If interest rates continue to drop, then it’s possible that we could see a crypto rally.

• The Ethereum market has rallied a bit during the trading session on Thursday as we continue to see a little bit of bullish pressure.
• It looks like we are going to continue to swim upstream.
• The Ethereum market did give back quite a bit of the gain by the end of the session though, so it looks like we might be setting up for a shooting star to form.

That shooting star would be at the “perfect level, with the $2000 level being a massive resistance barrier. If we were to break above the $2000 level, then it’s possible that the market could go much higher. If we break above the $2000 level, then there’s a lot of psychology that goes into that move, suggesting that Ethereum is going to continue to break much higher. At that point, it’s likely that the market will enter a new bullish trend.

On the other hand, if we were to turn around and break down below the $1800 level, then the market could go down to the $1700 level initially, perhaps down to the $1400 level after that. After all, we have seen a nice run to the upside, mainly due to the idea of upgrades coming to the Ethereum network and moving right along. The idea is that Ethereum will be much more efficient and quite a bit cheaper as far as gas fees are concerned, and therefore makes it a bit more viable.

That being said, Ethereum is still pretty far out on the risk appetite spectrum, so we need to have more of a bullish market when it comes to risk in general. While we are not going to be overly bullish for the long term unless we get some type of help, which the market is currently trying to glean from the Federal Reserve. If interest rates continue to drop, then it’s possible that we could see a crypto rally. That being said, Ethereum clearly is the leader as far as a layer one solution is concerned, second only to Bitcoin. If Bitcoin starts to rally, then it’s likely that we will see Ethereum rally right along with it. However, if Bitcoin starts to sell off, that could be very negative for this market as well. Keep in mind that there is a high correlation between the two markets.

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After trading near highs early this week not seen since the third week of June, the NZD/USD currency pair has started to look technically bearish again.

The NZD/USD is mirroring results seen in many Forex spheres the past two days of trading; suddenly the USD has gotten stronger again.  As of this writing the NZD/USD is trading near 0.62900, which is actually close to interesting resistance up above.

If the 0.63000 mark gets challenged and sustains value above, this could be taken as a sign by some technical traders that additional buying action may ensue. However, traders may want to remain realistic regarding their upwards targets and keep their ambitions rooted with solid risk management, including take profits that cash out winnings before the potential of downturns following.

USD/NZD may have additional territory to Explore Downwards in the Near Term

On the 2^nd of August the NZD/USD was trading fractionally higher compared to today, and the 0.63000 level started to become resistance technically.  Prior to this on Monday the 1^st of August the NZD/USD was traversing near the 0.63540 ratio before losing ground, the last time those highs were seen was on the 21^st of June. However, before traders become convinced the long term bearish trend of the NZD/USD is about to vanish completely, they should understand the global economic climate remains challenging. The sudden downturn of the NZD/USD may prove durable in the near term.

The Move Higher in the NZD/USD has lost Power and Resistance is beginning to Flourish

If the value of the NZD/USD remains under the 0.63000 level for a sustained amount of time today and head’s into tomorrow with tests of support levels, this could spur on further downside momentum. Traders hoping for reversals upwards should be willing to look for quick hitting positions.

From a risk reward scenario near term in the NZD/USD, there appears to be reasons to suspect nervous sentiment is again building, and a risk of more selling pressure could emerge. Traders may become nervous as ‘chirping’ from U.S Federal Reserve officials have been quick to point out this week they believe more interest rate hikes are needed, not only one more in September.

Technically if the 0.62790 mark begins to falter, additional selling may build which could create a quick test of yesterday’s ratios near the 0.62600 to 0.62500 to be exhibited. Traders should expect some volatility for the NZD/USD the next two days of trading as financial houses continue to search for equilibrium in rather unclear Forex conditions fundamentally, which are bound to cause choppy conditions.

