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Daily Market Review 16th of April, 2018

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Main contemporary issue in the background:

Asian Stocks Reverse Early Gains – Most Asian stocks declined, U.S. equity futures pared gains and the yen reversed losses as traders assessed the likelihood the fallout of an American-led strike on Syria could be contained. Crude oil dropped.

Japanese and Australian shares pared earlier gains, while equities in Hong Kong and China fell. The yen, a proxy for risk aversion, bounced as polls showed falling support for Japanese Prime Minister Shinzo Abe’s government, which has favored a weaker currency. The dollar remained under pressure as CFTC data showed hedge funds are the most bearish on the greenback in five years. U.S. 10-year Treasury yields ticked higher.

 Today’s top impact announcements:

1 – 13:30 (GMT), U.S. – Retail Sales ex Autos (MoM), Retail Sales (MoM) – The Retail Sales ex Autos released by the US Census Bureau is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes except the automobile sector. The retail sales index is often taken as an indicator of consumer confidence. This report is the “advance” report, which can be revised fairly significantly after the final numbers are calculated. The positive economic growth anticipates bullish movements for the USD.

The retail Sales released by the US Census Bureau measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

Core Retail Sales – Previous data release: 0.2%, Consensus regarding current release: 0.3%.

Retail Sales – Previous data release: -0.1%, Consensus regarding current release: 0.3%.

BTC/USD:

Expected trend for today is bullish.

Bitcoin price traded with clear positivity in the previous sessions to approach our waited target at 8643.35, and the price gets positive signals through stochastic, to keep the bullish bias suggested in the upcoming sessions, noting that breaching the mentioned level will extend Bitcoin price gains on the short term and medium-term basis.

On the other hand, we should note that breaking 7730.00 will stop the expected rise and push the price to decline again.

The expected trading range for today is between 7500.00 support and 8800.00 resistance.

GBP/USD:

Expected trend for today is bullish.

The GBPUSD pair settles above the breached resistance line that turns into intraday support base now at 1.4195, and the price needs to hold above this level to guarantee the continuation of the bullish momentum, reminding you that our waited target is located at 1.4344.

Stochastic current negativity might cause some temporary sideways fluctuation before resuming the expected rise, which its targets extend to reach 1.4500 after surpassing the first target, noting that breaking 1.4195 will turn the intraday track to decline, to test 1.4040 and might extend to 1.3817 areas before any new attempt to resume the main bullish trend.

Expected trading range for today is between 1.4190 support and 1.4360 resistance.

 USD/CAD:

Expected trend for today is bearish.

The USDCAD pair continues to fluctuate within sideways range as appears on the chart, noticing that stochastic loses the bullish momentum to move inside the overbought areas, while the EMA50 forms continuous negative pressure against the price.

Therefore, we believe that the chances are valid to resume the bearish trend on the intraday and short term basis, reminding you that the next main target is located at 1.2463, which its continuation conditions holding below 1.2717.

Expected trading range for today is between 1.2500 support and 1.2670 resistance.

Crude Oil

Expected trend for today is bullish.

Crude oil price opens today’s trading with clear bearish bias to test the first key support at 66.70, noticing that stochastic gets rid of its negative momentum to approach the oversold areas, to provide positive motive that we are waiting to assist to push the price to rise again, especially that the EMA50 provides continuous positive support to the price.

Therefore, we will continue to suggest the overall bullish trend conditioned by the price stability above 66.30, as breaking this level will push the price to start bearish correction on the intraday basis before turning back to rise again, noting that our next main target is located at 70.00.

Expected trading range for today is between 65.45 support and 69.00 resistance.

We wish you successful trading!

 

 

 

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