Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Risk assets are starting week on rise
Information is not investment advice
Latest news
- Risk assets are recovering after a losing streak in the previous week as progress in the extra US stimulus package improved the market sentiment.
- The House passed Biden’s $1.9 trillion coronavirus aid package. The next move is up to Senate.
- Bank of America upgraded its projections for economic growth to 6.5% for 2021 due to hopes for the larger stimulus package.
- China’s Manufacturing and Services PMI reports fell short of analysts’ expectations. The factory activity reached the lowest level since May of 2020. The main reason for the poor data is the Lunar New Year holiday.
- Australian and Canadian dollars are heading to the upside. Gold is trying to rebound its last week’s losses as well.
- Bitcoin tumbled to $43,000 on Friday. Today it has reversed up.
Technical analysis
EUR/USD has been trading in an ascending channel since mid-summer. It is trading in the lower part of the channel, therefore, it’s likely to move upwards. If it manages to break the 50-day moving average of 1.2150, the way up to the next resistance of 1.2200 will be open. Support levels are 1.2030 and 1.1950.
GBP/USD is just below the key psychological mark of 1.4000. If it jumps above it, the doors towards the high of February 24 at 1.4150 will be open. On the flip side, the move below the middle line of the Bollinger Bands at 1.3900 will press the pair down to 1.3800.
USD/JPY has crossed the resistance of 106.50, clearing the way to the next resistance of 107.00. However, if we look at the RSI indicator and the Bollinger Bands, we’ll notice that the pair has already entered the overbought area, thus, a soon pullback down is expected. Support levels are 106.50 and 106.00.
Finally, let’s discuss the aussie. AUD/USD has bounced off the 50-day moving average of 0.7700. If it manages to break above the high of February 16 at 0.7800, it may jump to the next resistance of 0.7910. On the flip side, the move below 0.7700 will drive the pair down to the next support of 0.7660.
Follow ISM Manufacturing PMI at 17:00 MT time!
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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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