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News, Trends, & Analytics 08.11.2019

China permits bitcoin mining

China’s positive on trade, New eurozone draft budget , China give miners their blessing.

 

News

U.S. stock index futures jumped on Thursday as signs of a U.S.-ChinaX trade truce and a fresh batch of earnings reports looked set to restart a rally that has led Wall Street to record highs. Affects the S&P500


Iran’s recent “nuclear escalations” raise concerns that should move all countries to increase pressure on Tehran, U.S. Secretary of State Michael Pompeo said on Thursday, as Iran resumed uranium enrichment at one of its nuclear facilities. Affects Brent


The euro zone will restrain spending under draft budget plans submitted by the bloc’s governments, the European Commission forecast on Thursday, despite calls to counter a worsening economic slowdown. Affects EUR


China, which is among the biggest manufacturers of bitcoin mining gear, has decided against eliminating the mining of the cryptocurrency, the state planner has indicated. Affects Bitcoin


Japanese Prime Minister Shinzo Abe said on Thursday the government will consider what policy measures it can take to prevent heightening global uncertainties from derailing the export-reliant economic recovery. Affects JPY

 

Calendar

13:30 GMT

Canadian Employment Change for October will be released. Employment Change measures the change in the number of people employed. Affects CAD.

 

Technical analysis

Bitcoin

China is the main manufacturer of cryptocurrency mining equipment, but the ban on mining in the country negatively affected the price dynamics of bitcoin. Perhaps, against the background of the lifting of the ban, interest in cryptocurrency will grow again.

Recent upward momentum, and the formation of a “triangle” figure indicates the approaching growth of bitcoin volatility.

EUR/USD

This asset has shown the reversal pattern Double Top. It shows the high bearish power.

AUD/USD

The asset has broken through the resistance level and is above it. This is a bullish signal. However, if quotes fall below 0.68850, then the plan for the uptrend to collapse.

 

AUD/USD on this day in history

  • Since 2000, November 8 has been a trading day 14 times.
  • On 35% of those days, the asset ended with growth.
  • The maximum reinforcement range was 0.44%
  • The trend down was limited to 0.85%.

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