Gold Price Forecast – Gold Markets Continue to Reach Higher

Gold markets have rallied significantly during the trading session again on Friday, as we continue to see gold recover from extreme lows. That being said, I want to see how this market behaves on a pullback in order to tell whether or not there are buyers willing to get involved and support it. The US dollar of course will have its say as to where we go next, as a stronger dollar can work against the value of gold. However, most importantly we need to pay close attention to the yields in America, because quite frankly the yields in the treasury markets have been a major driver of where the greenback goes. As the greenback rises, it most certainly will put downward pressure on the gold market.

Gold Price Predictions Video 19.04.21

Gold is currently reaching towards the 200 day EMA, so if we were to break higher, I think that will be the next major resistance barrier, right along with the $1800 level. If we can break above the $1800 level, then it is likely that we go much higher, perhaps reaching towards the $1850 level. That being said, I do think that it is probably only a matter of time before we at least attempt that move, but in the short term it appears that we have a lot of work to do.

If we were to turn around a break down below the $1725 level, that would be very negative, and almost certainly would have this market looking for the $1500 level, perhaps even down to the $1300 level given enough time. Obviously, that would come with massive US dollar strength so keep that in mind.

For a look at all of today’s economic events, check out our economic calendar.

Why Pfizer Shares Keep Moving Higher?

Pfizer Video 16.04.21.

Pfizer Shares Gain Ground After CEO Says People May Need Booster COVID-19 Shots

Shares of Pfizer gained additional upside momentum after the company’s CEO Alfred Bourla stated that a third shot of the vaccine may be needed within 12 months. He also stated that annual vaccination against coronavirus may be required in the future.

If coronavirus vaccination becomes a source of recurring revenue for Pfizer and other vaccine producers, analysts will have to adjust their earnings estimates to the upside. At this point, it is not clear whether people will need regular vaccination after they receive two shots of COVID-19 vaccine, and analysts are rather conservative in their estimates.

In Pfizer’s case, analysts expect that the company will report earnings of $3.32 per share in 2021 and $3.04 per share in 2022. If analysts come to the conclusion that the world will have to order more doses of the vaccine from Prizer in 2022 and beyond, earnings estimates may be changed materially.

What’s Next For Pfizer?

The recent trading sessions were very successful for producers of messenger RNA – based vaccines – Pfizer/BioNTech and Moderna. The recent news about potential blood clots linked to AstraZeneca and Johnson & Johnson vaccines have provided material support to mRNA-based vaccine makers.

Today, Australia reported its first death from a blood clot which was likely linked to AstraZeneca vaccine. While researchers say that the risk of blood clots from COVID-19 is much higher than the risk of blood clots from vaccines, AstraZeneca and Johnson & Johnson vaccines got a lot of bad press in recent days which will make it harder for governments to order them for the next year and beyond.

In this light, traders may continue to bet that producers of mRNA-based vaccines like Pfizer will gain market share which is bullish for their stocks.

For a look at all of today’s economic events, check out our economic calendar.

USD/JPY Weekly Price Forecast – US Dollar Pulls Back Toward Support

The US dollar has fallen during the course of the week, to break below the ¥109 level. That being said, the market certainly looks as if it is trying to find a bit of support in this area, and if you look at it on the daily timeframe, you can clearly see that there are a lot of buyers and noise in this general vicinity, so it will be interesting to see whether or not this market can keep itself supported in this area. If we get a daily close above the ¥109 level, then I would be a buyer to go looking at the ¥110 level as a potential target, perhaps even the ¥111 level.

USD/JPY Video 19.04.21

If we break down below the ¥108 level, then it is possible that we go much lower, perhaps reaching towards the ¥106 level. That being said, I think that would be an extreme move, and if we were to look at the pair falling like that, it would probably be a major “risk off” type of situation where the yen would not only pick up strength against the US dollar, but probably against most other currencies.

