China Stocks are About to Jump
It’s Wednesday, my fellow traders! The day is filled with news and events you need to know, and here’re some of them.
Friday Trades: EUR/USD, USD/JPY, and Gold
Information is not investment advice
Latest news
- The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
- Today, traders await PMI reports from the UK, US, and EU. Purchasing Managers’ Index (PMI) is an indicator that measures the economic health of the manufacturing and services sectors. The better-than-expected PMI report tends to push the currency of this country up.
- Earnings season goes on. Intel, Twitter, and AT&T released strong earnings results for the second quarter yesterday. Today, American Express will unveil its Q2 data before the stock market opens.
- The dovish ECB pressed down the EUR. Its President Christine Lagarde said the bank learned from the mistakes of past crises and won’t withdraw emergency support too early.
- US unemployment claims unexpectedly rose yesterday. As a result, the USD’s rally up stopped.
- Cryptocurrencies are recovering. Bitcoin has approached $33,000, while Ethereum is advancing to $2100.
Tech outlook
EUR/USD is moving inside the descending channel. The breakout below the 1.1750 support level will press the pair down to the key psychological mark of 1.1700. However, if the euro manages to cross the recent high of 1.1780, it will jump to the 50-period moving average of 1.1800.
USD/JPY has reversed up from the lower trend line. If the pair crosses the high of July 14 at 110.70, it will jump to the psychological mark of 111.00. The downside is limited by the 50-day moving average of 110.00 and the lower trend line.
Gold is trading just below the 38.2% Fibonacci retracement level of $1815. If the yellow metal manages to break this level, it may jump to the 200-day moving average of $1825. On the flip side, the move below the support zone of the 100-day moving average of $1795 and the 23.6% Fibo levels of $1790 will open the doors to $1775.
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China Stocks are About to Jump
It’s Wednesday, my fellow traders! The day is filled with news and events you need to know, and here’re some of them.
Soon Bullish Rally for Gold ?
The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.
November 23: Heaven for Day Traders
This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile.
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