Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
USD Takes Breath Ahead Inflation Report
Information is not investment advice
Latest news
- The earnings season has already started. Among the first ones to reveal their Q3 financial results will be banks: JP Morgan will reveal its results on Wednesday, while Bank of America, Wells Fargo, Morgan Stanley, and Citigroup – on Thursday.
- The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
- S&P 500, the broad market index, has reversed down. The 4300 support level should stop the index from falling further.
- Merck has sent its Covid-19 pill to the FDA for emergency approval. It can improve the overall market sentiment.
- Alibaba has shown an impressive recovery but closed in red yesterday. The stock advanced 24% since reaching a record low on October 5.
- Lufthansa paid back $1.7 billion, reducing part of the financial support it got during the Covid-19 pandemic. Now, it plans to repay the rest ($1.2 billion) by the end of this year.
Technical outlook
EUR/USD has been moving inside the descending channel since early September. It has failed to cross the support of 1.1545 and reversed up. However, the pair shouldn’t cross the resistance level of 1.1580 on the first try as there are the 50-period moving average and the upper trend line. When the pair breaks below 1.1545, it is likely to fall to the psychological mark of 1.1500.
USD/JPY was rallying up, but took a breath and failed to break the resistance level of 113.50. If the pair crosses the 113.00 support, it may fall to the next round number of 112.00. However, the long-term trend remains bullish. The jump above 113.50 will open the doors to 114.00.
Finally, let’s look at the Bitcoin chart. It is edging higher to the psychological mark of $60,000 where the rally may stop for a while. If the cryptocurrency manages to break it, the way up to the high of April 15 at $63,500 will be clear. Support levels are the recent low of $54,000 and the psychological level of $50,000.
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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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