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Daily Analysis: Dollar Falls Again as Stocks Still under Pressure

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Daily Analysis: Dollar Falls Again as Stocks Still under Pressure

Introduction

This article was posted on Monday, 18:41, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2426 -0.02%
DAX 12065 -0.82%
WTI Crude Oil 47.83 -1.72%
GOLD 1297.00 0.42%
Bitcoin 4032 -2.01%
EUR/USD 1.1819 0.49%

The stock market correction continues to dominate financial markets, as the US and European indices are still struggling to hold their ground after last week’s dip. The US benchmarks are trading just above their lows, while the DAX and the EuroStoxx 50 continues to slightly outperform, although the Euro’s returning strength could end that. The Japanese Yen already hit new highs again compared to the Greenback, and Japanese equities are on new correction lows thanks to that. As central banks remain in the center of attention, this week’s Jackson Hole symposium could cause turmoil in the struggling Dollar and all major markets.

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DXY, Daily Chart Analysis

Commodities are on the move today, with industrial metals jumping higher and crude oil falling significantly. Gold, on the other hand, is consolidating below the $1300 level after last week’s failed break-out attempt. Trading volumes remain muted across the markets, and that could favor range trading in the coming days, at least until the start of the Fed’s much-awaited symposium. That said, several factors suggest that a deeper correction in risk assets is underway, like the severe internal weakness in US markets, and traders should be ready for an increase in volatility as we approach September and the end of the summer season.

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Gold, 4-Hour Chart Analysis

Cryptocurrencies

Monero and Ethereum are the stars of the day in the crypto-segment, as both coins are moving higher, with XMR surging to new all-time high, while ETH starting the next leg in its uptrend. The second largest coin is still 15% off its prior highs, but a rally above the $400 level is in the cards in the coming day, as the sector is still experiencing an inflow of capital, and a growing level of public interest. Litecoin is in a favorable position for a move, and ETC and Ripple are could also be ready to finally end their downtrends. Bitcoin is still looking long-term overbought, despite the more than 10% correction, and the most valuable coin should still be avoided by investors.

ETH/USD, 4-Hour Chart Analysis

Technical Picture

The tech benchmark followed the other major indices lower on Thursday and Friday, and the relative strength that it showed previously vanished amid the broad correction. Friday’s bounce carried the index back above crucial short-term support, but the NASDAQ is not out of the woods yet, as the short-term rising trend is clearly in danger. The 5800 and 5750 levels will likely stay in focus in the coming days, with the rising trendline being only slightly below at 5700. A breakdown could trigger a sell-off towards the 5600 level.

NASDAQ, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
14:30 CANADA Wholesale Sales 0.6% 0.6% 0.9%

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
10:30 UK Public Credit 0.0 bill 6.3 bill
11:00 GERMANY ZEW Economic Sentiment 14.8 17.5
14:30 CANADA Core Retail Sales 0.0% -0.1%

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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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