Daily Review for April 16, 2021
US index futures in red awaiting EU inflation data.
Dow Jones at record highs. Bulls seek to consolidate the index above 34,000 points.
Dogecoin manages to increase its share price by 84%. Mark Cuban’s Dallas Mavericks include the cryptocurrency at their balance sheet.
EURUSD in search of 1.2000. Traders are watching Eurozone inflation.
Gold manages to hold above USD$1,750 per Troy ounce. Bond yields have favored the metal.
| DOW JONES -0,08% |
| Industrial index at record highs on Wall Street. The index closed Thursday with a price of 34,035. It is currently down 0.08%. Index’s upward momentum was driven by strong retail sales data, lower jobless claims, and lower U.S. Treasury yields. All of the above led to the rally in equities. |
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| Support 1: 33,900.1 Support 2: 33,886.3 Support 3: 33,873.6 Resistance 1: 33,926.6 Resistance 2: 33,939.3 Resistance 3: 33,953.1 Pivot Point: 33,912.8 |
| The price is between support 1 and resistance 1. Ichomoku cloud indicates that the price may oscillate between 33.729 and 33.862. Pivot point 33.912. RSI is moving out of 70, above the overbought level. |
| DOGECOIN +81.69% |
| Dogecoin’s market capitalization reached USD$33 billion after raising a significant 82% increase. The cryptocurrency’s important rally was due to Elon Musk, Mark Cuban, and the Dallas Mavericks, who added the cryptocurrency to their Balance Sheet. Similarly, the buying momentum was also generated by Wall Street Bets, where market euphoria led to significant buying volume of the cryptocurrency. |
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| Support 1: 0,245362 Support 2: 0,224261 Support 3: 0,213711 Resistance 1: 0,277013 Resistance 2: 0,287563 Resistance 3: 0,308664 Pivot Point: 0,255912 |
| Significant buying volume. Estimated trading range between 0.2137 and 0.3086. Pivot point at 0.2559. Neutral RSI coming out of overbought zone. The price is above resistance 2. Possible correction towards resistance 1. |
| EURUSD +0.04% |
| Traders are paying close attention to the Euro Zone inflation data. The market is expecting a figure of 1.3%. At the moment the currency is up 0.04% and is trading at 1.1968. Bulls are trying to reach the 1.2000 mark. Sideways period, while the market generates a new trend. |
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| Support 1: 1,1958 Support 2: 1,1951 Support 3: 1,1945 Resistance 1: 1,1970 Resistance 2: 1,1977 Resistance 3: 1,1983 Pivot Point: 1,1964 |
| The price is above the resistance 1. Possible move towards 1.1994. Trading range between 1.1945 and 1.1983. Pivot point between 1.1964. The currency is trading above the 20-day and 50-day moving averages. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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