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  1. BITCOIN – DOMINANCE BEGINS TO RISE AS OTHERS FALTER Bitcoin on the rise early, though holding on to $6,300 levels will be key in the early part of the day to avoid a pullback later in the day. Bitcoin gained 1.24% on Sunday, following on from Saturday’s trend bucking 1.5% rise, to end the week down 10.2% at $6,310.1. A late Saturday reversal continued into the early hours of Sunday morning, with Bitcoin pulling back to a start of a day intraday low $6,162 before recovering to $6,300 levels, the day’s low steering clear of the first major support level at $5,998.23 and more importantly sub-$6,000 levels. Through a choppy afternoon, Bitcoin broke through to $6,400 levels, with an intraday high $6,499 seeing Bitcoin test the day’s first major resistance level at $6,489.63 before pulling back to $6,300 levels. While there was no major weekend rally to speak of, the gains over the weekend cut the deficit for the week and of greater significance was the clear level of support at sub-$6,300 levels, any pullbacks to $6,100 levels being short lived, leading to recoveries to $6,300 levels on each occasion. Read more:http://www.xtreamacademy.com/cryptocurrency-news
  2. AUD/USD FOREX TECHNICAL ANALYSIS – TREND DOWN, BUT RIPE FOR COUNTER-TREND REVERSAL Since today’s session begins with the AUD/USD in the window of time for a closing price reversal bottom, the key level to watch today will be yesterday’s close at .7272. We’re looking at three possible scenarios: Rally, Break or Closing Price Reversal Bottom. The Australian Dollar is trading slightly higher early Tuesday, but inside yesterday’s range. This tends to indicate investor indecision and impending volatility. We’re probably looking at some short-covering amid easing tensions in Turkey. Traders are also digesting the series of weaker-than-expected economic reports from China. At 0404 GMT, the AUD/USD is trading .7277, up 0.0004 or +0.07%. Daily Technical Analysis The main trend is down according to the daily swing chart. A trade through .7256 will signal a resumption of the downtrend. The Aussie is in no position to change the trend to up, but due to the prolonged move down in terms of price and time, it is in the window of time for a closing price reversal bottom. This chart pattern will indicate the buying is greater than the selling, at least temporarily. This could lead to a 2 to 3 day correction. A short-term range may be forming between .7453 and .7256. Its retracement zone at .7354 to .7378 is a potential upside target. Since the trend is down, sellers are likely to come in on a test of this zone. The longer-term target is the December 23, 2016 main bottom at .7159. Read more:http://www.xtreamacademy.com/forex-forecast
  3. GOLD PRICE CHART HINTS AT BOTTOMING AFTER US 10-YEAR BOND AUCTION GOLD & CRUDE OIL TALKING POINTS: Gold prices rise as US bond yields, Dollar fall after record debt sale Crude oil prices drop, talked down by officials from China and Iran Chart setups hint gold may be set to bounce as crude oil suffers losses Gold prices rose yesterday as the US Dollar retreated alongside Treasury bond yields after hitting a 13-month high intraday. That helped the yellow metal leverage its appeal as an anti-fiat and non-interest bearing alternative. The move came after demand held impressively steady despite a record-setting offering of $26 billion in 10-year notes. The bid-to-cover ratio registered at 2.55, only a hair lower than the 2.57 reading recorded at the prior sale of comparable paper. Investors seemed to interpret the outcome to mean that the oncoming flood of new issuance needed to finance the widening budget deficit will find healthy take-up. That sent US debt prices higher, trimming baseline borrowing costs. GOLD TECHNICAL ANALYSIS Gold prices edged above trend line resistance set from mid-June, hinting an upswing may be in the works. The appearance of a bullish Morning Star candlestick pattern and positive RSI divergence reinforce the case for a rebound. A break above range floor support-turned-resistance at 1221.25 opens the door for a test of the 1236.6-40.86 area. Immediate support is at 1204.59, the August 3 low. Read more:http://www.xtreamacademy.com/forex-news
