Previous Trading Day’s Events (08.05.2024)
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Winners vs Losers
Silver (XAGUSD) is on top of the week’s list and month with a 4.16% weekly performance which is followed by the JPY pairs. Two possible interventions took place last week, Monday and Thursday, causing JPY strengthening and bringing down the pairs (JPY as Quote). Since the 3rd of May, the pairs have been moving on an uptrend again.
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News Reports Monitor – Previous Trading Day (08.05.2024)
Server Time / Timezone EEST (UTC 03:00)
- Midnight – Night Session (Asian)
No important news announcements, no special scheduled releases.
- Morning – Day Session (European and N. American Session)
No important news announcements, no special scheduled releases.
General Verdict:
- Low volatility in FX. Sideways movement for the dollar index.
- Gold was entering a consolidation phase.
- Crude oil saw a rise.
- U.S. indices experienced a slowdown and possible turn to the downside.
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FOREX MARKETS MONITOR
EURUSD (08.05.2024) 15m Chart Summary
Server Time / Timezone EEST (UTC 03:00)
Price Movement
The pair was moving with low volatility around the 30-period MA. There was an absence of special scheduled releases so the pair was not experiencing any significant deviation from the MA. The U.S. dollar was driving the path mostly sideways.
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CRYPTO MARKETS MONITOR
BTCUSD (Bitcoin) Chart Summary 1H
Server Time / Timezone EEST (UTC 03:00)
Price Movement
Bitcoin remained below 65.5K USD these past days and does not show any significant signs of moving to the upside at all.
A triangle formation was breached on the 7th of May and this caused its price to drop to near 62K. This downside movement was a retracement to the 61.8% of the rapid large movement that started on the 2nd of May and from the support at near 56.5K USD.
A clear downward channel for Bitcoin as it currently continues breaking support levels and moves within a downward channel.
Crypto sorted by Highest Market Cap:
The crypto market does not see improvement. Bitcoin reversed to the upside after a large drop to 56,5K but remained low and moved again to the downside. For the last 24 hours, most Cryptos have shown underperformance.
Source: https://www.investing.com/crypto/currencies
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EQUITY MARKETS MONITOR
S&P500 (SPX500) 4-Day Chart Summary
Server Time / Timezone EEST (UTC 03:00)
Price Movement
After testing the intraday highs, the index started to move upwards remaining above the 30-period MA and kept breaking resistance levels. A clear uptrend. On the 7th of May, the RSI indicated a slowdown and bearish divergence. The slowdown was confirmed and the index moved sideways. This could be the end of the uptrend as per the RSI signal suggestions.
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COMMODITIES MARKETS MONITOR
USOIL (WTI) 4-Day Chart Summary
Server Time / Timezone EEST (UTC 03:00)
Price Movement
On the 1st of May, the price continued with the downtrend but after breaking the support at 80 USD/b the price dropped heavily to the next support at near 78.7 USD/b before retracement took place. It seems that Crude oil was following a downward channel while moving around the 30-period MA. That channel broke with the next support being reached on the 8th of May at near 76.70 USD/b. The price reversed remarkably on the same day to the upside breaking the channel to the upside this time. The upward movement continues today.
XAUUSD (Gold) 4-Day Chart Summary
Server Time / Timezone EEST (UTC 03:00)
Price Movement
The price on the 6th of May jumped until the resistance at near 2,330 USD/oz before eventually reversing to the MA and the 2,305 USD level. A strong consolidation phase is quite apparent, formed by a sideways and quite volatile price movement. The range is between 2,320 USD/oz and the 2,305 USD/oz level. A breakout in either direction could cause the rapid price movement that we look for to take advantage of. The downside breakout could lead to the price reaching the support at 2,280 USD/oz.
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News Reports Monitor – Today Trading Day (09 April 2024)
Server Time / Timezone EEST (UTC 03:00)
- Midnight – Night Session (Asian)
No important news announcements, no special scheduled releases.
- Morning – Day Session (European and N. American Session)
The Bank of England is going to release the interest rate decision at 14:00 and it is expected that they will proceed with no change in interest rate policy. GBP pairs could be affected heavily at that time. The annual inflation figure is on a downward path but the interest rate still remains above 3%, last recorded at 3.20%. Labour market-related data suggest that the labour market is not cooling as expected and justifies the persistence of inflation.
U.S. Unemployment claims are expected to remain stable and near the 210K average. Not expecting any shock affecting the USD pairs at that time but volatility could be higher than typical.
General Verdict:
- Moderate volatility in FX and early deviations from the intraday MAs. GBP is already experiencing a jump, moving to the upside ahead of the BOE rate decision.
- Gold is experiencing high volatility and is in a consolidation phase. It remains in range for now.
- Crude oil tests the upside, continuing the uptrend from yesterday.
- U.S. indices are returning to the downside, part of a retracement that followed after a long uptrend.
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Source: BDSwiss