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BTCUSD (BITCOIN) UPDATE
- Meltdown through 70K has seen next support at 66794 tested (low 66529), which was the target following the break of 74301.=
- So despite the volatility, it is performing technically according to my charts although it is near impossible to fine tune exact levels.
- So, support is at 66500-800, below which is a void into the 50-60K zone.
- Otherwise, 70K+ would be needed to slow a risk to this level and below.
BTCUSD WEEKLY CHART
ETHUSD
“Ethereum has set a new on-chain milestone by recording 2.88 million transactions in a single day, the highest in its history.”
Not necessarily a bull signal, in fact the opposite. Increased ETH movement often indicates that more investors are withdrawing funds from wallets, often in large transactions.. Ethereum today is down nearly 10% currently at 1,940 at the time of writing.
Big miss in JOLTS (job openings)
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LaGarde also said they don’t target exchange rates but keep an eye on it
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Newsquawk US Daily Equity Opening News
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Euro Steadies After ECB Holds Rates
The euro traded around $1.18, recovering modest early-session losses after the European Central Bank left interest rates unchanged as expected.
The ECB reiterated that inflation is expected to stabilize at its 2% target over the medium term, while noting that the euro area economy remains resilient despite an uncertain outlook driven by global trade policy risks and ongoing geopolitical tensions.
FX option expiries for 5 February 10am New York cut
EUR/USD at the 1.1800 level. The pair continues to weave in and out of the figure level, so the expiries will provide some interest to keep price action close by once again. That being said, the dollar remains underpinned so far this week and even more so on a day like this when we’re seeing more shaky risk sentiment and precious metals facing a setback to the bounce in the past few days.
Weekly jobless claims miss (higher claims)
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ECB holds rates unchanged as widely expected. LaGarde presser to follow.
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Macron and the strong EURO
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Jump in Challenger layoffs, largest since Jan 2009 may be weighing on equities
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BOE unchanged as expected, 5-4 vote, rate cut risk, GBPUSD down (watch 1.3550)
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Newsquawk Daily US Opening News
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GBPUSD UPDATE
- It is hard to say whether the GBP sell-off is defense ahead of the BOE meeting, politics or simply selling winners to cover margins or losses elsewhere (note the firmer EURGBP).
- In any case, GBPUSD downtrend has taken over again and needs at least to regain old support above 1.3623 to ease the risk to 1.35 and below.
GBPUSD 4 HOUR CHART
XAUUSD (GOLD) UPDATE
- Trying to fine tune chart levels when intra-day swings can exceed 5% is a leap of faith until volatility settles down.
- What the chart shows is that moves outside of 4800-5000 have so far not followed through.
- Intra-day range 5023 => 4789, Wide range is 4402-5112
- Stick with short-term charets and watch your leverage.
XAUUSD 1 HOUR CHART
Forex Market Snapshot
- The dollar is trading firmer ahead of key events today with one eye on the risk mood set by (weaker) stocks.
- EURUSD has extended its pivot around 1.18 .to 4 days in a row, currently below it but lagging a weaker GBP.
- USDJPY has edged up further ahead of the Feb 8 snap elections where the LDP party is forecast to score a big win.
- GBP is trading weaker, including vs the EUR ahead of expected no change in rates by the ECB (solid hold) and the BoE (closer call, split vote).
- US data due; weekly jobless claims
- President Trump to make an announcement at 10 AM EST
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