  4. BITCOIN – THE BEARS TAKE A BREATHER A relief rally on the way or just a pause in the downward spiral? Holding on to $6,300 levels will be key through the morning. Bitcoin’s troubles continued on Wednesday, falling by 6.62% off the back of Tuesday’s 3.27% decline, to end the day at $6,273.9. Negative sentiment towards the latest SEC delay tactic on approving Bitcoin ETFs was left accountable to the broad based market sell-off, with Bitcoin sliding through the first major support level at $6,544 and second major support level at $6,374 to an intraday low $6,128.2. A late recovery to $6,200 levels was of little consolation to the Bitcoin bulls, with Bitcoin now having some distance to cover to attempt a break back through the 23.6% FIB Retracement Level, with sub-$6,000 levels in sight. 3-consecutive days of losses reaffirmed the extended bearish trend formed at 5th May’s swing hi $9,999. For the Bitcoin bulls, the only good news on the day was that sub-$6,000 levels were avoided, with Bitcoin also managing to avoid striking a new swing low, a comfort that many of the other major cryptos were unable to enjoy. The broad based market sell-off has been particularly telling, with the total cryptomarket cap sliding from $300bn levels to sub-$220bn levels before support kicked in, Bitcoin’s market cap pulling back to a Wednesday low $107.08bn. On the news wires, there was nothing new to drive the market into a selling frenzy for a 2nd consecutive day, the speculative nature of cryptocurrency investors driving the sell-off and ultimately demonstrating why there is a growing need for an influx of institutional money by way of Bitcoin ETFs. At the time of writing, Bitcoin was up 0.37% to $6,303.7, with the range bound end of the day on Wednesday continuing into the early hours of this morning. Read more:http://www.xtreamacademy.com/cryptocurrency-news
  5. AUD/USD COULD YET RISE ON RBNZ WITH LOWE AND CHINA TRADE PASSED Australian Dollar edged cautiously higher on Philip Lowe speech and Chinese trade Ahead, a relatively dovish RBNZ monetary policy announcement could boost Aussie AUD/USD remains in consolidation after recent push higher, eyeing February line. The Australian Dollar edged cautiously higher as RBA’s Governor Philip Lowespoke. Just yesterday, the central bank left its benchmark lending rate unchanged at 1.50% as expected which marked the 2-year anniversary if its last adjustment. There, the Reserve Bank of Australiadowngraded near-term inflation expectations while simultaneously upgrading more outward looking estimates.Mr. Lowe noted that we should expect inflation to rise and be close to 2.5% by 2020. He also reiterated that the next rate move would be up if the outlook ‘stays favorable’. But before RBA hawks could get excited, Lowe added that he still sees no strong case for a near-term monetary policy adjustment. With that in mind, rate hike bets seemed unaltered as Australian front-end government bond yields remained unchanged.Even so, the Australian Dollar may have benefited from Chinese trade balance statistics which were released at the time of Lowe’s speech. In Dollar terms, net exports clocked in at $28.05b in July versus $38.92b expected. Meanwhile, imports rose 27.3% y/y versus 16.5% anticipated. Exports climbed 12.2% versus 10.0% seen. Keep in mind that this was the first month in which the US imposed tariffs on China imports.The surge in imports could have positive knock-on effects for Australia’s economy given that China is their largest trading partner. Even so, the RBA remains patient before adjusting rates. Ahead, the Australian Dollar could benefit from Wednesday’s RBNZ monetary policy announcement. There, a relatively dovish central bank could hurt the New Zealand Dollar and boost AUD given that the latter is a substitute for it from a yield perspective. Read more:http://www.xtreamacademy.com/forex-news
