Daily Review for April 15, 2021
Wall Street futures rising. Market comes out from the Coinbase euphoria to focus again on corporate results.
EURUSD reacts to German inflation. The Bulls try to consolidate the 1,990 mark.
European markets open mixed. DAX 30 follows the path of its US peers.
The European Union will not renew contracts with Astra Zeneca and Janseen.
Bitcoin remains above the 62,000 level. Coinbase IPO exceeds market expectations.
| DOW JONES +0.24% |
| Market opens mixed. In Asia, the indices gradually turn in positive territory, while the market recovers part of the declines of yesterday’s close. Indexes in negative territory are the CAC 40 with – 0.98% and the IBEX 35 – 0.41%. The Dow Jones is currently up 0.24% and is trading at 33,717. Wall Street’s main concern is the pause in the use of the J&J vaccine. Yesterday, the market evidenced the significant volatility of Coinbase after its IPO. The stock closed at USD$328.28, after opening in USD$381. Its initial stock valuation was USD$250/share. |
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| Support 1: 33,683,0 Support 2: 33,672,0 Support 3: 33,659,5 Resistance 1: 33,706,5 Resistance 2: 33,719,0 Resistance 3: 33,730,0 Pivot Point: 33,695,5 |
| Price is above the moving average and is at resistance 1. The Ichomoku cloud projects a trading range between 33.659 and 33.730. Pivot point at 33.695. RSI neutral. |
| EURUSD -0.02% |
| The currency managed to break through the resistance of 1.1990 and dropped a few points to the actual level of 1.1973. The small correction of the currency was caused by the German CPI reading for March 2021, which closed at 0.5%. The pair’s price recovery is supported by the decline in bond yields. The ECB and FED statements also generated optimism in the market, as the presidents of both banks stated that there are no concerns about inflation for the time being, and that both entities expect a faster economic recovery than expected. |
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| Support 1: 1.1969 Support 2: 1.1965 Support 3: 1.1959 Resistance 1: 1.1980 Resistance 2: 1.1985 Resistance 3: 1.1990 Pivot Point: 1.1975 |
| The price is above the 50-day moving average. The currency is between support 1 and resistance 1. Ichimoku cloud estimates a trading range between 1.1974 and 1.1933. |
| DAX 30 +0.30% |
| The German index continues its consolidation phase. At the moment it is up 0.30% and is trading at 15.252. Investors were more focused on the Coinbase IPO than on the US Banks results. Today, the market will be focused on the US retail sales data as an indicator of market demand. For the time being, the DAX 30 follows the movements of its Wall Street peers. On the other hand, the European Union will not renew the contracts of Janseen and AstraZeneca. |
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| Support 1: 15,225.6 Support 2: 15,209.3 Support 3: 15,201.1 Resistance 1: 15,250.1 Resistance 2: 15,258.3 Resistance 3: 15,274.6 Pivot Point: 15,233.8 |
| The price failed to break the resistance at 15.300 points and fell to the support of 15.186. From that level it bounced to the actual price of 15.242. If the Bulls continue to gain, next level is at 15.278. Trading range between 12.201 and 15.274. |
| BITCOIN -2.11% |
| Yesterday was an important day for the cryptocurrency market. Coinbase’s IPO exceeded market expectations. The stock closed with a 30% increase and with a company valuation of USD$85 Billion. BTCUSD followed the market momentum and managed to remain above the USD$62,000 share. At this moment, it started sideways and is down 2.11%. |
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| Support 1: 62,676.4 Support 2: 62,460.3 Support 3: 62,157.2 Resistance 1: 63,195.6 Resistance 2: 63,498.7 Resistance 3: 63,714.8 Pivot Point: 62,979.5 |
| Price is entering into the Ichimoku zone. Sideways movement towards 62.800. RSI neutral. Expected trading range between 62.157 and 63.714. Pivot point at 62.979. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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