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Coinbase Global Inc. fell to a record low and below the reference…

Coinbase Global Inc. fell to a record low and below the reference price used in its April direct listing

20210518
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Market Focus

U.S. stocks fell for the first time in three sessions and the dollar weakened as investors mulled risks to the economic outlook including inflation and a spike in Covid-19 cases in parts of the world.

Technology and communication services led the benchmark S&P 500 into the red, while energy shares rose. Apple and Microsoft weighed on the tech-heavy Nasdaq 100. Semiconductor stocks continued to be under pressure, with the Philadelphia Semiconductor Index dropping as low as 10% from a peak in early April.

Bitcoin tumbled to as low as $42,133 before stabilizing after a volatile weekend that saw Tesla Inc. Chief Executive Elon Musk whipsaw prices with a series of tweets that touched on the energy usage of the cryptocurrency and whether he was selling. Coinbase Global Inc. fell to a record low and below the reference price used in its April direct listing. Gold climbed to the highest in more than three months.

Elsewhere, Oil edged up as rising optimism around a demand recovery in regions such as the U.S. offset Covid-19 flare-ups in parts of Asia.

Main Pairs Movement

The greenback traded lower in modest turnover as U.S. economic optimism helped lift an index of commodity prices most in a month, boosting resource-related currencies including the Australian and Canadian dollars. The pound climbed for the second day as the U.K. economy reopens.

Federal Reserve Vice Chair Richard Clarida said during a webinar that weaker-than-expected April payroll report shows “we have not made substantial further progress” on the central bank’s goals for employment and inflation laid out as thresholds to begin scaling back the central bank’s massive monthly bond purchases.

Concerns that policymakers may have to pull back support sooner than expected to quell rising inflation have weighed on global equities. Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases.

USD/CAD falls as much as 0.4% to 1.2061, on pace for lowest close in six years; eyes the YTD low of 1.2046. Loonie gains supported by rising WTI oil prices and gold; the Bloomberg commodity index jumps 1.4%, the biggest gain in a month.

USD/JPY remains lower, trades -0.2% at 109.19; bids anticipated beneath 109.00 while macro-offers are placed around 109.50, according to traders.

Technical Analysis

EURUSD (4 hour Chart)

Euro fiber pair-end Monday little change around 1.2157. A piece of scarce macroeconomic news and fading risk-appetite maintained pairs at the upper end of its slightly range. For the technical aspect, the RSI indicator shows 59.4 figures, which suggests a bullish momentum sentiment. On average price view, 15-long SMA indicator is an ongoing ascending trend in day market after it euro slightly upper change and 60-long SMA turned slightly upside slope.

As price action at the current stage, price momentum seems ongoing with gain traction in recent days, expecting market could testing next psychological level at 1.22 if 1.215 could hold and remain bull.

Resistance: 1.22

Support: 1.2151, 1.2106, 1.207

GBPUSD (4 Hour Chart)

Sterling rose to nearly day high for the second day in a row and recently printed the fresh high at 1.414 level, boosted by fell dollar and also by a retreat in EUR/GBP. During the U.S. session, the dollar lost momentum and pulled back, even as three main U.S. shares market under pressure. Sterling was supported by fix-related buying and improved risk tone following comments by BOE Vlieghe on stimulus; 1.4237 is the YTD high in February. For the RSI side, the indicator shows a 64 figure, suggesting a bullish momentum for a short run. On the other hand, 15-long SMA indicators turn slope to the north way in the day, and 60-long SMA indicators remaining an ascending movement.

All in all, sterling has successfully breached over 1.41 level to challenging last time high at 1.4155. Moreover, we see there still have room for the upper stage as bullish momentum is retained in the relatively strong indicator. Therefore, we see first immediately resistance will on 1.4155 and 1.42 follow.

Resistance: 1.4155, 1.42

Support: 1.3959, 1.4, 1.4108

XAUUSD (4 Hour Chart)

Gold consecutive two-day gains to a nearly multi-month high after it hover over 1.26%, trading at 1865.9, as the U.S. share extended to day to day low and U.S. 10 year Treasuries yields had 1% upper gain. For the moving average side, the 15-long SMA indicator retained its slope to an upside trend, and the 60-long SMAs indicator retaining its north side momentum. For the RSI side, the indicator shows 71 figures, suggesting overbought sentiment at the current stage.

As price action, we see gold has tried to penetrate the multi-month downside trend. Overall, we await of gold whether could stand above downside trend solid for upside favor. For a longer perspective, if it could stand above and not break below 1850, gold would head to 1900 level.

Resistance: 1900

Support: 1850, 1812.88, 1800, 1763.837

20210518
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Walt Disney Co. fell after results that showed a faltering in growth…

Walt Disney Co. fell after results that showed a faltering in growth at streaming service Disney+.

20210517
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Market Focus

U.S. stocks rose and Treasury yields declined for a second consecutive day as more-tempered commodity prices helped allay concerns about inflation risks.