  6. BITCOIN CASH, LITECOIN AND RIPPLE DAILY ANALYSIS – 08/08/18 The cryptos are in free fall once more and if the ship doesn’t steady by late morning, there may well be more pain ahead.Bitcoin Cash tumbled by 4.92% on Tuesday, following on from Monday’s 2.61% fall, to end the day at $657.A mid-morning rally saw Bitcoin Cash move back through to $700 levels, with an intraday high $713 before easing back, with the day’s first major resistance level at $712.5 pinning Bitcoin Cash back from any breakout in the early afternoon.Bitcoin Cash slid through the late afternoon, a broad based news driven market sell-off pulling Bitcoin Cash through the first major support level at $673.7 and second major support level at $656.4 to an intraday low and new swing lo $645.6 before a partial recovery to $650 levels.At the time of writing, Bitcoin Cash was down 4.51% as Tuesday’s late sell-off spilled into the early hours of this morning.Bitcoin fell from a start of a day $657 high, through the first major support level at $630.07, to a new swing lo and morning low $626, the morning slide being seen across the broader market.For the day ahead, a move back through the first major support level to $670 levels would support a recovery and bring the day’s first major resistance level at $698.47 into play, though with the negative sentiment weighing, we will expect major resistance levels to be left untested. Read more:http://www.xtreamacademy.com/cryptocurrency-news
  7. BITCOIN HOLDS ON TO $7,000 Bitcoin’s on the move early, with $7,200 levels in play should Bitcoin avoid a pullback to sub-$7,000 levels in the first half of the day. Bitcoin gained just 0.15% on Sunday, following Saturday’s 5.48% tumble, to end the week down 14.55% to $7,023.9. Moves through the early part of the day saw Bitcoin continue to call on support at sub-$7,000 levels, with Bitcoin falling through the first major support level at $6,912.6 to an early morning intraday low $6,890 before recovering to $7,000 levels through the late morning. The afternoon failed to deliver a weekend rally for the Bitcoin bulls, with a recovery from a second slide through the first major support level to an afternoon low $6,896.1 leaving Bitcoin relatively flat for the day and trailing the majors, not just on the day, but for the week. While Bitcoin managed to hold above the 23.6% FIB Retracement Level of $6,757 and hold on to $7,000, the extended bearish trend formed at 5th May’s swing hi $9,999 remained intact, the latest pullback from $8,000 levels seeing Bitcoin’s bullish trend reverse through the last week. On the day, the news wires were on the quieter side, providing much needed support to Bitcoin and the broader markets, though Sunday’s moves reflected investor sentiment and concerns over what lies ahead for the broader cryptomarket. Read more:http://www.xtreamacademy.com/cryptocurrency-news
  8. WAIT-AND-SEE RBA TO KEEP AUD/USD UNDER PRESSURE TRADING THE NEWS: RESERVE BANK OF AUSTRALIA (RBA) INTEREST RATE DECISION The Reserve Bank of Australia (RBA) interest rate decision may keep AUD/USD under pressure as the central bank is widely expected to keep the official cash rate (OCR) at the record-low of 1.50%. Fresh comments from the RBA may do little to influence the Australian dollar as the central bank persistently promotes a wait-and-see approach for monetary policy, and officials may continue to tame bets for an imminent adjustment in the cash rate as ‘the low level of interest rates is continuing to support the Australian economy.’ As a result, the RBA may merely attempt to buy more time, and more of the same from Governor Philip Lowe& Co. may ultimately produce headwinds for AUD/USD especially as the Federal Reserve appears to be on track to implement additional rate-hikes in 2018. However, an unexpected shift in the forward-guidance for monetary policy is likely to trigger a bullish reaction as it fuels bets for an RBA rate-hike, and a material adjustment in the central bank rhetoric should heighten the appeal of the Australian dollar as officials prepare to switch gears. Read more:http://www.xtreamacademy.com/forex-news