At this point, the market looks as if it is trying to form some type of either top or supportive move, so at this point it is going to be best to allow the market to make up its mind before you get involved. All things being equal, if we were to break above the recent highs, it is likely that we go looking towards the ¥112 level, maybe even the ¥115 level. This is a huge move that we have recently seen, so it does make a certain amount of sense that we get that pullback.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Weekly Price Forecast – Pound Continues to Find Support

The British pound rallied a bit during the course of the week, breaking above the 1.3750 level. Ultimately, the 1.38 level would be an area that a lot of people should pay attention to as well, because if we can break above there then the market is likely to go looking towards the 1.40 level. The 1.40 level has been a massive resistance barrier that has pushed back against buyers multiple times, so if we were to break above there then it is likely that we could go looking towards the 1.42 handle.

GBP/USD Video 19.04.21

The 1.42 level is a significant resistance barrier, and of course is an area that if we can break above it would be a very bullish sign. Breaking above there could open up the possibility of a move to the 1.45 handle. That of course would be a very strong sign and we have been in an uptrend for a while, so it could make a certain amount of sense for that to happen. All things being equal, when you look at this chart, you can see clearly that there is a significant amount of support that extends down to the 1.35 handle. The 1.35 level being broken to the downside could see a lot of selling pressure, perhaps reaching down towards the 1.30 level.

One thing is for sure, it has been very noisy as of late, and I think that will continue to be a major issue. At this point in time, I think we would continue to see a lot of choppy sideways behavior, perhaps being better to trade a back-and-forth type of short-term market.

For a look at all of today’s economic events, check out our economic calendar.

GBP/JPY Weekly Price Forecast – British Pound Finds Support

The British pound has fallen a bit during the course of the week to break down below the ¥150 level, an area that of course is a large, round, psychologically significant figure. That is an area that will attract a lot of attention and has offered support for a couple of different attempts at breaking down. That being said, the market is still overextended so I do think that eventually we need to either pull back there or simply kill time in order to get rid of the excess froth in the market.

GBP/JPY Video 19.04.21

If we do break down below the last couple of candlesticks, then it is likely that the British pound drops to the ¥145 level, but at that point I would anticipate seeing a lot of support as well. We are obviously in an uptrend so I do think that it is only a matter of time before we try to go higher, assuming that we can continue a “risk on” attitude. Otherwise, if we see some type of market shock or “risk off” type of move, then it is markedly negative for this market and then I think that what we are looking at is a situation where this is simply going to go back and forth with the idea of how the market is “feeling.”

Ultimately, the ¥153.50 level above being broken could open up the possibility of a move towards the ¥155 level. That of course is the next large, round, psychologically significant figure, and it will almost certainly cause a bit of profit-taking. I think it is a tempting target for the buyers, so will have to wait and see whether or not they can make that happen.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Weekly Price Forecast – The Euro Continues to Reach Towards the 1.20 Handle

The Euro has had a strong week again, as we have crashed into the 1.20 handle. The 1.20 level is important on longer-term charts, and it makes interesting trading as we can continue to see a lot of noise in this general vicinity. If we were to break above the 1.20 handle, then I think the Euro goes looking towards the 1.22 level, possibly even the 1.23 level.

EUR/USD Video 19.04.21

All things been equal, this is a market that has been very noisy as of late and has been a difficult thing to hang onto at times. When you look at the last several months, we have simply chopped around and went nowhere. However, this is unfortunately the way this pair tends to move, so you need to be okay with the idea of being patient with your trade. Ultimately, the last couple of candlesticks have look very bullish, so it certainly looks as if the buyers are trying to take off, but it has a lot of work to get above the 1.20 handle.

If we were to turn around from here, the market is likely to go looking towards the 1.1830 level underneath where the 200 day EMA appears, and just below there we have the 50 week EMA. All things being equal, this is a market that will continue to give people headaches more than anything else. The yield differential between the two economies of course will come into play as well, which favors the US, and that is part of the problem here.

