Daily Review for April 30, 2021
Amazon surprised the market. Nasdaq 100 falls below the 14,000-point zone.
Bitcoin futures contract on the Chicago Mercantile Exchange for April expires today. With this, the crypto market could show interesting movements over the weekend.
EURUSD manages to hold above the 1.2100 level. The market is now waiting for the Euro Zone inflation and GDP data.
Traders start to mark positions in gold. Bulls are looking for USD$1,780 and 1,800 per Troy ounce.
|NASDAQ 100 -0.35%|
|The index failed to fully capitalize on the corporate results that were presented during the course of the week. At the moment, it is down 0.35% and is trading at 13,897. Yesterday, Amazon reported EPS of 15.79 vs. 9.49 estimated by the market. The company showed revenues of USD$108.52 Billion vs 104.49 Billion expected. Thus, it exceeded market expectations. The share price is trading at USD$3,471.31.|
|Support 1: 13,861.42|
Support 2: 13,845.71
Support 3: 13,825.17
Resistance 1: 13,897.67
Resistance 2: 13,918.21
Resistance 3: 13,933.92
Pivot Point: 13,881.96
|The index retreated from the 14,065 points zone. It descended towards the support of 13.840 and bounced to the actual level of 13.900. RSI is neutral. Pivot point at 13.881.|
|Today is the expiration date of the Bitcoin futures contract for April at the CME. A new contract will be traded, which could generate interesting volatility for the crypto market. Part of Bitcoin correction was the result of Tesla selling a percentage of its position in the asset. The company sold the equivalent of USD$101 million worth of Bitcoins in order to test the conversion time into cash liquidity.|
|Support 1: 54,046.0|
Support 2: 53,803.3
Support 3: 53,671.2
Resistance 1: 54,420.8
Resistance 2: 54,552.9
Resistance 3: 54,795.6
Pivot Point: 54,178.1
|The price rebounded from a double bottom at 52,459. Bulls see a positive sign and estimate the price again towards 60.000. As long as a clear trend is marked, price is heading towards resistance 1. Pivot point at 54,178.|
|Today, we will have important GDP and inflation data from relevant Eurozone countries. Among them, Spain, Germany, France and Italy. We will also have monthly and annual CPI and GDP data for the Euro Zone. Economists expect growth and economic expansion. However, delays in vaccination are taking their toll on the economic sectors most affected by the pandemic. Meanwhile, the EURUSD is down 0.05%.|
|Support 1: 1.2108|
Support 2: 1.2104
Support 3: 1.2098
Resistance 1: 1.2117
Resistance 2: 1.2124
Resistance 3: 1.2127
Pivot Point: 1.2114
|The currency is at the Ichimoku cloud zone. Expected trading range between 1.2098 and 1.2127. Pivot point at 1.2114. RSI neutral. Bulls are looking to consolidate the current zone above 1.2100.|
|During the Asian session, gold price dropped to the support of USD$1,760. Then during the European opening, the price managed to settle at USD$1,769. Now traders are aware of the Eurozone GDP and CPI results. If the data does not meet the market expectations (expansion), then volatility could increase and with it an opportunity for gold to resume the path towards USD$1,788 per Troy ounce.|
|Support 1: 1,768.65|
Support 2: 1,765.70
Support 3: 1,763.65
Resistance 1: 1,773.65
Resistance 2: 1,775.70
Resistance 3: 1,778.65
Pivot Point: 1,770.70
|Sideway movement before the GDP and inflation data in the Euro Zone is announced. Pivot point for change in trend at 1,770.70. RSI neutral. Bulls maintain target at 1,800.|
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