Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Stocks are in the longest rally since August
Information is not investment advice
Latest news
- US stocks have been climbing up for six days in a row. Notably, it’s the longest rally since August!
- S&P 500 surged above $3 900 for the first time, driven by hopes for an upcoming Biden’s relief package.
- Crude oil is coming back to pre-pandemic levels. WTI has just crossed $58.50, while Brent oil has jumped above $61.00.
- The market sentiment improved due to vaccine rollouts and signs of progress on US stimulus. However, investors start discussing how soon reflation trade could threaten stocks.
- Apple may soon offer a platform for buying and selling cryptocurrencies. If the tech giant enters the crypto market, Apple will skyrocket.
Technical analysis
EUR/USD has approached the 100-period moving average of 1.2090. The move above it will drive the pair to the high of January 29 at 1.2150. However, it’s the least possible scenario, since the upside is limited by both the upper trendline and the 100-period moving average. Therefore, the pullback to the downside is expected. Support levels are 1.2050 and 1.2000.
GBP/USD is edging higher to the key psychological mark of 1.3800. The move above this level will drive the pair up to the next round number of 1.3850. Support levels are at yesterday’s low of 1.3730 and at the 50-period MA of 1.3690.
USD/JPY has bounced off the 200-day MA of 105.60 and broken through the key psychological mark of 105.00. The move down to the 100-day MA of 104.50 is clear now. If it manages to cross 104.50, it may fall to the 50-day MA at 104.00.
Finally, let’s discuss Brent oil. The current CFD is BRN-21J, which expires on February 26. The move above the high of January 22, 2020 at $64.50 will drive the price to the next resistance of $66.50. Support levels are the key psychological mark of $60.00 and the chain of recent lows at $55.00.
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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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