AUDUSD Erased Gains | Ripple XRP Volatile on Gates Foundation News

Get Started With our Free masterclass

AUDUSD Erased Gains | Ripple XRP Volatile on Gates Foundation News

AUDUSD Erased Gains, Ripple XRP Volatile on Gates Foundation Software release: In Forex news, Mr. Aussie went pretty bullish last week but it started erasing some of the gains on Monday. In Cryptocurrency news, Ripple (XRP) saw crazy volatility on the news that Gates Foundation is using Ripple technology in a mobile payments software.

Positive Cryptocurrency News Makes Ripple XRP Volatile

Ripple XRP showed a crazy amount of volatility on Monday, testing above our resistance level of 0.2790 on the news that Bill and Melinda Gates Foundation has released new open-source software that utilizes technology developed by Ripple.The software is called Mojaloop, building off the Swahili word “moja,” which means “one”.

Other fintech developers besides Ripple include  Dwolla, ModusBox, Crosslake Technologies and Software Group. Mojaloop is designed to provide a reference model for payment interoperability between banks and other providers across a country’s economy. It is available now, free-of-cost, for software developers to adapt and banks, financial service providers and companies to implement, according to a statement released by the Gates Foundation.

Looking for Investment Strategies? Join Here. 

In other news, former Federal Reserve chairman Ben Bernanke appeared bullish on the blockchain industry as he spoke at Ripple’s Swell conference in Toronto Monday. He called out Ripple by name, saying that he’s read about the company’s work and thinks that any effort in payments to reduce cost, improve accuracy, speed, and reliability and “bring the global economy closer together” is a good thing.

Technical XRP/USD Points: Despite the earlier gains on the news, XRP/USD saw sharp declines in the second half of the day, something that could be attributed to profit taking among market participants after the pair hit a major resistance level for the young cryptocurrency.

Ripple XRP Volatile Above Ichimoku Cloud

XRP dropped back to the 38% Fibonacci retracement level of 0.2517 on Monday. This level has been supporting Ripple price in the past week as it continued a consolidation. XRP/USD remains above the daily Ichimoku cloud, with key support set at the upper band of the cloud and 23% Fibonacci level of 0.2233.

The future cloud appears to be turning bullish, with all other Ichimoku Kynko Hyo moving averages progressing in an upward movement.

Free MasterClass: 3 Secrets to Making Your Money Work for You

Forex Market Update: AUD/USD Erasing Gains

The AUD/USD pair tested our pivot level of 0.7862 last week, however, on Monday it erased most of the gains, testing below the daily Ichimoku cloud during today’s Asian session. Our support level remains at 0.7747. The RBA Oct. Rate Meeting Minutes are released during the Asian session, along with other low-impact data out of the Land Down Under. 

AUDUSD Erases Gains, Tests Below Ichimoku Cloud

On the Economic Calendar …

During the London session BOE’s Carney and Ramsden speak in a panel at 8:15 AM, and the UK’s Consumer Price Index  (SEP) will be released shortly thereafter, at 8:30 AM GMT. Euro-Zone and German ZEW Survey (Economic Sentiment) (OCT) will be up next at 9 AM GMT, and later  BOE Governor Carney Testifies to Lawmakers at 10:15 AM. The combination could create volatility across the EUR and GBP crosses. During the New York session, the NAHB Housing Market Index (OCT) will be out at 2 PM GMT which could move the USD crosses.

Join Premium Investing Group for Strategies on Forex, Stocks, ETFs and CryptoCurrencies