BITCOIN Analysis for November 23, 2018

Bitcoin has been quite volatile today while pushing lower below $4,500 area with a daily close. The price has been quite bearish recently after breaking below $5,000 area which is expected to push much lower towards $3,500 area in the coming days. The bearish trend is quite non-volatile while the dynamic levels like 20 EMA, Tenkan and Kijun line signals further bearish pressure in the future. As the price remains below $5,000 area with a daily close, further bearish momentum is expected with a target towards $3,500 area in the coming days.

SUPPORT: 3,500, 4,000

RESISTANCE: 4,500, 5,000

BIAS: BEARISH

MOMENTUM: NON-VOLATILE

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

Fundamental Analysis of NZD/JPY for November 23, 2018

NZD/JPY has been quite impulsive with the bullish trend earlier. However, the pair has turned quite volatile after being rejected off the 77.50 resistance area with a daily close. Amid upbeat economic reports, NZD is currently expected to make a downward correction before the price continues impulsively again in the coming days.

NZD has been quite firm in light of the recently published economic reports which propped up currency to dominate JPY. Recently New Zealand PPI Input report was published with an increase to 1.4% from the previous value of 1.0% which was expected to decrease to 0.8%, PPI Output report was published with an increase to 1.5% which was expected to be unchanged at 0.9%, and Visitors Arrival also increased to 4.0% from the previous value of -1.7%. The positive economic reports provides a required push for NZD to gain momentum but was not sufficient for the currency to sustain the momentum over USD ahead of the imminent Rate Hike.

On the other hand, while JPY is struggling amid the Japanese financial sector's issues, it managed to gain momentum on the back of BOJ Governor Kuroda's speech on slowing down bond purchases with the view of accelerating inflation. The hawkish statement by Kuroda about the economic development provided the required momentum. However, a decline in the pair may lead to long-term weakness JPY in the future.

Meanwhile, JPY is expected to gain certain momentum over NZD. As NZD is quite strong fundamentally, it is expected to climb higher in the long term, while the slowdown process may lead to certain weakness on the JPY side. Upcoming economic reports from Japan and New Zealand are sure to determine a further direction of the pair.

Now let us look at the technical view. The price is currently pushing lower after an impulsive bullish pressure towards 77.50 area. The price forming Bearish Divergence is expected to lead to certain bearish momentum towards 75.50 support area from where the price is expected to continue pushing higher as per recent impulsive trend momentum. As the price remains above 75.00 area with a daily close, the bullish bias is expected to continue.

SUPPORT: 74.00, 75.00-50

RESISTANCE: 77.50, 78.50, 80.00

BIAS: BULLISH

MOMENTUM: VOLATILE

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

Fundamental Analysis of NZD/USD for November 23, 2018

NZD/USD has been quite volatile and corrective after being rejected off the 0.6850 area recently that is expected to lead to certain bearish momentum. Boosted by upbeat economic data, NZD managed to dominate USD earlier, leading the price above 0.6720 area with a daily close which is expected to be retested before continuing with the trend further.

Recently New Zealand PPI Input report was published with an increase to 1.4% from the previous value of 1.0% which was expected to decrease to 0.8%, PPI Output report was published with an increase to 1.5% which was expected to be unchanged at 0.9%, and Visitors Arrival also increased to 4.0% from the previous value of -1.7%. The positive economic reports provided a required push for the currency to gain momentum but was not sufficient for NZD to sustain the momentum over USD ahead of the imminent Rate Hike.

On the USD side, recently Core Durable Goods Orders report was published with an increase to 0.1% from the previous value of 0.0% but failed to meet expectations for a 0.4% gain, Durable Goods Orders slumped to -4.4% from the previous value of 0.7% which was expected to be at -2.2% and Unemployment Claims increased to 224k from the previous figure of 221k which was expected to decrease to 215k. The worse economic reports did not undermine USD. On the contrary, USD asserted srength. Today USD Flash Manufacturing PMI report is going to be published which is expected to increase to 55.8 from the previous figure of 55.7 and Flash Services PMI is expected to increase to 55.0 from the previous figure of 54.8.

Meanwhile, despite having worse economic reports certain gains in USD signals further bearish momentum in the pair. Besides, USD is expected to extend gains before the price continues with the bullish trend in the future. Ahead of the rate hike decision next month, USD is expected to hold the upper hand over NZD.

Now let us look at the technical view. The price is currently pushing lower towards 0.6720 area after bouncing off the 0.6850 area with a daily close which indicates further bearish momentum in the pair. As the price remains below 0.6850, bearish pressure created by pullbacks is expected in the coming days. The bullish bias is expected to remain constant as the price remains above 0.6500 area with a daily close.

SUPPORT: 0.65, 0.66, 0.6720

RESISTANCE: 0.6850, 0.70

BIAS: BULLISH

MOMENTUM: VOLATILE

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