  9. USD/CAD SOARS AFTER SAUDI ARABIA FREEZES TRADE WITH CANADA TALKING POINTS FOR USD/CAD: Canadian Dollar fell against its US counterpart early into Monday’s trading session Hawkish BoC and increasing inflation helped the Loonie pare its losses Housing and employment data releases later in the week may fuel downside momentum The Canadian Dollar started Monday’s trading session sharply lower against its US counterpart after news of Saudi Arabia expelling the Canadian ambassador crossed wires. The Saudi Press Agency, the nation’s official news outlet, also announced that the country would freeze all new trade and investment deals with Canada. This move comes after Canadian Foreign Minister Chrystia Freeland urged Saudi authorities over Twitter to release human rights activists from prison. However, the currency pair’s upside momentum reversed throughout the Asia/Pacific trading hours. Negative impacts of the Saudi Arabian investment and trade embargo may be overshadowed by Canada’s higher inflation and better than expected economic growth. The BoC, which recently raised rates to 1.5% at their July meeting, has been increasingly hawkish and alluded to more increases this year. Read more:http://www.xtreamacademy.com/forex-news
  10. BITCOIN MONTHLY FORECAST – AUGUST 2018 The BTC prices were finally able to break through the highs of its range last month and this signals the onset of the bull run. The bitcoin market began the month of July on a quiet note which was a follow up to the way that the market was trading over the month of June. This was the case during the entire first half of last month and it looked as though the trend would continue for the rest of the month as well as the prices struggled in the $6000 region and it also appeared that it might weaken further in due course of time. But this did not happen as the key region during this period was the price region around $6800. This served as a region of strong resistance and it appeared as the line in the sand between the bulls and the bears. BTC Resumes Bull Run If the prices did break through higher, it was clear that it would be enough to push the prices much higher while the market continued to be in control of the bears until the prices were below that region. This situation continued but as time wore on, it became clear that the bulls were beginning to take control as they made repeated attempts to break through the $6800 region and though many of these attempts failed, the correction that followed these attempts becae shorter and shorter and this was a clear indication that the trend was beginning to change. Read more:http://www.xtreamacademy.com/cryptocurrency-news
  11. BITCOIN TURNING BEARISH, WITH THE BEARS EYEING SUB-$7,000 It’s getting bearish for Bitcoin, with the morning slide bringing sub-$7,000 levels into play should sentiment not shift through the early afternoon. Bitcoin fell by 1.05% on Thursday, following on from Wednesday’s 1.7% decline, to end the day at 7,527, the moves through the day marking a 5th consecutive day in the red. A choppy start to the day saw Bitcoin move through to an early morning intraday high $7,713 before pulling back to $7,600 levels, the day’s high falling short of the day’s first major resistance level at $7,761.73 and more importantly, the 23.6% FIB Retracement Level of $7,857. Following a relatively range bound morning, Bitcoin finding support while the broader market saw red, a late morning reversal saw Bitcoin fall to a mid-afternoon intraday low $7,450, calling on support at the 38.2% FIB Retracement Level of $7,456 before recovering to $7,500 levels late in the day, the day’s low steering clear of the first major support level at $7,445.83. Read more:http://www.xtreamacademy.com/cryptocurrency-news
  12. GOLD PRICES RISK FRESH 2018 LOWS AS RSI FLIRTS WITH OVERSOLD TERRITORY GOLD TALKING POINTS The recent rebound in gold continues to unravel, with prices for bullion at risk for fresh yearly lows as the bearish momentum from earlier this year appears to be reasserting itself. GOLD PRICES RISK FRESH 2018 LOWS AS RSI FLIRTS WITH OVERSOLD TERRITORY The price for bullion quickly approaches the July-low ($1211) following the Federal Reserve interest rate decision, and the weakness may persist over the near-term as Chairman Jerome Powell & Co. appear to be on track to deliver a rate-hike at the next quarterly meeting in September. Moreover, Fed Fund Futures suggest market participants are gearing up for four rate-hikes in 2018 as market participants anticipate a move in September and December, and the FOMC’s hiking-cycle may continue to dampen the appeal of gold as the ‘Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective over the medium term. Risks to the economic outlook appear roughly balanced.’ Read more:http://www.xtreamacademy.com/forex-news
