Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
USD, gold, Alibaba and more on April 12
Information is not investment advice
Latest news you need to know:
- The US dollar has strengthened at the start of the week as Treasury yields are edging higher, and the correlation between the USD and yields is getting even stronger.
- As a result, increased US yields may press EUR/USD down to 1.1800 during this week, according to ING. Besides, USD/JPY may rally up and retest 111.00.
- Alibaba rose by roughly 8% in pre-market hours after the record antitrust fine by China. What? Rose after fines? Yes, despite the high amount of the fine, the fact of its implementation reduced the uncertainty over Alibaba and pushed the stock up.
- The earnings season has started this week! Check the key reports in our article “Stocks: Q1'2021 earnings reports coming!”
Watch our daily report!
What’s happening on the charts?
EUR/USD has been moving in an ascending channel since late March. It has touched the lower trend line and also the golden cross occurs (the 50-period moving average has crossed the 100-period MA from bottom to top). Therefore, the pair should rise. If it manages to break the psychological mark of 1.1900, the way up to the high of April 8 at 1.1925 would be open. On the flip side, if it reverses and breaks the recent low of 1.1860, it may fall to the 100-period MA at 1.1800.
Gold has failed to cross the $1735 support and turned to the upside. If bulls keep momentum and the price jumps above the key level of $1760, it may rocket to the highs of mid-February at $1790. On the flip side, the move below $1735 will drive the pair to the recent lows of $1724.
GBP/USD has bounced off the support of 1.3680 and reversed up. If it breaks through 1.3750, the way up to the intersection of 50- and 100-period moving averages will be clear. On the flip side, if it drops below 1.3680, it will fall to 1.3620.
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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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