Daily market recap for 04.06.2018
Coming up with the latest daily report.
Bitcoin has opened on Monday it a big gap as longs were accumulated over the weekends for the price take a small break from the selling. The price it self has made a text - book scenario play with the gap as after the opening, it was covered quickly with renewed selling from the top at 7721.90. Price has moved again bellow 7563.09, bouncing a bit from 7415.72.
As the price has bounce from the high it formed a second top for the top line of the flag formation. Selling may continue with renewed forces as the price on daily still may need to reach the bottom line of the triangle and test it again. Tops are good to sell. Price is making short quick and sharp beaches down after that calming with a short range before other selling attempts on the small graphs. Be watchful.
EUR/USD started the day and the week with gains as it is moving away from negative territory after Italy crisis finding an exit... for now.
The Euro was boosted from weaker that expected US Factory Orders coming in at -0.8 from forecast -0.4. Previous value was 1.7%. Manufacturing seems to be slowing in the US and we will see in time if the trend continues or it's a temporary economic hiccup. The Euro was sold at 1.17447 so this will act support for the price to move up. It is moving away now, moving sideways actually from the downtrend and we may see a range between 1.17447 and on the bottom 1.16601 (circa there) before any further direction. More data and sentiment from fundamentals is required to make any firm comment about the direction of the pair. USD is still strong overall.
Gold continues to have hard time keeping the attention of the investors as stocks rising and risk sentiment is slightly better now. Gold is still in the downtrend, with an internal range between the blue area with two low points - 1828.044 and 1.289.863. Top is restricting the price at 1306.591 and 1300.
Closest levels where are the buyers is 1289.863. Use this with longs with an appropriate TP and reasonable SL regarding the price areas.
WTI keeps on falling. Pressure is persistent as it has failed at 65.80 and 65.97, moving back under the 50 Fibo and closing under it.
Selling will accelerate. 65.24 to watch for top level support for the sellers. Don't fall for false breakouts. As the price is moving away from the 50 Fibo, we may see it reaching 38.2 any time soon. Play with the movement. Sell with reason and of course be aware of any news surrounding OPEC comments and production output statements from anyone in the Oil business.