Some relief now

Monica Kingsley Monicakingsley

S&P 500 didn‘t immediately tank on expected poor job creation and unemployment rate, it did so with a little delay only – that back and forth seen on hourly candles coupled with tech outperforming the 500-strong index finally for one day hints at momentary exhaustion of sellers. Also, we saw quite some buying before the closing bell, and the dollar turned too.

As promised, I‘m publishing yesterday‘s data game plan below.

Author

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

EUR/USD remains weak near 1.1800

EUR/USD rapidly fades Tuesday’s uptick and resumes its weekly retracement, challenging the 1.1800 support at the end of the NA session on Wednesday. The pair’s drop comes in response to extra gains in the US Dollar. Moving forward, the ECB meets on Thursday and is seen leaving its policy rate unchanged.

GBP/USD churns near 1.3700 ahead of BoE rate call

GBP/USD remains trapped in a near-term cycling pattern on Wednesday, continuing to churn aimlessly between 1.3700 and 1.3650. Cable traders are unlikely to pick a meaningful direction until after the Bank of England’s latest interest rate decision, due during Thursday’s London market session.

Gold drops back to test $4,900, faces rejection again above $5,000

Gold price changes course and drops to test $4,900 in the Asian session on Thursday, having tested offers once again above the $5,000 mark. The precious metal continues to battle intense volatility. Traders now weigh the next round of US economic signals and the broader demand for safe-haven assets.

Ethereum faces heavy distribution as price slips below average cost basis of investors

Ethereum extended its decline on Wednesday, dropping more than 5% over the past 24 hours toward the $2,100 level, which is below the $2,310 average cost basis or realized price of investors, according to CryptoQuant's data.

The AI mirror just turned on tech and nobody likes the reflection

Tech just got hit with a different kind of selloff. Not the usual rates tantrum, not a recession whisper, not even an earnings miss in the classic sense. This was the market staring into an AI mirror and recoiling at its reflection.

Ripple stabilizes amid mixed signals as ETF inflows resume despite low retail activity

Ripple hovers around the $1.60 pivotal level at the time of writing on Wednesday, reflecting stable but weak sentiment across the crypto market. Intense volatility triggered a brief sell-off on Tuesday, driving the remittance token to pick up liquidity at $1.53 before recovering to the current level.