Daily Review for April 06, 2022
Traders are expecting the Fed minutes, which may present the next level of interest rate hike for the May 2022 meeting.
The market is watching the European Central Bank’s statement. For the time being, interest rates remain unchanged. The Bank will evaluate the scenarios of the economic impact of the war in Ukraine.
Ethereum corrects. However, analysts see a possible price rebound towards USD$10,000 by the end of 2022.
Analysts expect a decrease of 2 million barrels of crude oil in US inventories, as a result of the increase in exports.
|Traders are paying attention to the Fed minutes. The possible mention of a 50-basis point hike is expected for the May 2022 meeting. For the moment, the market remains focused on equities. Gold prices remain above USD$1,919 per Troy ounce. The metal is currently correcting 0.41%. Silver is down 0.76% and is trading at USD$24.34 per Troy ounce. The Fed’s focus is on reducing the level of inflation. The target is 2% maximum per year.|
|Support 1: 1,918.96|
Support 2: 1,917.73
Support 3: 1,915.51
Resistance 1: 1,922.41
Resistance 2: 1,924.63
Resistance 3: 1,925.86
Pivot Point: 1,921.18
|The price is at support 1. If the Bears gain ground, the next level to watch is at USD$1,890. If there is a rebound from the current level, the price could reach USD$1,944. Expected trading range between USD$1,915 and USD$1,925. Pivot point for trend change at USD$1,921. RSI neutral.|
|EUROSTOXX 50 +0.13%|
|The Vice-President of the European Central Bank, Luis de Guindos, will present some of the bank’s monetary policy strategy points. So far interest rates are unchanged. At the moment the Eurostoxx 50 is up 0.13% and is trading at 3,826 points. The war in Ukraine has halted the ECB’s intention to raise interest rates. The Bank remains with the view to support the market, before causing a possible economic recession. Traders are looking forward to Ursula Von der Leyen’s statements.|
|Support 1: 3,816|
Support 2: 3,808
Support 3: 3,800
Resistance 1: 3,832
Resistance 2: 3,840
Resistance 3: 3,848
Pivot Point: 3,824
|Low trading volume of the index so far. Price is at support 1. Expected trading range between 3,800 and 3,848. Pivot point for trend change at 3,824. Ichimoku cloud projects sideways movement.|
|Analysts are projecting an Ethereum price rally towards USD$10,000 by the close of 2022. Traders are keeping an eye on Ethereum’s platform upgrade by June 2022. Investors like Mark Cuban are increasing their exposure to the cryptocurrency. Ethereum is currently down 4.38% and is trading at USD$3,357.|
|Support 1: 3,356.60|
Support 2: 3,344.07
Support 3: 3,337.13
Resistance 1: 3,376.07
Resistance 2: 3,383.01
Resistance 3: 3,395.54
Pivot Point: 3,363.54
|The price managed to drop to support 1, before bouncing back to USD$3,348 which is the current trading level. The crypto is below the 200-day moving average, which is a bearish signal. Expected trading range between USD$3,337 and USD$3,395. Pivot point for trend change at USD$3,363. RSI near the oversold zone.|
|Crude oil prices continue to rise. Analysts expect a reduction of 2 million barrels of crude oil in US inventories, generated by the increase in exports to Europe. WTI is currently up 0.77% and is trading at USD$102.73 per barrel. The US government maintains its strategy of releasing 1 million barrels per day to the international market in order to stabilize prices. So far, no such effect is occurring. Canada increases crude oil production and exports.|
|Support 1: 101.96|
Support 2: 101.78
Support 3: 101.58
Resistance 1: 102.34
Resistance 2: 102.54
Resistance 3: 102.72
Pivot Point: 102.16
|The price is below the 200-day moving average. WTI is trading between support 1 and resistance 1. Expected trading range between USD$98 and USD$105.90. Pivot point for trend change at USD$102.16. RSI neutral.|
Capitalix Market Research
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