Hi investors! Here’s your 5-minute overview of the forex, crypto, and stock markets. Remember that investing in the financial markets involves risk of loss. You should only invest the money that you can afford to lose. Make sure to calculate your risk tolerance before selecting the assets to invest in. Forex and crypto are especially high risk.
Forex Market Overview
Last week was an exciting week in the world of forex trading. Though the Federal Reserve decided to lower interest rates, effectively increasing the money supply, markets were still cautious due to signs that another interest rate drop was unlikely to occur. This week, we’ll pay close attention as many central bankers are expected to deliver major speeches.
We’ll also keep an eye on upcoming reports including industry reports, consumer confidence surveys, and other end of quarter updates. Meanwhile, despite Canada’s lack of upcoming reports, the Loonie has been kept afloat due to continuing oil tensions in the middle east.
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Europe’s currencies had a generally stable week last week, though new waves of Brexit uncertainty can be expected to deliver some trouble for the Pound. Stay tuned for pending updates coming directly from the Bank of England.
In Asia, we’ll pay close attention to a speech being delivered from the Bank of Japan. We’ll also monitor how the changing trade tensions between the US and China impact the global currency market. It will be a busy week for the world’s central banks as we prepare for the year’s closing quarter.
Crypto Market Overview
It was a bit of a disappointing week for Bitcoin, which finished the week about $300 lower than it started and dipped below the $10,000 mark for the first time since the beginning of the month. Bitcoin continued to fall during the day Monday, though its price still remains within a relatively contained range.
Elsewhere in the crypto community, IBM announced a willingness to work with Facebook in order to further develop blockchain technologies. This news comes as Facebook has been closely watched by regulators overlooking its new Libra project.
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The crypto industry has received increased attention from CEOs around the world, including a new look from Overstock’s Patrick Byrne. Many of today’s largest online retailers are pushing for added payment options just ahead of the holiday season. We’ll see how today’s top coins fair, especially with Bitcoin looking more than bearish usual.
Taking a Closer Look at BTC/USD
The BTC/USD on the daily chart is once again back to the 38% Fibonacci retracement level of 9,805. This Fibonacci traces Bitcoin’s uptrend that started in February and topped out in June of this year. The pair remains below the daily Ichimoku cloud and the future cloud remains bearish. If the current bearish momentum persists, we may revisit the 50% Fibonacci level of 8,604.
Many Bitcoin enthusiasts may identify this level as an awesome buying opportunity. I’d love to know if you’d buy Bitcoin at this level. Let me know in the comments.
In my book, Ichimoku Secrets, I explain how this could be an interesting buying opportunity provided you’re willing to take the risk. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.
Stock Market Overview
The Fed’s announcement had a lukewarm effect on the stock market, with most major indexes ending the week on a slightly negative note. Even though the markets heated up during the afternoon last Wednesday, their newfound momentum was largely lost by the closing bell.
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The Federal Reserve added about $50 billion to the financial system this Monday, which may give some traders a bit more flexibility. Traders are also reportedly more optimistic about the future, backing away from many of their August bets that heavily indicated a coming recession.
At the same time, incoming data from last week suggests that global growth may be beginning to stall. Developing deals between the United States and China will have a major impact on the future movement of global capital. We’ll keep you updated as this bitter trade battle continues to unfold.
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We’ll also pay attention to how oil prices continue to fluctuate and how changing interest rates will impact markets. That about it does it for this week’s news.
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Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.
#1 Best Selling Author. Helping you accelerate your retirement with Triple Compounding™ Former engineer on a mission to help 1 million households take control of their finances. Founder & CEO of Invest Diva.