For a look at all of today’s economic events, check out our economic calendar.

AUD/USD Weekly Price Forecast – Australian Dollar Explodes for the Week

The Australian dollar has rallied significantly during the course of the week to go looking at the 0.7750 level, and glance at the 0.78 level. The 0.78 level is a massive resistance barrier just waiting to happen, mainly because it is a large, round, psychologically significant figure, and an area where we have seen a lot of selling. If we were to take that level out on a daily close, then I think we probably go looking towards the 0.80 level above.

AUD/USD Video 19.04.21

Speaking of the 0.80 level, it should be noted that it is a 100 point range of resistance that will almost certainly come into the picture. If that area gets broken above, then the Australian dollar goes much higher, perhaps taking off towards the 0.90 level. Ultimately, that would be a “buy-and-hold” type of scenario.

On the other hand, if we turn around a break down below the 0.76 level, then I think we probably make a bigger move to the downside, perhaps reaching down to the 0.73 level, maybe even as low as the 0.71 level. Ultimately, this is a market that continues to be very noisy and is moving based upon the idea of the reopening trade more than anything else. After all, the Australian dollar is highly sensitive to the idea of commodities, which of course have done quite well but at the same time we also have the idea of US yields rallying, and if they do in fact go higher it does make the dollar a bit more attractive. Because of this, you need to be cognizant of what is going on in the 10 year, as a spike in yields again could send this pair much lower.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Test Of Major Resistance At $26.25 – $26.30

Silver Video 16.04.21.

Silver Moves Higher Ahead Of The Weekend

Silver gained upside momentum and tested the resistance level in the $26.25 – $26.30 area while the U.S. dollar remained under pressure against a broad basket of currencies.

The U.S. Dollar Index settled below the 50 EMA at 91.80 and is trying to settle below the support level at 91.50. In case this attempt is successful, the U.S. Dollar Index will head towards the next support at 91.30 which will be bullish for silver and gold price today. Weak dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Gold managed to get above the 50 EMA at $1760 and continues its upside move. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If gold manages to get to the test of the $1800 level, silver will get more support.

Gold/silver ratio has recently made an attempt to settle below the 68 level. A move below this level will open the way towards the major support level at 67 which will be bullish for silver.

Technical Analysis

silver april 16 2021

Silver has recently made an attempt to settle above the major resistance area at $26.25 – $26.30 but failed to develop sufficient upside momentum. If silver manages to settle above this level, it will head towards the next resistance level which is located at $26.65.

A successful test of the resistance at $26.65 will open the way to the test of the next resistance at $27.00.

On the support side, the previous resistance level at $25.85 will likely serve as the first support level for silver. In case silver declines below $25.85, it will move towards the 50 EMA at $25.70.

A move below the support at the 50 EMA at $25.70 will push silver towards the next support level which is located at $25.55. If silver manages to settle below this level, it will head towards the support at the 20 EMA at $25.40.

For a look at all of today’s economic events, check out our economic calendar.

USD/JPY Price Forecast – US Dollar Trying to Find Footing Against Yen

The US dollar has gone back and forth during the course of the trading session on Friday as we are looking for some type of support to finally break out to the upside again. The ¥109 level being broken on a daily close would be my signal to start going long, as we have had a nice pullback to a major support level in order to perhaps try to go to the upside again. We have been in a major uptrend, and therefore it makes a certain amount of sense that we would get this pullback as we had been a bit overdone.

USD/JPY Video 19.04.21

All things been equal, I would anticipate a lot of support between here and the ¥108 level, especially now that the 50 day EMA is sitting in that area. The market has continued to see a lot of bullish pressure over the longer term, but the last couple of weeks have been brutal. The last couple of weeks have been a nice pullback though, and now that we are sitting in the midst of what previously could have been thought of as a bullish flag or a pennant, then I think we probably have the ability to find some buying pressure in this area.

