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Daily Analysis: Europe Still Bullish as Ripple Rips Higher

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Daily Analysis: Europe Still Bullish as Ripple Rips Higher

Introduction

Friday Market Recap

Asset Current Value Daily Change
S&P 500 2362 -0.10%
DAX 12268 0.10%
WTI Crude Oil 50.22 -0.16%
GOLD 1246.50 -0.13%
Bitcoin 1041 0.80%
EUR/USD 1.0685 0.12%

 

Global stock markets are slightly lower today following yesterday’s strong Wall Street session. The DAX and the EuroStoxx 50 still trades just below their bull market highs, despite the mixed economic numbers. German retail sales came in much better than expected today, while the Eurozone inflation remained surprisingly low. US personal spending was slightly below the expected level, while the Chicago PMI still suggests a positive change in economic activity. The US session could be volatile today regardless of the economic releases, as the end of the quarter usually leads to increased activity among institutional players.

The Pound Sterling had a busy week, and today’s session is no different, although the currency is little changed, despite the active trading and the slight weakness in the Dollar.  Commodities are the laggards of the day as precious metals, oil, and the industrial metals all trading lower. Gold was down by almost 1%, but it recovered again towards the crucial $1250 level. WTI Crude Oil is back near the $50 per barrel level, and it’s poised to close a highly bearish month despite the bounce of the last few days.

Ripple finally started it’s long expected break-out today, leaving behind the 0.01 level just to double in the course of a few hours. Volatility is expected to stay high so be careful out there. Other cryptocurrencies also saw increased activity, as Ethereum Classic is up by 20%, Litecoin is still volatile following yesterday’s crazy session, while Dash continues to drift lower. Monero and Ethereum are both consolidating below their recent highs, still above the $20 and $50 levels respectively. Bitcoin is little changed, as it’s still stuck near the $1050 level, possibly getting ready for a bigger move.

Ripple/Bitcoin, 4-Hour Chart

Technical Picture

S&P 500 Index, 4-Hour Chart Analysis

The S&P 500 has been drifting higher all week long, but it’s still trading just above the crucial support/resistance zone between 2350 and 2355. The current short-term picture is neutral with a slightly bearish bias. The MACD momentum indicator is neutral while a slightly declining trend-line is ahead as resistance near 2375. The all-time high around the 2400 level is still well within the reach of the benchmark, in the case it successfully holds above the key support level.

Key Economic Releases on Friday

Time, CET Country Release Actual Expected Previous
8:00 GERMANY Retail Sales 1.80% 0.70% -0.80%
10:30 UK Current Account -12.1 bil -16.3 bil -25.5 bil
 10:30 UK Final GDP (quarterly) 0.70% 0.70% 0.70%
 14:30 CANADA GDP (monthly) 0.60% 0.30% 0.30%
15:45 US Chicago PMI 57.7 57.2 57.4


Key Economic Releases on Monday

Time, CET Country Release Expected Previous
3:30 AUSTRALIA Retail Sales (monthly) 0.40%
10:30 UK Manufacturing PMI 54.6
16:00 US ISM Manufacturing PMI 57 57.7
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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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