Dollar Cracks Again as Stock Fade to Red and Cryptocoins Surge | Hacked: Hacking Finance
Hacked: Hacking Finance

Analysis

Dollar Cracks Again as Stock Fade to Red and Cryptocoins Surge

Posted on .

Dollar Cracks Again as Stock Fade to Red and Cryptocoins Surge

Introduction

This article was posted on Tuesday, 16:47, UTC.

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2454 -0.17%
DAX 12431 -1.21%
WTI Crude Oil 46.30 -0.61%
GOLD 1242.00 0.45%
Bitcoin 2340 13.23%
EUR/USD 1.1573 0.83%

Stock markets are losing ground today, led by European stocks that are being pushed lower by the new highs in the Euro. The DAX and the Euro Stoxx 50 indices are both headed towards their recent correction lows, while the NASDAQ is holding up well, after being in the forefront of the decline previously. The S&P 500 and the DOW, on the other hand, are relatively weak as the tapering of the rate hike expectations are weighing on the financial sector in the US. With still the Federal Reserve in the focus, the better than expected earnings of Bank of America were not enough to lift the segment, as the decline in Treasuries dragged the majors down.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

XLF, 4-Hour Chart Analysis

Currency markets are dominated by the steep decline in the Dollar that hit yet another 12-month low against the European common currency and declined sharply against most of the other majors as well. The concerns regarding Trump’s healthcare bill and next year’s budget proposal also weigh on the Dollar. Gold is benefiting from the demise of the Greenback, while industrial commodities are only slightly higher amid the broad-based growth fears, while oil is very volatile so far.  The Great British Pound is weak following the miss in the CPI index, as the GBP/USD pair continues to stick to the 1.30 level amid the ongoing Brexit talks.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Gold, 4-Hour Chart Analysis

Cryptocurrencies

The crypto segment has been lifted by a number of bullish factors, as Bitcoin seems more and more likely to avoid the hard fork on the August 1, while the sharp decline of the weekend has been reversed by Ethereum. Small cap coins are also showing bullish signs, and the other majors are trading higher as well. The one-month long correction might be over, given the strong bullish momentum, and the oversold readings on the long-term charts. That said, most of the majors are still in short-term downtrends with Litecoin and Ethereum Classic still leading the way higher.

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

Bitcoin, Daily Chart Analysis

Technical Picture

The S&P 500 is well inside both the short- and long-term rising trends despite pulling back from its all-time highs today. The short-term MACD is signaling a correction, but as long as the index is above the 2430 level, new highs are likely in the coming period. The NASDAQ is also holding up well after the deeper correction and that can be a bullish sign, with the decline of the Dollar also boosting US equities. The long-term rising trendline is near 2390 now, with strong support at 2400 as well.

S&P 500 Futures, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
3:30 AUSTRALIA Monetary Meeting Minutes
10:30 UK CPI 2.6% 2.9% 2.9%
10:30 UK PPI -0.4% -0.8% -1.3%
11:00 GERMANY ZEW Economic Sentiment 17.5 17.6 18.6
14:30 US Import Prices -0.2% -0.2% -0.3%

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
14:30 CANADA Manufacturing Sales 0.9% 1.1%
14:30 US Building Permits 1.20 mill 1.17 mill
14:30 US Housing Starts 1.16 mill 1.09 mill
16:30 US Crude Oil Inventories -3.6 mill -7.6 mill

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
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 Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
The major cryptocurrencies got bought aggressively following the weekend liquidation,…