Market Minute – 06/05/2018

By Faisal Khan
5-June-2018 9:37:38 PM
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Equities: 

Global Equities closed mixed for the day as trade worries still bothering the markets. The U.S. markets closed flat with the techs leading the way once again on Nextflix strength ($NFLX). U.S Equities are leading the way globally with troubles in emerging markets & Europe evident, will be interesting to see how things shape up going forward. Here are some trade ideas from today: $SFLY, $PTLA, $IPGP, $AKAM, $ODFL, $ZUMZ  – closing market numbers from the Major financial centers.

In Asia, Japan +0.3%. Hong Kong +0.3%. China +0.7%. India -0.3%.

In Europe, London -0.70% . Paris -0.22%. Frankfurt +0.13%.

In America, Dow -0.06%. S&P +0.07%. Nasdaq +0.41%

Cryptocurrencies: 

Good day for Cryptos with Bitcoin regaining the $7600 & the rest of the Alt.coins followed. Single digit gains for the Cryptos with the market cap jumping by 10 billion to to $345 billion at the time of this writing. Let’s look at Short term levels of the Top 5 Cryptos.

Bitcoin (neutral) – Pivot : $7800 – Upside targets: $7950 & $8130 –  Downside targets $7600 & $7380

Ethereum (neutral) –  Pivot : $630.00 – Upside targets: $660 & $725 –  Downside targets $595 & $575

Ripple (neutral) –  Pivot : $0.7000 – Upside targets: $0.7120 & $0.7500 –  Downside targets $0.6690 & $0.6390

Bitcoin Cash  (neutral) –  Pivot : $1215.00 – Upside targets: $1260 & $1310 –  Downside targets $1125 & $1095

EOS (bullish) –  Pivot : $13.75 – Upside targets: $15.50 & $16.30 –  Downside targets $12.85 & $12.30

Forex: 

Greenback seems to be looking for a pullback here with the bounces in Euro & Pound. GBPUSD moved up nicely on the back of healthy PMI data overnight gaining the 1.3400 level again while the Aussie ended the day a little weaker on the back of dovish hold from RBA for the 22nd time, while Yen held up well with equities managing a smallish gain. Another big move came from USDCAD where it fell more than 100 pips after peaking @ 1.3065 earlier in the day.  Here are the levels to watch for the Top 5 USD pairs & USDINR

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

USDJPY (bearish) – Pivot:110.00 – Upside targets: 110.15 & 110.30 – Downside targets: 109.35 & 109.00

GBPUSD (bullish) – Pivot:1.3330 – Upside targets: 1.3420 & 1.3460 – Downside targets: 1.3295 & 1.3275

AUDUSD (bearish) – Pivot:0.7650 – Upside targets: 0.7670 & 0.7700 – Downside targets: 0.7590 & 0.7555

USDCAD (bearish) –  Pivot:1.3005 – Upside targets: 1.13040 & 1.3065 – Downside targets: 1.22960 & 1.2940

USDINR (bearish) – Pivot:67.30 – Upside targets: 67.55 & 67.75– Downside targets: 66.90 & 66.50

On the lighter side, Stocks that rode to record highs earlier in January are now dealing with fading optimism as the economic troubles ensue in Europe & emerging economies as depicted in this comic

To end the blog here’s a little fun fact from this day in history (#Investopedia):

June 5, 1933: U.S. Congress enacted a joint resolution nullifying the right of creditors to require payment in gold. This piece of legislation officially marked the U.S.’ move away from the gold standard.

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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