Pivot Point Resistance at 1.1823

The EUR/USD pair ended the day at $1.1814, with a high of $1.1852 and a low of $1.1809. On Friday, the EUR/USD currency pair fell once again as the US dollar gained momentum. Thus, the Euro currency came under pressure throughout the day. After the announcement of positive macroeconomic data on Friday, the US Dollar Index was at an all-time high.

On Friday, the DXY rose to 92.65, recouping prior losses and bolstering the dollar's position against competitor currencies such as the Euro. The 10-year Treasury yield was also climbing with expectations that higher inflation will stay for a longer time, reaching 1.35 percent, adding to the dollar's strength and weighing on the EUR/USD pair.

Meanwhile, at the Eurogroup meeting on Friday, European Commissioner Paolo Gentiloni stated that there were still clouds on the horizon despite a better-than-expected second quarter and that countries must stay attentive about the coronavirus epidemic potential supply constraints.

The commissioner also addressed the threat of rising inflation across the European Union, stating that such increases are only projected to be temporary. He went on to say that the 18 country's economic restoration plans had been authorized and that work had begun on them. He also stated that he was not seeking a quick economic recovery but rather for long-term progress.

The ministers also reviewed the COVID-19's uneven impact across economic sectors and regions at the Eurogroup conference. According to a survey, 13 EU countries are experiencing an increase in the number of cases of infections, although the European Centre for Disease Control also revealed that 71 percent of EU people are fully vaccinated.

On the data front, the German Final CPI for August came in at 0.0 percent, as expected, at 11:00 GMT. At 11:45 GMT, the French Industrial Production for July fell to 0.3 percent, versus a forecast of 0.4 percent, weighing on the single currency Euro, which added to the EUR/USD pair's loss. At 13:00 GMT, Italian Industrial Production increased by 0.8 percent, compared to a prediction of 0.0 percent, bolstering the Euro and limiting the slide in EUR/USD.

On the US side, the PPI for August rose to 0.7 percent at 17:30 GMT, beating expectations of 0.6 percent, supporting the currency, and adding weight on EUR/USD. In August, the Core PPI increased to 0.6 percent, up from the forecasted 0.5 percent, bolstering the US dollar and adding to the EUR/USD pair's losses. Final Wholesale Inventories remained unchanged at 19:00 GMT, despite estimates of 0.6 percent.

The single currency Euro fell on the day after Christine Lagarde, the President of the European Central Bank, stated that the EU's economy was improving but that the proliferation of the Delta form of the COVID-19 could postpone a complete reopening of the economy. She went on to say that the ECB has changed its economic projection for the year, with more optimistic growth and inflation predictions, but the speed with which the economy recovers will be determined by how a pandemic develops in the coming months.

EUR/USD Intraday Technical Levels

Support Resistance

1.1807 1.1815

1.1804 1.1820

1.1799 1.1824

Pivot Point: 1.1812

EUR/USD - Technical Outlook

On Monday, the EUR/USD is trading with bearish buys at the 1.1786 level. The closing of candles above the 1.1781 level suggests that the pair is gaining support at this level. However, a break out of the 1.1781 level could expose EUR/USD prices towards the next support level of the 1.1754 level. Overall, the trading bias for the principal remains bearish as it has violated the pivot point level of 1.1823 level. On the resistance side, immediate resistance stays at the 1.18008 level. The bullish crossover above the 1.1808 level exposes the euro pair towards the pivot point level of 1.1823, whereas the break out of the 1.1823 level exposes the pair towards the 1.1850 level. The leading technical indicator, stochastic RSI, is holding in a selling zone, therefore the bearish bias dominates below 1.1823 and vice versa. All the best

Bitcoin Slips Below 45,600 Pivot Point

After reaching a high of $46,391.0 and a low of $44,780.1, the BTC/USD pair was closed at 46069.0. BTC/USD gained ground on Sunday, rising for the second day in a row, owing to certain encouraging events in the environment. El Salvador's recent decision to make Bitcoin legal tender has spurred other governments to join the rising trend of legalising cryptocurrency. El Salvador was the first country to adopt bitcoin as a second currency, while Cuba only approved legislation recognizing and regulating cryptocurrencies two weeks ago, owing to the rising socio-economic interest. Panama has also stated that new cryptocurrency legislation is being drafted.

