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Coinbase will list on the Nasdaq at a valuation of about $100…

Coinbase will list on the Nasdaq at a valuation of about $100 Billion with roughly $343.58 per share

Market Focus US stock market rose to fresh record highs and the US bond yields fell as investors bet that a higher-than-expected inflation data will not slow down …

20210414
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Market Focus

US stock market rose to fresh record highs and the US bond yields fell as investors bet that a higher-than-expected inflation data will not slow down the economic recovery. The S&P 500 hit an all-time high even though Johnson& Johnson vaccine got paused by the US officials with the investigation into a link from its shot to blood clots. All told, the S&P 500 added 0.45% to the new high; the Nasdaq climbed 1.1% whilst the Dow Jones Industrial Average dropped less than 0.1%.

Bitcoin surged to an all-time high ahead of Coinbase Global Inc.’s listing this week on the 14th. Major cryptocurrencies turned bullish in force as a growing list of companies embraces Bitcoin, even some are still skeptical about the durability of the boom. In one of the most potent signs of Wall Street’s growing acceptance of Bitcoin, Coinbase will list on the Nasdaq at a valuation of about $100 Billion with roughly $343.58 per share. The debut of Coinbase will help cryptocurrencies move one big step further in public. A successful addition to the Nasdaq will act as an endorsement of cryptocurrencies.

Vaccine Blood-clot side effects put concern toward AstraZeneca Plc and Johnson and Johnson. The syndrome is highly unusual in that it involves increased blood clotting along with low levels of platelets. Thus, US FDA recommended a pause on both companies’ vaccines. As a result, Johnson and Johnson’s share dropped around 2%.

Market Wrap

Main Pairs Movement

Chinese Yuan extended the gain to April high as the US dollar approached a monthly low. CNH was up 0.09% to 6.5418 per US dollar, gaining 0.25% this week. CNH gained strength as investors looked through China’s March trade data, which showed a $13.8 billion surplus. Furthermore, US Treasury Secretary Janet Yellen will decline to name China as a currency manipulator, boosting Yuan.

Crude oil rose about 1.2% after OPEC predicted that a rapid economic recovery is going to absorb the extra oil supply, allowing OPEC members and allies to proceed with their agreement on increasing oil production.

The precious metal, gold advanced as the measure of US inflation rose by the most in nearly nine years. However, even with today’s gain, gold remained pressured by rising US bond yield. Gold price usually goes up when inflation becomes a threat since gold is used as an inflation hedge.

Technical Analysis

EURUSD (Daily Chart)

EURUSD surges well above 1.19, as markets have reassessed US inflation data. The near-term outlook is neutral- to- bullish as the pair has out breached yearly resistance at 1.1945. At the same time, the pair almost reaches the level above the 50 SMA, opening up a path for EURUSD to accelerate its bullish momentum further north toward the 1.20 level, specifically 1.2070, a minor resistance. The technical indicator, MACD continues to lend support to bulls whilst the RSI is still out of the overbought territory, giving the pair rooms to keep up its current momentum.

Resistance: 1.2070, 1.2349

Support: 1.1945, 1.1695, 1.1492

USDJPY (Daily Chart)

USDJPY is falling to convince an upward trajectory and the focus is on the downside; bears seek downside continuation on the daily chart. The pair looks poised to extend its slide further south as it breaks below the support level at 109.45 as well as the midline of Bollinger Band. Additionally, the pair has broken the ascending channel, suggesting a downside acceleration toward the next immediate support at 107.87. Furthermore, the technical indicator, RSI is still outside of the oversold territory, giving the pair rooms to extend further south. To the downside, USDJPY might confront an obstacle, the lower bound of Bollinger Band, around 108.22, before touching the support level at 107.87.

Resistance: 111.40, 114.55

Support: 107.87, 106.29

XAUUSD (Daily Chart)

A little hesitation after Gold broke above the obstacle at 1746.91 yesterday; today, gold challenges the resistance once again, boosted by a renewed selling pressure surrounding the greenback after the inflation data. On the daily chart, a double bottom pattern still exists indicating a buy and bullish signal. At the time of writing, the former resistance of $1746.91 now acts as a strong support pivot, possibly pushing gold toward the next resistance at $1790.23. Moreover, the MACD continues to lend support to bulls whilst the RSI of 52 has not yet reached the overbought territory, giving gold more room to extend further north.