Breaking down below the 50 day EMA at the ¥108 level could lead to something rather significant though, and then at this point in time it is likely going to reach towards the 200 day EMA underneath. Ultimately, I do think that we go higher but we need a little bit of stability over the course of a couple of days to get long again.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Price Forecast – The British Pound Continues to Form Base

The British pound initially pulled back during the course of the trading session on Friday to reach down towards the 1.3725 handle, before turning around and bouncing. At this point, the market is sitting at the 1.38 level, trying to break out to the upside. After all, the market looks as if it is trying to reach much higher and form a base above a significant amount of support. The 1.3750 level has been important, and of course we have seen support all the way down to the 1.35 handle.

GBP/USD Video 19.04.21

If we were to break down below the 1.35 handle, then it is likely that the market would break apart and go quite a bit lower. That being said, the market is likely to find a lot of trouble between here in the 1.35 level in order to break down. If we were to break out to the upside, then I believe that we will look towards 1.40 level, which is a large, round, psychologically significant figure, and an area where we have seen a lot of trouble in the past. If we were to break out above there, then it opens up the possibility of a move towards the 1.42 handle, which is a massive resistance barrier on the weekly chart. I do believe that getting above there could open up a huge move higher, but we have a ton of work to do between now and then so I would not necessarily count on that in the short term. All things being equal, I think we continue to see a lot of noise, but this is a market that will eventually find its footing.

For a look at all of today’s economic events, check out our economic calendar.

GBP/JPY Price Forecast – British Pound Continues to Hang Around 150 Yen

The British pound has gone back and forth during the trading session on Friday, reaching down towards the 50 day EMA before bouncing again. By turning around to form a hammer, it shows signs that we are in fact still very bullish. If you look at the structure of the chart, it will make a certain amount of sense that we would see buyers in this region, not only due to the fact that it is a large, round, psychologically significant figure, but it is also an area that looks structurally sound as well.

GBP/JPY Video 19.04.21

If we were to break above the ¥151 level, then the market is likely to go looking towards the ¥153.50 level. The market has been very choppy, and I would hesitate about jumping “all in” when it comes to this pair, because we have seen a lot of noise of the last couple of weeks. This is not to say that we cannot break out, just that we have a lot of “false starts” recently, so I would let the market prove itself before putting money to work.

On the other hand, if we were to break down below the 50 day EMA it could open up a move down to the ¥147.50 level, possibly even the ¥145 level after that. This is a market that is most certainly in an uptrend, but it had gotten far ahead of itself like several of the other markets that assumed the global economy was simply going to reopen and shoot straight up in the air. We have seen a lot of positivity but were a bit overdone.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Price Forecast – Euro Continues to Flirt With 1.20

The Euro has tried to reach towards the 1.20 level, reaching towards the massive resistance that we had seen previously. At this point time, the market is sitting above the 50 day EMA so that is in theory a bullish sign, but we need to get a daily close above the 1.20 level in order to finally move higher for a bigger move. Until then, I think it is only a matter of time before we get sellers yet again. However, if we were to turn around a break down below the 50 day EMA, then it is likely that this market breaks down significantly.

EUR/USD Video 19.04.21

On the other hand, if we break above the 1.20 handle, that would be a very bullish sign for the Euro, sending it much higher. At that point, I believe that the market is probably going to go looking towards the 1.22 handle, possibly even the 1.23 level. All things being equal, this is a market that would signal the fact that the US dollar is in serious trouble. I think at this point though, we are trying to determine whether or not that actually going to be the case. Ultimately, this is a market that I think is going to move based upon yields in America, and of course the risk on/risk off type of attitude of traders around the world.

The European Union of course is struggling with vaccinations and a slowing of the economy, and as a result I think that what we are looking at is a representation of that situation. The United States is most certainly leading the way, so it does make a certain amount of sense that the Euro struggles to go much higher.

