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June 29, 2018

FXPRIMUS, Dollar Finds Resistance Following Upsurge as Trade Tariffs Escalate

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Check out today’s market trends!

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Global markets ended Thursday’s session mixed despite a number of poor indicators from the EU and the US, released as Trump seemed to have his strategy against Chinese investments re-established.

With Day One of the EU Summit finding volumes subdued and traders confused, doji formations may act as reversal levels.

An array of global data is scheduled in today, with highlights including UK’s Current Account, the European CPI and Canada’s GDP.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin continues being slow yet above $6k, break likely to be seen soon. Bitcoin traded sideways for a 4th consecutive session as investors and traders remain cautious about the slow activity of the pair. With a break, we could expect price to reach $4800 or lower as no barriers seem to be restraining the fall.
BTC/USD 4-HOUR CHART

MARKET MOVERS

  • EUR/USD – Euro-Dollar ends session mixed despite poor eco data, pair finds bottom. Euro traded in an 80-pip range yesterday. Investors seemed concerned by economic indicators and the return of trade war narratives in the markets, with traders entering an “uncertainty” mode. The triple bottom formation worked well in the creation of a reversal level, which price may struggle breaking.
  • GBP/USD – Pound forms double bottom below $1.31, convergence gives away reversal. The British Pound moved to a fresh monthly low yesterday following a somewhat mixed session on the currency markets as both trade war narratives and the EU Summit offered no significant action. With price reaching a previous bottom and both the RSI and MACD forming a bullish convergence, we may see the pair shifting direction soon.
  • USD/JPY – Dollar to 10-day high against Yen, intraday gains subside to form “fat” indecision candle. Thursday saw USD/JPY trading better than it did on Wednesday, yet gains were again marginal, with price forming a bullish indecision candle as Yen wasn’t too easy to battle. Despite the US reporting poor GDP and Unemployment Claims, the uncertainty surrounding the escalating trade tariffs kept the market balanced. Price decisively above 110.
  • USOIL – Oil hits fresh multi-year high at $73.26 as output shortage lingers. Oil rallied higher on Thursday, hitting a multi-year high above the 100% anti-Fibo level and completing an equal cycle that ended in November 2017. With sanctions over Iran and the upbeat API/EIA inventories, price may move higher given the $72.10 holds.
  • XAU/USD – Gold pushed lower despite poor US eco data, still looks mixed. Gold declined for a 4th consecutive session, reaching a fresh multi-month low at $1245, while Dollar was at its top during Thursday’s session. Despite Dollar’s reversal, Gold did not manage to reverse decisively and ended closing at $1248. With no barriers towards $1236, price could reach the said level soon.
  • US Indexes – DJ rose by 0.41%, S&P 500 appreciated by 0.62%.
  • European Indexes – UK 100 surged 1.01% up, DE climbed 1.27% higher.
  • Asian Indexes – ASX 200 lost 0.26%, Nikkei increased by 0.15%, Hang Seng trades 1.47 % higher.
  • US Equities – Twitter and Amazon moved 2.49% and 2.47% higher, respectively.

Original Source: FXPrimus News

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