Equities positive, crypto correcting
Important News for the day
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Tue, 05th, 16:00 CET US ISM Service PMI.
Crypto weaker
Crypto markets remain shaly and currently don’t offer a clear trend. Bitcoin might start to weaken again as the market stopped rising above yesterday’s high point. ETH has started the month slightly positive but currently seems to fade as well. Yet Ethereum looks the strongest among all tokens based on the recent positive trend based on the monthly chart. Also XRP is currently capped below the technical resistance zone with the tendency to potentially break higher as well. With the break of the 50- moving average based on the weekly chart, Solna might remain caped from rising for now.
Market talk
As markets in search of a new direction some positive sentiment for the equity sector resurfaces. Indices like the S&P 500 as well as the Nasdaq kept moving higher again but currently lag a breakout above their previous highs. In case the resistance areas can be broken, fresh upside momentum might occur. However, the potential positive data from the US might cause markets to push lower based on potential strength of the Dollar. The AUD remains in a sideways pattern against the Greenback and might hence indicate potential negative momentum as well. Meanwhile the EUR and GBP have both started to push lower and might cause the bearish trend to resume momentum while Gold and Silver started to move slightly higher again.
Tendencies in the markets
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Equities positive, USD stronger, Bitcoin weaker, ETH positive, oil weaker, Silver sideways, Gold positive, JPY weak.
Author
Frank Walbaum
FX Strategies.Asia
Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.