For a look at all of today’s economic events, check out our economic calendar.

AUD/USD Price Forecast – Australian Dollar Trying to Break Out

The Australian dollar has gone back and forth during the course of the trading session on Friday as we continue to stare down the idea of breaking above the 0.78 handle. If we can break above there, then it opens up the possibility of a move towards the 0.80 level, which is a very strong resistance barrier on the monthly charts. That being said, if we were to break above that region, which I believe extends to the 0.81 handle, it could open up the market to a much bigger move, perhaps as high as 0.90 above. With that being the case, I would become a “buy-and-hold” trader when it comes to the Aussie dollar.

AUD/USD Video 19.04.21

One thing that I cannot shake though is the fact that the Australian dollar has formed two shooting stars in a row on the monthly chart, and that typically means something. With that being the case, I am looking to sell this market if we get some type of momentum to the downside. Nonetheless, we are in an uptrend and it does make quite a bit of sense that we would see buyers underneath. Based upon the monthly structure, we could see a move down to the 0.71 handle, but really at that point in time I would anticipate that a lot of value hunters would get involved.

The Australian dollar will continue to find buyers based upon the reopening trade, and as long as everything looks good, it is likely that the Aussie will eventually pick up a bit. That being said, the market had gotten way ahead of itself, so it makes quite a bit of sense a pullback comes.

For a look at all of today’s economic events, check out our economic calendar.

Metal Prices Hit Multi-Year Highs – What’s Next?

Silver, Copper, Palladium and other industrial metals are off to an impressive start in Q2, 2021, driven by a big surge in Green Energy and Infrastructure spending this year.

There are plenty of reasons why commodities are on the move, but the predominant driver is a vaccine-led recovery fuelled by massive amounts of global stimulus into green energy and infrastructure projects. This is against a backdrop of tightening supply across many key commodities following years of under investment. These developments increasingly drive expectations that we have entered a new dawn for commodities, confirming the prospect for a new supercycle.

A supercycle is a long-term period where commodities trade well above they’re typically trend. This upwelling in commodity prices can have effects on other economic indicators, such as inflation. The last supercycle occurred in the early 2000s – when countries such as India and China began investing billions of dollars into mega infrastructure projects, which required an abundance of industrial metals. This sent commodity prices to record highs.

Now in 2021, its America’s turn to step up with President Biden’s Build Back Better Plan to transform the U.S. economy.

Similar to the $1.9 trillion stimulus plan signed only a few weeks ago – Biden’s new package will involve pumping hundreds of billions of dollars into improving the nation’s aging roads, bridges, schools, railways, waterways, airports and cellular network.

One of the highlights was $174 billion investment into Electric Vehicles and billions more for renewable energy initiatives – with the goal to build a national network of 500,000 electrical vehicle charging stations by 2030.

Biden’s massive Green Energy and Infrastructure spending plan, ultimately means that the U.S is going to need more commodities.

Specifically industrial metals and lots of them including: Copper, Palladium, Platinum, Silver, Lithium, Nickel and rare earth metals for batteries and 5G technology.

However, supply is limited – which is yet another indication that we could be on verge of a new supercycle in commodities as demand outstrips supply this year.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.

AUD/USD Daily Forecast – Resistance At 0.7750 Stays Strong

AUD/USD Video 16.04.21.

Australian Dollar Pulls Back Against U.S. Dollar

AUD/USD did not manage to settle above the resistance at 0.7750 and is moving lower while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle above the resistance at the 50 EMA at 91.80 and is moving towards the nearest support level at 91.50. If the U.S. Dollar Index manages to settle below the support at 91.50, it will move towards the next support level at 91.30 which will be bullish for AUD/USD.

Today, foreign exchange market traders will focus on the economic data from the U.S. Analysts expect that Building Permits increased by 2.9% month-over-month in March while Housing Starts grew by 11.2%.

