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US jobless claims of 419,000 showed surprise gain, beating the expectations of…

US jobless claims of 419,000 showed surprise gain, beating the expectations of 350,000

Market Focus US markets were led by tech stocks to the third straight day of gains even though an unexpected jump in jobless claims showed some concerns about …

20210723
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Market Focus

US markets were led by tech stocks to the third straight day of gains even though an unexpected jump in jobless claims showed some concerns about the economy. Overall, the Dow Jones Industrial Average rose 25.35 points and the S&P 500 climbed 0.2% higher. In the meantime, the Nasdaq 100 gained 0.3%, closing with 14685.60. Investors are continuing to be optimistic as corporate revenue and profits are increasing sharply, leading the economy and the indices to rebound.

US jobless claims of 419,000 showed surprise gain, beating the expectations of 350,000. However, on the positive side, continuing jobless claims declined by 29,000 to 3.24 million, a fresh low since the pandemic happened.

Chinese regulators are being serious about companies that are going to IPO overseas. China has weighted an unprecedented penalty on Didi Global Inc. after its controversial IPO last month. China is considering imposing harsh penalties from a massive fine to even a forced delisting. As a result, shares of Didi plummeted more than 10%, bringing it to 27% losses cumulatively.

Main Pairs Movement

EURUSD traded in the red and at weekly lows, ending with 1.17704. The ECB announced that it will leave rates and the facilities unchanged; the announcement was considered a disappointment as the so-awaited forward guidance was vague.

GBPUSD climbed toward 1.3839 resistance confluence as the BOE is optimistic about inflation. The BOE sees a good case of inflation rise, saying that is temporary.

Bitcoin hovered around 32,000 after Elon Musk and Cathie Wood re- discussed Bitcoin on panel. Specifically, Cathie Wood mentioned that corporations should consider adding Bitcoin to their balance sheets.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling has led gains among in G10 currencies peers, rose 0.4% to 1.3773 as of writing. In the meantime, the greenback faced additional stress from an unexpected increase in U.S. jobless claims and weaker than expected Chicago Fed National Activity Index for June.

For the technical aspect, the RSI indicator closes around 60 figures which suggest a cogent bull guideline for at least the short term. For moving average side, 15 long SMA indicator strong jumped up to ascending momentum while 60 long SMA indicator remaining a slight upside but seems flat movement.

Overall, we witness the sterling has rebounded as a “V shape” movement already in recently which is all supported by buy-in momentum and market eye-catching, even Kingdom was squirming in variant worried in early this week though. As current price action, we foresee the market will high probably continue to advance to higher stair, but still need to consider whether market impetus could constantly ante buy-side momentum or RSI indictor will rapidly head to overbought territory.

Resistance: 1.3896

Support: 1.36, 1.3665, 1.3745

AUDUSD (4- Hour Chart)

Aussie settles at 0.738 around as of writing which led by diminished dollar’s demand despite tepid Australian data. Other than this, the copper and oil market successive creep up from depression plummets in earlier this week. Meanwhile, 10 year U.S. Treasuries yields fell from nearly 2 rebound market movements, drop 1.71% to 1.268%, shows a market in reposition to a risk-on mode that thrived commodities-linked peers as well.

From the technical perspective, the RSI indicator gradually ratchets up to 54 figures since at the lowest price level, suggesting a benign bull momentum. For moving average side, 15 long SMA indicator has turn north way and 60 long SMA remained descending slope as of writing. On the downside, we still believe 0.73 is compelling support. On the up way, we expect 0.7415 would be a stressful resistance as a neckline in light of the price pattern.

Resistance: 0.7415, 0.7492

Support: 0.7323, 0.73

EURUSD (4- Hour Chart)

Euro fiber went south 0.14% to 1.1774 which jumped as much as 0.3% 1.183 after ECB revised its guidance on when interest rate might rise to convince investors it won’t revoke support easing program on monetary policy too hastily then pose to derail the economic revival. Base on price action, the euro seems to struggle in a tiny consolidation range in recent, losing attraction and volatility as well.

For the technical side, the RSI indicator set 43 figures that feeling suggesting slightly bearish guidance for the short term. From a moving average perspective, 15 long SMA indicators moving along with the price close to a slight downward movement and 60 long SMA cater to sputter movement.

Following the recent suggestion, we deem the market is rejuvenating to the upper stage if the market could exceed the first resistance at 1.1804 around. Moreover, if the price could propel to higher than the next price level would eye on 1.1848~1.188. In contrast, if the price penetrates the first immediate support level that is also close to the current price level, it could be toward 1.17 as our perspective.

Resistance: 1.1804, 1.1848, 1.188

Support: 1.1766, 1.17

20210723
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Speaking at “The B Word” conference, Musk discussed the outlook for Bitcoin…

Speaking at “The B Word” conference, Musk discussed the outlook for Bitcoin with Cathie Wood, head of Ark Investment Management, and Jack Dorsey, CEO of Twitter Inc.

