Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
USD strengthened as optimism waned
Information is not investment advice
Fundamentals
- The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
- President Joe Biden warned that the Covid-19 pandemic will worsen before it improves.
- Hong Kong will for the first time lock down tens of thousands of citizens to take the virus spread under control. It added to the overall risk-off tone in markets.
- ECB President Christine Lagarde cautioned that the Covid-19 continues to present a severe risk. The central bank will continue pumping huge amounts of money to support the economy.
- Elsewhere, oil dropped amid Friday’s risk-off mood.
- All attention to PMI reports from the EU, UK, and USA during the day.
Technical tips
EUR/USD
Since the pair touches the upper line of Bollinger Bands, we can assume that it should fall till it reaches the 50-period moving average of 1.2140. The move below this level will drive the euro lower to the next support of 1.2100. Resistance levels are 1.2180 and 1.2220.
GBP/USD
The British pound dropped below the key support of 1.3700, but the 50-hour moving average constrained the further falling. It’s more likely to reverse up as it could be just a natural selling after the breakout above 1.3700. If it rises above 1.3740, the way up to 1.3750 will be open.
Gold
XAU/USD is trying to break down the support of $1 860 but has failed to do it so far. If it manages to do so, it will plunge to the 50-period moving average of $1 850. On the flip side, the move above yesterday’s high of $1 875 will push the pair up to $1 885.
AUD/USD
The aussie may turn to the upside now as it touches the 50- and 100-period moving averages at 0.7730. The move above yesterday’s high of 0.7780 will drive the pair up to 0.7800. Support levels are 0.7730 and 0.7690.
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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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