Consumer Confidence report is projected to show that Consumer Confidence increased from 84.9 in March to 89.6 in April. Yesterday’s Retail Sales report indicated that Retail Sales increased by 9.8% month-over-month in March compared to analyst consensus of 5.9%, and it looks that Consumer Confidence report may also exceed analyst expectations.

Technical Analysis

aud usd april 16 2021

AUD/USD failed to settle above the resistance at 0.7750 and pulled back. The nearest support level for AUD/USD is located at 0.7720. In case AUD/USD declines below this level, it will move towards the next support at 0.7700. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If AUD/USD settles below the support at 0.7700, it will head towards the next support level which is located at the 50 EMA at 0.7685. A move below the 50 EMA will open the way to the test of the support at the 20 EMA at 0.7670.

On the upside, a move above the resistance at 0.7750 will push AUD/USD towards the next resistance at 0.7775. In case AUD/USD gets above this level, it will head towards the resistance at 0.7800. A successful test of this level will open the way to the test of the resistance at 0.7820.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – U.S. Dollar Is Mostly Flat Against Euro

EUR/USD Video 16.04.21.

Resistance At 1.1990 Remains Strong

EUR/USD is currently testing the support at 1.1965 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get to the test of the resistance level at 91.80. In case the U.S. Dollar Index manages to settle above this level, it will move towards the next resistance at 92 which will be bearish for EUR/USD.

Today, foreign exchange market traders will focus on the final readings of inflation reports from the EU. Analysts expect that Euro Area Inflation Rate increased by 0.9% month-over-month in March. On a year-over-year basis, Inflation Rate is projected to increase by 1.3%. Core Inflation Rate is projected to grow by 0.9%. There are no signs of significant inflation in the Euro Area as the European economy remains under pressure from the third wave of the virus.

Traders will also continue to monitor the developments in the U.S. government bond markets. Currently, Treasury yields are trying to gain some ground after yesterday’s downside move. If this attempt is successful, the American currency may get more support.

Technical Analysis

eur usd april 16 2021

EUR/USD did not manage to settle above the resistance at 1.1990 and is trying to settle below the support at 1.1965. In case this attempt is successful, EUR/USD will move towards the next support level which is located at the 50 EMA at 1.1930.

A successful test of the support at the 50 EMA will open the way to the test of the next support at the 20 EMA at 1.1900. In case EUR/USD gets below this level, it will move towards the support at 1.1880.

On the upside, the nearest resistance level is located at 1.1990. If EUR/USD gets above this level, it will head towards the next resistance at 1.2025. A move above the resistance at 1.2025 will open the way to the test of the next resistance level which is located at 1.2040.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – British Pound Is Under Pressure Ahead Of The Weekend

GBP/USD Video 16.04.21.

U.S. Dollar Gains Ground Against British Pound

GBP/USD is currently trying to settle below the support at 1.3745 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance level which is located at the 50 EMA at 91.80. In case the U.S. Dollar Index manages to settle above this level, it will move towards the next resistance at the 92 level which will be bearish for GBP/USD.

Yesterday, U.S. reported that Retail Sales increased by 9.8% month-over-month in March compared to analyst consensus which called for growth of 5.9%. Initial Jobless Claims report also exceeded expectations as Initial Jobless Claims declined from 769,000 to 576,000 compared to analyst consensus of 700,000.

Better-than-expected reports provided support to the American currency at a time when it was under pressure from falling Treasury yields. Today, Treasury yields are trying to rebound after yesterday’s downside move which may serve as an additional positive catalyst for the U.S. dollar.

Technical Analysis

gbp usd april 16 2021

GBP/USD failed to settle above the 20 EMA at 1.3780 and pulled back towards the support at 1.3745. Currently, GBP/USD is trying to settle below this support level. In case this attempt is successful, GBP/USD will move towards the next support level which is located at 1.3710. RSI is in the moderate territory, so there is plenty of room to gain downside momentum in case the right catalysts emerge.

