2021-08-30 • Updated
4H chart
EUR/USD surged after Powell’s speech on Friday. At the moment, it is trading around the key resistance of 1.18. Led by European countries' CPI and GDP reports during this week the EUR might get stronger and push the pair higher. If it breaks through the way to 1.182 and 1.185 will be open. Otherwise, we might see a pullback down to 1.177 and 1.175.
4H chart
Oil demonstrated the best week since the beginning of the Covid-19 pandemic. It also opened with a big gap on the Monday trading session but managed to close it shortly. It played out all the bearish divergences and at the moment there are no signs of the upcoming pullback. The upcoming OPEC+ decision about supply reduction might push it even higher. $72.5, $73.2, $74.1, and $75 are the main targets.
Alibaba is still under pressure from the Chinese government, but concerns get easier as time pass. During last week Alibaba has been trading sideways and by the end of the week closed at the same price level as opened at the beginning. This week might define the middle-term trend for Alibaba stock price.
4H chart
The RSI “swing rejection” pattern may occur on the 4H chart. As soon as 4H RSI closes above 42.86 (on condition it doesn’t drop below 30) this pattern will be proved. In this case, the targets will be $182 and $200.
Daily chart
The bearish divergence occurred on Bitcoin daily chart.
4H chart
The asset has formed the support line. If the price closes below this support, it will be a bearish sign for Bitcoin. In this case, it will drop to $46 900, $46 000, and $44 500, which are the main support levels for now.
$49 300 - $49 500 is a massive resistance range at the moment. If the price comes there, it will be a good opportunity to open a short trade.
Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
When I started trading stocks a few years ago, I often needed to pay more attention to my technical analysis skills and trust that the market would play fair according to my analysis. I have since discovered that the safer approach to trading stocks is to, more often than not, seek out investing opportunities - that is, catching stock commodities with a potential to rise.
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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