Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
USD, gold, Alibaba and more on April 12
Latest news you need to know:
- The US dollar has strengthened at the start of the week as Treasury yields are edging higher, and the correlation between the USD and yields is getting even stronger.
- As a result, increased US yields may press EUR/USD down to 1.1800 during this week, according to ING. Besides, USD/JPY may rally up and retest 111.00.
- Alibaba rose by roughly 8% in pre-market hours after the record antitrust fine by China. What? Rose after fines? Yes, despite the high amount of the fine, the fact of its implementation reduced the uncertainty over Alibaba and pushed the stock up.
- The earnings season has started this week! Check the key reports in our article “Stocks: Q1'2021 earnings reports coming!”
What’s happening on the charts?
EUR/USD has been moving in an ascending channel since late March. It has touched the lower trend line and also the golden cross occurs (the 50-period moving average has crossed the 100-period MA from bottom to top). Therefore, the pair should rise. If it manages to break the psychological mark of 1.1900, the way up to the high of April 8 at 1.1925 would be open. On the flip side, if it reverses and breaks the recent low of 1.1860, it may fall to the 100-period MA at 1.1800.
Gold has failed to cross the $1735 support and turned to the upside. If bulls keep momentum and the price jumps above the key level of $1760, it may rocket to the highs of mid-February at $1790. On the flip side, the move below $1735 will drive the pair to the recent lows of $1724.
GBP/USD has bounced off the support of 1.3680 and reversed up. If it breaks through 1.3750, the way up to the intersection of 50- and 100-period moving averages will be clear. On the flip side, if it drops below 1.3680, it will fall to 1.3620.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
PMI reports from the EU, the UK, and the USA will be released during the day!
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…