The USD/CAD is trading near its higher levels last demonstrated in the middle of July as uncertainty has created nervous behavioral sentiment in Forex.

The USD/CAD is trading near the 1.30000 level as of this writing, the last time these values saw sustained trading was on the 18^th of July. On the 14^th of July the USD/CAD currency pair did trade briefly above the 1.32000 mark. The spike higher seen in the middle of July reflected broad Forex conditions as the USD gained against most other major currencies, and the USD is gaining again in the short term.

Late Last Week’s Climb in the USD/CAD Likely Triggered by Uncertainty in Financial Houses

While technical traders may be able to explain away the sudden lurch higher in the USD/CAD as a natural reaction due to support levels proving they were strong, there is plenty of reason to suspect fundamental conditions have caused the outbreak of buying being displayed in the near term. Uncertainty regarding the length of time the U.S Fed will maintain its hawkish interest rate policy is causing mayhem in Forex. The USD/CAD began its move upwards after the publication of the U.S Federal Reserve’s Meeting Minutes which had no clear answers for traders.

• Financial houses may be nervous the U.S Fed will not only raise interest rates in September, but follow this hike with more hawkish actions in the months afterwards.
• Resistance levels should be monitored carefully within the USD/CAD, the 1.30000 mark will serve as a strong indication for behavioral sentiment.

Current Price Levels Should be Monitored Closely by USD/CAD Speculators

The 1.30000 juncture in the USD/CAD saw trading above this ratio in early May, mid-June and the first two weeks of July. As questions again become inflamed regarding U.S central bank policy and the price of energy remains within the lower rungs of its value range taking the last seven months into view, the USD/CAD may continue to challenge the 1.30000 mark. The USD/CAD has seen volatility the past week of trading and speculators should use their risk management carefully.

While it may be tempting to believe the USD/CAD is overbought and a natural reversal lower will occur, the results from the last couple of days of trading are a sign behavioral sentiment is nervous. If sustained trading were to be demonstrated above the 1.30000 level, some traders may be tempted to target slightly higher price levels for quick hitting results. Marks of 1.30100 to 1.30200 may become legitimate wagers for speculators who believe additional buying is going to develop short term.

Canadian Dollar Short Term Outlook:

Current Resistance: 1.30085

Current Support: 1.29800

High Target: 1.30550

Low Target: 1.29400

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It’s not until we clear the 1.06 level that I would consider buying the Euro.

The Euro bounced ever so slightly during the trading session on Wednesday as the FOMC Meeting Minutes came out. There are a few comments in that release that could suggest a bit of hesitation, but we are still playing the same game of trying to determine what people on the FOMC are going to do when they don’t seem to have any idea themselves.

This sets up for more noise and chop, which has been the case for most of the year. The EUR/USD pair is like a slow-moving train wreck, as the European Union seems to be a bug looking for a windshield at this point. Nonetheless, we still must deal with the market we are dealt. I think at this point it’s likely to remain somewhat sideways as we try to figure out what we’re going to do.

We have the 50 Day EMA sitting right around the 1.03 level. One would have to think that is a relatively good sign for resistance, and even if we were to break above there, it’s likely that we will see plenty of resistance at the 1.04 level as well. In other words, this is a market that I think given enough time will probably have to bust through a lot of selling pressure to go anywhere. However, in the short term it looks like we are due for a little bit of a bounce, perhaps back to the top of the overall range.

• Underneath, I see the 1.01 level as a major support level.
• If we were to break down below that level, it’s likely that the market would see another attempt to get to the parity level given enough time.
• The period level attracts a lot of attention from a psychological standpoint, so it certainly makes sense that it makes a nice target. · If we were to break down below the parity level, then we could see the Euro get absolutely pummeled.

On the upside, it’s not until we clear the 1.06 level that I would consider buying the Euro, and it would almost certainly have to do with interest rates tanking in the United States if that does in fact happen. That does not seem to be very likely, at least not in relation to the EU.

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We are going higher over the longer term.

The West Texas Intermediate Crude Oil market rallied rather significantly on Wednesday as we see plenty of buying pressure in this market. In fact, it looks as if we have now cleared the $120 level quite neatly, and it looks like we are ready to go much higher. After all, demand for energy should continue to pick up and we have major issues when it comes to supply.

The market will continue to be very noisy, but I think that there would be plenty of buyers willing to come back into this market and pick up value every time it dips. After all, the $115 level should be a nice support level, as it was the top of the recent triangle that we broke out of. In fact, when we first broke out of the triangle, we pulled back into the $115 level before turning around and rallying.

You can see that the 50-day EMA is approaching the $110 level rather quickly, so I think that will be where we define the trend in general. Having said that, it looks very much like the market is willing to look at the previous triangle as a measuring stick, which could send this market all the way up to the $135 level. That does not mean that we will get there overnight, but it does make for a longer-term target. Because of this, I think that there will be plenty of people willing to get involved, especially if we continue to see issues with the Russian supply, which is something that seems to be a given.

