#eurusd The euro has edged in a recovery higher in recent days, but there is a lack of conviction in the move. The medium term outlook remains decisively bearish and rallies remain a chance to sell. This has been the case since the decisive break down below support at $1.1505 a week ago. Subsequently, there is a band of overhead supply around the $1.1500 level and the tentative rebound on the pair is doing little to suggest there is a sustainable recovery underway that will change that outlook. Momentum indicators remain negatively configured, with the MACD and Stochastics still bearish, whilst the RSI ticking above 30 has lacked intent. The hourly chart shows resistance initially around $1.1430 and this looks to be an unwinding move that is renewing downside potential for a retest of the recent low around $1.1300. The next band of support is $1.1100/$1.1280.
Chart of the Day – #gbpaud Sterling continues to look like the ailing member of the forex majors and this is even the case against the Aussie dollar. GBP/AUD broke a series of support on the early August sell-off as the key 1.7390 June low was breached. A subsequent rebound has started to roll over again and as sell signals start to come through this is a chance to sell again. The rebound rallied the market to find resistance in the 100 pip band 1.7565/1.7665. A run of renewed bear candles suggests the momentum of this rally has now played out. The RSI has turned lower again around 50, the Stochastics are crossing lower again around neutral and the rebound has unwound to fail around the falling 21 day moving average again (currently 1.7599). Intraday rallies such as the one seen this morning now seem to be a chance to sell once more within the continuation of a there and a half month downtrend. This all sets up for a retest of the August low at 1.7280 and then potentially the old medium to long term pivot around 1.7100. Above 1.7655 would question the selling strategy, but a breach of the downtrend is needed to change the bearish outlook now.
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-UK Crypto Futures Exchange Adds Bitcoin Cash Contract
Crypto Facilities, the U.K-based crypto futures exchange and CME Group partner, is adding a bitcoin cash product to its offerings.
The firm announced Friday that it was launching the contract on its platform, which is regulated by the U.K. Financial Conduct Authority. Trading of the bitcoin cash future will begin at 4 p.m. British Standard Time (BST). The contract joins the company's existing bitcoin, ethereum, XRP and litecoin futures contracts. Investors can take long or short positions on bitcoin cash, "allowing them to broaden investment opportunities and hedge risk more effectively," according to the company.
Crypto Facilities CEO Timo Schlaefer told CoinDesk that "bitcoin cash is a top-five cryptocurrency by market cap so it was a logical next step to add BCH to our BTC, ETH, XRP and LTC futures offering." Schlaefer predicted that the offering would be popular with its customers, based on past interest in its other crypto futures, going on to say: "We have seen volumes as high as $180 million in a 24-hour period and have average daily volumes ranging from $20–60 million notional per day. We expect BCH to be as successful as our BTC, XRP, ETH and LTC futures that all trade in significant volume." "Since 2015 we have seen a steady increase in volume in the cryptocurrency derivatives space, with the past year seeing the highest growth so far," he added.
While Crypto Facilities does not have a U.S. branch, the firm partnered with CME Group to launch the latter firm's bitcoin futures contract last December.
To that end, Crypto Facilities powers two bitcoin price indexes – the CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index – that underpin CME Group's futures product.
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USD CHF moved as predicted. But we still waiting on eurusd sell to pay out. Sometimes you can make prediction and you wait longuer than expected. This month of August is really not the best month of the year. MARKET IS VERY SLOW. Can't wait to see how the next couple of months will be.
3 1715 minutes ago
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