Resistance: 1790.23, 1825.24, 1860.26

Support: 1746.91, 1676.89

20210414
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Intel Corp. led tech shares lower after Nvidia Corp. said it’s offering…

Intel Corp. led tech shares lower after Nvidia Corp. said it’s offering the company’s first server microprocessors

20210413
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Market Focus

U.S. stocks slipped from record highs while investors weighed the start of corporate earnings season and an influx of bond supply that loom as speedbumps to a roaring rally.

Intel Corp. led tech shares lower after Nvidia Corp. said it’s offering the company’s first server microprocessors, extending a push into Intel’s most lucrative market. The S&P 500 dipped into negative territory in the wake of a third straight week of gains for the benchmark index. In Europe, the Stoxx Europe 600 Index weakened.

Yields were mostly higher as the U.S. Treasury auctioned three- and 10-year notes at slightly lower demand than the previous sales of the securities. The government will offer 30-year bonds tomorrow.

While the U.S. recovery is accelerating, parts of Europe and South America are beset by rising Covid-19 cases and troubled vaccination rollouts. The rotation toward cyclical and small-cap stocks appears to have stalled as well, prompting worry about the strength of the U.S. economic comeback at the start of earnings season.

At the same time, massive government spending and central-bank stimulus could stoke excessive inflation. In an interview aired Sunday with CBS’s 60 Minutes, Federal Reserve Chair Jerome Powell sought to provide reassurance that any surge in price pressures won’t last.

Market Wrap

Main Pairs Movement

The dollar pared losses as yields hovered near session highs after 10-year notes drew the highest rate at an auction of the tenor since January 2020. Traders are turning their attention to U.S. inflation data Tuesday expected to show a pickup.

USDJPY slipped 0.2% to 109.43; pair supported by outright buying interest near ~109.25. EURUSD +0.1% to 1.1914; offers capped ahead of the 1.1920 pivot level; trading just above the 200-DMA of 1.1900, with support seen at 1.1860; sees trading interest in 3-month call spreads. GBPUSD +0.3% to 1.3742; rose as much as 0.5%, the most since April 5, as the U.K. took the next step in reopening the economy. A close above 1.3751 would be a bullish signal and a hold around that level sets up the possibility for a double bottom with a neckline at 1.3919; a close above there suggests an eye toward 1.4170.

Elsewhere, oil rose with the dollar little changed. Bitcoin neared an all-time high before a listing by the largest U.S. cryptocurrency exchange.

Technical Analysis

EURUSD (Four- Hour Chart)

The eurodollar continues consolidation in a tiny range between 1.194 and 1.1877 which accord our recently perspective, trading at 1.1908 as of writing. Earlier in the day, Eurostat revealed Retail Sales in February increased by 3% following January’s contraction of 5.2%. This data beat the market expectation of 1.5% and helped the shared currency stay resilient against its rivals. On the RSI side, the indicator shows 60 figures which suggest a bullish momentum for the ongoing short term. From an average price momentum perspective, 15 and 60-long SMAs remain in an upward movement, yet 15-long SMAs turn flat sign.

Therefore, we believe the market will still quagmire in a slight move range. However, the aforementioned indicator is giving an upward expectation. On the upside, if the first upper bounder breakthrough, then eye on the 1.199 level. On the slid side, 1.1877 level of course will be the vital support for the first defend level. If penetrate the first level, then the price will see other lower level.

Resistance: 1.1941, 1.199

Support: 1.1871, 1.1796, 1.1705

USDCHF (Four-Hour Chart)

Swiss Franc is continued losing its bullish that trading at lower level intraday, hits fresh one month lows, which settle around 0.9221 level while market close. On four hour chart, it is obvious that the Swiss franc has built up a double head pattern at a higher price action level. However, we didn’t see it formed as a typical symmetry double head pattern. On the RSI side, indicators show 34 figures, suggesting there remaining a bearish space in short term, moreover, 15 and 60-long SMAs are extending upwind momentum.

Therefore, integrity all suggestion above, indictors expect swiss franc will toward to downside movement. However, we are more inclined to form another head price action. On the downside, it is successively testing month-long lows around 0.922 level currently, so we deem month-long low level will be the critical support at the moment. if breakthrough support level firmly, we see a lower price spot. In contrast, if the marketplace intends to build up another head which will become a triple head pattern, the first upward resistance will 0.9268, 0.9309 is subsequent.

Resistance: 0.9268, 0.9309

Support: 0.922

XAUUSD (Four-hour Chart)

After failing to challenge stand above the head level of the “W shape” pattern, gold continues to tamp down to the lower level in the day, trading at 1732.75 while the end of the day. On the RSI side, the indicator drop below 42 which suggests a bearish momentum ahead. On the other hand, 15 and 60-long SMAs indicators remain an ascending trend, yet seemingly turn flat.

