Merlin Rothfeld
Online Trading Academy
Markets continued their bounce on Monday, racing toward all time highs… again! Master trader and instructor Jeff Manson joins Merlin to offer his thoughts on where the markets may be headed in the short term. Jeff uses cycles to offer suggestions on market direction, and the hinge on Tuesday’s trading action! Jeff also offers us some insight into his upcoming “Hour with the Pro’s” this Thursday.
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Editors’ Picks
EUR/USD: Next on the upside sits the May highs near 1.1380
EUR/USD maintained its bullish tone in the first half of the week, approaching the key 1.1300 zone on the back of a sharp sell-off in the Greenback. Renewed trade jitters, along with fresh concerns about the US economy, added further pressure on the US Dollar.
GBP/USD turns positive around 1.3370
GBP/USD picks up renewed pace on Tuesday, leaving behind earlier daily lows near 1.3330 and refocusing on the 1.3360-1.3370 band amid a mild bearish tone in the Greenback. Meanwhile, investors continue to assess the recent Moody’s downgrade of US rating ahead of key UK inflation data on Wednesday.
USD/JPY finds temporary support near 144.00, US-Japan trade talks in focus
USD/JPY attracts bids near 144.00, however, the outlook is still uncertain. Moody’s downgraded the US Sovereign Credit rating to Aa1, citing mounting debt concerns. Japan’s Ryosei Akazawa is scheduled to visit Washington for the third round of trade talks this week.
Editors’ Picks
AUD/USD: Extra choppiness on the cards
AUD/USD set aside Monday’s strong start to the week and receded to the sub-0.6400 region on Tuesday despite another negative day in the US Dollar. The dovish message from the RBA at its meeting and renewed trade concerns kept the Australian Dollar on the back foot.
EUR/USD: Next on the upside sits the May highs near 1.1380
EUR/USD maintained its bullish tone in the first half of the week, approaching the key 1.1300 zone on the back of a sharp sell-off in the Greenback. Renewed trade jitters, along with fresh concerns about the US economy, added further pressure on the US Dollar.
Gold aiming for $3,300 amid concerns about the US economy
Gold now climbs to multi-day highs beyond the $3,280 mark per troy ounce on Tuesday, following the resumption of the selling pressure on the Greenback and propped up by a cautious market mood.
Top gainers Aave, Curve DAO, Jito: Altcoins continue strong performance despite Bitcoin dominance rebound
The cryptocurrency market started the week on a positive note, supported by broader bullish sentiment. Select altcoins like Aave (AAVE), Curve DAO (CRV) and Jito (JTO) are extending gains on Tuesday, following closely in Bitcoin’s (BTC) footsteps.
China April slowdown shows the impact of economic uncertainty
Trade war uncertainty is denting Chinese confidence, resulting in slower economic activity in April. Retail sales and fixed-asset investment both underperformed forecasts amid heightened caution. Yet the impact on manufacturing was less than feared.
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