German Factory Orders Deliver EUR Support Early in the Session

It was a quieter start to the day on the Eurozone economic calendar on Thursday. Key stats included German factory orders.

In March, factory orders rose by 3.0%, month-on-month, following a 1.2% increase in February. Economists had forecast a 1.7% rise.

According to Destatis,

  • Domestic orders increased by 4.9% and foreign orders by 1.6% month-on-month.
  • New orders from the euro area increased 0.7% and by 2.2% from other countries.
  • Manufacturers of intermediate goods saw new orders increase by 2.8%.
  • Consumer goods manufacturers saw new orders jump by 8.5%, with orders for capital goods up 2.5%.
  • When compared with February 2020, which was the month before restrictions were imposed, turnover was 3.4% lower.
  • Compared on the same month a year earlier, new orders were up 27.8%.

Market Impact

Ahead of the numbers the EUR had fallen to a pre-stat and current day low $1.19932.

In response to the numbers, the EUR slipped to a post-stat low $1.20051 before rising to a post-stat and current day high $1.20278.

At the time of writing, the EUR was up by 0.16% to $1.20228.

EURUSD 060521 Hourly Chart

Next Up

Eurozone retail sales figures followed by the weekly jobless claim figures from the U.S. Prelim U.S unit labor cost and nonfarm productivity figures for the 1st quarter are due out but will likely have limited impact on the broader markets.

From the ECB, the Economic Bulletin is also due out shortly…

Economic Data and Monetary Policy in Focus, with the Bank of England in the Spotlight

Earlier in the Day:

It was a relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action early this morning.

For the Kiwi Dollar

Building consents were in focus this morning.

In March, building consents jumped by 17.9% following a revised 19.3% slide in February.

According to NZ Stats,

  • A record 41,028 new homes had been consented in the year ended March 2021.
  • In the month of March, a monthly record 4,128 new homes were consented.

The Kiwi Dollar moved from $0.72178 to $0.72169 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.01% to $0.7217.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.11% to ¥109.33 against the U.S Dollar, while the Aussie Dollar was up by 0.01% to $0.7748.

The Day Ahead:

For the EUR

It’s a quieter day ahead on the economic data front. German factory orders and Eurozone retail sales figures will be in focus later today.

While we will expect some EUR sensitivity to the retail sales figures, German factory orders will likely be the key driver.

At the time of writing, the EUR was down by 0.02% to $1.2003.

For the Pound

It’s a relatively quiet day ahead on the economic calendar. Finalized services and composite PMI figures are due out for the UK.

Expect any revisions to the services PMI to influence ahead of the Bank of England monetary policy decision later in the day.

With the markets expecting the BoE to stand pat, any dissent in the ranks and hawkish chatter would give the Pound a boost.

At the time of writing, the Pound was flat at $1.3905.

Across the Pond

It’s a relatively quiet day ahead on the economic calendar. Unit labor costs and nonfarm productivity figures for the 1st quarter are in focus later today along with jobless claims figures.

Expect the weekly jobless claims figures to be the key driver. The markets will be looking for a fall to sub-500k levels ahead of tomorrow’s NFP numbers.

At the time of writing, the Dollar Spot Index was up by 0.01% to 91.316.

For the Loonie

It’s another quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of market risk sentiment on the day.

At the time of writing, the Loonie was down by 0.01% to C$1.2268 against the U.S Dollar.

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

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 6th, 2021

EOS

EOS surged by 37.57% on Wednesday. Reversing a 6.86% fall from Tuesday, EOS ended the day at $8.7303.

A bearish start to the day saw EOS fall to an early morning intraday low $6.2092 before making a move.

Steering clear of the first major support level at $6.0136, EOS rallied to a late intraday high $8.8413.

EOS broke through the 23.6% FIB of $6.52 and the day’s major resistance levels to wrap up the day at $8.70 levels.

At the time of writing, EOS was up by 2.49% to $8.9477. A mixed start to the day saw EOS rise to an early morning high $9.2876 before falling to a low $8.6045.

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

EOSUSD 060521 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the pivot at $7.9269 to bring the first major resistance level at $9.6447 and 38.2% FIB of $9.68 into play.

Support from the broader market would be needed for EOS to break back through to $9.00 levels.

Barring an extended rally throughout the day, the first major resistance level and the 38.2% FIB will likely cap the upside.

In the event of another extended breakout, EOS could test resistance at $10.0 levels. The second major resistance level sits at $10.5590.

Failure to avoid a fall through the $7.9269 pivot would bring the first major support level at $7.0126 and the 23.6% FIB of $6.52 into play.

Barring an extended sell-off, however, EOS should steer well clear of sub-$6.00 levels. The second major support level sits at $5.2948.

Looking at the Technical Indicators

First Major Support Level: $7.0126

First Major resistance Level: $9.6447

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen jumped by 20.59% on Wednesday. Reversing an 8.82% loss from Tuesday, Stellar’s Lumen ended the day at $0.6055.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.4980 before making a move.

Steering clear of the first major support level at $0.4815, Stellar’s Lumen rallied to a late intraday high $0.6065.

The breakout saw Stellar’s Lumen break through the first major resistance level at $0.5373 and the second major resistance level at $0.5722.

Stellar’s Lumen also broke through the 23.6% FIB of $0.5342.

Falling short of the third major resistance level at $0.628, Stellar’s Lumen fell back to $0.57 levels before ending the day at $0.60 levels.

At the time of writing, Stellar’s Lumen was up by 4.72% to $0.6341. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.6031 before striking a high $0.6500.

Stellar’s Lumen broke through the first major resistance level at $0.6420 early on.

XLMUSD 060521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.5700 pivot to bring the first major resistance level at $0.6420 back into play.

Support from the broader market would be need, however, for Stellar’s Lumen to break back through to $0.64 levels.

Barring a broad-based crypto rebound, the first major resistance level and this morning’s high $0.6500 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.6785 and resistance at $0.70.

Failure to avoid a fall through the $0.5700 pivot would bring the 23.6% FIB of $0.5342 and the first major support level at $0.5335 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.50 levels. The second major support level sits at $0.4615.

Looking at the Technical Indicators

First Major Support Level: $0.5335

First Major Resistance Level: $0.6420

23.6% FIB Retracement Level: $0.5342

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX jumped by 23.39% on Wednesday. Reversing a 9.76% loss from Tuesday, Tron’s TRX ended the day at $0.1472.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.1228 before making a move.

Steering clear of the 38.2% FIB of $0.1167 and the first major support level at $0.1140, Tron’s TRX rallied to a late intraday high $0.1472.

Tron’s TRX broke through the first major resistance level at $0.1284 and the second major resistance level at $0.1375.

The extended rally also saw Tron’s TRX break back through the 23.6% FIB of $0.1426 to end the day at $0.147 levels.

At the time of writing, Tron’s TRX was down by 2.46% to $0.1436. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.1496 before falling to a low $0.143.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 060521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the 23.6% FIB of $0.1426 and the pivot at $0.1372 to bring the first major resistance level at $0.1572 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from this morning’s high $0.1496.

