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Bitcoin is less than $400 from touching $112,000 and a fresh record high for the first time. It almost touched that level in May before stalling out and backing off to $98,000 in late June.
However the risk trade has notably improved lately and with Nvidia hitting a record high today, the bitcoin bulls have come out of hibernation. The quick $2000 move higher is a great sign for risk assets in general.
As for bitcoin, it’s blue skies technically if it can break above $112,000. Moreover, the consolidation essentially since December when it hit $103K for the first time has built a healthy base at a high plateau. I wouldn’t think that a push to as high as $140,000 is out of the question, particularly if we get that dovish pivot from the Fed, continued Nasdaq gains and a soft US dollar.
This article was written by Adam Button at www.forexlive.com.
Earlier today, Trump indicated that tariffs were coming on Brazil either later today or tomorrow. So far we haven’t seen them but on Liberation Day, Brazil was hit with a 10% tariff.
The US has a goods trade surplus with Brazil, which is what VP Alckmin is referring to. Nevertheless, it appears they’ve fallen under the gaze of Trump who just seems to like tariffs for their own sake at this point.
This article was written by Adam Button at www.forexlive.com.
Daily Pivots: (S1) 145.94; (P) 146.46; (R1) 147.09; More… No change in USD/JPY’s outlook as it’s still bounded in range of 142.66/148.01 and intraday bias remains neutral. On the upside, firm break of 148.01 resistance will resume the rise from 139.87 to 61.8% retracement of 158.86 to 139.87 at 151.22. However, break of 142.66 will […]
The post USD/JPY Mid-Day Outlook appeared first on Action Forex.
Daily Pivots: (S1) 0.7941; (P) 0.7968; (R1) 0.7983; More…. Outlook in USD/CHF is unchanged as consolidations continues above 0.7871. Intraday bias remains neutral at this point. While stronger recovery cannot be ruled out, upside should be limited by 0.8054 support turned resistance to bring another fall. Below 0.7871 will extend the larger down trend to […]
The post USD/CHF Mid-Day Outlook appeared first on Action Forex.
Activity in the forex market cooled today as traders adopted a cautious stance ahead of June FOMC minutes. With no major surprises expected, the minutes are unlikely to shift current expectations for a Fed hold at the July 30 meeting. That baseline has been reinforced by the latest shift in trade war dynamics, after US […]
The post Dollar Pauses as Markets Await FOMC Minutes, Overall Action Muted appeared first on Action Forex.
Daily Pivots: (S1) 145.94; (P) 146.46; (R1) 147.09; More… USD/JPY is still bounded in range of 142.66/148.01 and intraday bias remains neutral. On the upside, firm break of 148.01 resistance will resume the rise from 139.87 to 61.8% retracement of 158.86 to 139.87 at 151.22. However, break of 142.66 will bring deeper fall back to […]
The post USD/JPY Daily Outlook appeared first on Action Forex.
Nvidia shares reached $164.12 and in doing so topped $4 trillion of market capitalization. Getting above $163.93 took the market capitalization above that milestone level.
Meanwhile, the NASDAQ index is currently up 183 points or 0.89% at 20600.31. The high price reached 20603.77. The all-time intraday high price reached last week came in at 20624.51. The highest close ever was reached last week at 20601.10. The current price is pushing against that high closing level.
The S&P index needs to close above 6279.25 to closed at a new record level the high price today reached 6266.94 so far. The current price is trading up 41.33 points or 0.67% at 4267.09.
Shares of Nvidia are currently up 22% for the year.
This article was written by Greg Michalowski at www.forexlive.com.