  13. USD/JPY STRENGTH SPUTTERS AS FED KEEPS KEY INTEREST RATE ON HOLD JAPANESE YEN TALKING POINTS The recent advance in USD/JPY sputters as the Federal Reserve keeps the benchmark interest rate on hold, but the fresh string of higher highs & lows may fuel the recent advance in the exchange rate as it breaks out of a narrow range. The July-high (113.18) remains on the radar following the Bank of Japan (BoJ) meeting as Governor Haruhiko Kuroda & Co. lower the inflation forecast, and the dovish forward-guidance for monetary policy may keep USD/JPY afloat as the central bank remains in no rush to abandon the Quantitative/Qualitative Easing (QQE) Program with Yield-Curve Control. The Federal Reserve on the other hand appears to be on track to implement higher borrowing-costs even though the central bank keeps the benchmark interest rate on hold in August, and Chairman Jerome Powell & Co. may continue to prepare U.S. households and businesses for a less-accommodative stance as ‘the Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective over the medium term.’ Read more:https://www.xtreamacademy.com/forex-news
  14. BITCOIN – THE BEARS ARE COMING TO TOWN Bitcoin’s hit on Tuesday raises the possibility of a resumption to the bearish trend that saw Bitcoin down at $5,000 levels. Regulatory risk is the key. Bitcoin tumbled by 5.35% on Tuesday, following a 0.63% fall on Monday, to end the day at $7,741.1. Playing catch up, following two days of minor losses relative to the broader market, Bitcoin slid from a start of the day intraday high $8,178.9 through the first major support level at $7,919.37 to an early afternoon intraday low $7,664.9, calling on support at the day’s second major support level at $7,670.03 before recovering to $7,700 levels by the day’s end. While the near-term bullish trend remained intact, with Bitcoin managing to steer clear of the 38.2% FIB Retracement Level of $7,456, the pullback through the 23.6% FIB Retracement Level of $7,857 and failure to break back through to $8,000 levels has raised the prospects of a resumption to the bearish trend formed back at 5th May’s swing hi $9,999. An anticipated roll out of rules and regulations across key jurisdictions continue to drive volatility across Bitcoin and the broader market, with the latest news being of the South Korean government clear intent to pass law as quickly as possible to beef up anti-money laundering policies and to introduce minimum standards on the security side that exchanges would need to meet in order to minimise the risk of theft. A delay to the G20 unified rules and regs to October will likely have led to the South Korean government’s sense of urgency, which raises the question on whether other jurisdictions will follow. Read more:https://www.xtreamacademy.com/cryptocurrency-news
  15. BITCOIN’S RALLY STALLED BELOW $8000, CRYPTOS ARE BACK IN RED In the middle of the previous week the rally got stuck near $8300 level and since then the Bitcoin’s price has slowly decreased. Last week it became obvious that the Bitcoin had big difficulties with further growth above $8000. During the weekend, it held above $8,200 mark, but yesterday it suddenly fell below $7900. Most likely, it was “a belated reaction” on SEC refusal to launch the Bitcoin ETF. Nevertheless, shortly after this rollback new buyers entered the market. As a result, trading volumes increased by 22% and the price went back to the latest levels. Market participants evaluated this movement as a large investors’ attempt to prevent the market from the deeper correction. After a recovery in the past week, the crypto market is back in the red with Ethereum, Bitcoin, Bitcoin Cash, Ripple and Dash fall more than 5%. At the moment technical analysis is not on a bull side. In the middle of the previous week the rally got stuck near $8300 level and since then the Bitcoin’s price has slowly decreased. RSI indicates sell signals due to its coming back again to the levels below 70 after its peaks a week earlier. This is a bear signal, which could be reinforced in case if the price drops below $7850, recent lows. Then, it might be a sell-off signal not only for the technical analysis fans but also for ordinary investors. Read more:http://www.xtreamacademy.com/cryptocurrency-news
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