Daily Review for April 2, 2021
Market on pause due to the Easter holiday.
Traders are analyzing today’s NFP data.
To take advantage of volatility, traders analyze and open positions in FX and Cryptos, markets which are active today.
EURUSD seeks to regain the 1.8000 level.
Bitcoin seeks the 60,000 resistance.
USDCHF slows decline and seeks Ichimoku cloud.
Ethereum at record highs after Visa announcements.
| EURUSD +0.03% |
| Spot market closed today. In the futures we have less trading volume, but still traders are marking their positions waiting for today’s NFP data. Meanwhile, the EURUSD is up 0.03% and is trading at 1.1779. The market is expecting 647,000 new non-farm jobs in the US. The previous data resulted in the generation of 379,000 new non-farm jobs. If the data surprises today, the EURUSD could recover some additional points closed to 1,8000. |
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| Support 1: 1.1775 Support 2: 1.1773 Support 3: 1.1770 Resistance 1: 1.1780 Resistance 2: 1.1783 Resistance 3: 1.1784 Pivot Point: 1.1778 |
| The price is above resistance 1. If this is broken, the next level to watch is 1.1783. Expected trading range between 1.1770 and 1.1784. Pivot point at 1.1778. |
| BITCOIN +1.23% |
| Yesterday the cryptocurrency market had an interesting momentum, driven by Elon Musk’s tweet about Dogecoin. Dogecoin witnessed a 30% rally. Meanwhile, Bitcoin is in sideway waiting for more volume to reach the resistance at 60,000. Cryptocurrency delegates have been in talks with regulators in the U.S. and Europe to formulate the basis of the regulatory framework for this market. In addition, the Bank of International Settlements has presented its plan for the creation of a digital central bank without the need of physical cash reserves. |
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| Support 1: 59,381.9 Support 2: 59,252.5 Support 3: 59,110.3 Resistance 1: 59,653.6 Resistance 2: 59,795.9 Resistance 3: 59,925.2 Pivot Point: 59,524.2 |
| Price sideway, but above the Ichimoku cloud. Trading range between 59,110 and 59,925. Pivot point at 59.524. Day to analyze the performance and correlation of Bitcoin with the NFP. |
| USDCHF -0.04% |
| At the moment the currency is down 0.04% and is trading at 0.9416. Traders are waiting for the NFP data to mark trading volumes in the currencies. Today, FX and Cryptos are the only available assets for trading, so traders want to test the performance of portfolios composed of these two asset classes with macroeconomic data. At the moment the currency comes from a fall that stopped at support 1. This behavior is due to the appreciation of the USD in recent weeks. |
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| Support 1: 0.9413 Support 2: 0.9410 Support 3: 0.9408 Resistance 1: 0.9417 Resistance 2: 0.9420 Resistance 3: 0.9422 Pivot Point: 0.9415 |
| The price is taking the path of the Ichimoku cloud, which forecasts the price in the trading range between 0.9439 and 0.9430. Pivot point at 0.9415. Possible appreciation to the level of resistance 1, if the NFP surprises the market. |
| ETHEREUM +4.55% |
| Ethereum in all-time highs. The price is driven by Visa recent announcement of the usage of the cryptocurrency’s Blockchain platform. Ether is currently up 4.55% and is trading at 1,995. During Q1 2021, the price of the cryptocurrency has increased 150%. As the second highest-valued cryptocurrency, traders see a medium-term trend similar to Bitcoin. |
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| Support 1: 1,985.69 Support 2: 1,983.37 Support 3: 1,978.73 Resistance 1: 1,992.65 Resistance 2: 1,997.29 Resistance 3: 1,999.61 Pivot Point: 1,990.33 |
| Upward channel. Bullish outlook, until the market changes trend. Pivot point at 1,990.33. The price is above the Ichimoku cloud. RSI is near the overbought zone. Possible correction towards support 1. |
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