Market Minute – 06/04/2018

By Faisal Khan
5-June-2018 4:14:10 AM
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Equities: 

Majority of the global Equity indices were up yesterday on an uneasy calm returning to the markets with the political drama winding down in Europe but this maybe a temporary reprieve as the G7 meeting kicks in Canada on the back U.S metal tariffs that it has imposed on Canada, Mexico & Europe and the trade war ensuing with China. However, this was all put to rest with the Equities shrugging it off as ‘noise’. All the major indices in the U.S stock market rebounded handsomely negating the bearish market scenario. Techs led the way once again with the likes of Apple ($AAPL), Microsoft ($MSFT) & Alibaba ($BABA) breaking out. Some other interesting setups to watch out for tomorrow $ANET, $SWKS, $QRVO. And now here is the market close numbers for the Major stock exchanges yesterday.

In Asia, Japan +1.4%. Hong Kong +1.7%. China +0.5%. India -0.6%.
In Europe, at midday, London +0.51% . Paris +0.14%. Frankfurt +0.37%.
In America, Dow +0.72%. S&P +0.45%. Nasdaq +0.69%. Crude -0.93% to $64.88.

Cryptocurrencies: 

Cryptos have had a hard time with holding on to the gains achieved in April after a massive down turn earlier. The correlation of Alt.coins with the price of Bitcoin ensures the prices move in tandem more often than not. BTC is having trouble overcoming a significant resistance in the hourly. Let’s look at Short term levels of the Top 5 Cryptos.

Bitcoin (bearish) – Pivot : $7600 – Upside targets: $7950 & $8130 –  Downside targets $7350 & $7100

Ethereum (bearish) –  Pivot : $630.00 – Upside targets: $660 & $725 –  Downside targets $580 & $560

Ripple (bearish) –  Pivot : $0.7000 – Upside targets: $0.7500 & $0.8000 –  Downside targets $0.6500 & $0.6200

Bitcoin Cash  (neutral) –  Pivot : $1210.00 – Upside targets: $1260 & $1310 –  Downside targets $1075 & $1025

EOS (bullish) –  Pivot : $13.00 – Upside targets: $15.50 & $16.30 –  Downside targets $11.60 & $10.80

Forex: 

Greenback took a breather today with the bullish run in markets & cash flows moving to riskier currencies. Pound was the weakest in Majors falling almost 100 pips from the highs of 1.3400 earlier in the day with the Aussie being the strongest obviously helped with the risk flows. Here are the Short term levels to trade off for the 5 Major pairs.

EURUSD (bullish) – Pivot:1.1670 – Upside targets: 1.1770 & 1.1795 – Downside targets: 1.1645 & 1.1615

USDJPY (bullish) – Pivot:109.45 – Upside targets: 110.00 & 110.20 – Downside targets: 109.25 & 108.95

GBPUSD (bearish) – Pivot:1.3340 – Upside targets: 1.3355 & 1.3375 – Downside targets: 1.3285 & 1.3260

AUDUSD (bullish) – Pivot:0.7625 – Upside targets: 0.7670 & 0.7685 – Downside targets: 0.7605 & 0.7590

USDCAD (bullish) –  Pivot:1.2895 – Upside targets: 1.12975 & 1.3010 – Downside targets: 1.2855 & 1.2815

Wrapping up the blog on the lighter side with this comic depicting the rising strength of USD with the bull  market in equities.

 

Interested in Cryptocurrencies, Fintech industry, breakthrough technology or someone looking for trade ideas on Cryptocurrencies, Forex or Stocks — Follow me on Twitter & StockTwits. For real time signals on Forex & Stocks follow me on the Tradealike App (@ Fakd)

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