Things have gotten so bad that Joe Biden has recently reached out to the Saudis to beg for oil. Interesting, considering that the United States is the world’s largest producer of oil just two years ago, but the failed green policies seem to be reversing that course. Because of this, it will come down to whether or not OPEC chooses to give up profits. Until we see significant demand destruction, it seems to be very unlikely that we will fall for a significant amount of time, be it from the supply/demand imbalance, or OPEC choosing to bring prices down by flooding the market. In other words, we are going higher over the longer term.

There is a likelihood that Bitcoin will continue rising as bulls target the important resistance level at 33,000.

Bullish View

• Buy the BTC/USD pair and set a take-profit at 33,000.
• Add a stop-loss at 29,000.
• Timeline: 1-2 days.

Bearish View

• Set a sell-stop at 30,700 and a take-profit at 28,000.
• Add a stop-loss at 32,000.

The BTC/USD pair rose to an important resistance level as cryptocurrencies and stock prices turned green. The pair rose to a high of 32,000, which was the highest it has been since May 16th this year. This price was about 20% above the lowest level this month.

Bitcoin Recovers

Bitcoin price has been in a tight range in the past few weeks as investors assess the overall market conditions of digital coins.

It appears that Bitcoin is now attempting to regain its correlation with American stocks considering that the main indices have been in a strong comeback. The Nasdaq 100 index has risen by more than 10% from its lowest point in May. Futures point that the index will open in the green.

Analysts believe that the rally is happening since all the bad news have already been priced in. For example, all investors now believe that the Fed will continue hiking interest rates in the coming months.

In a statement on Monday, Fed’s Christopher Waller went a step further and said that the bank should hike rates above the neutral point in a bid to slow the economy. The neutral point is often judged to be about 2.4%.

The BTC/USD pair’s recovery is also tied to the potential recovery of the Chinese economy now that officials have signaled that they will end lockdowns.

Still, some analysts believe that these gains could be temporary. They note that the rebound could be part of buying the dip considering that the coin has crashed in the past eight straight weeks. In the past, coins and other assets tend to have some pullbacks during bear markets.

“Bitcoin just went through eight consecutive weeks in red territory and got technically oversold to levels we traditionally only see at the bottom of bear markets.”

BTC/USD Forecast

The four-hour chart shows that the BTC/USD pair has been in a slow recovery lately. It has retested and moved above the important resistance level at 30,800, where it has struggled moving above before. The pair has managed to move above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index has moved above the overbought level. It has also formed a small bullish flag pattern.

Therefore, there is a likelihood that Bitcoin will continue rising as bulls target the important resistance level at 33,000.

BNB/USD has climbed higher in early trading this morning and is touching short term support, which will cause technical traders to test their perceptions.

As of this writing, BNB/USD is trading below the 320.0000 mark, but it has traded near the 324.0000 juncture earlier this morning.  On the 27^th of May BNB/USD was trading near the 290.0000 ratio and its incremental climb upwards is intriguing technically. Having touched a low of nearly 225.0000 on the 12^th of May during a frenzy of selling across the broad cryptocurrency market, Binance Coin has recovered rather well.

However, the long term bearish trend which has been shadowing digital assets has certainly continued to have an effect on BNB/USD.  As a cryptocurrency which needs to be used within the Binance ecosystem to transact trading of other digital assets, BNB/USD enjoys a solid amount of volume, but it also remains a highly speculative cryptocurrency.

On the 25^th of May BNB/USD did trade near the 338.0000 but then began to face headwinds and slumped. The result of strong selling after this high was made quickly produced the lows written about above on the 27^th of May. Technical traders who are optimistic buyers do not have much evidence yet that a sudden burst of strong buying is going to puncture the highs seen on the 25^th of May. Until the higher short term resistance levels are brushed aside and significant price velocity is seen in the broad cryptocurrency market, it is likely choppy conditions will prevail in BNB/USD.

Day traders may want to view the 324.0000 to 326.0000 values as rather solid resistance in the short term. If BNB/USD has trouble sustaining a price above the 320.0000 level in the short term, this may be a sign that some selling will gain momentum for BNB/USD and that support near the 313.0000 to 311.0000 ratios may be challenged. Market sentiment remains fragile and the incremental gains made since the 29^th of May are good, but perhaps they are not enough to convince speculators that a strong bullish run is about to ignite.

Quick hitting trades are advised for cautious traders while using take-profit orders and conservative leverage. The use of momentum while seeking short term trends may prove worthwhile, and traders need to acknowledge that choppy results are likely to be demonstrated near term in BNB/USD.

Binance Coin Short-Term Outlook

Current Resistance: 322.4000

Current Support: 313.1000

High Target: 334.9000

Low Target: 306.0000

I still favor a move to the upside more than anything else and I would look at any pullback as a buying opportunity.

The US dollar gapped higher against the Canadian dollar on Monday as we continue to see a lot of strength in the greenback. As we continue to worry about global growth, it does make a certain amount of sense that money is running to the United States for protection. Furthermore, we also need to keep in the back of our mind that there are concerns about whether or not there is going to be enough growth to suggest that we will have a massive amount of demand for crude oil.