If GBP/USD manages to settle below the support at 1.3710, it will head towards the next support at 1.3665. A move below this level will open the way to the test of the support at 1.3625.

On the upside, the nearest resistance level for GBP/USD is located at the 20 EMA at 1.3780. If GBP/USD gets above this level, it will move towards the 50 EMA at 1.3800. In case GBP/USD settles above the 50 EMA, it will head towards the resistance at 1.3835.

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – Movers and Shakers – April 16th, 2021

Bitcoin, BTC to USD, rose by 0.46% on Thursday. Partially reversing a 0.95% decline from Wednesday, Bitcoin ended the day at $63,196.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $62,000.0 before making a move.

Steering clear of the first major support level at $61,204, Bitcoin struck a late intraday high $63,845.0.

Falling well short of the first major resistance level at $64,727, Bitcoin eased back to end the day at sub-$63,200 levels.

The near-term bullish trend remained intact supported by the latest move through to $64,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Ripple’s XRP slid by 4.17% to lead the way down

Binance Coin (-1.36%) and Polkadot (-0.02%) also saw red to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Bitcoin Cash SV rallied by 12.38% to lead the way.

Chainlink (+3.18%), Crypto.com Coin (+3.20%), Ethereum (+3.49%), and Litecoin (+2.67%) also made solid gains.

Cardano’s ADA (+1.93%) and Polkadot (+1.87%) and trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,959bn before rising to a Wednesday high $2,259bn. At the time of writing, the total market cap stood at $2,214bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Thursday low 52.92%. At the time of writing, Bitcoin’s dominance stood at 53.53%.

This Morning

At the time of writing, Bitcoin up by 0.28% to $63,5.037. A mixed start to the day saw Bitcoin fall to an early morning low $63,083.2 before rising to a high $63,417.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.47%), Cardano’s ADA (-0.06%), and Polkadot (-0.05%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 1.68% to lead the way.

BTCUSD 160421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $63,014 to bring the first major resistance level at $64,027 into play.

Support from the broader market would be needed for Bitcoin to break back through to $64,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $64,859.

Failure to avoid a fall through the $63,014 pivot would bring the first major support level at $62,182 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $61,169.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 16th, 2021

Ethereum

Ethereum rose by 3.49% on Thursday. Following on from a 5.76% gain on Wednesday, Ethereum ended the day at $2,517.03.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,401.25 before making a move.

Steering clear of the first major support level at $2,328, Ethereum rallied to a final hour intraday high and a new swing hi $2,546.82.

Ethereum broke through the first major resistance level at $2,492 before easing back.

Coming within range of the second major resistance level at $2,551, Ethereum slipped back to end the day at $2,517 levels.

At the time of writing, Ethereum was up by 0.21% to $2,522.26. A bullish start to the day saw Ethereum rise from an early morning low $2,517.03 to a high $2,527.12.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 160421 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $2,488 to support a run at the first major resistance level at $2,576.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s new swing hi $2,546.82.

Barring an extended crypto rally, the first major resistance level and resistance at $2,600 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $2,700 before any pullback. The second major resistance level sits at $2,634.

Failure to avoid a fall through the $2,488 pivot would bring the first major support level at $2,430 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level at $2,343 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,430

Pivot Level: $2,488

First Major Resistance Level: $2,576

23.6% FIB Retracement Level: $1,975

38.2% FIB Retracement Level: $1,605

62% FIB Retracement Level: $1,023

Litecoin

Litecoin rose by 2.67% on Thursday. Following on from a 4.14% gain on Wednesday, Litecoin ended the day at $286.18.

A mixed start to the day saw Litecoin rise to an early morning high $282.80 before hitting reverse.

Falling short of the major resistance levels, Litecoin fell to a late morning intraday low $266.01.

Steering clear of the first major support level at $262, Litecoin rallied to a final hour intraday high and a new swing hi $291.25.

