Dollar loses greatly as Gold gains, Bitcoin is eyeing $18k

Last week, we saw nonfarm payroll data come out higher than expected which should have been bullish for the Dollar, however, the Dollar continued to decline downwards as the market held on to any reason to short the safe haven.

Unemployment data came out at 3.7% which was as expected and this resulted in bearish sentiment as it confirmed unemployment was in fact rising month on month. It’s safe to say the market has now fully priced in a 50 basis point rate hike for December as no other data released could turn the tide before then.

We have seen Gold increase in value as investors move into risk-on assets. Gold has not been this bullish since the start of rate hikes back in March 2022.

Bitcoin has started to see a reversal and we may expect more upwards movements in the coming weeks. The FTT chaos seems to have faded somewhat and we could expect normal price action moves to return.

In today’s DIFX Analytics, we’re going to look into the following assets:

Bitcoin is eyeing $18k

Bitcoin has broken through the resistance level at $17,000 and is trading bullish. Price action has settled above the 50-day and 100-day EMAs on the 4-hourly chart. We are expecting a bullish reversal as these EMA’s are about to intersect to the upside.

RSI is pushing past 70 levels which shows bullish sentiment around Bitcoin.

Dollar declines below $105

The data that came out the previous week pushed the Dollar down beneath the support at $105.34.

This resulted in further declines toward the support level at $103.72. Confirmed payroll data came out bullish for the dollar, however, we have not seen much of a reversal.

RSI touched 30 on the 4-hourly chart and we are expecting more bearish movements until the major support is hit.

Gold is bullish and settles above $1800

We have seen bullish moves in Gold since the Dollar selloff began last week. Gold pierced through the resistance at $1800 and touched as high as $1810.

RSI is experiencing some divergence from price action as it failed to set a new high on the most recent bull run. We can expect some retracement at this level if the dollar sees some pullback.

Euro is bullish and has pushed past resistance levels

After the support at $1.03 was touched toward the end of last week, we saw moves upwards and we can expect more bullish gains upside towards $1.06.

RSI hit 70 and is now reading at 64. As the dollar selloff began after inflation data last week, EURUSD has experienced major gains.


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DIFX shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee, or implication by DIFX that the forecast information will eventuate, that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses in particular if the conditions or assumptions used for the forecast or mentioned in the analysis do not eventuate as anticipated and the forecast is not realized.


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