Barring an extended crypto rally, the first major resistance level and resistance at $0.16 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test resistance at $0.18 levels. The second major resistance level sits at $0.1671.

Failure to avoid a fall through the 23.6% FIB and the $0.1372 pivot would bring the first major support level at $0.1273 into play.

Barring another extended sell-off, Tron’s TRX should steer clear of sub-$0.12 levels and the 38.2% FIB of $0.1167. The second major support level sits at $0.1073.

Looking at the Technical Indicators

First Major Support Level: $0.1273

First Major Resistance Level: $0.1572

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 6th, 2021

Ethereum

Ethereum rallied by 8.96% on Wednesday. Reversing a 5.65% loss from Tuesday, Ethereum ended the day at $3,529.97.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $3,207.00 before making a move.

Steering clear of the first major support level at $3,093, Ethereum rallied to a late intraday high and a new swing hi $3,550.00.

Ethereum broke through the first major resistance level at $3,461 to end the day at $3,500 levels.

At the time of writing, Ethereum was up by 0.39% to $3,543.68. A mixed start to the day saw Ethereum fall to an early morning low $3,524.56 before rising to a high $3,547.91.

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

ETHUSD 060521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $3,429 pivot to bring the first major resistance level at $3,651 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s new swing hi $3,550.00.

Barring an extended crypto rally, the first major resistance level and resistance at $3,700 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,772.

Failure to avoid a fall through the $3,429 pivot would bring the first major support level at $3,308 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level at $3,086 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,308

Pivot Level: $3,429

First Major Resistance Level: $3,651

23.6% FIB Retracement Level: $2,731

38.2% FIB Retracement Level: $2,225

62% FIB Retracement Level: $1,406

Litecoin

Litecoin jumped by 16.70% on Wednesday. Following on from a 3.59% gain on Tuesday, Litecoin ended the day at $356.43.

A mixed start to the day saw Litecoin fall to an early morning intraday low $300.98 before making a move.

Steering clear of the first major support level at $277, Litecoin rallied to a late intraday high $360.00.

Litecoin broke through the first major resistance level at $329 and the second major resistance level at $353 before easing back.

The pullback saw Litecoin briefly fall back through the second major resistance level at $353 before ending the day at $356 levels.

At the time of writing, Litecoin was up by 0.52% to $358.28. A mixed start to the day saw Litecoin fall to an early morning low $355.76 before rising to a high $358.90.

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

LTCUSD 060521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $339 pivot to support a run at the first major resistance level at $377.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $360.00.

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

In the event of an extended breakout, Litecoin could test resistance at $400. The second major resistance level sits at $398.

Failure to avoid a fall through the $339 pivot would bring the first major support level at $318 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$300. The Second major support level sits at $280.

Looking at the Technical Indicators

First Major Support Level: $318

Pivot Level: $339

First Major Resistance Level: $377

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP rallied by 16.17% on Wednesday. Reversing a 10.85% slide from Tuesday, Ripple’s XRP ended the day at $1.61348.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $1.36874 before making a move.

Steering clear of the first major support level at $1.2899, Ripple’s XRP rallied to a late intraday high $1.62749.

Ripple’s XRP broke through the first major resistance level at $1.5228 and the 23.6% FIB of $1.5426 before easing back.

The pullback saw Ripple’s XRP fall back sub-$1.60 levels before briefly revisiting $1.62 levels.

At the time of writing, Ripple’s XRP was up by 1.42% to $1.63637. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.61515 to a high $1.64553.

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

XRPUSD 060521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the 23.6% FIB of $0.5426 and the $1.5366 pivot to bring the first major resistance level at $1.7044 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $1.70 levels.

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

In the event of another extended rally, Ripple’s XRP could test resistance at $2.00. The second major resistance level sits at $1.7953.

Failure to avoid a fall through the 23.6% FIB and the $1.5366 pivot would bring the first major support level at $1.4457 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels and the 38.2% FIB of $1.2807. The second major support level sits at $1.2778.

Looking at the Technical Indicators

First Major Support Level: $1.4457

Pivot Level: $1.5366

First Major resistance Level: $1.7044

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

European Equities: Economic Data from Germany, the Eurozone, and the U.S in Focus

Economic Calendar:

Thursday, 6th May 2021

German Factory Orders (MoM) (Mar)

IHS Markit Construction PMI (Apr)

Eurozone Retail Sales (MoM) (Mar)

Friday, 7th May 2021

German Industrial Production (MoM) (Mar)

German Trade Balance (Mar)

ECB President Lagarde Speech

The Majors

It was a bullish day for the European majors on Wednesday, which were on the rebound from Tuesday’s pullback. The DAX30 rallied by 2.12%, with the CAC40 and the EuroStoxx600 ending the day up by 1.40% and by 1.82% respectively.

Corporate earnings, economic data, and a pickup in vaccination rates across the EU supported the more optimistic economic outlook.

With the EU making progress on the vaccination front, plans across the EU to reopen borders this summer also delivered a boost.

The Stats

It was a particularly busy day on the economic calendar. Service sector PMI figures for Italy and Spain were in focus early in the session.

Finalized services and composite PMIs from France, Germany, and the Eurozone also drew attention.

In April, Spain’s services PMI rose from 48.1 to 54.6, while Italy’s services PMI slipped from 48.6 to 47.3.

Economists had forecast PMIs of 50.0 and 49.8 respectively.

From France, the services PMI rose from 47.9 to 50.3, which was down from a prelim 50.4.

Germany’s services PMI fell from 50.8 to 49.9, which was down from a prelim 50.1.

The Eurozone

For the Eurozone, the Services PMI rose from 49.6 to 50.5, which was up from a prelim 50.3. As a result, the composite PMI increased from 53.2 to 53.8, which was up from a prelim 53.7.

According to the finalized Markit Composite Survey,

  • The latest data from the private sector indicated the fastest expansion since July and the second best in over two-and-a-half years.
  • Goods producers continued to lead the way, with output rising at a rate little changed from March’s record.
  • Service sector output returned to growth following 7-months of continuous contraction.
  • Germany led the way again in terms of overall growth, supported by strong manufacturing sector growth.
  • A jump in service sector activity in Spain saw private sector growth at its strongest in over 2-years.
  • Growth in both France and Italy was modest in April, while growth in France was the best in the past 8-months.

The Details

  • New orders across the private sector rose at the most marked pace in over two-and-a-half years.
  • Firms reported higher sales in both domestic and international markets.
  • The rate of backlog growth was the sharpest for 39-months and supported a pickup in hiring.
  • Firms increased staffing levels to the strongest degree for 2-years.
  • Optimism across the private sector reached its highest since composite data were first available in mid-2012.

From the U.S

It was a busy day, with ADP nonfarm employment change and service sector PMIs in focus late in the European session.

In April, nonfarm payrolls increased by 742k according to the ADP, which was up from 517k in March. Economists had forecast a rise of 800k.

From the services sector, the ISM Non-Manufacturing PMI slipped from 63.7 to 62.7, coming up short of a forecasted 64.3.

