Bitcoin: 81.7% of Traders Are Net-Long

Bitcoin

TRADERS REMAIN NET-LONG

Bitcoin: Retail merchant information shows 81.7% of traders are net-long with a ratio of traders prolonged to brief during 4.46 to 1. The series of traders net-long is 3.2% reduce than yesterday and 3.7% reduce from final week, while a series of traders net-short is 1.8% reduce than yesterday and 15.6% reduce from final week.

Be certain to check out a Bitcoin Trading Guide if you’re new to cryptocurrencies!

BITCOIN PRICE TREND MAY SOON REVERSE

We typically take a contrarian perspective to throng sentiment, and a fact traders are net-long suggests Bitcoin prices might continue to fall. Positioning is reduction net-long than yesterday though some-more net-long from final week. The multiple of stream view and new changes gives us a serve churned Bitcoin trade bias.

— Written by Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

FX Price Action Setups in EURUSD, USDCAD and AUDUSD

Forex Talking Points:

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Dow Jones: Dueling Formations

I started off with a demeanour during US equities as this week brought some engaging observations. In a Dow Jones Industrial Average, a 2019 bullish trend finally started to face a bit of turmoil when re-engaging with before November/December pitch highs. On a longer-term look, this week’s pullback has seen prices upsurge by a bottom of a rising crowd formation, that will mostly be approached in a bearish fashion.

DJIA: Dow Jones Four-Hour Price Chart

djia dow jones 4 hour cost chart

Chart prepared by James Stanley

On a shorter-term basis, this week’s pullback has conformed to a sincerely unchanging bearish channel. That channel, when taken with a before bullish trend, creates for a longhorn dwindle arrangement – that would indicate to additional upside.

DJIA: Dow Jones Hourly Price Chart

DJIA Dow Jones Hourly cost chart

Chart prepared by James Stanley

SP Range Holds Key Fibonacci Support

The SP 500 has been some-more range-bound this week than what was looked during above in a Dow. This can keep a doorway open for operation strategies, and for traders that do wish to allot bullish delay strategies to US stocks, that operation can be treated with a before trend-side bias, looking to get prolonged around support but removing brief on re-visits to resistance.

SP 500 Hourly Price Chart

spx500 hourly cost chart

Chart prepared by James Stanley

Gold: Getting it’s Metal Tested

Gold prices have finally started to pullback after a copious breakout. The large doubt during this indicate is either buyers show-up to again offer support around $1302. This can be extended adult to $1310.53 to symbol a support territory of interest. A bit-lower is a subordinated territory of seductiveness that runs from around $1275 adult to $1286.

Gold Four-Hour Price Chart

gold 4 hour cost chart

Chart prepared by James Stanley

US Dollar Bounces on US GDP, is a Pullback Complete?

This morning saw a US Dollar penetrate down to a uninformed three-week-low. But that pierce shortly topsy-turvy on a behind of a better-than-expected US GDP news from Q4, as discussed progressing by my co-worker Nick Cawley.

Prices shortly bounced-up to exam insurgency during before support of 96.27-96.30; and that territory has so distant reason a highs. But buyers haven’t nonetheless given up, as indicated by a reason of support on a before bearish trend-line. This can keep a doorway open for a re-visit to 96.27-96.30, and if that territory is taken-out, a before support area around 96.47-96.53 becomes engaging for deeper resistance.

US Dollar Hourly Price Chart

us dollar usd hourly cost chart

Chart prepared by James Stanley

EUR/USD Threatens Wedge Break Ahead of Resistance Test

There are dual formations of seductiveness in EURUSD during a moment. The longer-term arrangement is a operation that’s now been in-play for some-more than 3 months. I started looking during topside setups off of this arrangement a integrate of weeks ago.

EURUSD Eight-Hour Price Chart

eurusd eur/usd 8 hour cost chart

Chart prepared by James Stanley

On a shorter-term basis, a span has built into a rising crowd settlement over a past few weeks, that will mostly be approached with bearish annulment potential. The topside of that crowd arrangement was tested progressing this morning, forward of a US GDP release. But after that print, as USD-strength showed back-up, EURUSD began to exam a bottom side of a formation. we went over a short-term opinion for a span should a 1.1360 turn get taken-out, during that indicate a 1.1330 area becomes of seductiveness for longer-term higher-low support potential.