20210722
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Market Focus

After a bruising selloff driven by worries over a peak in earnings and a slowdown in growth momentum, the S&P 500 notched its biggest back-to-back advance in two months. Once again, the gains were led by companies that stand to benefit the most from a reopening of the economy, such as a commodity, financial and industrial shares. Meanwhile, Dow Jones rose 0.83%, or 286.01 to 34,798.00, and Nasdaq climbed 0.92%, or 133.08 to 14,631.95.

Elon Musk’s love affair with Bitcoin runs deeper than previously known. Speaking at “The B Word” conference hosted by the Crypto Council for Innovation, Musk discussed the outlook for Bitcoin with fellow backers Cathie Wood, head of Ark Investment Management, and Jack Dorsey, CEO of Twitter Inc. and Square Inc.

Musk said that he owns Bitcoin, Ethereum, and Dogecoin, while Tesla and SpaceX both exclusively own Bitcoin. “I would like to see Bitcoin succeed,” Musk said. “If the price of Bitcoin goes down, I lose money. I might pump but don’t dump.”

Musk said that Tesla would most likely resume accepting Bitcoin for purchases once mining becomes less environmentally taxing. “It looks like Bitcoin is shifting more toward renewables,” Musk said. “I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50%.”

As for Tesla, Musk noted that the company’s bank balances in Europe have negative interest rates, saying it “drives me crazy.”

“We should move that into Bitcoin,” he said.

Main Pairs Movement

The market mood improved; the dollar shed some ground but with no critical level being broken. Greenback edged slightly lower against most major rivals as global indexes closed in the green. US government bond yields were sharply up, also signaling decreasing demand for safety.

The euro pair hovers around the 1.1800 level, as caution prevails ahead of the European Central Bank monetary policy decision. The ECB is widely anticipated to maintain its monetary policy unchanged, and the general perception is that policymakers will maintain a dovish stance.

Cable is up to the 1.3700 price zone despite persistent Brexit tensions. The EU rejected the UK’s demand for a new approach to the Northern Ireland Protocol. UK Prime Minister Boris Johnson said that there are practical steps they can take to do that, but it does not seem the Union will convene to any change.

Commodity-linked currencies were also up, with Aussie being the weakest amid discouraging local retail sales figures. Loonie dropped to the 1.2560 level, and Kiwi bounced back to 0.6960, just a step to the 0.7000 level. USDJPY continues its yesterday’s lift, climbing to the 110.30 level.

Gold retreated further, with the spot ending the day at $1,803 a troy ounce. Crude oil prices recovered, with WTI got back to $70, and Brent settles around $72.20 a barrel.

Cryptocurrencies have finally made a sharp rebound on Wednesday after a long-lasting sliding trend. Bitcoin surged 7.80% to prices around $32100, and Ethereum skyrocketed 11% to around $2000.

Technical Analysis

XAUUSD (4-hour Chart)

Gold declined as Treasury yields rose and stocks continued their revival from fears as Australia and U.K. exacerbated in a variant pandemic. Treasury yields climbed further above 1.2% as demand for safe-haven eased, curbing bullion’s attraction. Gold steadied around $1,800 an ounce after resurging in recent weeks but failed to push much higher even with TIPS bond yields scuttle to under negative territory. Investment demand for bullion has stayed on the sideline so far, with outflows seen from ETF this fund.

For the technical aspect, the RSI indicator closes around 43 figures which suggests a slightly bearish signal, but it also heading to the natural area asymptotically. For moving average side, 15 long SMA indicator shows get rid of the headwind movement and turn flat action. On the other hand, 60 long SMA indicator remaining a slight upside but seems flat movement. All in all, we foresee the market volatility will continue curb by price action currently. However, if the market slid beneath the critical support pivot in 1795, bullion will fell into a lower stage.

Resistance: 1.3665, 1.3745, 1.3896

Support: 1.36

AUDUSD (4- Hour Chart)

Aussie once slipped to the daily lowest point at 0.73, yet recovery to an intraday high at 0.736 around afterward. All thanks to risk appetite improved in global shares market, pan-commodities weathering creep up the momentum that dwindles stress to commodities-link pairs as well. However, Aussie is still very susceptible to variant contagious at the current stage.

From the technical perspective, the RSI indicator ratchets up to 47 figures from over sought nadir, suggesting a natural momentum for the short term. For moving average side, 15 and 60 long SMA continue it descending, yet short one slowly turns into flat momentum. On the downside, 0.73 shows it is desirable as compelling support in the current stage while the market has tested it for times. Hence, if the market turn to a negative way again and penetrate the mainstay support, it will usher in another tamp down market momentum.

Resistance: 0.7415, 0.7492

Support: 0.7323, 0.73

EURUSD (4- Hour Chart)

The European Central Bank starts a potentially heated two-day meeting on Wednesday, yet currency options traders see a very low risk of market turmoil. Disagreements within the governing council may be key for realized volatility around chairman press conferences. As of writing, euro fiber is trading at 1.18 around and up some .2% into the market closing. Other than this, the safe-haven dollar fell back from the three-month highs as the U.S. share market rallied despite caution about inflation fears and concerns about the highly contagious Delta variant.