Energy and technology shares led the S&P 500, which tumbled Wednesday by the most since February. The tech-heavy Nasdaq 100 outperformed the broader index, suggesting a market recovery is gaining momentum, after a bruising week that saw gathering price pressures hit equities. Both indexes still finished the week in the red. An advance in European stocks was led by cyclical industries. MSCI Inc.’s Asia-Pacific share gauge advanced more than 1%.

Markets appear to be regaining their equilibrium at the end of their biggest retreat in 11 weeks, with the focus on the benefits of an economic rebound overriding worry about the negative side-effect of inflation, for now.

That may help to reinvigorate the reflation narrative of picking value shares tied to economic growth over pandemic stay-at-home favorites. Walt Disney Co. fell after results that showed a faltering in growth at streaming service Disney+.

Main Pairs Movement

The dollar slid against all of its Group-of-10 currency peers as yields fell and data showed retail sales stalled, while consumer sentiment deteriorated unexpectedly as Americans grew increasingly concerned about inflation. Losses in the dollar index may come with mid-month rebalancing.

The Federal Reserve’s policy is in a good place right now, said Cleveland Fed President Loretta Mester, while playing down signals from data that she warns will be volatile as the economy reopens.

Treasuries gained after a report showed U.S. retail sales stalled in April following a sharp advance in the prior month. The dollar remained weaker against all of its Group of 10 peers.

NOK/USD dropped as much as 1.5%, most since November. AUD/USD rose 0.7% to 0.7785 amid rising gold and oil prices and gamma-related activity. USD/CAD fell as much as 0.7%, the most since May 6, to 1.2081. The report showed Canadian wholesale trade rose 2.8% in March, beating estimates of a 1% advance.

Technical Analysis

EURUSD (4 hour Chart)

Euro fiber is heading thereto daily high above 1.21 after the U.S. reported no change in April’s retail sales which is below 1% expected, trading at 1.2143 with 0.54% gains as of writing. In ECB monetary statement, a phrase from the latest meeting noted the Governing Council did not discuss any tapering of the bond purchase program. A positive assessment, however, came after members acknowledged that risks to the activity are now slightly tilted to the upside. For the technical aspect, the RSI indicator shows 61 figures, which suggests a bullish momentum sentiment. On average price view, 15-long SMA indicator is ongoing flat move-in day market and 60-long SMA turned slightly upside slope.

According to price action, the euro seems to be poised to testing the 1.2151 level as a small-scale neckline of the last perch point like the yellow range. As price momentum seems ongoing with gain traction, we expect the market could penetrate 1.2151 level to the next higher level. Therefore, for slideway, we stay tune in 1.2106 level which we deemed a first immediate support then 1.207 follow.

Resistance: 1.2151, 1.22

Support: 1.2106, 1.207

GBPUSD (4 Hour Chart)

The pound traded has teeny-tiny gains in the day market while is trading close to 1.41 level where settle at 1.40956 as of writing. Of course, day hovers benefitting from the better market mood as the global share market rejuvenated from the recently bleak side that seems to the re-trigger risk-on mode in subtle. For the RSI side, the indicator shows 59 figures, suggesting a bullish momentum for a short run. On the other hand, the 15-long SMA indicator retains the south side trend after yesterday’s hard land in the day, and the 60-long SMA indicator remaining a teeny-tiny ascending movement.

Overall the market move-in day, pound once poised to testing 1.41 level but tun it head after fail to occupy the spot. In light of recent perspective, we still foresee 1.4 level would be and have to be the strong support for bullish favor despite faltering movement. As move averaging manifest mixed way and comprehend before views, we expect market will high probability that stymie in a range between first resistance and support. For longer intervals, we foresee sterling could challenge the 1.4155 level if the market got fueled by buy-in demand.

Resistance: 1.4155, 1.42

Support: 1.3959, 1.4

XAUUSD (4 Hour Chart)

Gold has rallied up to closer to the multi-month perch since February which has an edge over in inflation period in terms of market consensus, trading at 1843.43 as of writing. Meantime, the ongoing downfall in the U.S. Treasuries’ bond yield failed to assist the greenback to monetize on this week’s positive move which was inspired by the torrid U.S. CPI report. For the RSI side, the indicator continues to rally to a higher stage, shows a 64.46 figure which suggests a bull movement. For moving average side, 15-long SMA indicator turns its slope to upside trend and 60-long SMAs indicator retaining its north side momentum.

For the current stage, we expect gold will toward to 1850 level to testing a bullish momentum and psychological resistance level. On the down way, the most likely vital support could be 1800, and short-run support level could be 1812.8 around as substantial price located in.

Resistance: 1850

Support: 1812.88, 1800, 1763.837

20210517
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Tesla Inc. slipped after Chief Executive Officer Elon Musk said the electric-car…

Tesla Inc. slipped after Chief Executive Officer Elon Musk said the electric-car maker is suspending purchases using Bitcoin

20210514
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Market Focus

Stocks halted a three-day slide, with investors migrating to value from growth companies as signs of a strengthening labor market tempered inflation worries.

