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Daily Analysis: North Korea back in Trump’s Crosshairs?

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Daily Analysis: North Korea back in Trump’s Crosshairs?

Introduction

This article was posted on Wednesday, 16:04, UTC.

Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2438 0.03%
DAX 12789 -0.21%
WTI Crude Oil 43.84 0.74%
GOLD 1247.00 0.24%
Bitcoin 2720 2.53%
EUR/USD 1.1144 0.07%

Global markets are recovering from the small shock that Donald Trump caused yesterday, when he updated the world regarding North Korea on Twitter. The unusual tweet sent risk assets tumbling, and caused a sudden spike in Bitcoin and Treasuries. Stock markets are still well below their highs from yesterday, but they bounced off the overnight lows in thin summer trading. Trading volumes are expected to remain muted, while day trading to get increasingly challenging, as volatility continues to hover around multi-decade lows.

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GBP/USD, 4-Hour Chart Analysis

Commodities and the major currencies are mostly unchanged with the exception of the Pound that posted a healthy rebound following two days of losses. The GBP was lifted by the speech of a Bank of England member, as the central bank is still a bit schizophrenic when it comes to the future of interest rates. The Dollar is consolidating near its post-Fed highs, and that keep the pressure on gold that is still trading below $1250. Oil is slightly higher today after a favorable US inventories release.

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Cryptocurrencies

The coins are also choppy today, even after the brief volatile period yesterday, with Ethereum’s relative weakness and BTC’s strength being the most notable changes since the sudden move. ETH is trading near the $350 level after spending several days in the vicinity of $375 resistance. Ripple is still trading above the crucial $0.30 level after yesterday’s rally, but the momentum of XRP stalled during the sharp dip in the evening. The other major currencies are not showing strong moves, while interestingly Bitcoin’s market share is back at the 40% of the total coin-market cap of $112 billion today.

Ethereum, 4-Hour Chart Analysis

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Technical Picture

The NASDAQ is still acting weak (the S&P 500 hit new all-time highs yesterday mind you), as it has been the case for almost two weeks now.  The support at 5650 and the short-term resistance near 5775 still hold, and although a surge above the latter could set up a move to the previous highs, the picture looks more bearish given the weak bounce. Volume has also been progressively getting lower during the consolidation phase, as the MACD indicator got back to neutral.

NASDAQ 100 Futures, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
10:30 UK Public Sector Credit 6.0 bill 7.3 bill 9.6 bill
16:00 US Existing Home Sales 5.62 mill 5.54 mill 5.57 mill
16:30 US Crude Oil Inventories -2.5 mill -1.2mill -1.7 mill

Key Economic Releases on Thursday

Time, CET Country Release Expected Previous
14:30 CANADA Core Retail Sales 0.6% -0.2%
16:30 US Initial Jobless Claims 241,000 237,000

 

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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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