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Daily Market Review 9th of April,  2018

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Main contemporary issue in the background:

Stocks in Asia climbed and U.S. equity-index futures rebounded as investors awaited the next catalyst in the ongoing trade spat between the world’s two largest economies.

Treasuries fell and the dollar steadied. Shares rose across the region with those in Hong Kong outperforming.

Chinese equity markets reopened with gains after a holiday. Markets showed little reaction to a missile attack on a Syrian airbase as a Pentagon spokesman said it wasn’t conducting airstrikes. The yen fluctuated ahead of remarks Monday by Bank of Japan Governor Haruhiko Kuroda at the start of his second term. While Friday’s selloff left U.S. stocks teetering on a key support level, futures on the S&P 500 Index rebounded.

No high impact announcements today.

BTC/USD:

Expected trend for today is bullish.

In April 6, the bitcoin price fell from $7,000 to $6,500. Traders were anticipating a potential drop to the yearly bottom at $6,000, as bitcoin price remained at the $6,000 mark for several hours before rebounding to $6,600. If the bitcoin price had not rebounded from that level and sustained the $6,500 mark, the price of bitcoin could have dropped to the $6,000 mark.

However, as time passed, bitcoin started to demonstrate some buy volumes, and it picked up momentum on April 7. Eventually, within a 24-hour span, the bitcoin price increased from $6,500 to $6,950.

The 15-minute candle chart of bitcoin on April 6 evidently showed the end of its corrective rally from $6,600 to $7,500, which could have been key to bitcoin’s short-term recovery towards the $8,000 region. In the upcoming days, bitcoin could eye the $8,000 region if it can rise back again to $7,500 and test the $7,800 level.

Throughout today, bitcoin has shown some signs of recovery, and if this rally takes bitcoin to the $7,000 region, it is likely that bitcoin could eye the $7,500 mark, as it had earlier this week.

Generally, the market has also become optimistic towards the entrance of institutional investors in the cryptocurrency space.

In December, investors expected a wave of retail traders to enter the bitcoin sector through the bitcoin futures market. But, volumes on the bitcoin futures market have been virtually non-existent, and the demand from institutional investors from the west has been a disappointment.

 

This week, George Soros and Soros Fund, a fund founded by the legendary $8 billion investor, announced that it is preparing to trade cryptocurrencies, as Bloomberg reported. Over the past three months, several large hedge funds like Fortress have exited the space. If new capital comes into the market in an extremely volatile period like this, it could help bitcoin to recover from its previous losses.

“Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, got internal approval to trade virtual coins in the last few months, though he has yet to make a wager, according to people familiar with the matter. A spokesman declined to comment,” read Bloomberg’s report.

E/UR/USD:

Expected trend for today is bearish.

The EURUSD pair approached retesting 1.2304 level and shows some slight bearish bias, as the EMA50 forms solid resistance barrier against the intraday trades, accompanied by witnessing negative overlapping signal through stochastic now.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, waiting to test 1.2160 level mainly, reminding you that breaching 1.2304 will stop the expected decline and lead the price to regain the main bullish trend again.

USD/CAD:

Expected trend for today is bearish.

The USDCAD pair shows sideways trading after approaching the first main waited target at 1.2717, noticing that stochastic begins to lose the positive momentum gradually to approach the overbought areas, to support the chances of resuming the bearish trend in the upcoming sessions, reminding you that the completion of the head and shoulders’ pattern supports the expectations of breaking the mentioned level and extend the bearish wave towards 1.2500 followed by 1.2463 levels that represent our next main targets.

Therefore, we will continue to suggest the bearish trend for today unless breaching 1.2923 level and holding above it.

Expected trading range for today is between 1.2660 support and 1.2840 resistance.

GOLD:

Expected trend for today is bearish.

Gold price settles below 1335.40 level, and the EMA50 forms resistance barrier against the price’s recent positive attempts, noticing that stochastic reaches the overbought areas now.

Therefore, we are waiting for bearish rebound to resume the correctional bearish wave, as our next main target is located at 1316.48, which represents 38.2% for the rise from 1236.41 to 1365.97, while breaching 1335.40 represents the key to stop the current negative pressure and return to the main bullish trend again.

Expected trading range for today is between 1316.00 support and 1345.00 resistance.

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