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In the kickstart video for the NA session on November 7, Greg Michalowski take a look at the 3 major currencies – the EURUSD, USDJPY and GBPUSD. What is the bias for traders, the next targets and the risk?
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
With ADA currently at $0.58, traders should be paying close attention to the broader currency movements, especially in the EURUSD, USDJPY, and GBPUSD pairs. The interplay between these major currencies could influence ADA’s price action, particularly if the USD shows strength or weakness. For instance, a bullish trend in the USD could lead to a dip in ADA as investors flock to safer assets. Conversely, if the USD weakens, we might see a rally in altcoins like ADA as capital flows into riskier assets. Watch for key resistance levels in the major pairs; if EURUSD breaks above its recent highs, it could signal a shift that impacts ADA positively. Keep an eye on the daily charts for these pairs to gauge momentum shifts, as they can provide clues about ADA’s next moves. Here’s the thing: while mainstream analysis often focuses solely on ADA’s fundamentals, the correlation with these major currencies can’t be overlooked. If you’re trading ADA, consider how shifts in the forex market could create volatility in the altcoin space. Monitor the USDJPY closely; a breakout could lead to significant ripple effects across crypto markets, including ADA.
📮 Takeaway
Watch the EURUSD and USDJPY for potential shifts that could impact ADA; key resistance levels could signal major moves in the altcoin market.
