News, Trends, & Analytics 22.05.2020

Today, the focus is on the growth in the number of applications for the payment of benefits in the USA, the Central Bank of Turkey has reduced rates, as well as rumors about the transfer of 50 BTC from the wallet of the creator of bitcoin.

 

News

The number of initial applications for unemployment benefits in the U.S. continues to increase. Affects USD


UK business indices are growing faster than forecasts. Affects GBP


Japan may cancel the emergency in Tokyo next week. Affects JPY


The Central Bank of Turkey cut its interest rate by 0.5%. Affects TRY


In the cryptocurrency market, there was recorded a transaction from the wallet of the creator of Bitcoin. Affects Bitcoin

 

Calendar

12:30 GMT

Canada’s basic Retail Sales Index will be released. A reduction of 5% is projected. CAD will receive a positive boost if real data is above 0.

 

Technical Analysis

Bitcoin

The cryptocurrency community is discussing the news of the 50 BTC transfer from the wallet of the creator of the first cryptocurrency Satoshi Nakamoto. So far, traders have only indirect evidence of this, but it was after this news that Bitcoin went down, without breaking the psychological level of 10,000, which has been trading for several days.

From the point of view of technical analysis, a decrease in the asset is more likely, since several restrictions hinder its growth at once: Fibonacci and resistance levels. The downward correction may continue up to 8,500.

EUR/USD

We expect a continuation of the bullish trend if it breaks through the base of the “triple bottom” figure (level 1.10200).

USD/MXN

The currency pair can expect a long downtrend against the backdrop of strengthening oil prices, as well as the general weakness of the US dollar.

 

USD/MXN on this day in history

  • Since 2000, May 22nd has been a trading day 15 times.
  • On 72% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.62%.
  • The downward trend was limited to 0.62%.

Risk warning:

The information provided does not constitute a recommendation to carry out transactions. When using this information, you are solely responsible for your decisions and assume all risks associated with the financial result of such transactions.

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