Litecoin broke through the first major resistance level at $289 before falling back to end the day at $286 levels.

At the time of writing, Litecoin was up by 0.17% to $286.68. A bullish start to the day saw Litecoin rise from an early morning low $286.18 to a high $288.39.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 160421 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $281 pivot level to support a run at the first major resistance level at $296.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s swing hi $291.25.

Barring an extended crypto rally, the first major resistance level and resistance at $300 would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $315 before any pullback. The second major resistance level sits at $306.

Failure to avoid a fall through the $281 pivot level would bring the first major support level at $271 into play.

Barring an extended sell-off, Litecoin should steer well clear of the second major support level at $256.

Looking at the Technical Indicators

First Major Support Level: $271

Pivot Level: $281

First Major Resistance Level: $296

23.6% FIB Retracement Level: $229

38.2% FIB Retracement Level: $190

62% FIB Retracement Level: $127

Ripple’s XRP

Ripple’s XRP slid by 4.17% on Thursday. Reversing a 2.30% rise from Wednesday, Ripple’s XRP ended the day at $1.75937.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.88353 before hitting reverse.

Falling short of the first major resistance level at $2.0210, Ripple’s XRP slid to a late morning intraday low $1.65261.

Steering clear of the first major support level at $1.6004, Ripple’s XRP revisited $1.84 levels before falling back into the red.

At the time of writing, Ripple’s XRP was up by 0.51% to $1.76836. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.75953 to a high $1.78119.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 160421 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.7652 pivot level to bring the first major resistance level at $1.8777 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.80 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $2.00 levels before any pullback. The second major resistance level sits at $1.9961.

Failure to avoid a fall back through the $1.7652 pivot would bring the first major support level at $1.6468 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 23.6% FIB of $1.5426. The second major support level sits at $1.5343.

Looking at the Technical Indicators

First Major Support Level: $1.6468

Pivot Level: $1.7652

First Major resistance Level: $1.8777

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

Please let us know what you think in the comments below.

Thanks, Bob

USD/CAD Daily Forecast – Strong Economic Reports Provide Support To U.S. Dollar

USD/CAD Video 15.04.21.

U.S. Dollar Gains Some Ground Against Canadian Dollar

USD/CAD made an attempt to settle below 1.2500 but failed to develop sufficient downside momentum and rebounded back towards 1.2550 while the U.S. dollar remained mostly flat against a broad basket of currencies.

The U.S. Dollar Index did not manage to settle below the support at 91.50 and rebounded closer towards the nearest resistance level at the 50 EMA at 91.80. In case the U.S. Dollar Index gets to the test of this level, USD/CAD will get more support on the foreign exchange market.

Today, the U.S. reported that Retail Sales increased by 9.8% month-over-month in March compared to analyst consensus which called for growth of 5.9%. Initial Jobless Claims declined from 769,000 (revised from 744,000) to 576,000. The reports indicated that the U.S. economy continued to rebound at a fast pace.

Interestingly, the reports served as a material bullish catalyst for the U.S. dollar which was sufficient enough to offset the impact of falling Treasury yields. The yield of 10-year Treasuries gained strong downside momentum and managed to get to the test of the 1.55% level. The continuation of this move may put some pressure on the American currency, but positive economic news may be able to offset this pressure.

Technical Analysis

usd cad april 15 2021

USD to CAD is currently trying to settle above the resistance level at the 20 EMA at 1.2555. In case USD to CAD manages to settle above the 20 EMA, it will move towards the next resistance which is located at the 50 EMA at 1.2590.

A successful test of the resistance at the 50 EMA will open the way to the test of the next resistance level at 1.2625.

On the support side, the nearest support level for USD to CAD is located at 1.2525. In case USD to CAD gets back below this level, it will move towards the next support at 1.2500. A move below 1.2500 will push USD to CAD towards the support at 1.2470.

For a look at all of today’s economic events, check out our economic calendar.