 0.50% from 0.25%. At 12:30 PM the US will release their weekly jobless report, so together with all the other political and economic storms, we could expect a fair bit of volatility across the board, which could both create excellent trading opportunities as well as high risk for day traders.

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