Weekly Currency Review: Bitcoin Swings
Long BTC/EUR and Short USD/BTC
I Know First has successfully predicted Bitcoin price fluctuation for 3 days from 6 January to 9 January 2019, with a gain of 3.09% for long BTC/EUR and 4.37% for short USD/BTC before the major sell-off of Bitcoin, when bitcoin suddenly fell at around 6.00 UTC. This caused spread losses across the coin market and pushed Bitcoin to the support level at $3100. Whatever the reason, it’s not a surprise that the crypto-mining industry is struggling with a lot of difficulties now. Large BTC Holdings could also provoke this situation to cover costs for the new year.
(Source: Yahoo Finance)
(Source: Yahoo Finance)
Long RUB/GBP
GBP/RUB is falling further and further. I Know First predicted a fall in price for 3 days with a gain of 0.94% as currency traders are firmly fixed on the Brexit vote on Tuesday.
UK PM Theresa May is saying that if MP’s do not accept her proposal, the people will lose their trust in Democracy. A defeat will open doors for a Labour government and traders see this as the worst scenario for GBP.
(Source: Yahoo Finance)
Long NZD/USD
The Fed is going to be more patient about the interest rates in 2019. Jerome Powell said that they will be cautious and pay attention to the policy and rates in 2019 as inflation remains stable.
Having said that, NZD/USD had gained around 1.5 percent versus the dollar last week.
(Source: Yahoo Finance)
Short USD/CNY
A 3-day short forecast from I Know First gained 0.80%. A sharp decline could be observed in USD/CNY, which fell 1.5 percent last week, since investors stopped being frightened about a slowdown in the second largest economy.
“I expect the yuan to appreciate further. Markets had overestimated the degree of slowdown in China,” added McCarthy.
(Source: Yahoo Finance)
Short USD/CAD
I know first reported 1.23% of gain on USD/CAD. On the sentiment of the Feds reiteration about the interest rates and more cautious policy, investors saw potential in the Canadian dollar against the US dollar. Moreover, after strong employment numbers with 9.3 thousand jobs compared to 6.8 estimates, CAD posted gains on 4 January. If China negotiations, which has just recently started, will fail, the Canadian dollar could show significant gains.
(Source: Yahoo Finance)
I Know First Currencies Forecast
On the chart below, you can see I Know First Currency Forecast for 3 days, from January 6, 2019, to January 9, 2019. It includes long and short recommendations.
How to interpret this diagram
Algorithmic traders utilize these daily forecasts by the I Know First market prediction system as a tool to enhance portfolio performance, verify their own analysis and act on market opportunities faster. This forecast was sent to the current I Know First subscribers.
If you want to receive the most relative and up-to-date algorithmic forecasts from I Know First, please click here.
Algorithmic traders utilize these daily forecasts by the I Know First market prediction system as a tool to enhance portfolio performance, verify their own analysis and act on market opportunities faster.
Please note-for trading decisions use the most recent forecast.