EURUSD Hourly Price Chart

eurusd eur/usd hourly cost chart

Chart prepared by James Stanley

GBPUSD: Cable Breakout Stalls – Where Now?

This week brought a large pierce in a British Pound as a abating awaiting of Hard-Brexit total some serious short-cover in GBP. This alike to a pointy bullish pierce in a span as GBPUSD prone to as high as 1.3350. The pierce has given stalled, and as we common in a webinar, this thesis could have bullish delay intensity given a inlet of a driver. we had looked during plan in a span in yesterday’s technical essay entitled, GBPUSD: Cable Rally Goes Overbought on Run to Seven-Month Highs.

GBPUSD Hourly Price Chart

gbpusd gbp/usd hourly cost chart

Chart prepared by James Stanley

USDJPY Fresh 2019 Highs

USDJPY put in another topside dermatitis today, using to a uninformed 2019 high in a pair. Prices are now facing during a before swing-high from Dec 26th. The span stays as one of a some-more appealing long-USD candidates, generally given a approach that a span reason support this week notwithstanding a US Dollar’s sell-off. For forward-looking strategies, assertive support instances can be sought out during before insurgency from 111.13-111.23 while longer-term strategies can focus-in on a support exam of a Fibonacci turn during 110.86.

USDJPY Four-Hour Price Chart

usdjpy usd/jpy 4 hour cost chart

Chart prepared by James Stanley

USDCAD: Building Case for a Bullish Reversal?

For this one, we initial took a demeanour during WTI Oil prices, that are shutting in on a pivotal area of support that I’ll uncover a small later. In USDCAD, with insurgency in Oil nearing, there could be an engaging box for CAD-weakness. Also of seductiveness is a new build of higher-lows, total with an area of pivotal support only next stream prices around a 1.3132 Fibonacci level.

USDCAD Four-Hour Price Chart

usdcad usd/cad 4 hour cost chart

Chart prepared by James Stanley

WTI: US Oil Closing in on Key Resistance

It’s been a clever year for Oil prices and a wanton liberation has mostly continued around many of this year. Last week finally brought some component of resistance, as taken from a 38.2% Fibonacci retracement of a 2016-2018 vital move. That turn during 57.47 helped to reason a highs by 4 days of tests final week. But, as looked during on Tuesday, $55 support re-opened a doorway to a re-test of this resistance. Now that this cost is nearing, it could be a formidable time to demeanour during bullish Oil exposure.

WTI Crude Oil Eight-Hour Price Chart

WTI Crude US Oil

Chart prepared by James Stanley

AUDUSD Range Potential

On Tuesday we had looked during insurgency in AUDUSD, and that’s so distant reason as prices have dipped back-below a .7150-level. The large doubt during this indicate is either support stays after another exam of a .7075 level.

AUDUSD Four-Hour Price Chart

audusd aud/usd 4 hour cost chart

Chart prepared by James Stanley

To review more:

Are we looking for longer-term research on a U.S. Dollar? Our DailyFX Forecasts for Q4 have a territory for any vital currency, and we also offer a engorgement of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay adult with near-term positioning around a IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers an contentment of tools, indicators and resources to assistance traders. For those looking for trade ideas, a IG Client Sentiment shows a positioning of sell traders with tangible live trades and positions. Our trading guides move a DailyFX Quarterly Forecasts and a Top Trading Opportunities; and a real-time news feed has intra-day interactions from a DailyFX team. And if you’re looking for real-time analysis, a DailyFX Webinars offer countless sessions any week in that we can see how and because we’re looking during what we’re looking at.

If you’re looking for educational information, a New to FX guide is there to assistance new(er) traders while a Traits of Successful Traders research is built to assistance whet a ability set by focusing on risk and trade management.

— Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

EUR/USD: Sentiment Suggests Price May Soon Reverse

EURUSD

52% OF TRADERS ARE NET-LONG

EURUSD: Retail merchant information shows 52.0% of traders are net-long with a ratio of traders prolonged to brief during 1.09 to 1. The series of traders net-long is 8.2% reduce than yesterday and 21.3% reduce from final week, while a series of traders net-short is 1.5% reduce than yesterday and 22.9% aloft from final week.