Ukraine is the most recent country to adopt bitcoin and other cryptocurrencies. Ukraine's Parliament has enacted legislation making cryptocurrencies legal. According to reports, the Parliament was preparing a new cryptocurrency-related bill that would allow payments in digital assets for the second reading.

On Wednesday of last week, the Parliament passed the draught bill, making cryptocurrencies legal for the first time in the country. The rule will take effect after revisions to the country's tax laws regarding taxing bitcoin transactions. This news has aided the growth of the BTC/USD exchange rate.

Argo Blockchain, the world's largest Bitcoin mining company, has acquired new financing from Galaxy Digital LP to fund additional operational developments. On Friday, the London Stock Exchange announced that a new bitcoin-backed credit deal worth 18.05 million pounds had been signed. The Argo previously agreed to a $20 million BTC-backed loan with Galaxy Digital in June.

Both loans would total $45 million if they were combined. The Bitcoin miner from the United Kingdom will use the funds to expand its operations in Texas. This report also contributed to the rise in BTC/USD values.

Furthermore, the Fairfax County Police Officers Retirement System and the Fairfax County Employees' Retirement System, both Virginia public pension funds, were willing to invest $50 million in an investment vehicle that offers Bitcoin and other crypto derivatives. Only 15% of both funds will be invested in cryptocurrencies, with the remainder going towards blockchain companies. However, this was still good news for digital currencies, and BTC/USD rose on Sunday as a result.

Meanwhile, half of Brazilians feel that Bitcoin should be used as the country's currency, following El Salvador's footsteps, according to a survey performed by Sherlock Communications. The protection versus inflation and financial, macroeconomic instability was cited as a crucial factor in the poll's outcome. The protection versus inflation and financial macroeconomic instability was cited as crucial in the poll's outcome.

According to another positive report, clients of the UK Post Office now can make in-app Bitcoin purchases thanks to a cooperation between the post office and German-based crypto exchange Swarm Markets. Users will access and purchase cryptocurrencies directly from Swarm's website after verifying their identities using the Post Office Easy ID app.

BTC/USD Intraday Technical Levels

Support Resistance

45102.4 46713.3

44135.8 47357.6

43491.5 48324.2

Pivot Point: 45746.7

BTC/USD - Technical Outlook

On Monday, Bitcoin is trading with a bearish bias at the 44,700 level. On the downside, Bitcoin is gaining immediate support at the 44,212 level and a bearish crossover below this level could expose the next support level of 43,300. Furthermore, another breakout of the 43,308 level could expose Bitcoin prices towards the next support level of 41,906. In the 4-hour timeframe, Bitcoin has violated the pivot point level of 45,601 (see above). Currently, this pivot point level is working as a major resistance for Bitcoin. However, the crossover at the 45,614 level exposes Bitcoin prices towards the next resistance level of 46,518.

Furthermore, a break out of the 46518 level exposes Bitcoin prices to the next double top resistance level of 47,902. Speaking of the leading technical indicators such as RSI, they are holding in a selling zone alongside the 50 day SMA. It suggests a bearish bias today, especially below the 45,614 level and vice versa. All the best!

Pivot Point Level to Support Gold at $1,794

The yellow metal price managed to stop its previous-day downward rally and drew some fresh bids around above the $1,800 level. The yellow metal was set to end the week on a bearish track. The dollar was gaining positive traction, and uncertainty over the U.S. Federal Reserve's timeline to start asset tapering was growing. Although the losses in bullion prices were brief, the U.S. dollar began to lose its positive energy and fell on the day. The reason could be attributed to the weaker Treasury yields, which dropped after the U.S. government saw strong demand for 30-year bonds.

Furthermore, the market's upbeat mood put some additional burden on the safe-haven U.S. dollar. Thus, the price of gold is inversely tied to the price of the U.S. dollar, a weaker U.S. currency that tends to support gold prices. Apart from this, the uncertainty surrounding the economic recovery, which was being challenged by the Delta covid variant, also boosted the yellow-metal safe-have appeal.