Industrial and financial shares led to gains in the S&P 500, while energy producers joined a slump in oil. The tech-heavy Nasdaq 100 underperformed major equity benchmarks as Tesla Inc. slipped after Chief Executive Officer Elon Musk said the electric-car maker is suspending purchases using Bitcoin. In late trading, Coinbase Global Inc. sank as the biggest U.S. cryptocurrency exchange reported revenue below Wall Street estimates.

Confidence in an economic revival that’s reigned supreme amid continued Federal Reserve stimulus has been recently jolted. Data Thursday showed producer prices rose by more than forecast in April, and jobless claims fell. While some investors insist the surge in inflation is a one-off reopening burst, the broader markets are hedging against the possibility it may persist and force the central bank to take action.

Officials have been trying to drive home the message that they see inflation spikes this year as transitory, in contrast with heightened Wall Street concern about runaway prices. Increases above the central bank’s 2% goal should be temporary but may last through 2022, said Fed Governor Christopher Waller.

The Fed tweaked its plans for buying Treasuries, keeping the monthly pace at about $80 billion but focusing more attention on securities maturing in seven years or longer.

Main Pairs Movement

A gauge of the dollar’s strength stalled Thursday on the back of the biggest rally in two weeks, with traders weighing signs of a reopening economy against the risk that higher inflation may persist. U.S. 10-year Treasury yields slid and the benchmark S&P 500 rose. 10-year Treasury yields slid to 1.67% as commodity prices eased.

Still, an index measuring the three-month implied volatility of the Bloomberg Dollar Spot Index retreated after reaching the highest since April; the Bloomberg Commodity Index fell.

Traditional haven currencies such as the Swiss franc and Japanese yen advanced as commodity-linked peers, such as the Canadian and Australian dollars slipped versus the dollar. USD/JPY slid 0.2% to 109.50; Pair may be supported by a substantial amount of short-dated forward hedging at the 109.58 spot equivalent level, DTCC data shows. AUD/USD rose as much as 0.4% to 0.7746, erasing an earlier loss.

The New Zealand dollar was among the day’s top-performing Group of 10 currencies amid a better risk tone, though nearly NZD1.3b of 0.7260/70 strikes expiring May 18 may slowly climb. NZD/USD jumped 0.3% to 0.7180 after earlier rising 0.5%, the most since May 7.

Technical Analysis

USDJPY (4 hour Chart)

Japan yen remains struggling in a tiny way with consolidative movement throughout the day market, losses -0.14% while trading at 109.449 as of writing. Meantime, the U.S. shares market convalesced from yesterday bleak as initial jobless claim data beat expectation led greenback to enact risk-on sentiment intraday. For the technical aspect, the RSI indicator shows 59 figures, which suggests a bullish momentum sentiment. On average price view, 15-long SMA indicator is an ongoing upper slope in day market and 60-long SMA turned slightly upside slope.

According to price action, it seems the yen built comfortable short-term support in 109.45 around which is the lowest point in the day. For long-term views, we believe yen will go along with indicators momentum, namely, ratch up to the higher floor. Therefore, the first immediately is on 109.45 and the critical support level will be 109.042.

Resistance: 110

Support: 109.45, 109.042, 108.37, 107.937

GBPUSD (4 Hour Chart)

The pound traded with stress below the recently low level as U.S. PPI rose 0.6% in April after surging to 1% in March. For the YoY aspect, the PPI boom to 6.2% which is the biggest rise record since 2010. Pound trading at 1.4053 with withholding unmove in the day market. For the RSI side, the indicator shows a 49 figure, suggesting a neutral momentum at this stage. On the other hand, 15-long SMA indicators retain the south side trend after hard struck in the day, and 60-long SMA indicators remaining a teeny-tiny ascending movement.

Overall the market move-in day, pound once poised to testing 1.4 level but pull up after mire in the daily low. In light of recent perspective, we still foresee 1.4 level would be and have to be the strong support for bullish favor despite faltering movement.

Resistance: 1.4155, 1.42

Support: 1.3959, 1.4

USDCAD (4 Hour Chart)

Loonie continues it bounced up the trail which once achieved weekly high above 1.22 level then slightly retreated modestly, trading at 1.216 with up 0.24% as of writing. Bank of Canada Governor noted on Thursday that further loonie strength could impact policy decisions. Meantime, WTI crude oil drop 3.51% in the day, industrial material wide-ranging retreat it upside traction as greenback missed bullish movement.

For the RSI side, the indicator continues to rally to a higher stage, shows a 56 figure which suggests a slightly bull movement. For moving average side, 15-long SMA indicator remaining upside movement and 60-long SMAs indicator turn it slope to positive way.

As we mentioned recently, loonie successive correction of bearish traction to a higher level, yet, undermine the momentum after touched 60 SMA indicator. For currently, we expect the market will extend its consolidation movement in a range between 1.2264 and 1.2079.

Resistance: 1.2264, 1.238, 1.2491

Support: 1.2079

20210514
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