HubuFX Shares Top Notch Trading Ideas

BOS's Dilemma: Balancing Economy and Inflation

The UK's currency, the British Pound, is falling against the US dollar today. This is due to weaker than expected economic growth data for July and a drop in industrial production. The economy shrank by 0.5% in July, the biggest fall since December 2022. All parts of the economy were affected, with the service sector seeing the biggest drop. This was unexpected, especially as this is usually a time when tourism boosts the economy.



The Bank of England (BoE) is in a tough spot right now. The economy is showing signs of slowing down because of high interest rates. At the same time, average earnings, including bonuses, have gone up from 8.4% to 8.5%. This increase in wages adds to inflationary pressure. Despite already high inflation, this could lead to further interest rate hikes. Experts are predicting another increase of 0.25% at the BoE meeting next week on September 21st.

Stablecoin Studio Shines as Bitcoin Weathers the FTX Storm: A Crypto Market Analysis

A U.S. Bankruptcy Court judge in Delaware ruled that crypto exchange FTX can use its crypto assets to repay creditors. Bitcoin (BTCUSD) rebounded from $25,000, targeting the $24,129 pivot. Bulls need a close above the pivot for $28,000 resistance.

Analyzing Bitcoin's Potential Rise to $28,500

Bitcoin is currently in the process of testing the pivot point at $27,129 for the second consecutive day. Given the bullish momentum that's building up, it's highly probable that BTCUSD will close above this pivot point in the upcoming trading session. This bullish sentiment is further confirmed by the Relative Strength Index (RSI) indicator, which has recently flipped above the level of 50, indicating a strong upward price movement driven by the bulls. If this scenario holds true, Bitcoin could potentially set its sights on the $28,500 mark as its next target.

Oil Technical Analysis: Ascending Triangle

In the world of Forex trading, the ascending triangle is a powerful tool used by traders to predict future price movements. This bullish continuation pattern is characterized by a rising lower trendline and a flat upper trendline that acts as resistance. The pattern indicates that buyers are more aggressive than sellers as the price continues to make higher lows.

Now, let's apply this knowledge to the current situation with oil trading. In the 1-hour chart, oil is forming an ascending triangle. This pattern is significant because it suggests that the bulls in the market are gaining strength and could potentially push the price higher. At present, oil is trading above the pivot line at $90 per barrel. The pivot line is a technical indicator used by traders to determine the overall trend of the market. If the price is above the pivot line, it's a bullish signal, indicating that it's a good time to buy.



Furthermore, the Relative Strength Index (RSI), another key technical indicator, is trading above the level of 50. The RSI is a momentum oscillator that measures the speed and change of price movements. When the RSI is above 50, it indicates that the market is in a bullish phase, suggesting that the price is likely to go up.

Given these factors, it's likely that the bulls will break through the triangle and test the $91 barrier. This is based on the principle of the ascending triangle pattern, which predicts that the price will continue in the trend direction it was moving before the pattern appeared. However, as with all forms of trading, it's important to remember that while patterns and indicators can give us a good idea of what might happen, nothing is ever certain in the markets. Therefore, always trade responsibly and ensure you're managing your risk effectively.

AUDUSD Technical Analysis

The AUDUSD currency pair is currently trading beneath the pivot line, inching towards the 0.638 support level. Given that the RSI indicator is lingering below the 50 mark, the market sentiment leans towards bearish. This suggests that the downward trend is expected to persist, with the 0.638 support level as the immediate target, followed by the 0.636 area.

Bitcoin Technical Analysis

The BTCUSD is trading around $26,395 this morning after a failed attempt to break the $27,116 last week. The previous daily candle is a long wick shadow candle, showing the strength of the bears in the market. This scenario is stronger with the RSI indicator hovering below the level of 50.



With the price below the $27,000 barrier, it is likely for Bitcoin to decline and test the $25,000 support again.

AUDUSD Technical Analysis

In the recent analysis of AUDUSD, we observed a robust rebound from the 0.63 mark, with the currency pair now hovering around 0.648. The Relative Strength Index (RSI) is currently in the overbought territory, indicating a potential deceleration in the ongoing upward trend. The critical level to monitor for AUDUSD is the resistance at 0.651. There's a possibility that AUDUSD may reverse its course and enter a bearish phase from this point onwards.