In addition to this, the buying bias around the yellow-metal prices was also sponsored by the headlines concerning the U.S. Federal Reserve (Fed) officials' push for tapering. As of writing, the precious metal price is trading at 1,801.15 and consolidating in the range between 1,792.63 and 1,803.95. The market's trading sentiment succeeded in stopping its previous-day downward performance and turned well bid on the day. The 10-year Treasury yield in the United States has recovered to 1.30% after falling by more than four basis points (bps) the previous day. Similarly, the S&P 500 Futures have ignored Wall Street benchmarks, gaining 0.08% intraday to 4,495 at the most recent close.

The U.S. President Joe Biden revealed aspects of his battle plan to defeat the pandemic during an early Friday news conference in Asia. With statements like "we can and will turn the tide on COVID-19," his main focus was on faster vaccinations and the push for masks. So, these motivational remarks have a positive impact on the market's trading sentiment.

Besides this, the cautious optimism from U.S. President Joe Biden, during his 6-pronged strategy speech, preceded the first time in seven months, talks between Biden and his Chinese counterpart, Xi Jinping, improved the market's trading sentiment.

As per the latest details, the U.S. side refrains from being too optimistic and terms talks as 'a a broad, strategic discussion'. While Chinese media said, "Xi and Biden had a frank discussion on US-China relations." In addition to this, Biden's push for vaccinations/masks and the U.K.'s approval for booster shots of the covid vaccines add further to the market's slightly positive mood. Therefore, the prevalent buying bias surrounding the market's trading sentiment was a key factor that kept the U.S. dollar lower.

At the USD front, the broad-based U.S. dollar failed to extend its early-day winning streak and dropped modestly on the day as the market risk-on mood tends to undermine the safe-haven U.S. dollar. Meanwhile, the declines were further bolstered as Treasury yields dipped after the U.S. government saw solid demand for a sale of 30-year bonds. The U.S. dollar dropped 0.20% daily after the U.S. 10-year Treasury yields fell 4.3 basis points to revisit the sub-1.30% area, around 1.297% by the end of the North American session. Because the price of gold is inversely tied to the price of the U.S. dollar, the pessimistic mood around the U.S. dollar was considered a crucial factor in keeping the gold price higher.

Looking forward, the global markets will likely remain quiet ahead of the weekend amid a light calendar. The U.S. Producer Price Index (PPI) data for August, expected to be 0.6% MoM against 1.0% prior, will be key to watch for fresh direction.

GOLD Intraday Technical Level

Support Resistance

1782.94 1804.24

1772.37 1814.97

1761.64 1825.54

Pivot Point: 1793.67

GOLD - Technical Outlook

The precious metal gold is trading with a bullish bias, holding above a pivot point trading level of 1,794. Gold, on the other hand, is expected to find immediate support near 1,792. The breakout at the 1,792 level is likely to extend a selling trend until the next support level of 1,784, and below this, the next support will prevail around the 1,775 level.

The pair's immediate resistance stays at the 1,804 level. In the event of a bullish breakout, gold prices will be exposed to the 1,800 level, with the next resistance located around the 1,811 level. In the 4-hour time frame, the 50-period exponential moving average is likely to extend resistance around the 1,811 level. The closing of candles above the pivot point level of 1,792 suggests a bullish bias in the precious metal gold. Lastly, the RSI indicates a bullish bias in gold. Thus, gold's bullish bias remains strong above the 1,794 level and vice versa. All the best!

Pivot Point Resistance at 181.79

The LTC/USD was closed at $3422.99 after placing a high of $3564.31 and a low of $3395.09. After a rapid flash crash, the market was looking for a precise direction to follow on Thursday, as LTC/USD fell.

Prices of Litecoin have just risen to their highest level since mid-May, as the digital currency's network has continued to benefit from increased activity. The cryptocurrency, created as a hard fork of its digital twin bitcoin, has essential distinctions, including block time and tokenomics.

Over the previous few months, the foundations of the Litecoin network have improved as the number of transactions per second, active addresses, and new addresses have increased. Furthermore, the network's increased hash rate over the last several months has driven its pricing upward. On Thursday, the LTC network's hash rate nearly doubled, from 170 terahashes in late June to 321.8 terahashes.

