Daily market recap for 29.05.2018
What's funny in the Crypto market is that when you think that you see the golden opportunity, turns out to be the ugliest swan ever...
Pure classic play Yesterday for the Bitcoin. Price opened at 7155.10, made a slight low towards 7016 and touched the bottom line of the triangle. As just as it seemed that it was going to breach the formation and go down fast, it rapidly climbed back up making an attack at 7444 with a high of 7493 and closed at 7462.10. This isn't proving anything of course, we need more time and further signals that the price is going to reverse for a movement up to the 200 daily EMA.
Keep in mind as there is still pressure from regulations, the price may be tampered.
The EUR/USD had another rough day as it dropped heavily on Italian crisis and the upcoming Domino effect. As Italy goes in to frenzy mode the ECB may need to pull another "Greece"regarding the economic and political situation. Price opened at 1.16238, made a slight high og 1.16394 and after that the price plunged to a low of 1.15098 and the price settled at 1.15375. The price overall made a movement down with 130 pips. To stop bleeding here we need to see a happy end for Italy so that the Euro can find fresh strength to make a reverse.
Gold Yesterday had quite the boomerang effect as the price went up and down on risk off/on mode jumping in between. Price has opened at 1297.670, made a high of 1306.490 and a low of 1292.870. XAU/USD settled at 1298.390. Price has poked its head above the 200DEMA and the top line of the downtrend. The price though is still in the downtrend and if risk is on for equities and stocks, Gold will lose the steam quickly. On the top side we have 1300 - 1306 levels as a resistance and on the top 1293 - 1295 levels as support.
Crude Oil started the day at 66.40 and made a high to 67.26 to the 61.8 Fibo where the price failed to breach, so the price made a low at 65.84 and settled at 66.78 near to the 65.80. Price is still under pressure as production outputs are increased and is under the 61.8 Fibo. Price may target the 50 Fibo next if pressure continues. If nothing happens in the near - term the price may make a range between 50 and 61.8 for a future direction.