Finalized Markit survey services and composite PMIs for April were also out but had a muted impact on the majors.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Wednesday. Daimler rallied by 2.57%, with BMW and Volkswagen gaining 1.25% and 1.55% respectively. Continental bucked the trend, however, falling by 0.20%.

It was a bullish day for the banks. Deutsche Bank rose by 1.89%, with Commerzbank ended the day up by 0.78%.

From the CAC, it was a bullish day for the banks. BNP Paribas rallied by 3.49%, with Credit Agricole and Soc Gen gaining 1.95% and 1.87% respectively.

It was also a bullish day for the French auto sector. Stellantis NV jumped by 7.25% off the back of better-than-expected earnings results. Renault ended the day up by 3.13%.

Air France-KLM fell by 1.72%, with Airbus SE slipping by 0.17%.

On the VIX Index

It was back into the red for the VIX on Wednesday, marking a 2nd daily loss in 5-sessions.

Partially reversing a 6.39% gain from Tuesday, the VIX fell by 1.69% to end the day at 19.15.

The NASDAQ fell by 0.37%, while the Dow and the S&P500 saw gains of 0.29% and 0.07% respectively.

VIX 060521 Daily Chart

The Day Ahead

It’s a relatively busy day ahead on the European economic data front. Key stats include German factory orders and Eurozone retail sales figures.

Expect March factory orders from Germany to have a greater impact on the European majors.

From the U.S, weekly jobless claims figures will also provide direction later in the session.

The Futures

In the futures markets, at the time of writing, the Dow Mini was down by 2 points.

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

April Service PMIs Fail to Deliver a EUR Bounce Back

It was a particularly busy day on the economic calendar. Service sector PMI figures for Italy and Spain were in focus early in the session.

Finalized services and composite PMIs from France, Germany, and the Eurozone also drew attention.

Member State PMIs

In April, Spain’s services PMI rose from 48.1 to 54.6, while Italy’s services PMI slipped from 48.6 to 47.3.

Economists had forecast PMIs of 50.0 and 49.8 respectively.

From France, the services PMI rose from 47.9 to 50.3, which was down from a prelim 50.4.

Germany’s services PMI fell from 50.8 to 49.9, which was down from a prelim 50.1.

The Eurozone

For the Eurozone, the Services PMI rose from 49.6 to 50.5, which was up from a prelim 50.3. As a result, the composite PMI increased from 53.2 to 53.8, which was up from a prelim 53.7.

According to the finalized Markit Composite Survey,

  • The latest data from the private sector indicated the fastest expansion since July and the second best in over two-and-a-half years.
  • Goods producers continued to lead the way, with output rising at a rate little changed from March’s record.
  • Service sector output returned to growth following 7-months of continuous contraction.
  • Germany led the way again in terms of overall growth, supported by strong manufacturing sector growth.
  • A jump in service sector activity in Spain saw private sector growth at its strongest in over 2-years.
  • Growth in both France and Italy was modest in April, while growth in France was at its best in the past 8-months.

The Details

  • New orders across the private sector rose at the most marked pace in over two-and-a-half years.
  • Firms reported higher sales in both domestic and international markets.
  • The rate of backlog growth was the sharpest for 39-months and supported a pickup in hiring.
  • Firms increased staffing levels to the strongest degree for 2-years.
  • Optimism across the private sector reached its highest since composite data were first available in mid-2012.

Market Impact

Through the release of the PMI figures, the EUR fell to a low and a current day low $1.19860 before rising to a high $1.19981.

The upside was short-lived, however, with the EUR easing back.

At the time of writing, the EUR was down by 0.17% to $1.19941.

EURUSD 050521 Hourly Chart

Next Up

April ISM Non-Manufacturing PMI and finalized Markit Services and Composite PMI numbers from the U.S are due out. Ahead of the private sector numbers, ADP nonfarm employment change figures will also influence.

Economic Data Puts the EUR, Pound, and Dollar in the Spotlight

Earlier in the Day:

It was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action early this morning.

For the Kiwi Dollar

Employment figures were in focus this morning.

In the 1st quarter, employment increased by 0.6%, following a 0.6% rise in the 4th quarter of last year. Economists had forecast a 0.2% rise.

According to NZ Stats,

  • The unemployment rate fell from 4.9% to 4.7% in the March quarter, easing further back from a Q3 peak of 5.2%.
  • While easing back, however, the unemployment remained high compared with recent years.
  • The underutilization rate increased by 0.4 percentage points to 12.2% quarter-on-quarter. Year-on-year, the underutilization rate was up by 1.8 percentage points.
  • Quarter-on-quarter, the employment rate increased from 66.8% to 67.1%, while down by 67.7% from the March quarter of 2020.

The Kiwi Dollar moved from $0.71500 to $0.71701 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.41% to $0.7174.

For the Aussie Dollar

Building approvals were in focus this morning.

In March, building approvals rose by 17.4% following a 21.6% jump in February. Economists had forecast a more modest 3.0% rise.

The Aussie Dollar moved from $0.77254 to $0.77304 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.38% to $0.7736.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.06% to ¥109.26 against the U.S Dollar.

The Day Ahead:

For the EUR

It’s a busy day ahead on the economic data front. Service sector PMIs for Italy and Spain are due out along with finalized PMIs for France, Germany, and the Eurozone.

Barring marked revisions to prelim figures, Italy’s services PMI and the Eurozone’s Composite PMI will likely have the greatest impact.

The devil will be in the details, with employment, new orders, and sector optimism likely to be material takeaways from the surveys.

At the time of writing, the EUR was up by 0.09% to $1.2025.

For the Pound

It’s a quiet day ahead on the economic calendar. There are no material stats for the markets to consider ahead of the Bank of England monetary policy decision tomorrow.

The lack of stats will leave the Pound in the hands of market risk sentiment on the day.

At the time of writing, the Pound was up by 0.18% to $1.3912.

Across the Pond

It’s a relatively busy day ahead on the economic calendar. The market’s favored ISM Non-Manufacturing PMI is due out along with finalized Markit services and composite PMI numbers.

Ahead of the private sector PMIs, ADP nonfarm employment change figures are also due out.

Expect the ADP nonfarm employment change and Non-Manufacturing PMIs to have the greatest impact on the day.

At the time of writing, the Dollar Spot Index was down by 0.12% to 91.177.

For the Loonie

It’s a quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of crude oil inventory numbers and market risk sentiment on the day.

At the time of writing, the Loonie was up by 0.18% to C$1.2287 against the U.S Dollar.

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

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 5th, 2021

EOS

EOS slid by 6.86% on Tuesday. Reversing a 4.45% gain from Monday, EOS ended the day at $6.3465.

A bearish start to the day saw EOS tumble to an early morning intraday low $6.2222 before making a move.

EOS fell through the first major support level at $6.5945, the 23.6% FIB of $6.5200, and the second major support level at $6.3697.

Steering clear of sub-$6.00 levels, EOS bounced back to an early afternoon intraday high $7.0965.

Breaking back through the major support levels and the 23.6% FIB, EOS also broke through the first major resistance level at $6.9727.

Falling short of the second major resistance level at $7.4849, EOS slid back to end the day at sub-$6.35 levels.

