Forex Today: Bitcoin and Ethereum Capped by Resistance

The two major cryptocurrencies turn bearish after failing to clear key resistance levels.

  • The cryptocurrency sector is more bearish today, with Bitcoin and Ethereum turning down after failing to clear key resistance levels at $45,668 and $3,189 respectively.

  • Energies such as WTI Crude Oil have continued to decline since last Friday’s long-term high prices.
  • The recent sell-off in government bonds has eased, on abating fears of increased US rate hikes in 2022. US treasuries remain close to multi-month lows. Most global stock markets have traded higher over the past day.
  • The Forex market is relatively quiet and in the absence of any major data releases before tomorrow’s US CPI (inflation) data release, is likely to remain that way. Over the short term, the AUD is strong while the USD is weak – indicating “risk-on” sentiment in the market. Over the longer term, there is a bullish trend in the US dollar.
  • Daily new coronavirus cases globally seem to have peaked three weeks ago, suggesting that the omicron variant wave may have already peaked worldwide.
  • It is estimated that 61.5% of the world’s population has received at least one dose of a coronavirus vaccination.
  • Total confirmed new coronavirus cases worldwide stand at over 401.1 million with an average case fatality rate of 1.44%.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Afghanistan, Austria, Azerbaijan, Bahrain, Belarus, Bhutan, Brunei, Chile, Egypt, Estonia, Georgia, Germany, Guatemala, Indonesia, Iran, Japan, Jordan, South Korea, Latvia, Lebanon, Lithuania, Malaysia, Netherlands, New Zealand, Oman, Romania, Russia, Singapore, Slovakia, Turkey, and the Ukraine.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.