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The second-largest cryptocurrency, Ethereum, has been acting strong recently on the news…

The second-largest cryptocurrency, Ethereum, has been acting strong recently on the news that Visa would be using the ETH network to settle cryptocurrency transactions

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Market Focus

US stocks climbed toward another record high after the economic recovery is being evidenced, thus gaining momentum. The Dow Jones Industrial Average extended 370 points to an all-record high; the S&P 500 climbed 1.4% while the Nasdaq rose 1.6% today. Investors pushed up the value of stocks after the economic date highlighted accelerating growth as more Americans are vaccinated. Especially, US service providers have the fastest growth on record in March, boosting investors’ confidence in the economic recovery. In the meanwhile, speculators have shown the sign by pulling back their net short position in Cboe Volatility Index futures for six straight weeks to their lowest.

Treasury Secretary Janet Yellen planned to end Trump’s global retreat, restoring global leadership and credibility with US allies following the unilateralist approach of the Trump era and eyeing a harmonized corporate tax rate across the world’s major economies. Yellen also criticized the strategy of Donald Trump’s administration, decrying four years when the US isolated itself by retreating from the international order.

UK Boris Johnson put hope on the resume of foreign travel on May 17. UK’s lockdown is being gradually eased, and people are now allowed to meet outside in groups of six. Boris Johnson also confirmed that some stores can open from April 12 as planned. As the vaccine rollouts become more efficient, and free rapid Covid tests become more available, UK is now in the stage of considering whether it should suspend its travel bans.

Tencent and Alibaba remain the benchmark for China tech stocks despite Beijing continue to ramp up regulatory pressure on its tech firms. Chinese State Administration for Market Regulation has fined more than 12 companies on the violation of anti-monopoly rules so far.

Market Wrap

Main Pairs Movement

Oil futures in New York dropped more than 4.5% today, sending prices to the lowest in more than a week. Oil prices plummeted as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a decline in global oil inventories. Moreover, investors eyed the meeting in Vienna on Tuesday to discuss potentially resurrecting the agreement, a possible path toward removing sanctions on the Middle Eastern country’s oil exports.

Lonnie closed lower below 1.2550 even though oil prices dropped. The broad-based decline of the US dollar weighs on USD/CAD. With the US dollar facing a renewed selling pressure, however, the pair edged lower.

The British Pound reached three-week highs above 1.3900 against the US dollar. Pound self- strength coupled with a weaker US dollar. As the UK is in a good shape in the battle against the Covid, GBPUSD sharped up today.

The second-largest cryptocurrency, Ethereum, has been acting strong recently on the news that Visa would be using the ETH network to settle cryptocurrency transactions, trading around $2117 at the time of writing. With ETH’s recent move, ETH finally breaks away from the tendency to track the price movements of Bitcoin. ETH is no longer playing second fiddle to Bitcoin.

Technical Analysis

EURUSD (Daily Chart)

EURUSD witnesses some positive moves today, trading at 1.1809. The near-term picture is bullish, with scope for another leg higher. The pair is expected to climb toward 1.1855 where the horizontal line for the previous double tops formation. The bullish momentum in the near-term is supported by the RSI of 43, which is outside of the oversold condition, giving it more room to extend further north. In a bigger picture, EURUSD remains bearish as it continues to fall within the descending channel and trades below the 50 and 100 SMAs. On the upside, above 1.1855 minor resistance will turn bias back to the upside for 1.1945 resistance.

Resistance: 1.1855, 1.1945, 1.12349

Support: 1.1695, 1.1492, 1.1290

GBPUSD (Four Hour Chart)

GBPUSD keeps up its bullish momentum, reaching three-week highs above 1.3900. On the four-hour chart, the pair has surpassed the 100 SMA, heading to the next immediate resistance at 1.3926. However, the RSI indicator is currently within the overbought area, suggesting a pullback before continues GBPUSD’s bullish move. From the technical aspect, the pair is expected to trade in the range of 1.3877- 1.3926 during the time of an adjustment. After the RSI becomes less, the pair is expected to trade higher as the MACD remains positive.

Resistance: 1.3926, 1.4005

Support: 1.3877, 1.3838, 1.3798, 1.3749

XAUUSD (Daily Chart)

Gold has been choppy today, stocking within a $1720- $1730 price range for most of the day. After trading in positive territory for two consecutive days, gold turns bearish, currently trading at $1726. To the downside, the resistance at 1746.91(Fib. Retracement 23.6%) seems to act as a cap for gold buyers; a sustained move under $1746.91 indicates the presence of sellers. If gold fails to challenge $1746.91 again, the possible acceleration to the downside with potential targets below $1676.89 can happen. In the meanwhile, the bullish signal on the MACD indicator is currently weak, implying a possibility of a bullish- to- bearish trend.