The reversal saw EOS fall back through the first major support level at $6.5945, the 23.6% FIB of $6.5200, and the second major support level at $6.3697.

At the time of writing, EOS was up by 14.31% to $7.2541. A mixed start to the day saw EOS fall to an early morning low $6.1920 before rallying a high $7.4549.

EOS broke through the 23.6% FIB, the first major resistance level at $6.8879 and the second major resistance level at $7.4249 early on.

EOSUSD 050521 Hourly Chart

For the day ahead

EOS would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $7.4294.

Support from the broader market would be needed for EOS to break back through to $7.40 levels.

Barring an extended rally throughout the day, the second major resistance level and this morning’s high $7.4549 will likely cap the upside.

In the event of an extended breakout, EOS will eye $8.00 levels before any pullback. The third major resistance level sits at $8.3037.

Failure to avoid a fall through first major resistance level would bring the $6.5515 pivot and the 23.6% FIB of $6.52 into play.

Barring an extended sell-off, however, EOS should steer clear of the first major support level at $6.0136.

Looking at the Technical Indicators

First Major Support Level: $6.0136

First Major resistance Level: $6.8879

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen slid by 8.82% on Tuesday. Following on from a 0.92% loss on Monday, Stellar’s Lumen ended the day at $0.5024.

A bearish start to the day saw Stellar’s Lumen tumble from an early morning intraday high $0.5513 to an afternoon intraday low $0.4955.

The sell-off saw Stellar’s Lumen fall through the first major support level at $0.5367 and the second major support level at $0.5221.

Stellar’s Lumen also fell through the 23.6% FIB of $0.5342 to end the day at $0.50 levels.

At the time of writing, Stellar’s Lumen was up by 4.86% to $0.5268. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.4980 before rising to a high $0.5290.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 050521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.5164 to bring the 23.6% FIB of $0.5342 and the first major resistance level at $0.5373 into play.

Support from the broader market would be need, however, for Stellar’s Lumen to breakout from the 23.6% FIB of $0.5342.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $0.54 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.5722.

Failure to avoid a fall back through the $0.5164 pivot would bring the first major support level at $0.4815 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.48 levels. The second major support level sits at $0.4606.

Looking at the Technical Indicators

First Major Support Level: $0.4815

First Major Resistance Level: $0.5373

23.6% FIB Retracement Level: $0.5342

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX slid by 9.76% on Tuesday. Reversing a 3.28% gain from Monday, Tron’s TRX ended the day at $0.1193.

A bearish start to the day saw Tron’s TRX fall from an early morning intraday high $0.1322 to late afternoon intraday low $0.1178.

Tron’s TRX fell through the first major support level at $0.1273 and the second major support level at $0.1223.

Steering clear of the 38.2% FIB of $0.1167, Tron’s TRX briefly broke back through the second major support level to revisit $0.124 levels.

A bearish end to the day, however, saw Tron’s TRX fall back to end the day at sub-$0.12 levels.

At the time of writing, Tron’s TRX was 4.86% to $0.1251. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.1171 before rising to a high $0.1264.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 050521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the pivot at $0.1231 to bring the first major resistance level at $0.1284 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from this morning’s high $0.1264.

Barring an extended crypto rally, the first major resistance level and resistance at $0.1300 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test resistance at resistance at $0.14. The second major resistance level sits at $0.1375.

Failure to avoid a fall back through the $0.1231 pivot would bring the 38.2% FIB of $0.1167 and the first major support level at $0.1140 into play.

Barring another extended sell-off, Tron’s TRX should steer clear of sub-$0.11 levels. The second major support level sits at $0.1087.

Looking at the Technical Indicators

First Major Support Level: $0.1140

First Major Resistance Level: $0.1284

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

The Crypto Daily – Movers and Shakers – May 5th, 2021

Bitcoin, BTC to USD, slid by 6.81% on Tuesday. Reversing a 0.96% gain from Monday, Bitcoin ended the day at $53,251.0.

It was a particularly bearish day. Bitcoin slid from an early morning intraday high $57,166.0 to a final hour intraday low $53,067.0.

The extended sell-off saw Bitcoin fall through the first major support level at $56,124 and the second major support level at $55,100.

The near-term bullish trend remained intact in spite of the slide back to $53,000 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 Monday.

Bitcoin Cash SV (-12.62%), Crypto.com Coin (-10.36%), and Ripple’s XRP (-10.85%) led the way down.

Binance Coin (-9.99%), Cardano’s ADA (-6.75%), and Ethereum (-5.65%) also struggled.

Chainlink (+8.34%), Litecoin (+3.59%), and Polkadot (+0.35%) bucked the trend on the day, however.

Early in the week, the crypto total market rose to a Monday high $2,331bn before falling to a Tuesday low $2,064bn. At the time of writing, the total market cap stood at $2,216bn.

Bitcoin’s dominance rose to a Monday high 49.39% before falling to a Tuesday low 46.04%. At the time of writing, Bitcoin’s dominance stood at 46.62%.

This Morning

At the time of writing, Bitcoin was up by 3.85% to $55,300.0. A mixed start to the day saw Bitcoin fall to an early morning low $52,960.0 before rising to a high $55,425.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Bitcoin Cash SV was up by 10.60% to lead the way.

BTCUSD 050521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $54,495 to support a run at the first major resistance level at $55,922.

Support from the broader market would be needed for Bitcoin to breakout from this morning’s high $55,425.0.

Barring an extended crypto rally, the first major resistance level and resistance at $56,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $58,594.

Failure to avoid a fall back through the pivot at $54,495 would bring the first major support level at $51,823 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The 23.6% FIB of $50,473 and the second major support level at $50,396 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 5th, 2021

Ethereum

Ethereum fell by 5.65% on Tuesday. Partially reversing a 16.32% breakout from Monday, Ethereum ended the day at $3,240.01.

It was a particularly bearish start to the day. Ethereum fell from an early morning high $3,454.80 to an early morning intraday low $3,166.12.

Steering clear of the first major support level at $3,105, Ethereum rallied to an early afternoon intraday high and a new swing hi $3,507.98.

Falling short of the first major resistance level at $3,611, Ethereum slid back to sub-$3,200 levels for a 2nd time.

Finding late support, however, Ethereum revisited $3,400 levels before falling back into the deep red.

At the time of writing, Ethereum was up by 3.86% to $3,365.13. A mixed start to the day saw Ethereum fall to an early morning low $3,207.00 before rising to a high $3,382.65.

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

ETHUSD 050521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,314 pivot to bring the first major resistance level at $3,461 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,400 levels.

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

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,682.

Failure to avoid a fall back through the $3,314 pivot would bring the first major support level at $3,093 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,945.

Looking at the Technical Indicators

First Major Support Level: $3,093

Pivot Level: $3,314

First Major Resistance Level: $3,461

23.6% FIB Retracement Level: $2,719

38.2% FIB Retracement Level: $2,215

62% FIB Retracement Level: $1,400

Litecoin

Litecoin rose by 3.59% on Tuesday. Following on from a 9.59% gain on Monday, Litecoin ended the day at $305.50.

A bearish start to the day saw Litecoin fall to an early morning intraday low $271.70 before making a move.

