Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Oil and BTC Surged, EUR Awaits ECB
Information is not investment advice
Latest news
- Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3). The bank is expected to update its strategy, which may allow inflation to overrun the 2% goal. If it is the case, it will signal that the bank won’t tighten the policy earlier than expected, which will limit the upside potential for the EUR.
- The earnings season continues. Yesterday, Johnson & Johnson, Coca-Cola, and Verizon revealed better-than-expected earnings results for the second quarter. It helped to improve the market sentiment. The USD weakened.
- Today, Intel, AT&T, and Twitter will reveal their financial results. AT&T will post its data at 14:00 GMT+3, while Intel and Twitter will make releases after the stock market closes.
- Oil prices skyrocketed! The jump was driven by a drop in US stockpiles and a broader market rally.
Technical outlook
EUR/USD is moving inside the descending channel. The pair keeps attacking the 1.1800 resistance level but to no avail. Besides, the trendline and the 50-period moving average are strong barriers which the pair will struggle to break. Thus, we might expect a reverse down from the current levels. On the way down, EUR/USD may meet support levels at 1.1770 and 1.1750.
XAU/USD has reversed up after touching the 100-day moving average of $1795. The chain of long lower tails tells us that the price was rejected at the support zone of $1790-1795. Thus, we might expect gold to rise to the 38.2% Fibonacci retracement level of $1815 today, but the current momentum is weak and we should wait for some time. In the opposite scenario, if gold breaks below the support zone of $1790-1795, it will fall to the next round number of $1775.
It’s a really interesting movement in the AUD/USD pair. The pair has reversed up from the 0.7300 support level and the last two green candles signal us that the bullish momentum is strong and the rally up may continue till 0.7400. If the pair manages to break it, it may jump to the high of July 16 at 0.7440.
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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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