DIFX DIVE: This Week in Markets


Last week, Fed Chair Jerome Powell’s speech was more dovish than expected. This sent the Dollar falling when the FOMC Minutes were released on Wednesday. 

On Friday, Non-Farm Payrolls data was much higher than expected as more jobs were created in the US economy than forecasted.

In today’s DIFX Analytics, we’re going to look into the following assets:

Bitcoin/US Dollar (BTC/USD)

Bitcoin is bearish toward the support level at $22,400.

RSI has fallen to the 60 range as price action slides.

We predict the support to be tested short term and if broken, a move for $20,600 seems possible.

Long term trend is still bullish but after jobs data came out stronger than expected last Friday, the Dollar is gaining against Bitcoin.

The Dollar Index (DXY)

The Dollar Index is trading bullish at the $103.24 level. 

RSI has pushed over 50 on the daily chart.

Jobs data was a massive miss and FX markets have reacted to this. The dollar should remain bullish until $104.05 is hit.

Euro/US Dollar (EUR/USD)

EUR/USD is bearish as it sits at $1.0764.

We anticipate further declines at the start of the week as the markets absorb the jobs data which contradicts the Fed’s tightening.

RSI has dropped below 50 on the daily chart. We should see some consolidation at the 50-day EMA around $1.0667.

Gold/US Dollar (XAU/USD)

Gold is trading at $1870 at the time of writing as it slides from highs of $1959.

We expect price action to fall until the support level at $1662 is tested. If this support is broken then the next key area to look out for will be $1824.

Gold is bearish since Friday’s non-farm payrolls sent the Dollar soaring.

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DIFX shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee, or implication by DIFX that the forecast information will eventuate, that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses in particular if the conditions or assumptions used for the forecast or mentioned in the analysis do not eventuate as anticipated and the forecast is not realized.

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