Daily Analysis: Traders Sell the News as Macron Wins French Election | Hacked: Hacking Finance
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Daily Analysis: Traders Sell the News as Macron Wins French Election

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Daily Analysis: Traders Sell the News as Macron Wins French Election

Introduction

This article was posted on Monday, 15:54, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2387 0.10%
DAX 12685 0.02%
WTI Crude Oil 46.03 -0.05%
GOLD 1231.00 0.21%
Bitcoin 1660 4.45%
EUR/USD 1.0951 0.12%

 

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European stocks are slightly lower today, as the widely expected outcome of the French presidential election failed to boost the major indices. The DAX and the EUROSTOXX 50 both opened higher, but fell quickly below their previous closing prices. The main US benchmarks are also a bit lower, as the continued decline in Chinese stocks and commodities keeps weighing on the sentiment. That said, the indices are only slightly below their all-time highs, and the Japanese Nikkei trades at its highest level since the end of 2015.

The US Dollar recovered some its recent losses against its major peers. European currencies are weak today, as the Euro and the Swiss Franc are down by more 0.5% while the Pound is also drifting lower. The Commodity-currencies are under pressure again, as oil pulled back to the $46 per barrel level after a bullish start for the day. Gold dipped below $1225 in early trading before rebounding strongly, as the rally in stocks faded. The Yen followed the same route, as demand for safe-haven assets is returning.

The cryptocurrency market already surpassed the $50 billion mark today, as Ripple and NEM are surging, and Bitcoin hit another new all-time high after the weekend consolidation, above the $1650 level. Asian demand is still propelling the advance in BTC, as the Chinese fears fuel demand for the currency, while Japanese interest remains very strong. Monero is also higher in choppy trading, just as Dash.  Litecoin is right at the $30 level following the Sunday’s break-out, while Ethereum and Ethereum Classic are down by almost 5% this morning.

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Ripple, 4-Hour Chart Analysis

Technical Picture

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The DAX briefly topped the 12,750 level after the open before dipping back below 12,700. The election results are not enough to keep last week’s rally going so far, and the next few sessions might bring a deeper correction after the index remains overbought. The MACD indicator also suggests caution, as a re-test of the lower boundary of the dominant rising trend channel is likely. The 12,400 and 12,240 levels could be in play later on this week.

DAX Index, 4-Hour Chart Analysis

Key Economic Releases on Monday

Day Country Release Actual Expected Previous
3:00 CHINA Trade Balance 264 bill 197 bill 164 bill
8:00 GERMANY Factory Orders 1.00% 0.70% 3.40%
9:30 UK Halifax HPI -0.1% 0.0% 0.0%

 

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
3:30 AUSTRALIA Retail Sales (monthly) 0.3% -0.1%
11:30 AUSTRALIA Annual Budget
14:30 CANADA Building Permits (monthly) 0.40% -2.50%
16:00 US JOLTS Job Openings 5.67 mill 5,74 mill
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Feedback or Requests?

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.

Comments
  • user

    AUTHOR Ershad

    Posted on 3:55 pm May 8, 2017.

    Hi Mate,

    I have swing trading XRP all day, and have made a decent amount of profit, I wantd to ask you is there a level at which the market is expecting a correction point?

    Kind regards,
    Ershad

    • user

      AUTHOR Mate Cser

      Posted on 4:20 pm May 8, 2017.

      Hi Ershad,

      I am glad that you capitalized on this explosive move! I would definitely expect resistance and volatility at the 0.25 level. That said, using basic swing levels for stops, while adjusting your position size should do the trick even in such a crazy market.

      Great trading!

  • View Comments (2) ...
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