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[HubuFX]

Bitcoin Bulls Hold the Fort: An Analysis of Current Market Trends

The bears put pressure on the bitcoin from $28,708 and currently bitcoin is testing the $27,349 pivot. The RSI indicator is hovering above the 50 level and with the BTCUSD holding above the broken trendline and pivot, bitcoin bulls are yet in control and we can expect the bitcoin price to rise and test the R1 resistance again.

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[HubuFX]

Turkish Lira Weakens Against Strong US Dollar

The Turkish lira is falling against the strong US dollar. The USDTRY is up 0.4% as Turkey's inflation was slightly lower than expected, which might influence the CBRT's approach. Despite recent changes, the USDTRY is still on an upward trend.

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• Yearly inflation in Turkey: 61.53% (Expected: 61.6%, Previous: 58.94%)​
• Monthly inflation in Turkey: 4.75% (Expected: 4.8%, Previous: 9.09%)​

 

[HubuFX]

AUDUSD Technical Analysis

The decline of the AUDUSD currency pair has temporarily halted as the RSI indicator, previously in the oversold territory, is now hovering at the 37 level. The market maintains a bearish trend, and the support level at 0.634 presents an attractive price point for bears to intensify their selling pressure.

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[HubuFX]

EURUSD Technical Analysis

The EURUSD currency pair is currently navigating within a downward channel and is positioned below the pivot in the 4-hour time frame. A minor resistance level is observed at 1.049, and at present, the pair is maintaining a position above this level. The RSI indicator has surged above the 50 mark, suggesting the potential onset of a bullish wave. Given the prevailing market conditions and the dominant bearish trend, our recommendation is to wait for the EURUSD to hit either the pivot or the 1.066 resistance level before initiating sell orders.

Please note that this bearish outlook will be invalidated if the EURUSD bulls manage to push the currency pair out of the downward channel.​

 

[HubuFX]

GBPUSD Analysis

The GBPUSD is currently trading below the pivot point of 1.219. Interestingly, the RSI indicator is flipping above the critical level of 50, which might indicate an upcoming bullish wave. However, for this to materialize, it's crucial for the bulls to close above the pivot point, as this would pave the way towards the next resistance level at 1.228.

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[HubuFX]

USDCAD Analysis: Technical View

The USDCAD is currently trading above a crucial broker resistance zone, spanning from 1.3655 to 1.3648. This zone serves as a strong support for the bullish trend. As long as the price remains above this level, we can expect the USDCAD bulls to push higher and challenge the next resistance zone, which lies between 1.3877 and 1.3976.

Conversely, if the bears manage to push the price below 1.3655, and if the RSI indicator dips below the 50 level, it could signal a bearish turn. In this case, the USDCAD might aim for the 1.355 pivot point.​

 

[HubuFX]

Impact of Naira Devaluation on Trade and Prices

The drop in the value of Nigeria's currency, the Naira, has made things difficult for businesses that trade across borders, especially at the Seme-Krake border in Lagos. For instance, the cost of a 50kg bag of rice has climbed to N35,000, and a box of frozen chicken now costs N28,000. A Lagos trader, John Ebube, points out that as the Naira loses value, money problems get worse.


Fuel Smuggling and Market Shifts
Because the Naira is worth less, smuggling petrol has become a way to make money. Petrol prices soared after Nigeria stopped helping with petrol prices in May. Now, a liter of petrol costs more than N2,010. This issue has grown because people in Nigeria are trading their money for dollars in Niger.

There's also a cash shortage of CFA Francs caused by political troubles and some government officials keeping money to themselves. This has made the Naira more commonly used in markets near Nigerian states like Borno and Kano. A trader from Diffa, Aminu Abdulkadir, has seen this change.
Challenges for Traders

The Naira's falling value has also shaken up trade in West Africa. As the Naira's value has dropped to N2,010 for CFA1000, many traders are leaving the business because they're not making enough money. The CFA Franc is getting stronger against the Naira, which has gone from an exchange rate of 1100 CFA to N1,200, and now it's between N1600 to N1700. The high prices for things like rice and chicken mean less profit for traders, making their businesses hard to keep going. (Source)​

 

[HubuFX]

EURNOK

The EURNOK currency pair is currently testing the 11.8 resistance level, with the Relative Strength Index (RSI) nearing the overbought zone. This past Friday, EURNOK formed a long wick candlestick pattern, which could potentially signal a decrease in the uptrend bias or even a trend reversal.

For a more detailed understanding of the pair's price action, we delve into the 4-hour chart. Here, the RSI shows divergence while the pair continues to trade within the bullish channel. If the bears manage to close below the S1 support level at 11.78, it's likely that the pair will correct its recent gains by declining to the 38.2% Fibonacci retracement level.

Conversely, if the bulls can secure a close above the R1 resistance level at 11.91 on the 4-hour chart, we could see the uptrend continue, with the upper line of the bullish channel as the target. (Source)
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