Litecoin fell through the first major support level at $276 before rallying to an early afternoon intraday high $327.91.

Litecoin broke through the first major resistance level at $307 and the second major resistance level at $319.

Falling short of $330 levels, Litecoin slid back to sub-$300 levels before revisiting $316 levels.

Litecoin broke back through the first major resistance level at $307 before easing back.

At the time of writing, Litecoin was up by 10.42% to $337.34. A mixed start to the day saw Litecoin fall to an early morning low $300.98 before rallying to a high $342.00.

Litecoin broke through the first major resistance level at $329 early on.

LTCUSD 050521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the first major resistance level at $329 to support a run at the second major resistance level at $353.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $342.00.

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

In the event of an extended breakout, Litecoin could test resistance at $360. The third major resistance level sits at $405.

Failure to avoid a fall through the first major resistance level at $329 would bring the pivot and sub-$300 levels into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$290 and the first major support level at $277

Looking at the Technical Indicators

First Major Support Level: $277

Pivot Level: $300

First Major Resistance Level: $329

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 10.85% on Tuesday. Following a 0.59% decline on Monday, Ripple’s XRP ended the day at $1.38884.

A bearish start to the day saw Ripple’s XRP slide from an early morning intraday high $1.55784 to a late afternoon intraday low $1.32500.

Ripple’s XRP fell through the 23.6% FIB of $1.5426, the first major support level at $1.4970, and the second major support level at $1.4415.

Finding support at the third major support level at $1.3234, Ripple’s XRP revisited $1.47 levels before sliding back into the deep red.

Ripple’s XRP fell back through the second major support level at $1.4415 to end the day at sub-$1.40 levels.

At the time of writing, Ripple’s XRP was up by 4.84% to $1.45609. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.36874 before rising to a high $1.47568.

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

XRPUSD 050521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.4239 pivot to bring the first major resistance level at $1.5228 and the 23.6% FIB of $1.5426 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.50 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70. The second major resistance level sits at $1.6567.

Failure to avoid a fall back through the $1.4239 pivot would bring the first major support level at $1.2899 and 38.2% FIB of $1.2807 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level sits at $1.1911.

Looking at the Technical Indicators

First Major Support Level: $1.2899

Pivot Level: $1.4239

First Major resistance Level: $1.5228

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

European Equities: Private Sector PMIs and ADP Nonfarm Figures in Focus

Economic Calendar:

Wednesday, 5th May 2021

Spanish Services PMI (Apr)

Italian Services PMI (Apr)

French Services PMI (Apr) Final

German Services PMI (Apr) Final

Eurozone Markit Composite PMI (Apr) Final

Eurozone Services PMI (Apr) Final

Thursday, 6th May 2021

German Factory Orders (MoM) (Mar)

IHS Markit Construction PMI (Apr)

Eurozone Retail Sales (MoM) (Mar)

Friday, 7th May 2021

German Industrial Production (MoM) (Mar)

German Trade Balance (Mar)

ECB President Lagarde Speech

The Majors

It was a particularly bearish day for the European majors on Tuesday. The DAX30 slid by 2.49%, with the CAC40 and the EuroStoxx600 ending the day down by 0.89% and by 1.43% respectively.

With no material stats from the Eurozone to provide direction on the day, a tech sector sell-off weighed on the European majors. Following Monday’s pullback, the NASDAQ continued to fall back on Tuesday, dragging tech stocks in Europe into the red.

News of anticipated supply shortages in the auto sector weighed heavily on the DAX30 in particular, with the auto sector joining tech stocks in the deep red.

The Stats

It was a particularly quiet day on the economic calendar, with no material stats from the Eurozone to provide direction.

From the U.S

It was a relatively busy day, with factory orders and trade data for March in focus late in the European session.

Factory orders increased by 1.1%, following a 0.5% decline in February. Economists had forecast a 1.3% rise.

The trade deficit widened from $70.4bn to $74.4bn in March. Economists had forecast a widening to $74.50bn.

The Market Movers

For the DAX: It was a particularly bearish day for the auto sector on Tuesday. Daimler tumbled by 5.20%, with BMW and Volkswagen sliding by 3.08% and by 3.94% respectively. Continental saw a more modest 1.03% loss on the day.

It was another mixed day for the banks. Deutsche Bank slid by a further 2.49%, while Commerzbank ended the day up by 0.52%.

From the CAC, it was a bearish day for the banks. Soc Gen slid by 2.23%, with BNP Paribas and Credit Agricole falling by 0.77% and by 1.15% respectively.

It was also a bearish day for the French auto sector. Stellantis NV and Renault ended the day with losses of 0.52% and 2.02% respectively.

Air France-KLM fell by 1.19%, with Airbus SE sliding by 3.18%.

On the VIX Index

It was back into the green for the VIX on Tuesday, marking a 3rd rise in 4-sessions.

Reversing a 1.61% fall from Monday, the VIX rose by 6.39% to end the day at 19.48.

The NASDAQ and the S&P500 fell by 1.88% and by 0.67% respectively, while the Dow eked out a 0.06% gain.

VIX 050521 Monthly Chart

The Day Ahead

It’s a busy day ahead on the European economic calendar. Key stats include service sector PMIs from Italy and Spain. Finalized numbers for Germany, France, and the Eurozone are also due out.

Barring any marked revisions from prelim figures, Italy and the Eurozone’s PMIs will draw the greatest interest.

From the U.S, ADP nonfarm employment change and the market’s favored ISM Non-Manufacturing PMI will also influence later in the day.

The Futures

In the futures markets, at the time of writing, the Dow Mini was up by 61 points, with the DAX up by 117 points.

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

Economic Data Puts the Loonie and the Greenback in Focus

Earlier in the Day:

It was a busier start to the day on the economic calendar this morning. The Aussie Dollar was in action early this morning.

Later this morning, the RBA is also in action. With the markets expecting the RBA to stand pat, the rate statement will be key.

For the Aussie Dollar

In March, the trade surplus narrowed from A$7.529bn to A$5.574bn. Economists had forecast a widening to A$8.000bn.

According to ABS,

  • Goods and services credits fell A$681m (-2%) to A$38,274m.
    • An A$708m fall in the export of non-monetary gold contributed to the fall in total exports.
    • Rural goods exports saw a modest A$28m fall, while the exports of general merchandise rose by A$128m.
    • Total services credits also weighed, falling by A$101m.
  • Imports rose by A$1,340m (4%) to A$32,700m.
    • General merchandise debits jumped by A$790m, with non-monetary gold imports up A$529m.
    • There were also increases in the imports of consumer goods (A$147m), capital goods (A$309m), and intermediate and other merchandise goods (A$334m).

The Aussie Dollar moved from $0.7745 to $0.77434 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.26% to $0.7743.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.17% to ¥109.25 against the U.S Dollar, with the Kiwi Dollar down by 0.21% to $0.7186.

The Day Ahead:

For the EUR

It’s a quiet day ahead on the economic data front. There are no material stats due out of the Eurozone to provide  to provide the EUR with direction.