With the combing suggestion above, we foresee the marketplace will continue its bearish movement. However, we see 1722.75 level should be the first and cogent barrier.

Resistance: 1754.53, 1759.72

Support: 1722.75, 1678.85

20210413
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Joe Biden plans to request $715 billion for his first pentagon budget,…

Joe Biden plans to request $715 billion for his first pentagon budget, generating concerns over how these funds would be spent

20210412
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Market Focus

US equity markets were roughly positive as stocks rose toward another record as traders shifted attention away from inflation and focused on prospects for an economic rebound, resulting in a decline in US Treasury yields and a decline in the US dollar index. The equity market kept up its momentum and continued to surge from March 2020 lows to approx. 85% as the Federal Reserve reassured markets that the fed policy will remain supportive. All told, the Dow Jones Industrial Averages rose about 297.03 points; the Nasdaq climbed 0.5% while the S&P 500 gained 0.8%.

Joe Biden plans to request $715 billion for his first pentagon budget, generating concerns over how these funds would be spent. The $715 billion budget is roughly 1.6% higher than the $704 billion enacted for this year. This difference has launched the concern over the real terms adjusted for inflation.

US-China tension continues to edge up after the US Commerce Department added seven more Chinese supercomputing companies to a US economic blacklist citing national security considerations. Companies that are being blacklisted include Tianjin Phytium Information Technology, Shanghai High-Performance Integrated Circuit Design Center, Sunway Microelectronics, the National Supercomputing Center Jinan, the National Supercomputing Center Shenzhen, the National Supercomputing Center Wuxi, and the National Supercomputing Center Zhengzhou. The US has complained that those Chinese companies are beholden to China, and at the same time collect sensitive information on the behalf of the Chinese military.

Market Wrap

Main Pairs Movement

WTI continued to trade in the range of $59- $60. In the near term, as the pandemic has accelerated in some key developed countries and also some countries in Europe, like Germany, the darkening of the near-term oil demand outlook has been reflected in downwards revision.

The British Pound struggled around 1.37 against the US dollar on US dollar strength and covid concerns. The US dollar rebounded from a dovish Fed-induced blow. On the UK insight, as the UK will take the next step in this gradual easing of restrictions, the economic recovery focuses on the response of households to the reopening; as a result, the uncertainty has weakened the British Pound.

USDCAD dropped to daily lows below 1.2540 after a strong Canadian jobs report. The Canadian dollar gained strength as the monthly data published by Canada showed that the unemployment rate in March dropped to its lowest level since the beginning of the pandemic at 7.5%.

Technical Analysis

EURUSD (Four- Hour Chart)

The eurodollar market has retreated from nearly high, trading at 1.1904 level as of writing, amid 10 year Treasuries yields pick up whilst the U.S. share market went smoothly. For the RSI perspective, the indicator set 62 figures which suggest a bullish trend at least for the short run, despite correction today. On the moving average side, 15 and 60-long indicators remained upward trend that short one was getting flat movement aftermarket whipsaw.

Integrity our perspective and follow our anticipant from yesterday, we expect the market will successively move neutral or consolidation at current range. We foresee the consolidation range will be 1.1871 as lower bound and 1.1941 as upper bound which stand for first pivot support and resistance, respectively.

Resistance: 1.1941, 1.198

Support: 1.1871, 1.1796, 1.1705

GBPUSD (Four-Hour Chart)

GBPUSD extends further south toward 1.37090 after breaking below the support level at 1.3749 on the four-hour chart. The pair continues to show a bearish tendency as it steadily trades below the midline of the Bollinger Band and the 20 SMA. Furthermore, the technical indicators, the RSI is above the 30 levels outside oversold territory while the MACD still shows a sign of lending the support to bears. GBPUSD is expected to head toward the next support at 1.3670.

Resistance: 1.3749, 1.3797, 1.3836

Support: 1.3670

XAUUSD (Daily Chart)

After clinging to the resistance level of $1746.91, Gold eventually breaks above the obstacle. On the daily chart, a double bottom pattern has been formed, indicating a buy and bullish signal. At the time of writing, the former resistance of $1746.91 now acts as a strong support pivot, possibly pushing gold toward the next resistance at $1790.23. Moreover, the MACD continues to lend support to bulls whilst the RSI has not yet reached the overbought territory, giving gold more room to extend further north.

Resistance: 1790.23, 1825.24, 1860.26

Support: 1746.91, 1676.89

20210412
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