Furthermore, we need to look at the interest rate differential between the United States and Canada, which of course favors the United States. However, recently we have seen some inflationary numbers coming out of Canada, so that will more likely than not keep this market somewhat in check. We look at the longer-term chart, we have been bouncing around a major consolidation area with the 1.29 level above being a major resistance barrier. Underneath, the 1.25 level will be significant support, so it all comes together for a nice 400-point range.

As long as we continue to see so much in the way of noisy behavior, it is difficult to imagine that we are going to get overly bullish on anything that is not the greenback right now because it represents safety. However, if we were to break above the 1.29 level, it could open up the possibility of a bigger move, with an eye on the 1.30 level as a major barrier. If we were to break above there, then it becomes more or less a “buy-and-hold” type of situation. I do not necessarily think that is going to happen easily, but that is something that we need to keep in the back of our minds.

It should be noted that there is a gap underneath, and that quite often will cause a significant amount of support and it is possible that we could continue to see a lot of interest due to that. However, if we were to break down below the 50-day EMA, then the market is likely to go back down to the 1.25 handle. That being said, I still favor a move to the upside more than anything else and I would look at any pullback as a buying opportunity.

I do prefer the upside, but also recognize that a clean break higher is probably difficult.

The ZCash market rallied again during the trading session on Thursday to break above the $163.50 level. At this point, the market looks as if it is struggling a little bit to the upside, but the massive resistance barrier is going to be a little closer to the $176 level, where we had sold off quite drastically. That being said, there is no reason to think we cannot get through there, but it should also be noted that there is a big barrier to the $180 level.

The 50 Day EMA underneath at the $153 level is offering a certain amount of support. Looking at the chart, the area between the 50 Day EMA and the 200 Day EMA offers a significant support area from what I can see, and I would anticipate that there should be a lot of buying pressure in that general vicinity. That being said, ZCash suffers from the same thing that a lot of smaller coins in the crypto markets do, it is a reliance on Bitcoin or Ethereum to get things moving under most circumstances.

If we were to turn around and break down below the hammer from the Monday session, that would be a very negative turn of events and could open up ZCash to dropping down to the $120 level, perhaps even down to the $115 level. In that area, I would anticipate a little bit of support as well, but the real support is probably closer to the $85 handle.

Rallying at this point could open up the possibility of a move to the $200 level, but it is something that would need to see other major markets moving right along with it. The market is also going to see a lot of volatility, so I think a short-term “buy on the dips” type of market could very well be the way going forward. I do think that it is going to be very choppy, but that is probably a good way to describe most markets, as we simply do not have a lot of momentum one way or the other. Crypto will not be any different, so there is no reason to think that ZCash is going to be any different than most other markets at this point. I do prefer the upside, but also recognize that a clean break higher is probably difficult.

ETH/USD has been confronted by resistance which has proven durable since late last night, and key support levels are now in sights as values are tested.

ETH/USD is near the 3085.00 level as of this writing. The high for Ethereum touched the 3168.00 ratio yesterday, but then a noticeable amount of headwinds started to be seen in ETH/USD which sank the cryptocurrency to a low of nearly 3031.00. Yes, ETH/USD has climbed since hitting this lower value, but Ethereum remains within sight of support levels which may make some speculators nervous.

On the 3rd of April ETH/USD had climbed back to a rather healthy looking 3580.00 price, a value not seen since the first week of January 2022. However the past two and a half weeks of trading have proven difficult for Ethereum and the broad cryptocurrency market, as buyers have seemingly tapped on the brakes and a trend downward has once again been displayed.

A low of nearly 2880.00 was touched on the 18th of April, which is a juncture ETH/USD had not seen since the end of third week in March. Ethereum has climbed higher after hitting this low a few days ago, but traders with memories of the bearish trend, which has occurred in ETH/USD since November of 2021 are likely fearful that additional selling pressure may be demonstrated. Bullish speculators who believe ETH/USD has been oversold should watch current support near the 3056.00 mark, which is nearby. If this level becomes vulnerable it may not be a good short term signal.

The 3000.00 mark could prove to be significant in the near term. Any move below this value could set off alarm bells within skeptics who may believe another test to lows is going to be exhibited. The notion that Ethereum may have been part of a dead cat bounce within a long term bearish crypto market may gather more nervous sentiment. The 3000.00 value may prove to be a significant barometer of market psychology for crypto traders.

If ETH/USD can maintain its current price levels and produce buying action which sees the 3100.00 level toppled and sustained, this could spark the interest of buyers. Momentum trading in the near term may prove to be a solid tactic for both bullish and bearish traders as the broad cryptocurrency markets displays rather choppy results. Conditions the past handful of days highlight the need for cautious amounts of leverage to be used while wagering on ETH/USD. The use of take profit and stop loss orders should be practiced in order to insure reversals are not suffered for being too speculatively ambitious.

Ethereum Short Term Outlook:

Current Resistance: 3107.00

Current Support: 3056.00

High Target: 3187.00

Low Target: 2953.00