The lack of stats will leave the EUR in the hands of market risk sentiment on the day. Following disappointing GDP numbers from last week, the EUR could come under more scrutiny with little else to consider.

At the time of writing, the EUR was down by 0.13% to $1.2048.

For the Pound

It’s a quiet day ahead on the economic calendar. April’s finalized Manufacturing PMI is due out later today.

Barring a marked revision from prelim figures, however, the numbers should have a muted impact on the Pound.

With the UK economy continuing to open up, market optimism should continue to support the Pound at current levels ahead of the BoE policy decision on Thursday.

At the time of writing, the Pound was down by 0.20% to $1.3883.

Across the Pond

It’s a quieter day ahead on the economic calendar. March trade data and factory orders are due out later today.

While trade data will be of interest, factory orders will have the greatest influence on market risk sentiment.

At the time of writing, the Dollar Spot Index was up by 0.16% to 91.091.

For the Loonie

It’s a relatively busy day ahead on the economic calendar. Building permit figures and trade data are due out later today.

Expect the trade data to have the greatest impact on the Loonie. With the BoC’s shift in policy outlook, a marked widening in the trade surplus would deliver the Loonie with another boost.

At the time of writing, the Loonie was down by 0.12% to C$1.2294 against the U.S Dollar.

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

European Equities: Futures Point to the Red with No Major Stats from the Eurozone to Consider

Economic Calendar:

Wednesday, 5th May 2021

Spanish Services PMI (Apr)

Italian Services PMI (Apr)

French Services PMI (Apr) Final

German Services PMI (Apr) Final

Eurozone Markit Composite PMI (Apr) Final

Eurozone Services PMI (Apr) Final

Thursday, 6th May 2021

German Factory Orders (MoM) (Mar)

IHS Markit Construction PMI (Apr)

Eurozone Retail Sales (MoM) (Mar)

Friday, 7th May 2021

German Industrial Production (MoM) (Mar)

German Trade Balance (Mar)

ECB President Lagarde Speech

The Majors

It was a bullish start to the week for the European majors on Monday. The CAC40 and the DAX30 rose by 0.61% and by 0.66% respectively, with EuroStoxx600 ending the day up by 0.58%.

Economic data from the Eurozone delivered the European majors with support through the early part of the session.

From the U.S, stats were market negative, however, limiting the upside on the day.

The Stats

It was a busy day on the economic calendar on Monday. Manufacturing PMI figures for Italy and Spain were in focus along with finalized PMIs for France, Germany, and the Eurozone. German retail sales also drew attention ahead of the European open.

German Retail Sales

In March, retail sales jumped by 7.7% month-on-month, following an upwardly revised 2.7% increase in February.

According to Destatis,

  • Compared to the pre-crisis month of February 2020, retail sales were up by 4.4%.
  • Year-on-year, retail sales was up by 11.0%, which was the strongest year-on-year increase since records began back in 1994.

Member State Manufacturing PMIs

Spain’s Manufacturing PMI rose from 56.9 to 57.7 in April, with Italy’s Manufacturing PMI increasing from 59.8 to 60.7. Economists had forecast PMIs of 59.0 and 61.0 respectively.

From France, the Manufacturing PMI declined from 59.3 to 58.9, which was down from a prelim 59.2.

Germany’s Manufacturing PMI fell from 66.6 to 66.2 which was down from a prelim 66.4.

The Eurozone

The Manufacturing PMI rose from 62.5 to 62.9 in April. This was down from a prelim 63.3.

According to the Markit Survey,

  • Operating conditions improved at a rate that surpassed March’s survey record.
  • Growth was broad-based, with both the investment and intermediate goods categories registering considerable gains.
  • Importantly, manufacturers of investment goods recorded the most marked improvement on record.
  • Consumer goods also saw a marked improvement in operating conditions, while lagging the two other categories.
  • The Netherlands led the way, positing a record high PMI followed by Germany.
  • Growth rates for both output and new orders remained closed to March’s survey records.
  • Firms reported rising market confidence, with new orders rising sharply as a result of signs that both manufacturers and clients are anticipating a sharp increase in activity in the coming months.
  • New export orders also rose at a considerable pace in April.
  • Product growth was limited, however, due to some degree of capacity constraints.
  • As a result of product shortages, input prices rose at the 2nd fastest rate on record.
  • Firms raised their own charges to the strongest degree in over 18-years of available data.
  • Manufacturers increased payrolls for the third consecutive month and by the largest number since Feb-2018.
  • According to the latest data, manufacturers were at their most optimistic in nearly 9-years.

From the U.S

Manufacturing PMI figures were also in focus late in the European session.

In April, the ISM Manufacturing PMI fell from 64.7 to 60.7, falling below a forecasted 65.0.

Also market positive was an increase in the Markit Manufacturing PMI from 59.1 to 60.5. This was down marginally from a prelim 60.6, however.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Monday. Volkswagen rallied by 2.49%, with BMW rising by 1.78%. Continental and Daimler saw more modest gains of 0.21% and 0.22% respectively.

It was a mixed day for the banks. Deutsche Bank slid by 1.99%, while Commerzbank ended the day up by 1.93%.

From the CAC, it was a relatively bullish day for the banks. Credit Agricole and Soc Gen rose by 0.20% and by 0.25% respectively, with BNP Paribas gaining 0.13%.

It was a bullish day for the French auto sector. Stellantis NV and Renault ended the day with gains of 1.43% and 1.77% respectively.

Air France-KLM rose by 1.38%, while Airbus SE slipped by 0.03%.

On the VIX Index

After 2 consecutive days in the green, it was back into the red for the VIX on Monday

Partially reversing a 5.68% gain from Friday, the VIX fell by 1.61% to end the day at 18.31.

The NASDAQ slipped by 0.48%, while the Dow and the S&P500 rose by 0.70% and by 0.27% respectively.

VIX 040521 Monthly Chart

The Day Ahead

It’s a quiet day ahead on the European economic calendar. There are no material stats due out of the Eurozone to provide the European majors with direction.

The lack of stats will leave the majors in the hands of trade data and factory orders from the U.S.

On the day, the markets will also consider corporate earnings and COVID-19 news updates from the EU and around the world.

The Futures

In the futures markets, at the time of writing, the Dow Mini was down by 59 points, with the DAX down by 21 points.

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

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 4th, 2021

EOS

EOS rose by 4.45% on Monday. Reversing a 1.45% fall from Sunday, EOS ended the day at $6.8194.

A mixed start to the day saw EOS fall to an early morning intraday low $6.5230 before making a move.

While steering clear of the first major support level at $6.2382 EOS found support at the 23.6% FIB of $6.5200.

Through the late morning, EOS rallied to a late morning intraday high $6.9012 before easing back.

EOS broke through the first major resistance level at $6.7642 before falling back to $6.55 levels.

Finding late support, EOS broke back through the first major resistance level at $6.7642 to end the day at $6.81 levels.

At the time of writing, EOS was down by 6.78% to $6.3572. A bearish start to the day saw EOS slide from an early morning high $6.8774 to a low $6.3454.

EOS fell through the first major support level at $6.5945, the 23.6% FIB of $6.52, and the second major support level at $6.3697 early on.