For some-more in-depth analysis, check out a Q1 2019 Forecast for a Euro

EURUSD SENTIMENT SUGGESTS A MIXED BIAS

We typically take a contrarian perspective to throng sentiment, and a fact traders are net-long suggests EURUSD prices might continue to fall. Yet traders are reduction net-long than yesterday and compared with final week. Recent changes in view advise that a stream EURUSD cost trend might shortly retreat aloft notwithstanding a fact traders sojourn net-long.

Having difficulty building your strategy? Here’s a #1 mistake that traders make.

— Written by Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

GBPUSD: Net-Short Traders Are 35.7% Higher from Last Week

GBPUSD

TRADERS REMAIN NET-SHORT

GBPUSD: Retail merchant information shows 45.3% of traders are net-long with a ratio of traders brief to prolonged during 1.21 to 1. The series of traders net-long is 1.9% aloft than yesterday and 0.5% reduce from final week, while a series of traders net-short is 1.7% reduce than yesterday and 35.7% aloft from final week.

For some-more in-depth analysis, check out a Q1 2019 Forecast for a GBP

GBPUSD: SENTIMENT SUGGESTS A MIXED BIAS

We typically take a contrarian perspective to throng sentiment, and a fact traders are net-short suggests GBPUSD prices might continue to rise. Positioning is reduction net-short than yesterday though some-more net-short from final week. The multiple of stream view and new changes gives us a serve churned GBPUSD trade bias.

— Written by Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

USDJPY: Traders Net-Short Decrease By 5.6% from Last Week

USDJPY

TRADERS REMAIN NET-SHORT

USDJPY: Retail merchant information shows 47.4% of traders are net-long with a ratio of traders brief to prolonged during 1.11 to 1. The series of traders net-long is 9.9% reduce than yesterday and 5.2% reduce from final week, while a series of traders net-short is 1.8% aloft than yesterday and 5.6% reduce from final week..

For some-more in-depth analysis, check out a Q1 2019 Forecast for USDJPY

USDJPY SENTIMENT SUGGESTS A MIXED BIAS

We typically take a contrarian perspective to throng sentiment, and a fact traders are net-short suggests USDJPY prices might continue to rise. Positioning is some-more net-short than yesterday though reduction net-short from final week. The multiple of stream view and new changes gives us a serve churned USDJPY trade bias.

— Written by Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

Chicago Business Barometer Rebounds Much More Than Expected In February

Indicating proxy factors were during play in January’s slowdown, MNI Indicators expelled a news on Friday display a estimable reacceleration in a gait of expansion in Chicago-area business activity in a month of February.

MNI Indicators pronounced a Chicago business barometer peaked to 64.7 in Feb after plunging to 56.7 in January, with a reading above 50 indicating growth. Economists had approaching a barometer to in. adult to 57.0.

The Chicago business barometer available a biggest monthly burst given Feb of 2017 to strech a top turn given Dec of 2017.

“The pointy pick-up in a Barometer to a turn not seen in over a year, underpinned by a expansion in direct and production, showcases a healthy picture of a U.S. economy,” pronounced Shaily Mittal, Senior Economist during MNI Indicators.

She added, “With a Fed’s discreet proceed towards financial tightening along with soothing inflation, firms sojourn confident about their business activity.”

The most bigger than approaching miscarry by a Chicago business barometer was mostly due to a pick-up in demand, with a new orders index recording a largest monthly boost given Jan of 2016.

The news pronounced a prolongation index also surged adult to a six-month high, while a sequence backlogs index equivalent January’s high drop.

Meanwhile, MNI Indicators pronounced retailer smoothness times continued to recede in February, display a fourth uninterrupted decrease and attack a lowest turn given Jun of 2017.

The practice index rose to a top turn given Jul of 2018, nonetheless MNI Indicators remarkable firms sojourn endangered about anticipating a right fit of employees to accommodate their needs.

On a acceleration front, a prices paid indicator showed a initial boost in 7 months, easing a downward vigour seen on prices by a second half of a final year.