Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Latest News: ECB, Strong USD, Weak Gold
Information is not investment advice
Latest news
- The Bank of Canada hold a meeting yesterday. Key takeaways: the key interest rate and the pace of bond purchases were left unchanged; the bank was optimistic about the economic recovery in the 2nd half of 2021. USD/CAD is edging higher due to the strong USD.
- China’s tech stocks dropped after officials told Tencent and Netease to stop focusing on profit in gaming, again drawing attention to China’s regulatory crackdown.
- A rally that pushes global stocks to record highs has slowed as investors concern about the delta strain and its impact on the global economic recovery. Thus, the safe-haven US dollar is rising.
- The hawkish comments of the Fed Chief Kaplan added to the USD’s strength. He said that the Fed may start tapering as early as October. This is the reason XAU/USD (gold) has dropped below $1790.
- GBP/USD has been falling for the fourth straight day amid the US dollar’s strength and Brexit concerns.
- ECB is holding a meeting today at 14:45 GMT+3! It’s a crucial event for the euro.
Technical outlook
EUR/USD has reversed up from the 50-day moving average of 1.1800. It has failed to cross the resistance level of 1.1825 so far, but if it manages to do so, it may jump to the 50-period moving average of 1.1840. Support levels are the psychological mark of 1.1800 and the 100-period moving average of 1.1785. Follow the ECB meeting at 14:45 GMT+3.
Gold is weakening these days. It has even broken below the 200-period moving average of $1795. The way down to the 38.2% Fibonacci retracement level of $1775 is open now. The metal should stop at the $1775 support level. Resistance levels are $1795 and $1800.
S&P 500 has started consolidating. Look at the red line, the 50-day moving average. It has supported the index so many times. Thus, we might expect S&P to drop to the moving average at 4430 if it manages to break below the recent low of 4470. Monitor the movement of the S&P 500! When it gets closer to this red line – the 50-day moving average, S&P 500 is likely to reverse up!
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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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