Litecoin and Bitcoin are linked since they are both based on the same hard fork, and the prices of bitcoin tend to correspond with the prices of Litecoin. LTC and BTC have a strong link in that if one is regarded digital gold, the other is considered digital silver.

Bitcoin prices have been climbing for a few weeks and have surpassed $51,000 due to greater cryptocurrency usage. The world's most popular digital currency was pricing El Salvador's recent decision to make BTC legal tender, as well as a slew of other favourable announcements from VISA and AMAZON, which pushed BTC/USD rates higher.

In terms of price swings, investors' reactions are usually comparable to Litecoin's, and the current price rise this week could be attributable to BTC rising above the $51,000 threshold.

LTC/USD Intraday Technical Levels

Support Resistance

175.266 186.966

170.233 193.633

163.566 198.666

Pivot Point: 181.933

LTC/USD - Technical Outlook

On Friday, the LTC/USD is trading with a bearish bias at the 180.250 level. The pair faces immediate resistance at 181.70 level, and closing of candles below this level supports selling bias in the pair. On the lower side, the LTC/USD pair is exposed towards the next support level of 175, and the breakout of this level exposes the pair towards the 169 level.

On the resistance side, the pair's immediate resistance stays at 181.700, and a bullish crossover exposes the pair towards 187 levels. It also marks the double top pattern at 187, making it hard for bulls to crossover this level. Thus, Litecoin's trading bias remains bearish below the 181.70 level and vice versa. All the best!

Bitcoin Supported Over 46,459 Pivot Point

After reaching a high of $47,397.0 and a low of $45,591.0, the BTC/USD pair was closed at $46,389.0. On Thursday, BTC/USD reversed course after plunging for two consecutive sessions, finding support at the $45,000 mark. It's allowing bitcoin to recoup some of its prior daily loss.

The recent research from the British Standard Chartered bank, which forecasted that Bitcoin would soon exceed the $100,000 mark, could be blamed for the rise in Bitcoin prices on Thursday. According to the article, BTC's run to $100,000 could lead to more price increases in Ether.

Meanwhile, Blockstream, a company focusing on constructing Bitcoin-based crypto infrastructure, announced a partnership with Macquarie, a financial services corporation, to develop and run zero-emission Bitcoin mining operations. The announcement of a $411 billion financial services firm's cooperation with Blockstream to enter green bitcoin mining boosted BTC/USD prices even more.

Another key piece of news that sparked a reversal in BTC/USD was the passage on Thursday by the Ukrainian Parliament of the Draft Law on Virtual Assets. This regulation will provide legal status to Bitcoin and other cryptocurrencies in Eastern European countries. The bill got approval from 276 members, but President Volodymyr Zelensky must yet sign it into law.

If the President approves the measure, Ukrainians will be able to buy products and services using bitcoin and other digital assets in addition to local cash. Citizens are restricted to using local currency, the hryvnia, but the new regulation will bring bitcoin closer to the forefront and increase locals' confidence in investing.

After evaluating bitcoin certificates, a $500 billion German fund management declared its plans to use crypto. Union Investment, the investment arm of the DZ Bank Group, has stated that it plans to convert a modest portion of its holdings to BTC. The corporation has expressed interest in converting 1-2 percent of its investment into Bitcoin, but no timeframe has been set for the conversion. After the company's first addition of cryptocurrency to a mixed fund called Private Funds Flexible Pro, the idea came to them.

In addition, BlackRock, the world's largest asset manager with $9.5 trillion in assets under management, has claimed that it holds some Bitcoin. Even though the firm's Managing Director, Rick Rieder, refused to reveal the actual amount invested in BTC, the announcement that the firm was holding BTC was enough to send BTC/USD values higher on Thursday.

BTC/USD Intraday Technical Levels

Support Resistance

45521.0 47327.0

44653.0 48265.0

43715.0 49133.0

Pivot Point: 46459.0

BTC/USD - Technical Outlook

The Bitcoin price hasn't changed so far as it follows the same technical outlook as discussed on Thursday. Bitcoin is trading with a neutral bias as it was consolidating above a pivot point trading level of 46,459. Overall, Bitcoin has triggered a bullish bounce off after testing the support level of 42,985 on several occasions. At the moment, Bitcoin is gaining strong support at the 46,459 level, and above this, the next resistance prevails at the 47,462 level.