EOSUSD 040521 Hourly Chart

For the day ahead

EOS would need to move back through major support levels and the 23.6% FIB to bring $6.70 levels into play.

Barring a broad-based crypto rebound, the $6.7479 pivot level would likely leave EOS short of the first major resistance level at $6.9727.

In the event of an extended rally, EOS could test resistance at $7.00 before any pullback. The second major resistance level sits at $7.1261.

Failure to move back through major support levels and the 23.6% FIB would bring the third major support level at $5.9915 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$6.00 levels.

Looking at the Technical Indicators

First Major Support Level: $6.5945

First Major resistance Level: $6.9727

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen slipped by 0.92% on Monday. Partially reversing a 2.90% gain from Sunday, Stellar’s Lumen ended the day at $0.5513.

A bullish start to the day saw Stellar’s Lumen rise to a mid-morning intraday high $0.5733 before hitting reverse.

Coming up against the first major resistance level at $0.5736, Stellar’s Lumen slid to a late intraday low $0.5404.

Steering clear of the first major support level at $0.5260, Stellar’s Lumen moved back through to $0.55 levels to reduce the deficit.

At the time of writing, Stellar’s Lumen was down by 4.08% to $0.5288. A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.5513 to a low $0.5277.

Stellar’s Lumen fell through the 23.6% FIB of $0.5342 and the first major support level at $0.5367 early on.

XLMUSD 040521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to move back through first major support level at $0.5367 and the 23.6% FIB to bring $0.55 levels into play.

Support from the broader market would be need, however, for Stellar’s Lumen to breakout from the 23.6% FIB.

Barring a broad-based crypto rebound, the pivot level at $0.5550 would likely cap any upside.

In the event of a rebound, the first major resistance level at $0.5696 would likely come into play.

Failure to move back through first major support level and the 23.6% FIB would bring the second major support level at $0.5221 back into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.52 levels. The second major support level at $0.5221 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5367

First Major Resistance Level: $0.5696

23.6% FIB Retracement Level: $0.

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX rose by 3.28% on Monday. Reversing a 2.51% fall from Sunday, Tron’s TRX ended the day at $0.1322.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.1273 before making a move.

Steering clear of the first major support level at $0.1244, Tron’s TRX rallied to a late morning intraday high $0.1372.

Tron’s TRX broke through the first major resistance level at $0.1322 before sliding back to sub-$0.13 levels.

Finding late support, however, Tron’s TRX broke back through first major resistance level to end the day at $0.132 levels.

At the time of writing, Tron’s TRX was down by 4.38% to $1.1264. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.1322 to a low $0.1258.

Tron’s TRX fell through the first major support level at $0.1273 early on.

TRXUSD 040521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move back through the first major support level and through the $0.1322 pivot to bring the first major resistance level at $0.1372 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.13 levels.

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

In the event of an extended rally Tron’s TRX could test resistance at the second major resistance level at $0.1421 and the 23.6% FIB of $0.1426.

Failure to move back through the first major support level and through the $0.1322 pivot would bring the second major support level at $0.1223 back into play.

Barring an extended sell-off, Tron’s TRX should steer clear of the 38.2% FIB of $0.1167. The third major support level at sits at $0.1124.

Looking at the Technical Indicators

First Major Support Level: $0.1273

First Major Resistance Level: $0.1372

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 4th, 2021

Ethereum

Ethereum jumped by 16.32% on Monday. Following on from a 0.11% gain on Sunday, Ethereum ended the day at $3,433.99.

It was a particularly bullish the day. Ethereum rallied from an early morning intraday low $2,952.08 to a final hour intraday high and a new swing hi $3,457.75.

Steering clear of the major support levels, Ethereum broke through the day’s major resistance levels to wrap up the day at $3,400 levels.

At the time of writing, Ethereum was down by 1.81% to $3,371.90. A mixed start to the day saw Ethereum rise to an early morning high $3,454.80 before falling to a low $3,349.42.

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

ETHUSD 040521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $3,281 pivot to bring the first major resistance level at $3,611 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,600 levels.

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

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,787.

Failure to avoid a back through the $3,281 pivot and the first major support level at $3,105 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,776.

Looking at the Technical Indicators

First Major Support Level: $3,105

Pivot Level: $3,281

First Major Resistance Level: $3,611

23.6% FIB Retracement Level: $2,661

38.2% FIB Retracement Level: $2,168

62% FIB Retracement Level: $1,371

Litecoin

Litecoin rallied by 9.59% on Monday. Reversing a 2.86% fall from Sunday, Litecoin ended the day at $294.91.

A mixed start to the day saw Litecoin fall to an early morning intraday low $268.64 before making a move.

Steering clear of the first major support level at $264, Litecoin rallied to a late intraday high $299.71.

Litecoin broke through the day’s major resistance levels before a late pullback to $287 levels.

The pullback saw Litecoin fall back through the third major resistance level at $296.

At the time of writing, Litecoin was down by 0.66% to $292.97. A mixed start to the day saw Litecoin rise to an early morning high $297.98 before falling to a low $292.46.

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

LTCUSD 040521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $288 pivot level to support a run at the first major resistance level at $307.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $299.71.

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

In the event of another breakout, Litecoin could test resistance at $320. The second major resistance level sits at $319.

Failure to avoid a fall through the $288 pivot level would bring the first majors support level at $276 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$270 levels and the 23.6% FIB of $262. The second major support level sits at $257.

Looking at the Technical Indicators

First Major Support Level: $276

Pivot Level: $307

First Major Resistance Level: $276

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slipped by 0.59% on Monday. Following on from a 5.72% slide on Sunday, Ripple’s XRP ended the day at $1.55255.

A bullish start to the day saw Ripple’s XRP rise an early morning intraday high $1.62204 before hitting reverse.

Falling short of the first major resistance level at $1.6379, Ripple’s XRP slid to an early afternoon intraday low $1.50399.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426

Finding support at the first major support level at $1.5064, Ripple’s XRP broke back through the 23.6% FIB to revisit $1.58 levels before easing back.

At the time of writing, Ripple’s XRP was down by 2.32% to $1.51655. A bearish start to the day saw Ripple’s XRP slide from an early morning high $1.55784 to a low $1.51345.

While steering clear of the major support and resistance levels, Ripple’s XRP fell back through the 23.6% FIB early on.

XRPUSD 040521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the 23.6% FIB of $1.5426 and the $1.5595 pivot level to bring the first major resistance level at $1.6151 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.60 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1.62204 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.70. The second major resistance level sits at $1.6776.

Failure to move back through the 23.6% FIB and the $1.5595 pivot would bring the first major support level at $1.4970 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.40 levels. The second major support level at $1.4415 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.4970

Pivot Level: $1.6151

First Major resistance Level: $1.6379

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

Buy Ethereum with Binance

German Retail Sales and April Manufacturing PMIs Give the EUR a Boost

It was a busy day on the economic calendar on Monday. Manufacturing PMI figures for Italy and Spain were in focus along with finalized PMIs for France, Germany, and the Eurozone. German retail sales also drew attention ahead of the European open.

