Bulls are on the rampage
Opportunity awaits us in Asia Session
UDUSD Bulls looking to push the price higher. Traders eye China PMI Data? Here are some of today’s directional views in currencies, crypto and Gold from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Subscribe to receive our daily newsletter.
AUDUSD daily technical outlook
AUDUSD bulls push the pair to its highest point since June last year. Technically we are expecting to see a retracement as the RSI crosses above 70 overbought level. However, a break beyond 0.7593 may see the the bulls continue to push.
On Tuesday, U.S. stocks closed in negative territory for the first time this week after the Federal Reserve Governor Lael Brainard signaled that policymakers were willing to be more aggressive to control inflation. The Dow Jones Industrial Average fell 280.7pts (-0.8%) to 34641, the S&P 500 declined 57.52pts (-1.26%) to 4525 and the Nasdaq 100 slid 338.94pts (-2.24%) to 14820.
Shares in the Utilities (+0.67%), Health Care Equipment & Services (+0.47%) and Food & Staples Retailing (+0.12%) sectors were the top performers while shares in the Automobiles & Components (-4.72%), Semiconductors & Semiconductor Equipment (-4.32%) and Transportation (-2.4%) sectors under performed the most during the trade session.
On the U.S. Equity front, Starbucks (SBUX), the global specialty coffee chain, fell 4.51% to $84.12 after it was downgraded to “neutral” from “outperform” at Wedbush. Domino’s Pizza Inc (DPZ), the world leader in pizza delivery, lost 3.13% to $391.17 after it was downgraded to “market perform” from “outperform” by Cowen & Co. Also, Moderna (MRNA), the biotechnological company, declined throughout the day by 6.08% and finished at $162.05.
Twitter (TWTR), the social networking platform, rose 2.02% to $50.98 and outperformed the S&P 500 despite being downgraded to “neutral” from “buy” at MKM Partners. Twitter rallied more than 27% yesterday as Elon Musk took a 9.2% passive stake in the company. Meanwhile, Carnival (CCL), the world’s largest cruise company, added 2.43% to $20.22 as the company said that the one-week period of March 28-April 3 was its busiest booking week in the company’s history.
From a technical point of view, Cisco Systems (CSCO -1.03% to $54.92), IBM (IBM -1.06% to $128.89) and Salesforce.com (CRM -3.98% to $210.14) crossed under their 50-day moving average. From a relative strength vs S&P 500 point of view, Coca-Cola (KO -0.11% to $62.47) crossed under its 50-day moving average.
On the U.S. economic data front, the ISM non-manufacturing purchasing manager index was posted at 58.3 for March, against the initially estimated 58.1, while the trade deficit was reported at 89.2 billion dollars in February, vs 88 billion dollars expected. Finally, the final reading of March’s S&P Global services purchasing managers index was 58, against 58.9 forecasted.
The U.S. 10-year Treasury Yield jumped 15.7bps to 2.553%.
European stocks closed mostly lower. The DAX 40 fell 0.65% and the CAC 40 lost 1.28% while the FTSE 100 rose 0.73%.
After the close of Wall Street, WTI Crude Future (MAY 22) was down $2.6 to $100.67. The contract was below its 20D MA (@ $104.53) and above its 50D MA (@ $97.17).
Gold was down $10 to $1922.7. The precious metal was below its 20D MA (@ $1942) and above its 50D MA (@ $1902).
Copper Future (MAY 22) on Comex was down 1.6c to 476.5c/lb. The contract was above its 20D MA (@ 468.75c) and above its 50D MA (@ 459.68c).
Market Wrap: FOREX
The U.S. dollar rose 0.49pts to 99.493.
EUR/USD dropped 67pips to 1.0905.
GBP/USD declined 42pips to 1.3074.
AUD/USD gained 37pips to 0.758.
USD/JPY jumped 83pips to 123.62.
USD/CHF climbed 32pips to 0.9295 and USD/CAD added 3pips to 1.2488.
Bitcoin traded lower to $45931 while Ethereum decreased to $3454.
|Bitcoin / Dollar intraday: the downside prevails as long as 47120 is resistance Our pivot point is at 47120. |
Our preference: The downside prevails as long as 47120 is resistance.
Alternative scenario: Above 47120, look for 48480 and 49300.
Comment: The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 46218 and 46423).
|Ether / Dollar intraday: the downside prevails as long as 3550 is resistance|
|The downside prevails as long as 3550 is resistance.|
|The upside breakout of 3550, would call for 3659 and 3724.|
|The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 3479 and 3501).|
|NZD/USD intraday: the downside prevails as long as 0.6962 is resistance|
|Our pivot point is at 0.6962.|
|The downside prevails as long as 0.6962 is resistance.|
|The upside breakout of 0.6962, would call for 0.6990 and 0.7007.|
|The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.6982 and 0.6971).|
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