Hi investors! Here’s your 5-minute overview of the forex, crypto, and stock markets. Remember that investing in the financial markets involves risk of loss. You should only invest the money that you can afford to lose. Make sure to calculate your risk tolerance before selecting the assets to invest in. Forex and crypto are especially high risk.
Forex Market Overview
Following some disappointing reports towards the end of last week, the American Dollar worked its way towards the bottom of the forex rankings. This week, we’ll keep a close eye on statements coming from Fed Chair Jerome Powell. We’ll also monitor whether the United States and China can finally settle their trade disputes, which could potentially cause the dollar to rally.
North of the border, the Canadian Dollar fared even worse, mostly thanks to lower crude oil prices and other Loonie-related risks. On the other side of the pond, the Euro did not do much better. Meanwhile, the Pound remained somewhat steady. As the hard Brexit deadline continues inching closer, traders are waiting to see which exit scenario is most likely to play out.
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In Asia, the Yen performed remarkably well as traders looked to invest in a relatively low-risk currency. Given current geopolitical factors, the Yen will likely remain among the world’s top performers. The Australian Dollar also fared quite well, even in the face of rate cuts delivered by the Royal Bank. The Kiwi enjoyed a late-week rally. This week, we’ll see which global currencies will benefit from the remaining third quarter reports.
Taking a Closer Look at USD/CAD
Today I’m looking at the USD/CAD pair which ended up above the daily Ichimoku cloud even after all last week’s volatility. The 38% Fibonacci retracement level of 1.3227 remains a strong support.
However, the 61% Fibonacci retracement level of 1.3353 is now looming as a resistance! More importantly, the pair could even be in the process of forming a double top bearish reversal chart pattern. If you’re a range trader, then you might be better off looking between these two levels before we have a more solid trend confirmation based on Ichimoku.
In my book, Ichimoku Secrets, I explain how this could be an interesting buying opportunity provided you’re willing to take the risk. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.
Crypto Market Overview
It’s been a rough few weeks for the cryptocurrency industry, which has seen Bitcoin lose more than a quarter of its value in less than one month. However, things are beginning to look up for Bitcoin holders, who are currently enjoying a mild upswing to open the week. As we typically recommend for coin holders, holding the currency is probably a wise decision.
Libra, Facebook’s newest crypto project, has experienced a new wave of criticism and widespread loss of support. In addition to private American companies, such as PayPal, MasterCard, and Visa indicating they will no longer support the coin, Libra has also lost support from key regulators in Europe. Unsurprisingly, the launch date for Libra continues to get delayed.
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Elsewhere, British regulators are cracking down on currencies that appear to lack transparency. On a brighter note, the NBA’s Sacramento Kings have introduced a new fan loyalty program that delivers new tokens to loyal fans. We’ll see if this program inspires others like it throughout the sporting world.
Stock Market Overview
Last week was a volatile week in the stock market, with most indexes experiencing major drops to open the week, followed by rallies towards the end of the week. For most diverse portfolios, the week itself was a bit of a wash. The volatility has been largely attributed to uncertainty about tariffs and some disappointing Q3 reports, especially in the manufacturing and automotive sectors.
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Elsewhere in the market, WeWork has experienced further issues following their failed IPO, creating increased uncertainty for the company’s future. The bond market has also experienced some issues, largely due to increasingly volatile repo rates.
This week, we’ll see how stocks tied to GE, HSBC, and others perform following major staff and pension cuts. We’ll also pay attention to how the renewed rise of index funds affects fund manager’s risk management strategies. That about it does it for this week’s biggest news stories;
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I’ll be sharing my personal investment strategies for forex, stocks, and cryptocurrency in Invest Diva’s Premium Investing Group, aka the PIG on Tuesday.
Last but not least, learn how to start, manage and grow your investment portfolio in all these financial markets (without being stuck to your screen all day) by attending my brand new Master Class.
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.