Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Markets Are Preparing For The Recession
Happy Tuesday, dear traders! Let's check what news is moving the markets right now!
- Citi believes that oil will fall below $80 this year, despite OPEC+ attempts to support the market. The reasons are China's economy slowing recovery and Western economies slowing down.
- BTCUSD exceeded $30 000 for the first time since June 10, 2022.
- Alibaba introduced its AI bot Tongyi Qianwen, which will be integrated into all company's products.
- Yesterday, the yen fell against the US dollar after the statements of the new head of the Bank of Japan about the continuation of the ultra-soft policy. USDJPY is 133.00.
- US companies face biggest profit decline since Covid-19. Analysts expect that in Q1, 2023 S&P 500 earnings declined by 6.8%.
- Ethereum (ETHUSD) may get under pressure in the coming weeks as the Shanghai update is scheduled for April 12. The update will allow the withdrawal of locked coins in staking. As a result, about 1 million ETH could enter the market.
XAUUSD technical analysis
XAUUSD broke out from the bullish descending channel. Currently, the price is flirting with the 100-hour MA. If the price breaks through this moving average, you might look for buy trades with targets at 2010.00 and 2032.00.
However, be careful, before an uptrend continues, XAUUSD might decline in the 1997.00 - 2002.00 range for the retest, providing a great opportunity for buy trades.
Have a great trading day!
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