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Chinese Premier Li Keqiang spoke on stabilizing supply chains, commodity prices

September 19, 2021 00:56   Forexlive Latest News   Market News  

State media in China, Xinhua, with the article on remarks as Li Keqiang toured  Guangxi province in the south of the country. 

Plenty in the report is familiar, he said the Party would

  •  vigorously promote reform and opening up, maintain economic operations within a reasonable range, form a more stable industrial chain supply chain
Bloomberg (may be gated) have a piece up on it also, where they add the government will continue to try to stabilise commodity prices.
An example of this is release of oil from reserves. China has also taken other steps in commodity markets to seek stability. 
State media in China, Xinhua, with the article on remarks as Li Keqiang toured  Guangxi province in the south of the country. 

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XRP price can add another 20% gains

September 19, 2021 00:26   FXStreet   Market News  

  • XRP bulls entered last week and halted the bear-run from $1.42.
  • Buyers are trying to push the price back above $1.09. 
  • A weekly close above $1.09 would spell 20% gains in the coming two weeks.

Ripple (XRP) bulls have been very patient before getting in the price action. After the lateral move for three weeks, sellers took control at $1.42 and made buyers quickly book gains. XRP bulls are now returning with a solid technical play upwards and going for the retest at $1.42.

Ripple price action is favoring bulls and sets $1.42 as a profit target

Ripple sellers got stopped in their tracks and got halted from any further gains at $0.93. Around that level, bulls started to pick up XRP again as the 200-day Simple Moving Average (SMA) offered a good base for a long. This way, the rally got formed, and the green ascending trend line acts as the backbone of that rally. Price action in XRP is getting pushed further upwards and is breaking above $1.09. This brings the bulls back in the range trading place where XRP’s price action was stuck for almost a month.

XRP/USD weekly chart
XRP/USD weekly chart

It will be essential for the price action in XRP that bulls can close the week above $1.09. This will confirm the soundness of the rally and will add doubting buyers to pull the trigger and get in for a long to that $1.42. Sellers on their side do not have many levels where they can go for a short entry. Around $1.36, some resistance could occur, where sellers will try to stop the retest of $1.42. With their access at $1.36 and their stops placed above $1.42, bulls will have the advantage to build momentum and price action could be translated in a quick pop higher as those stops will be ran, up to $1.50.

Should sentiment turn for the worse during the weekend, wait for the green ascending trend line break. This would confirm that bulls are backing off, and sellers will flock in on the signal when the green ascending trend line breaks. In that case, expect a run towards $0.78, which falls in line with the monthly S1 support and has not yet shown its support for this month.

 

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Cardano bulls aim for $3.16 but ADA remains stuck in tight range

September 18, 2021 22:45   FXStreet   Market News  

  • Cardano price action is in the middle of the monthly price range.
  • Further price action is in favor of ADA bulls that have a few technical signals on their side.
  • By the end of September, ADA price action can be back at $3.

Cardano (ADA) is on a weekly bounce off the $1.90 level and hitting $3.16 as the high for this year. The weekly price action is right in the middle of this range, but bulls have a few elements in their corner as an incentive to stay in their positions and run prices up back towards $3.16.

Cardano has cooled off and looks ready for the next leg higher

Cardano buyers were very patient last week until the opportunity occurred to build a long position in ADA. Sellers ran prices down towards $1.89, a level that has proven its importance on past occasions. It acted as the launching point on August 16 for the rally that lasted for two whole weeks. After sellers were able to run prices down, it did the rally some good as price action was getting overheated and indicators started to flash warning signs on being overbought. 

With the bounce off that $1.89 level, the rally since July got a green ascending trend line formed and is acting as a reference point now for both buyers and sellers. A retest of that trend line might still be in the cards, but it will most likely attract more buyers as a means of entry for those who missed the entry last week at $1.89.

ADA/USD weekly chart

ADA/USD weekly chart

The bull rally is still intact as long as this weekly candle can close above the green ascending trend line. Expect not many countermoves from sellers as there is no real solid entry point for them for the moment. Once price action should ramp up to $2.74, that might hold some resistance but be very short-lived. Once there, bulls will charge in full size for the push towards $3 and $3.16 with the retest of the high for this year.

If market sentiment would turn in ADA, sellers would gain control if the green ascending trend line would break. For there, sellers will try to push price-action back down towards $1.89 for a third test.

