Indicator analysis. Daily review on August 23, 2019 for the GBP / USD currency pair

Trend analysis (Fig. 1).

On Friday, the price may continue to roll back, with the target of 1.2202 – 21 middle line (black thin line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - up;

- volumes - down;

- candlestick analysis - neutral;

- trend analysis - up;

- Bollinger Lines - up;

- weekly schedule - down.

General conclusion:

On Friday, the price may move down.

An unlikely scenario is an upward movement with the target 1.2230 – resistance line (red bold line).

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Indicator analysis. Daily review on August 23, 2019 for the EUR / USD currency pair

Trend analysis (Fig. 1).

On Friday, the downward movement is possible to continue, with the target of 1.1065 - the support line. The probability of breaking down the line is high and then the next target 1.1028 is the lower fractal.

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Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger Lines - down;

- weekly schedule - down.

General conclusion:

On Friday, a downward movement is possible.

An unlikely scenario is an upward movement with the target of 1.10114 - the upper fractal.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of ETH/USD for 23/08/2019

Crypto Industry News:

The Security Service of Ukraine (SBU) arrested power plant operators for mining cryptocurrency at the nuclear power plant facility in Juzhnoukrainsk.

The UNIAN English-language Ukrainian information site reported the details of the arrest. According to this article, cryptocurrency miners threatened the security of the nuclear facility through the internet connection of their mining installation - apparently leaked classified information about the power plant security system. SBU detectives obtained a search warrant and conducted an investigation. They found unauthorized computer equipment and seized a converter, fiber optic cable and partial network cable.

A similar situation occurred in February 2018, when many engineers from the Russian Federal Nuclear Center were arrested for trying to extract Bitcoins using one of the largest supercomputers in the country.

According to reports, the computer was able to perform 1000 trillion calculations per second and is intentionally disconnected from the Internet for security reasons.

Technical Market Overview:

The ETH/USD pair has tested the short-term trendline resistance from below, around the level of $196.76. So far the test was a failure as the higher prices were neglected and the price got back to the middle of the range.. The next technical support is located at the level of $178.81 and might be tested soon as there are no signs of increased bullish activity. The nearest technical resistance is now located at the level of $196.76, just below the 38% Fibonacci retracement at $197.90.

Weekly Pivot Points:

WR3 - $257.46

WR2 - $236.43

WR1 - $213.67

Weekly Pivot - $193.41

WS1 - $171.74

WS2 - $150.23

WS3 - $128.88

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.

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Technical analysis of BTC/USD for 23/08/2019:

Crypto Industry News:

The United States Treasury Department has added many cryptocurrency addresses to its list of Specially Marked Citizens (SDNs) in accordance with the Foreign Narcotics Kingpin Designation Act. These addresses and their associated persons were considered to be associated with foreign drug operators.

The Ministry of the Treasury updated its SDN list on August 21. The three alleged drug traffickers associated with crypto addresses are Chinese citizens Xiaobing Yan, Fujing Zheng and Guanghua Zheng. All three people have Bitcoin-related addresses listed on the SDN list, and Guanghua Zheng has an additional Litecoin address.

As explained in the White House press release, the bill outlined above aims to ban trade and transactions between drug dealers and US entities - namely companies and individuals. Under the Act, government departments coordinate the investigation into foreign drug dealers. They are then mentioned on the list, which is presented to the president. This then determines whether it is appropriate to impose sanctions by the US.

US Treasury Secretary Steven Mnuchin believes Bitcoin is susceptible to money laundering. Mnuchin said he intends to closely monitor Bitcoin and believes that billions of dollars in cryptocurrencies are being used for illegal purposes.

Technical Market Overview:

The BTC/USD pair has bounced from the lower channel boundary around the level of $9,700, but is still trading inside of the narrow range and below the technical resistance at the level of $10,166. The nearest technical support is seen at the levels of $9,704 and $9,676. Still, the larger timeframe trend remains up, but to regain control over the market, the bulls have to break through the 50% Fibonacci retracement located at the level of $10,840.

Weekly Pivot Points:

WR3 - $13,461

WR2 - $12,432

WR1 - $11,161

Weekly Pivot - $10,133

WS1 - $9,200

WS2 - $8,268

WS3 - $7,027

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,049 invalidates the bullish impulsive scenario.

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Technical analysis of EUR/USD for 23/08/2019

Technical market overview:

The EUR/USD pair keeps trading in a narrow horizontal range, with yet another marginal local low made at the level of 1.1061. Nevertheless, it did not help the bears to push the prices lower towards the next technical support that is located at the level of 1.1034-1.1027. Any breakout below this level opens the road towards the level of 1.0950. The bulls should now defend this zone, but it does not look like they will as the bears have full control over the market. The market conditions are now extremely oversold and the momentum remains weak and negative. The larger timeframe trend remains down.

Weekly Pivot Points:

WR3 - 1.1330

WR2 - 1.1278

WR1 - 1.1161

Weekly Pivot Point - 1.1117

WS1 - 1.1003

WS2 - 1.0951

WS3 - 1.0838

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is treminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon.

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