Market Brief Series / EP. 282 / 12 - 03 - 2018
Major stock indices closed sharply higher following an upbeat February jobs report, on friday. Official data showed that the US economy added 313,000 non-farm payrolls in February, higher than +205,000 jobs forecast by economists and marking the strongest monthly gain since July, 2016.
US dollar softened after the February jobs report, which showed slower than expected wage growth.
EUR/USD marked a day low of 1.2271 by managed to climb back to close at 1.2305. The pair has failed to post a sustainable rebound and is now back to levels below the 20-period moving average.
As long as the key resistance 1.2330 is not surpassed, intraday bearishness persists, and the pair is expected to return to 1.2250. Alternatively, above 1.2330, look for a bullish reversal toward 1.2365 on the upside.
On the data slate there’s US 3- and 6-Month Bill Auctions; US 3-Year Note Auction and US Monthly Budget Statement.
SELL EUR/USD @ 1.2325 OR BETTER – STOP @ 1.2380 – TARGET @ 1.2250
SELL GBP/USD @ 1.3860 OR BETTER – STOP @ 1.3910 – TARGET @ 1.3730
BUY USD/JPY @ 106.40 OR BETTER – STOP @ 106.00 – TARGET @ 107.20
SELL CL0418 @ 62.45 OR BETTER – STOP @ 63.00 – TARGET @ 61.30
SELL AUD/USD @ 0.7870 OR BETTER – STOP @ 0.7900 – TARGET @ 0.7730
SELL XAU @ 1320 OR BETTER – STOP @ 1328 – TARGET @ 1302
SELL XAG @ 16.50 OR BETTER – STOP @ 17.00 – TARGET @ 16.00
Many market participants expect that the introduction of Bitcoin futures trading will trigger a sharp correction, as it will ultimately be possible to take short positions. In fact, on the contrary, prices jumped by more than 20% and returned above the $ 17,000 threshold. Over the past 24 hours, the price has moved sideways between $ 16,200 and $ 17,500.When we look at the numbers, market interest in Bitcoin futures seems very limited. Trading activity was limited to market opening on Monday. During the first hour, the average hourly volume is around 300 Bitcoin but quickly declines as future prices explode, rising as high as $ 18,850. After that, trading activity fell continuously with about 50 contracts traded per hour.The figure indicates that investors are not interested in following short shortcuts, which indicates that further gains are expected. Bitcoin is currently experiencing an accumulated period of about $ 16,000 - $ 17,000. Regarding the price outlook, we remain bullish Bitcoin and expect the price will soon rise as money continues to flow to the crypto assets. It makes sense to target the $ 20,000 level by the end of the year. Nice @lordoftruth
Nice comment I like the way of rationality used in your post
Good luck!
Thank you for posting!
thanks for sharing the market news with us, upvote anf restmmet done
Nice post
Great post
This post has received a 4.67 % upvote from @booster thanks to: @lordoftruth.