Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Fresh analysis: EUR/USD, gold, and oil
Information is not investment advice
Latest news
- The US stock market rebounds as the prospect of very gradual policy tightening calms down investors. Earlier, the Fed surprised the markets with the hawkish move: the bank hinted about two rate hikes in 2023 and also started a discussion on cutting bond buys. It pushed the USD up and stocks down, but the sentiment changed yesterday.
- The S&P 500 rallied the most in five weeks! It has even outperformed the technological Nasdaq 100, driven by a recovery of value stocks like energy and financials.
- Crude oil and gold jumped as the US dollar weakened. Brent oil reached $75 a barrel for the first time in more than two years! Gold has been rising for a second day.
- Follow the testimony of the Fed Chair Jerome Powell today at 21:00 GMT+3!
Technical outlook
Let’s start with the most traded pair in the Forex market: EUR/USD. The RSI indicator has bounced off the 30.0 level, giving a bullish signal. The pair has managed to come back to the area inside the channel. It has briefly jumped above the psychological mark of 1.1900. If it jumps above 1.1950, it will rally up to the next round number of 1.2000. In the opposite scenario, the move below yesterday’s low of 1.1840 will press the pair down to the 1.1750 support.
Gold has reversed up from the 61.8% Fibonacci retracement level of $1770. It gets closer to the next key resistance level at the 50% Fibo level of $1800 and the 100-day MA. It won’t cross it on the first try, but if it does, the way up to the 38.2% Fibo levels of $1825 will be clear.
Brent oil (XBR/USD) has broken above $74.00 and rallies up towards the next round number of $75.00. According to banks such as Citi, Bank of America, and Goldman Sachs, the oil will rally above $80.00 this year. Support levels are $72.00 and $71.00 – the recent lows.
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Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
The US Labor Market And Real Estate Market Are In Focus This Week
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
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