 

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Litecoin bulls must hold $180 or bears will push LTC price to $140

September 18, 2021 08:05   FXStreet   Market News  

  • Litecoin price rejected from moving above $200.
  • Head-and-shoulders pattern warns of strong moves lower, surpassing August lows.
  • Oscillator values void any near-term support holding.

Litecoin price has not done very well since the false report on Walmart accepting Litecoin news came out on Monday. Despite the fake news, many bulls and bears thought there might have been some strong follow-through higher, but the past two trading sessions have resulted in lower closes and the development of a very bearish reversal pattern: the head-and-shoulders pattern.

Litecoin bulls possibly led to slaughter, -23% drop from the Friday open in play

Litecoin price faces increasing selling pressure if it can’t maintain the $180 value area. $180 is vital to Litecoin because it represents the 2021 VPOC (Volume Point-Of-Control) in the Market Profile indicator. The Market Profile measures volume horizontally rather than vertically. Traditional volume measurements commonly seen below candlesticks measure the amount of something traded during a particular time, but Market Profile measures how much was traded at a particular price. In other words, $180 is where the most amount of trading of Litecoin has occurred in 2021. It’s a powerful support and resistance level, and it is that level that bulls are attempting to defend.

LTC/USD Daily Ichimoku Chart

Below $180, the volume profile thins out, and it is easier for Litecoin to move lower than to move higher. Drawing a Fibonacci expansion from the September 5th high to the September 8th swing low shows the 100% expansion level at $142.40. That is right on top of the 61.8% Fibonacci retracement level, which has the same value. Within the volume profile, $140 is the top of a high volume node, adding strength to the support of the two Fibonacci levels.

The bearish outlook will be invalidated if three conditions are met. First, the daily must close above the Tenkan-Sen and Kijun-Sen –around the $204 value area. Second, the Lagging Span needs to trade above the candlesticks – in the $200 value area. Third, the Relative Strength Index needs to slope up and away from the level 50 zone.

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MATIC price has more legs up as Polygon buyers step in

September 18, 2021 07:05   FXStreet   Market News  

  • Polygon price action has been on the ascent since the correction on September 7.
  • Bulls are struggling to overcome a trend line that should be helping them.
  • Pop to the upside should favor the bulls and contain 12% gains if the monthly pivot can hold.

Polygon (MATIC) is recovering after losing 37% of its value on September 7. Since then, Matic was able to recover about two-thirds of that. But there is an obstacle in the way that in the past helped buyers as a supportive element. Buyers look bleak in their attempts to push MATIC above the yellow ascending trend line. A break higher should open up another 12% gain in price action for Polygon.

Polygon price need to pick up the pace

Polygon is a bit stuck for its next move as the ascending triangle is in their favor. Buyers have had a difficult time in making recovery work for Polygon. It was only since Thursday that MATIC had a daily close above the monthly pivot at $1.34. This pivot now should act as support and attract buyers to defend this level from a dip below. In the meantime, adding a new volume to the trade could do the trick of pushing MATIC above the orange ascending trend line originating from March 22. Granted that the trend line has been chopped up a bit in the past sessions, but the bodies of the candles are struggling to get above that trend line.

MATIC/USD daily chart

MATIC/USD daily chart

Once price action in Polygon can go and stay above the orange ascending trend line, expect a further run higher toward $1.57. If buyers can refrain from booking too much profit, there might even be another leg higher to $1.75. Then MATIC will have had a complete recovery, and the correction from September 7 erased and made good.

On the other hand, sellers will jump on the occasion to push price action downwards with the struggle buyers have to break the ascending orange trend line. Sellers will try to defend and will go for the rejection in price action. A break of the green ascending trend line can make price action drop again toward low levels near $1, which would bring MATIC back to the lows of September 7.

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Shiba Inu price is in for a treat with 45% upside potential

September 18, 2021 07:02   FXStreet   Market News  

  • Shiba Inu has been on a tear since Thursday. 
  • Bulls will have more upside insight as sellers have no entry points for opposing forces.
  • The first target lined up is $0.00001115, which already counts for 26% of gains.

Shiba Inu (SHIB) is surfing on a favorable tailwind and has washed sellers out of their positions, with stops being run. Buyers were in for a rocket launch to the moon, and the trip did not look to be halting anytime soon. With the monthly R1 resistance level at $0.00000900, buyers will want to book some profit, and new buyers will want to average in on a new trade.

