Here’s your 5-minute overview of the forex, crypto, and stock markets with hot stories that may have an impact on your investment strategy.
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Forex Market Overview
The biggest forex news this week is coming from north of the border. As Canada’s top monetary policymakers meet this Wednesday, the value of the Canadian Dollar will experience some major changes. If the Bank of Canada maintains its neutral approach, the Loonie will likely have a strong week. However, some traders believe the central bank’s dovish lean may result in a value decrease.
On the other side of the pond, the Pound is beginning to slow down, following some busy Brexit news cycles. Elsewhere in Europe, recent MPI reports are suggesting that 2019 is likely going to be a sluggish year for the region. With few economic reports waiting on the horizon, both the Pound and the Euro are likely to have slow weeks.
In the United States, the dollar performed quite well, largely driven by above average consumer spending levels. With tax season in our review mirror—thank God—consumer spending will likely remain high. New GDP data will help propel the dollar even further by week’s end. Other major reports to look out for include Australia’s CPI readings and an additional statement from the Bank of Japan.
Taking a Closer Look at EUR/USD
The EUR/USD pair has been trading inside a downward channel below the daily Ichimoku Cloud for more of 2019. With the key pivot level at 1.1284, we could expect the pair to bounce up and down within this channel for another few months before there is enough market sentiment to cause a breakout.
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The future Ichimoku cloud appears bearish giving us a further bearish indication.
Crypto Market Overview
After a somewhat stable week last week, Bitcoin started this week with a bang. The cryptocurrency was able to break the $5,400 mark for the first time since last November. April has been a positive month for the cryptocurrency, inspiring investors everywhere to give it another look.
One of the reasons why Bitcoin has been able to rally is the fact that it can now be used in more places than ever before. Moon, a New York-based payment processing startup, has developed a browser extension that makes it possible to use Bitcoin on Amazon and other e-commerce websites.
Now, you might know that I’ve been calling yet another Bitcoin crash that’ll crack the $2,000 support level.
@KianaDanial @APompliano @FuturesBen_TDAN @Beautyon_ @anthemhayek @yrahimov @SydneyIfergan @VinnyLingham @rogerkver @jimmysong @aantonop @nhaguma @BenitoElisa2 @SamuelTuyizere @SmartTrekken @KennETHbosak https://t.co/qOY06CtCK8 #bitcoin #blockchain #fintech #financialinclusion
— Frisco d’Anconia (@CryptoTraveler1) April 22, 2019
However, for those who purely follow technical analysis, the Bitcoin relative strength index—one of the top indicators in the industry—appears to be indicating a long-term bullish reversal. Some traders believe a 10 percent value increase will likely occur this very month. If you are looking for a creative way to finance your summer vacation, this may be it. Elsewhere in the world of cryptocurrency, JP Morgan—along with more than 200 of their closest friends—are looking to expand their already existing blockchain platform.
Stock Market Overview
Last week was another exciting week on Wall Street as well. The DOW had a productive week, rising more than 100 points and closing beyond 26,500 points on Monday. The S&P 500 experienced a week with a few minor ups and downs, but generally finished around where it started.
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Last week saw two big tech IPOs issued by Pinterest and Zoom. Following Zoom’s initial IPO of $36 per share, shares have already risen in value to over $66. Pinterest also enjoyed some respectable gains as well, increasing in value from $19 to $25 within its first week of trading.
In other news, the State Department decided to end a wavier program allowing certain nations to import oil from Iran. This will likely cause the value of American and some Middle Eastern oil companies to increase. It looks like competition in the energy market is beginning to “heat up.”
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This brings me back to you. Which markets you’ll be focusing on this week and why? After you subscribed, head over to the comment section, give me a shoutout and let me know.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.