September 23, 2019, | AtoZ Markets – The US Dollar emerged as a winner in a week that includes a massive rate cut by the Fed Reserve and mixed messages on trade. The Federal Reserve has cut its interest rates but signaled no further moves, initially sending the US dollar higher. However, Fed Chair Jerome Powell later left the door open to moves.
On the other hand, this week has been a journey for every cryptocurrency that will be considered as a big one for this month. Within a week, the cryptocurrencies saw significant changes in their price trends which automatically lead to a change in their trading volumes.
Bitcoin faced a bearish trend today, which took the price of BTC down to test the $9,900 level, other cryptocurrencies witnessed the dominance and struggles of the bulls in the market as the trading price broke the key resistance levels for almost all of them. Here are the Forex and crypto events that will happen this week, let’s dive deep into it!
European Central Bank’s President Mario Draghi speaks
On Monday at 13:00, the President of the European Central Bank is set to testify before the European Parliament in one of his last appearances at the top job before he steps down in November. Draghi oversaw a rate cut and the addition of more Quantitative Easing earlier in September as the economic situation and the economic outlook. Also, he will likely repeat the same messages and might comment on the PMI data.
US Conference Board consumer confidence
On Tuesday, at 14:00, the Conference Board’s measure of consumer confidence remained high throughout the summer and did not dip. This time, it is predicted to drop from 135.1 points in August to 134.1 in September. These levels remain high.
New Zealand rate decision
On Wednesday, at 2:00 the Reserve Bank of New Zealand shocked markets with a 50 basis point cut in August. Also, Governor Adrian Orr and his colleagues are set to leave interest rates unchanged at this juncture. The Wellington-based institution hinted it would take a long pause before changing its policy. Nevertheless, the RBNZ’s fresh assessment of the local and domestic economies are set to move markets.
US Final GDP data
On Thursday, at 12:30, the final read of US GDP for the second quarter is expected to confirm the previous read of 2% annualized growth However, even the final read may provide surprises. Moreover, investors will be eyeing the composition of growth. The second quarter saw a surge in personal consumption while investment dragged growth down. Any upgrade of the investment component may boost the dollar.
US Durable Goods Orders
On Friday, at 12:30 the orders of durable goods reflect the investment and this is fresh data for August contrary to the somewhat stale data for the second quarter published in the previous day. The orders are expected to drop by 1.1% in August after a jump of 2% in July, while core orders which tend to have a more impact, are projected to rise by 0.2% after falling by 0.4%.
Crypto Weekly Outlook – EOS, Tron and Binance coin
The total crypto market cap is climbing higher and it may soon break the $270 Billion zone soon. This week, we will see how the price of Ethereum, Ripple and Litecoin reacts in an upcoming day.
Read more: Top 10 Cryptocurrencies 2019
ETHUSD- ETH is trading at $210 with strong resistance forming near $218 level as the price faces a slight downward correction presently. Support levels for ETH can be seen, forming near $207 and $205. An upward trend can make the price rally towards the resistance level of $215 and aim for the major resistance level of $220.
XRPUSD- XRP is trading at $0.27 with a strong resistance forming near the $0.3100 level as the bulls try to defend the $0.2850 support levels. Immediate support can be seen near the $0.2500 and $0.2400 levels. A bullish trend in the charts will take the price to the $0.3120 and $0.3150 levels and aim for the $0.3200 and beyond level.
LTCUSD- LTC is trading at $73.65 with the support levels forming at $71 and $70 while a strong resistance can be seen near the $76 levels. Any further bullish trend will take the price towards the $80 and $85 key resistance levels.