Daily Analysis: Cryptocurrencies Take Center Stage as Stock Rebound Continues | Hacked: Hacking Finance
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Daily Analysis: Cryptocurrencies Take Center Stage as Stock Rebound Continues

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Daily Analysis: Cryptocurrencies Take Center Stage as Stock Rebound Continues

Introduction

This article was posted on Tuesday, 17:04, UTC.

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2419 -0.21%
DAX 12436 -0.05%
WTI Crude Oil 44.84 1.06%
GOLD 1213.00 0.05%
Bitcoin 2350 -3.05%
EUR/USD 1.1428 0.25%

Financial markets are mixed today with no clear trends in the major asset classes. The major stock indices are little changed, with the European and US benchmarks trading slightly higher for the second day in a row before the recent nosedive. The sudden fall was caused by the release of some of Donald Trump Jr. private emails, which confirmed a controversial meeting with a Russian lawyer. The NASDAQ and the DAX, the two leaders of the current correction are still in short-term downtrends despite the morning bounce, and with no major economic releases coming out today, the market has been back to its low-volume low volatility state, despite the recent volatile period.

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The US Dollar is losing ground once again to the Euro, although it trades higher compared to most of the majors in the trendless environment. The Canadian Dollar is slightly lower today before tomorrow’s expected rate hike by the Bank of Canada, as investors took a step back following the strong rally in the “Loonie”. The major commodities are choppy but mostly unchanged, as oil and gold both continue to trade near their recent lows, while industrial metals are a tad higher after drifting lower so far in July.

Oil, 4-Hour Chart Analysis

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Cryptocurrencies

The crypto-segment ruled the mainstream media today, as Ethereum hit a more than one-month low below $200, with small cap coins losing a large chunk of their value as well. The panicky move might set up a meaningful bottom in the sector, as several majors show positive divergences, and the long-term picture is looking more constructive for the coins. The one-month long correction carried the momentum indicators back to neutral for the majors, with Ethereum nearing oversold territory after the recent decline.

Ethereum, 4-Hour Chart Analysis

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Technical Picture

The German index is still trading inside the crucial support zone that we have been monitoring last week, despite the brief spike above the upper boundary of 12,500. The benchmark is still in a short-term downtrend, and as the MACD is almost back to 0, the next leg lower, or at least a re-test of the lows, could start soon.

DAX, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
3:30 AUSTRALIA NAB Business Confidence 9 7
14:15 CANADA Housing Starts 206,000 200,000 195,000

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
10:30 UK Average Earnigns 1.8% 2.1%
10:03 UK Unemployment Rate 4.6% 4.6%
16:00 CANADA BOC Rate Decision 0.75% 0.5%
16:00 CANADA Monetary Statement
16:00 UK Janet Yellen Testifies
16:30 US Crude Oil Inventories -3.2 mill -6.3 mill

 Featured image from Shutterstock

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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