Yesterday’s Market Wrap

Yesterday was a mixed day regarding risk sentiment, as it kept turning on and off, reversing markets. The sentiment was negative at first, sending risk assets lower, then it reversed and stock markets turned bullish for several hours, only to end the day back down. Gold made a sudden jump but then gave back all the gains during the US session, while the Euro kept the gains against the USD.

Crude Oil resumed the decline and pushed toward $105 as the OPEC/+ meeting offered nothing, to bounce higher and reverse back down in the in the evening. The unemployment rate decline in the Eurozone during May, but it increased in Germany as the number of workforce grows.

The Data Agenda Today

Yesterday we got over the month-end and quarter-end. Today is Friday and a long weekend in the US since Monday is the 4th of July, it may be difficult to read into much of the moves before next week gets really underway on Tuesday. We have the manufacturing reports from Europe and the US today, although, the Eurozone CPI (consumer price index) inflation report for June will be the main release, which is expected to show another increase to 8.5%.

Forex Signals Update

Yesterday we opened six tading signal in total, four in forex and two in Oil. We started pretty well, after booking profit on two signals, but the sudden reversal of the sentiment in the markets caught us on the wrong side and we finished the day with three winning and three winning signals.

GOLD – Selling XAU/USD

Gold has been bearish since reversing above $2,000 in MArch and we have been trying to sell retraces higher. Yesterday we opened two sell signals, one of which closed in profit as XAU/USD continued lower during the European session, but lost the second one as Gold spiked $23 higher. The price eventually ended back dow.

Gold – 60 minute chart

EUR/USD – Sell Signal

EUR/USD has been declining for several days and we decided to sell pullback higher. On Wednesday we opened a sell forex signal at the 20 SMA (gray) as this pair resumed the decline which started on Monday. The decline accelerated as risk sentiment deteriorated further and the price hit our take profit target. Yesterday we decided to repeat the same trade, but the retrace contineud higher to the 50 SMA (yellow).

EUR/USD – 60 minute chart

Cryptocurrency Update

Cryptocurrencies started reversing down again several days ago, after consolidating for around a week since the small crash early in June, which sent ETHEREUM below $1,000. At the beginning of this week, sellers returned after comments from the SEC chairman made some warning comments about this market, but the decline was slow. yesterday we saw it pick up pace and BTC fell below $20,000.

[[Cardano]] Signal – Expecting A Bullish Breakout

Cardano turned bearish in September last year and has been on a steep downtrend since the beginning of April, making lower highs and lower lows. Moving averages have been acting as resistance at the top side and recently, with the 50 SMA (yellow) acting as resistance. Although a support zone has formed around $0.40 and the price is heading toward the top of the triangle, so a bullish breakout is expected. We decided to open a buy signal, hoping for a bounce off the support.

ADA/USD Daily chart

 BITCOIN Falling Below $20,000 Again 

BTC/USD has resumed the decline after consolidating for more than a week early last mon th. Bitcoin has been on a bearish trend since November, but the support zones were holding for some time. Although the major support at $30,000 was broken and now the next support around $20,000 is giving up as well.

BTC/USD – 240 minute chart