Shiba Inu is offering bulls who came too late to the party another entry

Shiba Inu’s price action shot through the roof Thursday and hit the high from August 17, near $0.00000950. This way, SHIB is forming a double top and an incentive for bulls to do better. Buyers will have already booked quite some substantial profit, so the risk is now that this rally could quickly start to fade. A medium-term descending trend line might do the trick to keep buyers in check and add a new volume to the rally. This trend line originates from May 24, and the high of August 17 acted as one of its conformation points. A minor short-term correction is normal as price action in Shiba Inu is overheated. Buyers who want to join the party will use this short-term cooldown as an entry to load up on Shiba Inu coins.

SHIB/USD daily chart

SHIB/USD daily chart

Once buyers are ramping up price action again in SHIB, expect a re-break of that double top that only holds intermediary importance. From there, not much in the way for another leg higher toward $0.00001110 to $0.00001115. Here Shiba Inu will start to show signs of the rally slowing down again, as this is both a historical zone and the monthly R2 resistance level will try to cap any further upside. The holy grail of profits for the bulls will await around $0.00001215. This region, however, will be the absolute stop as SHIB price action has two historical levels here and the monthly R3 resistance level is all but inches apart from them. Expect this region to be the ultimate stop for this rally, and sellers will then take over. 

If the rally fades earlier, expect a retrace toward $0.00000760. That will still hold some importance as a baseline, and buyers will want to avoid falling back in the range trade where SHIB was stuck in for almost a whole month.

 

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XLM price aims for bullish breakout to $0.40

September 18, 2021 07:02   FXStreet   Market News  

  • XLM price action has been on the ascent since the correction on September 7.
  • Buyers are showing themselves in the price action with higher lows and higher highs. 
  • Price action squeezed against the descending side of the triangle looks ready for the breakout to the upside.

Stellar (XLM) is making a solid partial recovery and looks to fully recover from the crash on September 7. Price action has already recovered 50%, and bulls are charging for recovering the other half. Although still stuck in a bearish triangle, bulls are flocking together for the overhaul. 

XLM price is grouping and building momentum

Stellar’s recovery has been a quick one. On September 8, already a third was recovered in the opening of that trading session after XLM had shed 37% of its value. Since then, buyers could count on the $0.30 level that originates from June 20 and has shown its importance on several occasions on both the downside and the upside. It looks to be in play again in the price action for Stellar. Buyers scooped up XLM in two solid tests of support at $0.30. Since then, XLM is slowly but surely trading higher with higher lows and higher highs. 

In its way, for now, is the red descending trend line from September 10. Bulls got rejected at session’s high that day, and price action bounced off the green ascending trend line. This way, a bearish triangle is formed with a $0.30 support level as the base and the red descending trend line on the descending side. Price action is getting brushed against the descending side and looks ready for the pop higher.

XLM/USD daily chart
XLM/USD daily chart

Expect Stellar after the break to go for a retest of the green ascending trend line. As that line already showed its resistance, expect sellers to stand ready to block any attempts from bulls to break above it, though sellers might be in a bit of trouble there. As that green ascending trend line is not that far off $0.41, expect bulls not to book any profits until they reach that level. This will wash out any sellers and clear the path for $0.41, even $0.42 in a quick hit-and-run.

Should sentiment roll over in the markets for Stellar and turn toward risk-off, expect a trend down toward $0.30. Sellers will squeeze buyers out of their longs and go for a run of the stops buyers placed below $0.30. Once that happens, buyers will not be present until $0.26, where the monthly S1 support level is yet to prove its support and importance.

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United States CFTC Gold NC Net Positions climbed from previous $206K to $207.8K

September 18, 2021 06:51   FXStreet   Market News  

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Japan CFTC JPY NC Net Positions up to ¥-60.3K from previous ¥-62.3K

September 18, 2021 06:49   FXStreet   Market News  

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If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

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Australia CFTC AUD NC Net Positions dipped from previous $-70.5K to $-83.4K

September 18, 2021 06:49   FXStreet   Market News  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

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United Kingdom CFTC GBP NC Net Positions: £4.8K vs £-24.5K

September 18, 2021 06:45   FXStreet   Market News  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

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United States CFTC Oil NC Net Positions increased to 355.1K from previous 349.2K

September 18, 2021 06:45   FXStreet   Market News  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

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