The bullish break out of the 47,462 level exposes Bitcoin prices towards the next resistance level of 48,842. At the same time, a breakup of the 48,884 level would likely expose Bitcoin prices to the next resistance level, which is the 50,413 level.

Looking at the 4-hours timeframe, the leading technical indicator, Stochastic, is holding on to a bullish zone. At the same time, the 50-period exponential moving average supports the selling trend in the Bitcoin prices.

Currently, Bitcoin is forming Doji and Spinning top candlesticks above the 46,459 level, indecision among investors. Therefore, the bullish bias remains strong above the 46,459 level and vice versa. All the best!

Bullish Greenback Continues to Weight on Gold

After hitting a high of $1804.40 and a low of $1783.10, gold prices settled at $1793.50. Due to the strengthening of the US dollar, gold has lost ground for the fourth consecutive session. Moreover, it has lost ground for the fourth straight session. On Wednesday, the US Dollar Index, which measures the dollar's value against a basket of six major currencies, rose for the second straight day, reaching 92.86. On the other hand, 10-year Treasury yields were unchanged at 1.32 percent on Wednesday.

On the statistics front, JOLTS Job Openings jumped to 10.93 million in July against an estimate of 10.03 million at 19:00 GMT, supporting the US dollar and pushing gold prices lower. The IBD/TIPP Economic Optimism for September fell to 48.5 from 55.3 expected at 19:02 GMT, weighing on the US dollar and causing more losses in gold prices.

Even if the job market increases at an uninspired pace in the following month, President of the New York Federal Reserve Bank, Jon C. Williams, said on Wednesday that the central bank would be able to start cutting support for the economy before the end of the year.

He went on to say that he had been looking at the cumulative amount of job growth rather than monthly variations and that slowing job growth would not necessarily rule out a start to the so-called tapering process. He also stated that reducing asset purchases will be the first step in decreasing assistance and that the Fed's policy interest rate will remain at zero for some time.

The dollar gained strength due to Fed President Williams' comments, in which he hinted at tapering. Investors praised Williams' comments since they had been waiting for any hint of tapering for a long time, and the greenback rose, driving gold lower. Meanwhile, yellow metal's losses were limited because of market concerns about a worldwide downturn, which weighed on the market's risk sentiment.

Rising coronavirus infections in the United States hampered employment growth in the United States last month, prompting speculation that the Fed will postpone tapering. These concerns continued to bolster gold prices, preventing further declines.

In addition, the market's attention has been drawn to the upcoming European Central Bank meeting, where policymakers are likely to decide on cutting PEPP purchases. For the rest of the day, this kept gold prices under pressure.

GOLD Intraday Technical Level

Support Resistance

1782.94 1804.24

1772.37 1814.97

1761.64 1825.54

Pivot Point: 1793.67

GOLD - Technical Outlook

The precious metal gold is trading with a bearish bias, holding below a pivot point trading level of 1,791. Gold, on the other hand, is expected to find immediate support near 1780. The breakout at the 1,780 level is likely to extend a selling trend until the next support level of 1771, and below this, the next support will prevail around the 1,760 level.

The pair's immediate resistance stays at the 1,791 level, which is being extended by the intraday pivot point level. In the event of a bullish breakout, gold prices will be exposed to the 1,800 level, with the next resistance located around the 1,811 level. In the 4-hour time frame, the 50-period exponential moving average is likely to extend resistance around the 1,811 level.

The closing of candles below this level suggests a selling bias in the precious metal, gold. Take a look at the leading technical indicator, RSI. It simply indicates that there is a strong selling bias in the precious metal gold today. On Thursday, gold's bearish bias remains strong below 1,791 level and vice versa. All the best!

Pivot Point to Extend Resistance at 1.1820

After hitting a high of $1.1852 and a low of $1.1802, the EUR/USD was closed at $1.1813. The EUR/USD currency pair fell for the third straight session on Wednesday, owing to the strengthening of the US dollar. On Wednesday, the US Dollar Index jumped to 92.86 after the New York Federal Reserve Bank President hinted at reducing economic support.