NZD/USD Short Term Outlook

Current Resistance: 0.62998

Current Support: 0.62790

High Target: 0.63185

Low Target: 0.61940

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Speculative traders of DOGE/USD took the cryptocurrency to above 7 and three quarter cents on the 27^th of June, since then Dogecoin has lost value.

DOGE/USD is trading above 6 and half cents in early trading this morning.  One of the darlings of speculative bettors, DOGE/USD managed to produce a rather impressive run higher last week. On the 18^th of June DOGE/USD was trading slightly below the 5 cents ratio and on the 27^th Dogecoin suddenly found itself near 0.07850000. The move higher was a wildly successful gain in value from a percentage viewpoint for short term buyers who caught the positive move upwards.

However, the past few days of DOGE/USD have seen speculative elements who were buying start to loss power and disappear.  Like the broad cryptocurrency market which DOGE/USD reflects, the cryptocurrency has seen values begin to incrementally drop and support ratios once again come into view. The long term bearish trend DOGE/USD has suffered from is still strong, and technical perspectives likely do not look positive to many speculators presently.

If DOGE/USD is not able to topple current resistance which appears to reside slightly below 7 cents and the broad cryptocurrency market remains fragile, there is reason to suspect another round of selling could develop for Dogecoin sooner rather than later. Certainly the reversal higher produced starting on the 18^th of June until the 25^th are stark reminders upwards movement can occur, but skeptics may believe the selling which began to show strength again a couple of days ago may continue near term.

If support near 6 and half cents begins to falter, DOGE/USD could certainly find the 6 and a quarter cents ratio is a target quickly.  The last time DOGE/USD traded near the 6 and a quarter cents ratio with a sincere amount of price action was on the 23^rd of June. This price level could prove crucial for traders, because if it should suddenly prove vulnerable the 6 cents target could be legitimate for speculative selling targets.

DOGE/USD continues to prove a good behavioral sentiment barometer for the broad cryptocurrency market. Dogecoin’s upward mobility in the recent past is intriguing because it may have been a speculative push higher, produced by big bets based on the notion support under five cents could be durable for a while. However, the long term bearish trend in the cryptocurrency is still strong and DOGE/USD may prove to be a worthwhile selling wager for the near term. There appears to be room for DOGE/USD to traverse lower.

Dogecoin Short-Term Outlook

Current Resistance: 0.0698000

Current Support: 0.06440000

High Target: 0.07320000

Low Target: 0.05840000

Looking at this chart, I do believe that we will reach the highs eventually, although they may not be as parabolic as they had been previously. 

Gold markets rallied again on Wednesday as we continue to see plenty of bullish pressure. At this point, it looks as if the market is going to continue seeing a lot of bullish pressure, especially as inflationary concerns continue to be a major issue. Furthermore, the overall momentum to the upside has been sideways for a while, working off some of the excess froth in the market. Now that we have done that, we are ready to continue the overall uptrend.

The $2000 level above is a large, round, psychologically significant figure, and it will attract a certain amount of attention. However, we have sliced through it previously, so I do not necessarily believe that the $2000 level will be a major barrier. Once we get above there, it is likely that we will go looking towards the highs again. There is nothing on this chart that remotely suggests that we should be short of gold, and I think that pullbacks will continue to be buying opportunities. Because of this, I think it is very likely that we will see plenty of people willing to support this market going forward. I believe that the $1950 level is a major support level, right along with the 50-day EMA which is currently sitting just below the $1920 level.

The US dollar has been rallying right along with the gold market, which is something that most people do not believe will happen. That is obviously not true, and all one has to do is look at the 1980s to see an example of when both went up at the same time. In an inflationary environment and a very “risk-off” environment, both of these markets can rally.

Looking at this chart, I do believe that we will reach the highs eventually, although they may not be as parabolic as they had been previously. Ultimately, this is a market that I think will continue to be one of the better performers, and I think it is difficult to imagine a scenario where you could be short. The market would have to break down below the $1880 level for me to think that the trend was over, which is obviously something that we will be seeing anytime soon, so I am only looking at the gold market from the upside.