Resistance: 1746.91, 1790.23, 1825.24

Support: 1676.89

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U.S. private employers added the most jobs in six months, adding to…

U.S. private employers added the most jobs in six months, adding to evidence that the vaccine drive and business reopening are encouraging hiring

20210401
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Market Focus

Technology shares led U.S. stocks higher, regaining favor on the last day of a quarter where they trailed the rest of the major market sectors, with President Joe Biden set to unveil his next stimulus plan.

Apple Inc., Microsoft Corp., and Tesla Inc. pushed the tech-heavy Nasdaq 100 up 1.5%, while the Dow Jones Industrial finished lower with investors favoring growth over value shares again. The benchmark S&P 500 set an intra-day high, retreating from a record closing level in the last moments of trading.

Data for March showed U.S. private employers added the most jobs in six months, adding to evidence that the vaccine drive and business reopening are encouraging hiring. On the other hand, however, the market shrugged off the worst-than-expectation data of pending home sales which record 10.6 contractions.

Investors, rattled this week by the meltdown at Bill Hwang’s Archegos Capital Management, are turning their attention to growth and inflation as volatility spurred by the forced sales subsides. While Europe’s struggle with inoculations and the resurgence of the coronavirus have tempered growth expectations, the U.S. vaccine rollout is surpassing targets.

Market Wrap

Main Pairs Movement

Oil fell after an OPEC+ panel meeting ended without an oil policy recommendation. The dollar weakened, but still posted its best quarter in a year. The Bloomberg Commodity Index and developing-nation currencies climbed.

The dollar index retreat from daily peak once approached nearly 6 months high then close at fell 0.12%. Moreover, the dollar declined against most G-10 peers, paring its biggest quarterly advance in a year as President Joe Biden unveiling his 2.25 trillion investment plans.

Loonie is down 0.5% to 1.2574 after falling as much as 0.7%, the hardest since March 11. Haven currencies faltered Wednesday, capping a quarter when rising U.S. Treasury yields created support for the dollar.

Technical Analysis

EURUSD (4 hour Chart)

Eurodollar has to quell nearly upwind movement then turn north way intraday amid weakness dollar as an investor are stay tune for President Joe Biden’s instruction investment plan, however, the market did not keep win while dragged down in nearly market close. On the 4-hour chart, we see that the eurodollar did not bounce back to our vital resistance point today that given a fragile spot from our perspective. In the meantime, both 15 and 60-long SMAs clinging to their downward trend. On the other hand, the RSI indicator set at 41 figure suggests a slightly bearish momentum for the short-term.

Therefore, we do not prospect for pick up way as aforementioned. For south way, the daily low, 1.17, will go down as frail but important support as its lack of price cluster below. Since once eurodollar is going to tamp down further this support level then the market could foresee another plummet ahead.

Resistance: 1.1765, 1.18, 1.1835

Support: 1.17

USDJPY (4 hour Chart)

USDJPY continues to perform its bullish momentum, currently trading at 110.73 which once hit 111, the one-year high level. On the market side, the Japanese yen extend its torrid devaluation momentum which has become unglued since this year. We believe that carry trade behavior prompts this rally branza to align with an unstoppable U.S. share market boost.

From a technical perspective, 15 and 60-long SMAs have an edge over in a pick-up way that retains its impetus. On the RSI side, the indicator slipped from overwhelming over the sought area to 69 figure, still suggesting a bullish guideline for the short term.

Therefore, combing the terms above, we foresee the yen market will remain in an upward position. But only one concerning spot currently, the yen has gained extraordinary reward since this year, so the possibility of keep picking up, we believe it will be a small-probability event.

Resistance: 110.85, 111.00

Support: 110.35, 109.8, 109.45

XAUUSD (Daily Chart)

Gold was rising more than 1% on Wednesday, recovering after posting sharp losses during two continuous days, despite a modest rally in U.S. yield, a correction of the U.S. dollar, month-end flow, and some profit-taking favored the rebound, according to traders. Gold recover further above $1700 to $1707.7 at market close, still under the downward resistance on its head. RSI indicator was recognized 49.7 figures, which still in the lightly bearish backdrop. Also, 15 and 60-long SMAs constantly on the exacerbated way.

