Rotation ongoing amid increasing selling pressure
|Important news this week:
Tue -
Stock market rotation
Recent market data suggests that the correction in stock markets might continue. With markets in general not being able to create new highs they might also start to move lower. Recently only technology and software companies were trading weaker but now also the Dow Jones Industrial and the German DAX keep moving to the downside. Worth noting that also the AUD is currency trading at a major resistance area and the AUDUSD currency pair did print a bearish- looking pinbar candlestick based on the daily chart. Oil prices on the other had continue to trade high as geopolitical tensions still remain in focus. A potential attack on Iran might be of support, here.
Market talk
With the fade in risk sentiment also the crypto market remains under pressure. Yesterday, Bitcoin broke out of the triangle pattern as observed on the daily chart and might now fall below the USD 60,000 price level. Altcoins follow the same path. They would also need a rebound in BTC in order to push higher again. Gold, on the other hand, might continue the positive trend. The market is retracing today but looks extremely positive as investors favour safe- haven assets during times of uncertainty. The JPY remains in a sideways trend without much momentum for now.
Tendencies in the markets
Equities weaker, USD positive, crypto weaker, oil sideways, Silver positive, Gold positive.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.