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%.
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
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.
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