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Daily Market Review 13 of April, 2018

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Main contemporary issue in the background:

Asia Stocks Up as Trade Concerns Ease; Dollar Flat: Markets Wrap – Asian stocks built on this week’s advance after signs that trade tensions are easing boosted risk appetite. The dollar steadied and Treasury yields pared gains.

Equities from Sydney to Tokyo advanced though were off the day’s highs, while a rally fizzled in Hong Kong and U.S. stock index futures slid. The S&P 500 Index closed higher as President Donald Trump directed officials to explore rejoining the Trans-Pacific Partnership free-trade deal he pulled out of shortly after taking office. Crude pared this week’s advance as investors assessed the likelihood of a U.S. military retaliation.

No high impact announcements today.

BTC/USD:

Expected trend for today is bullish.

Bitcoin price rallied upwards strongly yesterday to confirm breaching 7380.00 level, which turns the intraday track to rise, on its way to test 8643.35 level that represents our main waited station.

Therefore, we are waiting for more bullish bias in the upcoming sessions unless breaking 7380.00 level and trading below it again.

The expected trading range for today is between 7300.00 support and 8640.00 resistance.

E/UR/USD:

Expected trend for today is bullish.

The EURUSD pair keeps its stability above 1.2304 level until now, noting that stochastic provides positive signals that we are waiting to motivate the price to resume the bullish trend, while on the other hand, we notice that the price is confined inside symmetrical triangle that its signals appear on the chart, which means that breaching 1.2395 will support the chances of rallying upwards to continue the overall bullish trend.

Therefore, we will continue to suggest the bullish trend in the upcoming sessions conditioned by the price stability above 1.2304, reminding you that we are waiting to visit the previously recorded top at 1.2536 as a next main station.

Expected trading range for today is between 1.2250 support and 1.2430 resistance.

GBP/USD:

Expected trend for today is bullish.

The GBPUSD pair resumed its positive trading to surpass the resistance line that appears on the chart and settles above it, which supports the continuation of our bullish overview efficiently in the upcoming period, and the way is open to visit our main waited target at 1.4344.

Therefore, we are waiting for more rise today conditioned by holding above 1.4135.

Expected trading range for today is between 1.4150 support and 1.4344 resistance.

Crude Oil

Expected trend for today is bullish.

Crude oil futures are trading slightly higher at the mid-session. The market is still trading inside Wednesday’s range which suggests investor indecision and impending volatility.

At 1803 GMT, June West Texas Intermediate crude oil futures are trading $66.74, up $0.01 or +0.01%.

Earlier in the session, the market was pressured by a weaker U.S. Dollar, but picked up support as the trading day wore on from mounting political tension in the Middle East and shrinking oil inventories.

The market was further supported by a report that said the U.S. is considering eight possible targets in Syria with President Trump saying a decision is coming ‘fairly soon’.

The main trend is up according to the daily swing chart. A trade through $67.38 will signal a resumption of the uptrend. This could trigger a further rally into the February 3, 2015 main top at $68.87 and the December 24, 2014 main top at $69.53.

The new short-term range is $61.86 to $67.38. If there is weakness late in the session then its retracement zone at $64.62 to $63.97 will become the primary downside target.

We wish you successful trading!

 

 

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