KQMarkets

KQMarkets

We still see Bitcoin moving higher and challenging 2019 highs towards $14,000 despite the recent pullback as the cryptocurrency was unable to consolidate above resistance at $12,141. The recent Bitcoin rally since March lows has been relatively steady as the cryptocurrency is increasingly viewed as a potential safe haven.

KQMarkets

USDJPY has resumed it's downtrend having after having rebounded over 106 a couple weeks ago and we therefore hold our neutral view. Were the currency pair to drop below support at 105.355 this could lead to prices dropping towards multi month lows below 104, levels which we feel are attainable given continued USD weakness.

KQMarkets

EURUSD continues to move higher mainly on the back of dollar weakness due to US quantitative easing. The currency pair could could continue it's upward momentum and consolidate above 1.20 and rise towards resistance at 1.214 whilst it remains above support at 1.182.

KQMarkets

AUDUSD has not broken it's uptrend mainly due to USD weakness and the Australian economy not being as impacted by the coronavirus. Despite the currency pair trading in a range these past few trading sessions we cannot see prices moving significantly lower unless AUDUSD breaks support at 0.707.

KQMarkets

Gold has fallen sharply over 5 per cent in today's trading session after it's incredible rally from coronavirus lows in March. This could be profit taking as there were definitely signs that the market was becoming overbought and the precious metal could continue it's rally if prices once again rise above $2000.

KQMarkets

Having broken through long term resistance at $21 Silver has continued it's exceptional performance in particular in comparison to Gold. However, the precious could pull back after such a strong rally in particular if the US dollar starts to recover in the coming trading sessions.

KQMarkets

The Dax could resume it's current medium term uptrend and once again challenge long term resistance at 13,000 despite it's recent pullback. However, the index could continue be impacted by negative earnings releases in the coming weeks as companies continue to be impacted by the coronavirus.

KQMarkets

Bitcoin finally broke through the $10,000 psychological level to continue the upward momentum it had established in recent months since the lows at the height of the coronavirus crisis. This could be due to the OCC confirming that banks would be able to hold Bitcoins reducing the regulatory risk surrounding cryptocurrencies. Bitcoin briefly challenged support at...

KQMarkets

There hadn't been significant price action as USDJPY was stuck in a range between support at 106.65 and resistance 108. Predominantly due to USD weakness as the currency pair fell sharply towards 104 before rebounding back up to 106. However, this recent increase could just be a rebound before USDJPY continues it's medium term downtrend.

KQMarkets

EURUSD has continued it strong upward momentum post the FED rate decision and press conference last night as no changes to monetary policy were announced. This has seen the currency pair break above long term resistance at 1.18 which could see prices move towards multi year highs above 1.21.

KQMarkets

AUDUSD has consolidated above key resistance at around 0.7 and we hold a neutral view before the rate decision and press conference later this evening. The USD has weakened tremendously since the FED launched unprecedented QE to boost the US economy in the wake of the coronavirus crisis but we don't see any major announcements that could lead to significant...

KQMarkets

Gold still has continued it's strong upward momentum amid global uncertainty surrounding the coronavirus and global central bank quantitative easing. Gold could continue to move higher given it is the safe haven of choice of investors and the a weak US dollar in particular with the US unlikely to raise rates this year given the impact of the coronavirus on it's economy.

KQMarkets

Silver has surged through long term resistance above $21 and has nearly doubled since March lows and could move higher if equities lose upward momentum and investors flee towards safe haven assets. Additionally, the precious metals could continue to rise for the rest of the year in particular due to a weak US dollar and it being extremely unlikely that the FED...

KQMarkets

The Dax uptrend continues as the index has consolidated above key resistance above 13,000 on the back of EU leaders agreeing on a stimulus package to boost the Eurozone economy. However, a drop below this level could see a sharp fall in particular given the volatile nature of the Dax and the threat of a 2nd wave of the coronavirus.

KQMarkets

Despite the short term downtrend Bitcoin has not dropped below key support at around $9000 and has rallied the past couple of days albeit modestly given the cryptocurrency's volatile nature. Bitcoin could rebound further in the coming trading sessions and challenge the psychological $10000 level as investor risk appetite increases with the strong performance of...

KQMarkets

USDJPY is still stuck in the range between support 106.65 at and resistance at 108 as the currency pair has experienced a very low level of volatility over the past few months. Therefore, we expect the lack of price action to continue over the coming trading sessions with markit manufacturing PMI on Friday being a significant data release this week.

KQMarkets

EURUSD is in a strong uptrend and has consolidated above key long term resistance at 1.136 with the 20 day moving average at 1.12578 significantly higher than the 500 and 100 day moving averages. With continued US dollar weakness and no major announcements coming out of the ECB last Thursday the currency pair could continue to rise in the coming weeks.

KQMarkets

AUDUSD appears to have exhausted the upward momentum it has built up since the peak of the coronavirus crisis when the currency pair had dropped to as low as 0.55. After struggling to consolidate above key resistance at 0.7 there is downside potential in particular due to fears of a second coronavirus wave in the coming months and the subsequent impact on the...