Rather than focusing on monthly variations in employment growth, he said he was monitoring cumulative job numbers. Even if the jobs statistic does not show significant progress for the month, he believes the central bank will begin tapering by the end of the month.

On the data front, the French Final Private Payrolls for the quarter climbed to 1.4 percent, beating expectations of 1.2 percent and bolstering the single currency Euro. This, in turn, capped any losses in EUR/USD at 10:30 GMT. At 11:45 GMT, the French Trade Balance for July indicated a deficit of -7.0 billion euros versus an anticipated deficit of -6.2 billion euros, weighing on the Euro, which led to more losses in EUR/USD. At 13:00 GMT, the Italian Retail Sales for July fell to -0.4 percent, vs. a forecast of 0.3 percent, weighing on the single currency Euro and adding to the EUR/USD drop.

JOLTS Job Openings in July increased to 10.93M vs. the predicted 10.03M at 19:00 GMT, supporting the US dollar and adding to the loss in EUR/USD. The IBD/TIPP Economic Optimism for September fell to 48.5 from 55.3 expected at 19:02 GMT, weighing on the US dollar and limiting the slide in the EUR/USD pair.

On Wednesday, a day before the European Central Bank's monetary policy meeting, the single currency Euro was under pressure. PEPP purchases might fall as low as 60 billion euros per month, according to investors, down from the current 80 billion. These predictions have kept the Euro somewhat supportive, and losses in the EUR/USD currency pair have been restrained.

Market risk sentiment was also harmed by growing fears that the coronavirus's accelerated spread would stifle the economy's recovery. Because of the risk-off market sentiment on Wednesday, the riskier currency pairs were under pressure for the day, and the EUR/USD pair was also under pressure.

EUR/USD Intraday Technical Levels

Support Resistance

1.1792 1.1842

1.1772 1.1872

1.1742 1.1893

Pivot Point: 1.1822

EUR/USD - Technical Outlook

The EUR/USD is trading bearish, holding below a pivot point level of 1.1821. On the hourly timeframe, the pivot point is a resistance for the EUR/USD price at the 1.1821 level. Below this, the EUR/USD is exhibiting a bearish bias and is gaining immediate support at the 1.18016 level. A breakout below the 1.18016 level exposes the EUR/USD pair towards the following support areas of 1.1792 and 1.1770. Furthermore, the breakout of the 1.1772 level exposes the pair towards the next support area of the 1.1743 level.

On the other hand, the breakout of a resistance level of 1.1821 exposes the EUR/USD towards 1.1840 and 1.1870 levels. Since the EUR/USD is holding below the pivot point, the bearish bias dominates below 1.1821 and vice versa. All the best.

Bitcoin Supported Over 45,933 Pivot Point

After reaching a high of $52,888.0 and a low of $43,347.0, the BTC/USD pair was closed at $46,778.0. The BTC/USD fell below $44,000 for the first time in a month due to El Salvador's new Bitcoin Law. The sharp drop in BTC/USD could be attributed to profit-taking by BTC holders on Tuesday, shortly after El Salvador moved forward with the acknowledgment of the digital currency as legal tender in a landmark decision. Investors were wary of the move, which could have substantial implications for global adoption.

The big sell-off in BTC/USD occurred during President Bukele's first national Bitcoin day in El Salvador. The government offered all residents who downloaded Chivo, the government's BTC wallet, $30 in BTC. On Tuesday, the wallet software was in such high demand that the site went down for a time, providing evidence of the bitcoin frenzy in Central America.

El Salvador's Bitcoin Day was supposed to be highly favorable for the cryptocurrency, as several worldwide supporters, including President Bukele, had committed to buy $30 worth of Bitcoin on Tuesday to show their support for the country's courageous decision. The sharp drop in Bitcoin prices was unanticipated, and Bukele made no apologies for blaming it on IMF and World Bank activities.

The International Monetary Fund had previously rejected Bukele's plan to make Bitcoin legal tender on macroeconomic, financial, and legal grounds. Similarly, the World Bank has refused to assist El Salvador in implementing the Bitcoin Law. When BTC/USD values unexpectedly fell on Tuesday, Bukele and others accused the IMF and World Bank of manipulating the market to portray his policy idea as a failure in the press.

