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Ripple Turns Bullish, AUD Erases Gains


Oct.04.2017

Ripple, Australian Dollar Update: While the US dollar corrected its losses on Thursday's Asian session, Ripple and AUD were the winners of the battle. Both XRP/USD and AUD/USD showed strong bullish sentiment after days of consolidation.

 

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After consolidating for a few days, Ripple showed a strong bullish sentiment against the US dollar on Wednesday, forming a morning star candlestick pattern on the daily time frame. The Ichimoku Kinko Hyo’s fast moving average, the Tenkan line, has also crossed above the slow moving average, the Kijun line, which indicates our second bullish signal for the XRP/USD pair. The future Ichimoku cloud remains flat and slightly bearish.

Ripple XRPUSD Strong Bullish Sentiment Ripple XRPUSD Strong Bullish Sentiment

With that, we could expect Ripple to continue its range within the medium-term resistance and support levels of 0.2591 and 0.17 in the foreseeable future. 

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Ripple CEO Talks up XRP

The surge happened as an interview with Ripple’s CEO, Brad Garlinghouse,  resurfaced on Forbes, talking about what sets Ripple apart from other cryptocurrencies, and its future. He said some of their customers are already in the early stages of using xRapid, Ripple’s XRP liquidity solution. According to Garlinghouse, payment providers and banks can use XRP to fund their payments on demand, without intermediaries, at a cost that is less than half of the current cost.

 

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Forex Update - AUD/USD Bottoms Out Ahead of Aussie Trade Balance


Wednesday data showed the US services PMI increased to its highest level in more than 12 years, boosting the likelihood that the Federal Reserve will raise rates at its December meeting. On the news, the USD corrected its intraday losses against some of its counterparts. However, the AUD wasn’t one of them. The AUD/USD pair seemed to have bottomed out ahead of today’s Trade Balance data release during the Sydney session. However, the bullish sentiment was short-lived as almost all Wednesday's gains were erased during Thursday's Asian session.

Despite this, the pair has been unable to break below the daily Ichimoku cloud. It formed a morning star bullish reversal candlestick pattern right at the 50% Fibonacci Retracement level of 0.7814 before the most recent losses.

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AUDUSD forms morning star bullish reversal inside Ichimoku cloud AUDUSD forms morning star bullish reversal inside Ichimoku cloud

 

Coming up on the Economic Calendar ...

The ECB account of the monetary policy meeting at 11:30 AM GMT will be the main event during Thursday’s London session, followed by the US weekly jobs report and trade balance at 12:30 PM GMT. The US Durable Goods Orders will be up next at 2 PM GMT, expected to remain unchanged.

 

On Friday, the German Factory Orders (AUG) will be out first thing during the London session today at 6 AM GMT, followed by the UK Unit Labor Costs (2Q) at 8:30 AM. During the New York session right at 12:30 PM, we have a data dump from the US and Canada including Canada’s Unemployment Rate (SEP) and the US Change in Non-farm Payrolls (SEP) and Unemployment Rate. The unemployment rate of both the US and Canada are expected to remain unchanged, at 4.4% and 6.2% respectively. Market players only expect that a net of around 85K jobs were created in September in the US, down from August’s 156K uptick. Needless to say, the combination of the data could create volatility in both USD and CAD crosses.

 

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