Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Key market news and trade ideas on March 25
Information is not investment advice
Latest news
- Chinese tech stocks dropped on worries they will be de-listed from US exchanges. Alibaba, the Chinese e-commerce group, plunged by 4.2% on Thursday.
- One of the world's largest container ships stuck in the Suez Canal, the shortest shipping route from Asia to Europe. This news is negative for commodity markets as it can damage an already fragile global supply chain.
- Prolonged lockdowns and the slow vaccination campaign in Europe keep pressing down the euro.
- Rising yields, potential US tax hikes, and inflation fears worry investors. As a result, the market sentiment is risk-off. Stocks are falling, while the USD and the JPY are edging higher.
Technical analysis
EUR/USD has been trading in a descending channel. It has broken through the 200-day moving average at 1.1850. Thus, the way down to the next support level at the lower line of Bollinger Bands at 1.1775 is open now. It’s unlikely to break it on the first try. But if it does, it may fall to the key psychological mark of 1.1700. On the flip side, if it breaks the resistance of 1.1850, the way up to the middle line of Bollinger Bands at 1.1930 will be open.
GBP/USD is moving down inside the descending channel. It’s approaching the 100-day moving average of 1.3600, which it’s unlikely to cross on the first try. If it manages to do so, the way down to the next support of 1.3500 will be open. If the sentiment changes during the day, GBP/USD may jump above 1.3750 which will open doors towards the 50-day MA at 1.3830.
The news about a ship getting stuck in the Suez Canal was negative for oil. Thus, now we can observe the increased volatility in all the crude oil assets. For instance, let’s look at UK Brent oil – XBR/USD. It has bounced off the 200-period moving average of $64.50, but the middle line of Bollinger Bands constrained the asset from further falling. If it breaks it, the oil may fall to the next support of $62.00. In the opposite scenario, the move above the 200-period MA at $64.50 will drive XBR/USD to $66.00.
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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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