However, several observers attributed the abrupt drop in BTC/USD prices to numerous investors' huge liquidation of long holdings to enter the alt-coins market, which had recently taken a beating. Meanwhile, Bitso, a Mexican crypto exchange, has announced that it would be the exclusive crypto service provider for Chivo, El Salvador's official Bitcoin wallet. Along with Silvergate Bank, Athena Bitcoin, and Algorand, the company announced on Tuesday that it would help build a state-backed BTC wallet.

Furthermore, Visa's Vice President stated the company's plans to integrate crypto assets into its platform for use as both a payment and a store of value. The CEO of Brazil VISA, Fernando Teles, outlined the concept of tokenized payments. At the same time, an API is meant to bridge the gap between traditional financial institutions and cryptocurrency businesses. The VISA aims to incorporate Bitcoin and other crypto payments in Brazil; however, this news failed to stop BTC/USD from falling.

BTC/USD Intraday Technical Levels

Support Resistance

42454.0 51995.0

38130.0 57212.0

32913.0 61536.0

Pivot Point: 47671.0

BTC/USD - Technical Outlook

On Thursday, Bitcoin is trading with a neutral bias as it was consolidating above a pivot point trading level of 45,933. Overall, Bitcoin has triggered a bullish bounce off after testing the support level of 42,985 on several occasions. At the moment, Bitcoin is gaining strong support at the 45,933 level, and above this, the next resistance prevails at the 47,462 level.

The bullish break out of the 47,462 level exposes Bitcoin prices towards the next resistance level of 48,842. At the same time, a breakup of the 48,884 level would likely expose Bitcoin prices to the next resistance level, which is the 50,413 level.

Looking at the 4-hours timeframe, the leading technical indicator, Stochastic, is holding on to a bullish zone. At the same time, the 50-period exponential moving average supports the selling trend in the Bitcoin prices.

Currently, Bitcoin is forming Doji and Spinning top candlesticks above the 45,933 level, which means indecision among investors. Therefore, the bullish past remains strong above the 45,933 level and vice versa. All the best

Bullish Greenback Triggers Sell-off in Gold

After hitting a high of $1829.40 and a low of $1793.95, gold prices settled at $1797.55. Gold continued to lose ground, falling below $1800 for the third straight session. Gold fell more than 1.5 percent in a single day, its most significant intraday decrease in a month, as demand for the US dollar increased and Treasury yields increased.

The US Dollar Index (DEX), which measures the dollar's value against a basket of six major currencies, ended a seven-day losing trend by rising 0.5 percent to 92.5, recouping some of its prior losses. The yield on the benchmark 10-year note in the United States also rose on Tuesday, reaching 1.38 percent, its highest level since mid-July. The desire for safe-haven gold was stifled by a stronger dollar and rising US yields, pulling gold prices below $1800.

Gold slid further from its two-and-a-half-month high set on Friday, following a shockingly weak August payroll data that fueled speculation that the Fed may delay the tapering of its bond purchases. The market's attention has now shifted to the European Central Bank's meeting on Thursday, where officials are expected to begin debating whether or not to begin pulling back stimulus measures as the eurozone economy recovers from the pandemic.

Gold is seen as a safe haven against currency depreciation and inflation due to significant stimulus efforts. The prospect of central banks reducing their stimulus measures throughout the world hurts bullion's appeal, and gold has fallen as a result. Another factor contributing to the precious metal's decline could be the market's nervousness due to gold's failed attempt to break above its primary area of resistance around the $1835 level.

Nevertheless, as per Johns Hopkins University, the total number of people infected with the coronavirus has surpassed 221 million, with a mortality toll of over 4.57 million. With 40 million cases of the disease and approximately 650,000 deaths, the United States leads the globe. Only 53% of the country's population is fully vaccinated against COVID-19, putting the remaining 47% at risk of serious disease and death. For the first time since March, the country was averaging more than 1500 deaths each day, according to a New York Times tracker, and the daily case count has surged fivefold since the beginning of August.

For the first time since March, the nation was averaging more than 1500 deaths each day, as per a New York Times tracker, and the daily case count has surged fivefold since the beginning of August.