In the lights of the points above, we expect the gold market will under pressure as downward resistance and unfavorable indicator guidance. On the slid side, the phycological level at 1700 still vital first pivot support, if stall, then eye-capture on 1678.85. However, once the market goes north way, the first resistance will be 1722.75 which oodles price cluster place.

Resistance: 1722.75, 1738.32, 1754.53

Support: 1700, 1678.85

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The dollar index hit near the highest level since last year, as…

The dollar index hit near the highest level since last year, as the US Treasury yields elevated, and stocks declined over Joe Biden’s fiscal policy

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Market Focus

US stocks declined for a second day as the US Treasury yields hit a 14-month high as investors weighed the consequences of the stimulus check, potentially resulting in higher inflation. The 10-year Treasury yield climbed as vaccine rollouts and expected Joe Biden’s infrastructure spending boosted expectations of a broad economic recovery and rising inflation. The Dow Jones Industrial Average dropped 104.41 points, slipping from a record closing high; S&P 500 slid 0.3% while the Nasdaq dropped 0.57%.

Overview of President Joe Biden’s plan:

  • $650 billion to rebuild the United States’ infrastructure.
  • $400 billion toward care for elderly and the disabled people.
  • $300 billion for housing infrastructure.
  • $300 billion to revive US manufacturing.

Banks roiled by the Archegos Capital fallout might see total losses in the range of 5 million to 10 billion. Markets are trying to find out the final losses to banks exposed to the Archegos implosion. It is hard to estimate the total losses according to JP Morgan due to the nature of the leveraged trading involved.

Market Wrap

Main Pairs Movement

Gold continued to decline, approaching a nine-month low amid the vaccine rollouts and the rise of US bond yields. As the US bond yields rose, weighed on the outlook for growth and inflation, the non-interest-bearing Gold got pushed below the $1700 level, currently trading at $1683. Moreover, the fast pace of the global economic recovery has essentially reduced the haven appeal of the metal; at the same time, a selloff in ETFs backed by gold was further eroding the support.

The dollar index hit near the highest level since last year, rising about 0.35% daily, as the US Treasury yields elevated, and stocks declined over Joe Biden’s fiscal policy. Moreover, adding to the bullish side of the dollar index, the optimistic view about the overall economy from New York Federal Reserve President also lends support to the dollar index.

The Canadian dollar declined as a gauge of the US dollar climbed to the highest since last year, boosted by rising yields. The Canadian dollar also fell along with the oil price. The oil price fell along with the broader commodity complex ahead of an OPEC+ meeting.

Technical Analysis

EURUSD (Daily Chart)

EURUSD extends its fall, tumbling toward 1.17, the lowest since November. On the daily chart, EURUSD has broken the descending trend, accelerating the downside pressure toward the next support at 1.1695. Moreover, with the RSI currently at 31, still has rooms to extend further south. The pair keeps falling below bearish moving averages with the 20 SMA capping advances around 1.1895. On the upside, EURUSD’s bearish momentum might potentially confront a pause or a pullback around the support at 1.1695 as the level is considered as solid and strong, not yet been touched since October.

Resistance: 1.1945, 1.2349

Support: 1.1695, 1.1492, 1.1290

USDJPY (Daily Chart)

USDJPY continues to perform its bullish momentum, currently trading at 110.27. USDJPY prolongs its recent upward trajectory and reaches multi-month highs today. On the daily chart, the pair continues to trade within the ascending channel and outplaying above the 50 SMA, confirming a fresh bullish momentum toward the next resistance at 111.40. Nonetheless, the bullish momentum might be a pause as the RSI on the daily chart is currently overbought, 79; USDJPY buyers might sense some caution before positioning for any further positive move.

Resistance: 111.40, 114.55

Support: 109.45, 107.87, 106.29

XAUUSD (Daily Chart)

Gold adds to the previous day’s losses and witnessed some follow-through selling for the second consecutive day today, trading at 1685.44. With the downside pressure, it appears to form a rounded top, signaling the end of an uptrend and the possible start of a downtrend. It is expected to see gold heading further south, testing the support level of 1676.89 as the MACD indicator signals potentially a momentum change, bullish- to- bearish. Moreover, the RSI is still outside of the oversold conditions, implying a further falls in the next few trading sessions.

Resistance: 1746.91, 1790.23, 1825.24

Support: 1676.89

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