For the technical side, RSI indicator show 50 figure that feeling well in the neutral zone with lacking direction guidance. For moving average perspective, 15 long SMA indicator moving along with the price closely as slightly downward movement and 60 long SMA cater to sputter movement.

Following the recent suggestion, we deem the market is rejuvenating to the upper stage if the market could outstrip the first resistance at 1.1804 around. Moreover, if the price could propel to higher than the next price level would eye on 1.1848~1.188.

Resistance: 1.1804, 1.1848, 1.188

Support: 1.1766, 1.17

20210722
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US Indices rebounded sharply today as investors stepped in to buy the…

US Indices rebounded sharply today as investors stepped in to buy the dip after a huge plummet from delta variant fears sell-off

20210721
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Market Focus

US Indices rebounded sharply today as investors stepped in to buy the dip after a huge plummet from delta variant fears sell-off. The Dow Jones up-surged 1.6%, 549.95 points after the previous 725 points- decline on Monday. The S&P 500 climbed 1.52% and the technology heavy-weighted Nasdaq 100 rose 1.57%. This comeback rally activated through the session as a bounce in the Treasury yields above 1.20% soothed some pandemic concerns that would potentially ruin the economic recovery.

Inflation seems to continue to be a problem in the market, but the Federal Reserve looks to stay in a hawkish stance. While the breakeven rate curve shifted lower, inflation expectation remains uncomfortably high. As of now, five- year breakeven rate is trading at 2.45%, which is above the Fed’s 2% target for the next five years.

The world’s largest cryptocurrency, Bitcoin, suffered a brutal month so far as Bitcoin is now trading near the bottom of the 2021 trading range. Some analysts observed that it can be the winter for Bitcoin back in 2018 when the price declined by three- quarters. The winter of Bitcoin can potentially flush out a lot of speculations.

Main Pairs Movement

The Aussie halted 4- day drop, rising 0.1% to 0.7334, as stock markets stabilized and crude oil price bounced back a bit, helping revive risk assets. However, the pandemic problem continues to be a huge issue in Australia; half of Australia is still in lockdown as the delta variant spreads across the country.

The yuan finally rose after 3- day slide as risk assets rebound, buying from the dip after a tumultuous trading session on Monday. The yuan climbed 0.1% at 6.4883 against the US dollar.

EURUSD dropped 0.17% to 1.17765, the fresh low since April even major indices rebounded after Monday’s slide.

The Pound declined 0.39% against the US dollar amid the delta variant spreads in the UK. The UK lifted all Covid-19 restrictions this week, as a result, the reopening of the UK economy remained doubtful.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling once fell to the daily lowest at 1.357, refreshing another low point in recently, the price was closed around 1.3625 aftermaths. At the moment, the rapid spread of the Delta variant in the U.K. and prospects of further deterioration weigh on the pound at the current stage. For the technical aspect, the RSI indicator remains setting beneath 30 at over sought territory which suggests a bearish movement for the short term. On the other side, 15- and 60-long SMAs both retained downward movement. If the market continuously goes down, we expect the first immediate support will be 1.36 as a psychological spot. In contrast, the first resistance is setting at 1.3665.

Resistance: 1.3665, 1.3745, 1.3896

Support: 1.36

AUDUSD (4- Hour Chart)

Aussie had a choppy move in the daily market while once fails to overcome yearly low of 0.7299, currently close around 0.733. The Delta Covid variant breaks out and reflation fears keep pricing the market sentiment. Meanwhile, the copper and oil market rebound yesterday desperate that gave Aussie a breathing room. From the technical perspective, despite the RSI indicator close at 33 figures, suggesting pair would be under bearish movement for a short run. For moving average side, 15 and 60 long SMA continue it descending way to lower low. On the downside, if the pair fails to trade above recently low at .7323 level, it could hand over the first to next lower stage over even below .7300 level.

Resistance: 0.7415, 0.7492

Support: 0.7323, 0.73

EURUSD (4- Hour Chart)

The euro fiber is posting lower lows daily, and the near-term picture is still bearish as it is throwing in fit and start descending price pattern. For the technical side, the RSI indicator shows 42 figures that hovered by upward impetus from the short term, furthermore, getting close to neutral territory. From a moving average perspective, 15 long SMA indicator moving along with the price closely as slightly downward movement and 60 long SMA seems losing tailwind momentum, in another word, it getting a flat way.

Base on the aforementioned, we deem the market is rejuvenating to the upper stage if the market could outstrip the first resistance at 1.1804 around. Moreover, if the price could propel to higher than the next price level would eye on 1.1848~1.188.

Resistance: 1.1804, 1.1848, 1.188

Support: 1.1766, 1.17

20210721
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