The Fed refrained from providing a firm schedule for the withdrawal of stimulus measures due to the poor developments on the coronavirus front in the United States. The development of the Delta form of coronavirus has triggered the country's third wave, which has impacted the country's job market and weighed on the dollar. Despite these unfavorable developments, the dollar managed to stay green for the day despite the lack of macroeconomic data and continued to weigh on the precious metal.

GOLD Intraday Technical Level

Support Resistance

1784.54 1819.99

1771.52 1842.42

1749.09 1855.44

Pivot Point: 1806.97

GOLD - Technical Outlook

On Wednesday, the precious metal gold was trading with a bearish trend at the 1,799 level. Taking a look at the 4-hour timeframe, the precious metal gold is holding in an oversold zone, which means that the investors are getting exhausted, and the bulls may enter the market very soon.

Gold is facing immediate support at the 1,792 level, and a bearish breakout of this level exposes gold prices towards the next support level of 1,781 and 1,769. On the other side, gold's immediate resistance stays at the 1,804 level, and in case of a bullish breakout, gold prices will be exposed towards the next resistance level of 1,816 and 1,827 levels.

In the 4-hour timeframe, gold has violated an upward trendline, suggesting a solid bearish market trend. Furthermore, since gold has entered the oversold zone, we can expect a slight bullish correction in the precious metal today. Lastly, let's watch the 1,804 level as bullish bias dominates above this and vice versa. All the best!

Upward Trendline Breakout at 1.1850

After hitting a top of $1.1885 and a low of $1.1837, the EUR/USD pair was settled at $1.1839. The EUR/USD pair fell for the second day in a row on Tuesday as the US dollar regained momentum.

The United States did not release any macroeconomic data on Tuesday, leaving the dollar to continue the market trend. On the benchmark 10-year note, the yield rose sharply to 1.38 percent, its highest level since mid-July, helping the greenback find demand. The US Dollar Index increased by around 0.5 percent to 92.5, putting more pressure on the EUR/USD currency pair.

The single currency was under pressure on the European side due to lower-than-expected ZEW Economic Sentiment from the Eurozone and Germany, which highlighted the Eurozone's dismal economic health and weighed on the Euro. However, during the second quarter, the bloc's GDP showed a significant increase, which the single currency could not benefit from due to high negative pressure.

In July, the German Industrial Production stayed unchanged at 11:00 GMT, despite a 1.0 percent increase predictions. The ZEW Economic Sentiment Index for September fell to 31.1 from 35.3 expected at 14:00 GMT, weighing on the single currency Euro and adding to the EUR/USD decline. The German ZEW Economic Sentiment Index fell in September, reaching 26.5 versus a projection of 30.2.

The Final Employment Change for the quarter jumped to 0.7 percent, beating expectations of 0.5 percent, and bolstered the Euro, preventing additional losses in the EUR/USD. The quarter's revised GDP increased to 2.2 percent, up from 2.0 percent expected, bolstering the Euro and limiting the decline in EUR/USD prices.

The market's attention has switched to the European Central Bank's upcoming monetary policy meeting, planned for Thursday this week. Investors expect the ECB to report slower PEPP purchases in Q4 due to strengthening economic circumstances in the EU. On the other hand, investors were wary of placing big bids in the riskier currency combination EUR/USD ahead of the meeting, putting the pair under pressure for the rest of the week.

EUR/USD Intraday Technical Levels

Support Resistance

1.1823 1.1871

1.1805 1.1903

1.1774 1.1920

Pivot Point: 1.1854

EUR/USD - Technical Outlook

The EUR/USD is trading bearish, holding below a pivot point level of 1.1841. On the hourly timeframe, the pivot point is working as a resistance for the EUR/USD price at the 1.1854 level. Below this, the EUR/USD is exhibiting a bearish bias and is gaining immediate support at the 1.1836 level. A breakout below the 1.1836 level exposes the EUR/USD pair towards the next support areas of 1.1820 and 1.1804. Furthermore, the breakout of the 1.1804 level exposes the pair towards the next support area of the 1.1775 level.

On the other hand, the breakout of a resistance level of 1.1852 exposes the EUR/USD towards 1.1868 and 1.1885 levels. On the 4-hour timeframe, the pair has violated an upward trendline resistance at 1.1840. Thus, the bearish bias dominates below 1.1850 and vice versa.

All the best.