Daily Review for August 04, 2021
The cryptocurrency market is in high expectations after the upcoming update of Ethereum. The platform confirms that it will be the most efficient way to develop financial transactions.
Traders are aware of the PMI data in Europe. The outlook is above 50, which indicates that the market is expecting economic expansion.
Corporate results continue. Today Booking will present results. Nikola presented yesterday, but still fails to gain investors’ confidence. Moderna will present tomorrow, with high expectations due to the volume of Covid vaccines sold.
Wall Street closed positive yesterday. Futures start mixed today. Gold manages to stay above the USD$1,800 per Troy ounce mark. Possible rebound of the metal, as we get closer to the NFP.
| ETHEREUM +1.36% |
| Ethereum developers are introducing a new version of the platform, which aims to make fees between transactions more predictable. It will also allow users to pay commissions to make financial transactions as fast and efficient as possible. At the moment Ethereum is up 1.36% and is trading at USD$2.506. The launch of the platform is scheduled for Thursday. In the meantime, traders are starting to take positions in the crypto. |
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| Support 1: 2,482.58 Support 2: 2,467.47 Support 3: 2,457.58 Resistance 1: 2,507.58 Resistance 2: 2,517.47 Resistance 3: 2,532.58 Pivot Point: 2,492.47 |
| Price is above the 200-day moving average. Expected trading range between 2,457 and 2,532. Pivot point at 2,492. RSI neutral. High volatility expected before and after the launch of the platform upgrade. |
| EUROSTOXX 50 +0.36% |
| European futures are in positive territory, as traders await the results of the services PMI in Italy, Spain, France, Germany and the consolidated Euro Zone. At the moment the Eurostoxx 50 is rising 0.36%, and is trading at 4,128. The market is expecting economic expansion in Europe. Forecasts are above 50, which means expansion. We will also have retail sales data from the Euro Zone. |
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| Support 1: 4,122 Support 2: 4,119 Support 3: 4,117 Resistance 1: 4,127 Resistance 2: 4,129 Resistance 3: 4,132 Pivot Point: 4,124 |
| The price is above the 200-day moving average. Sideways movement as PMI and retail sales results are announced. Expected trading range between 4,117 and 4,132. Pivot point at 4,124. RSI neutral. |
| NASDAQ 100 +0.09% |
| The index is currently rising 0.09% and trading at 15,077 points. Nasdaq 100 has presented important up and down swings during the last days, as a consequence of the investors’ perspective on corporate results. Moderna will present its corporate results tomorrow. The company is expected to exceed market expectations, mainly due to the sales volume of global covid vaccines. Traders are also aware of the NFP and are starting to rebalance their portfolios. |
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| Support 1: 15,060.0 Support 2: 15,045.1 Support 3: 15,034.5 Resistance 1: 15,085.5 Resistance 2: 15,096.1 Resistance 3: 15,111.0 Pivot Point: 15,070.6 |
| The price is looking to overcome the resistance at 15,076 points. If it succeeds, the next target is 15,144. If on the contrary a double top is formed, the price could fall to 14,904 points. Pivot point at 15,070. RSI in overbought zone. |
| GOLD +0.15% |
| Wall Street closed in positive territory yesterday, with major gains in the S&P500 +0.82%. Treasury bond yields are currently rising, and index futures are mixed. Commodities are rallying today, so gold prices could move higher as a result of portfolio hedging ahead of the NFP data. At the moment the metal is rising 0.15% and is trading at USD$1,817 per Troy ounce. |
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| Support 1: 1,815.51 Support 2: 1,814.28 Support 3: 1,813.26 Resistance 1: 1,817.76 Resistance 2: 1,818.78 Resistance 3: 1,820.01 Pivot Point: 1,816.53 |
| The price continues above the 200-day moving average. Bulls have managed to keep the price above the $1,800 mark. Trading range between 1,813 and 1,820. Pivot point at 1,816. RSI approaching the overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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