German Retail Sales

In March, retail sales jumped by 7.7% month-on-month, following an upwardly revised 2.7% increase in February.

According to Destatis,

  • Compared to the pre-crisis month of February 2020, retail sales were up by 4.4%.
  • Year-on-year, retail sales was up by 11.0%, which was the strongest year-on-year increase since records began back in 1994.

Member State Manufacturing PMIs

Spain’s Manufacturing PMI rose from 56.9 to 57.7 in April, with Italy’s Manufacturing PMI increasing from 59.8 to 60.7. Economists had forecast PMIs of 59.0 and 61.0 respectively.

From France, the Manufacturing PMI declined from 59.3 to 58.9, which was down from a prelim 59.2.

Germany’s Manufacturing PMI fell from 66.6 to 66.2 which was down from a prelim 66.4.

The Eurozone

The Manufacturing PMI rose from 62.5 to 62.9 in April. This was down from a prelim 63.3, however.

According to the Markit Survey,

  • Operating conditions improved at a rate that surpassed March’s survey record.
  • Growth was broad-based, with both the investment and intermediate goods categories registering considerable gains.
  • Importantly, manufacturers of investment goods recorded the most marked improvement on record.
  • Consumer goods also saw a marked improvement in operating conditions, while lagging the two other categories.
  • The Netherlands led the way, posting a record high PMI followed by Germany.
  • Growth rates for both output and new orders remained closed to March’s survey records.
  • Firms reported rising market confidence, with new orders rising sharply as a result of signs that both manufacturers and clients are anticipating a sharp increase in activity in the coming months.
  • New export orders also rose at a considerable pace in April.
  • Product growth was limited, however, due to some degree of capacity constraints.
  • As a result of product shortages, input prices rose at the 2nd fastest rate on record.
  • Firms raised their own charges to the strongest degree in over 18-years of available data.
  • Manufacturers increased payrolls for the third consecutive month and by the largest number since Feb-2018.
  • According to the latest data, manufacturers were at their most optimistic in nearly 9-years.

Market Impact

Through the release of the German retail sales figures earlier in the day, the EUR fell to a post-stat low and a current day low $1.20131before finding support.

Driven by impressive manufacturing PMI numbers and a sharp rise in German consumer spending, the EUR rallied to a post-stat and current day high $1.20557.

At the time of writing, the EUR was up by 0.30% to $1.20549.

EURUSD 030521 Hourly Chart

Next Up

ISM Manufacturing PMI and finalized Markit Manufacturing PMI numbers for April. After the European close, FED Chair Powell will also draw attention.

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 3rd, 2021

EOS

EOS fell by 1.45% on Sunday. Partially reversing a 2.64% gain from Saturday, EOS ended the week up by 30.43% to $6.5290.

A bullish start to the day saw EOS rise to an early morning intraday high $67087 before hitting reverse.

Falling short of the first major resistance level at $6.3789, EOS slid to an early morning intraday low $6.1827.

The sell-off saw EOS fall through the 23.6% FIB of $6.52 and the first major support level at $6.3789.

Finding support in the late morning, EOS broke back through the first major support level and 23.6%S FIB to revisit $6.69 levels.

A bearish end to the day, however, saw EOS fall back through the 23.6% FIB before ending the day at $6.52 levels.

At the time of writing, EOS was up by 3.19% to $6.7372. A mixed start to the day saw EOS fall to an early morning low $6.4501 before rising to a high $6.8156.

EOS fell through the 23.6% FIB of $6.52 before breaking through the first major resistance level at $6.7642.

EOSUSD 030521 Hourly Chart

For the day ahead

EOS would need to avoid back through the 23.6% FIB and the $6.4735 pivot level to support another run at the first major resistance level at $6.7642.

Support from the broader market would be needed, however, for EOS to break back through to $6.75 levels.

Barring an extended crypto rally, the first major resistance level and morning high $6.8156 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $7.00 before any pullback. The second major resistance level sits at $6.9995.

Failure to avoid a fall back through through the 23.6% FIB and the $6.4735 would bring the first major support level at $6.2382 into play.

Barring another extended sell-off, however, EOS should steer clear of sub-$6.00 levels. The second major support level sits at $5.9475.

Looking at the Technical Indicators

First Major Support Level: $6.2382

First Major resistance Level: $6.7642

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rose by 2.90% on Sunday. Following on from a 1.90% gain on Saturday, Stellar’s Lumen ended the week up by 33.50% to $0.5563.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.5130 before making a move.

The reversal saw Stellar’s Lumen fall through the 23.6% FIB of $0.5342 and the first major support level at $0.5216.

Finding support through the afternoon, Stellar’s Lumen rallied to a late intraday high $0.0.5606.

Breaking back through the first major support level and 23.6% FIB, Stellar’s Lumen also broke through the first major resistance level at $0.5501.

At the time of writing, Stellar’s Lumen was up by 2.83% to $0.5720. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.5558 before rising to a high $0.5733.

Steering clear of the major support levels Stellar’s Lumen tested the first major resistance level at $0.5736.

XLMUSD 030521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the pivot level at $0.5433 to bring the first major resistance level at $0.5736 back into play.

Support from the broader market would be needed, however, for Stellar’s Lumen break back through to $0.5730 levels.

Barring an extended crypto rally, the first major resistance level and morning high $0.5733 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.5909.

Failure to avoid a fall through the $0.5433 pivot would bring 23.6% FIB of $0.5342 and the first major support level at $0.5260 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.50 levels. The second major support level sits at $0.4957.

Looking at the Technical Indicators

First Major Support Level: $0.5260

First Major Resistance Level: $0.5736

23.6% FIB Retracement Level: $0.

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX fell by 2.51% on Sunday. Following on from a 0.76% fall on Saturday, Tron’s TRX ended the week up by 25.85% to $0.1280.

A bullish start to the day saw Tron’s TRX rise to an early morning intraday high $0.1328 before hitting reverse.

Falling short of the first major resistance level at $0.1345, Tron’s TRX slid to an early morning intraday low $0.1250.

The reversal saw Tron’s TRX fall through the first major support level at $0.1277.

Steering clear of sub-$0.12 support levels, Tron’s TRX revisited $0.129 levels before easing back.

At the time of writing, Tron’s TRX was up by 2.74% to $0.1315. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.1252 before rising to a high $0.1335.

Tron’s TRX broke through the first major resistance level at $0.1322 early on.

TRXUSD 030521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.1286 pivot to bring the first major resistance level at $0.1322 back into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.1320 levels.

Barring an extended crypto rally, the first major resistance level and morning high $0.1335 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test the second major resistance level at $0.1364.

Failure to avoid a fall back through the $0.1286 pivot would bring the first major support level at $0.1244 into play.

Barring an extended sell-off, Tron’s TRX should steer clear of sub-$0.12 levels. The second major support level at $0.1208 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.1244

First Major Resistance Level: $0.1322

23.6% FIB Retracement Level: $0.

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

Trade Crypto with Binance

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 3rd, 2021

Ethereum

Ethereum rose by 0.11% on Sunday. Following a 6.20% rally on Saturday, Ethereum ended the week up by 27.13% to $2,952.09.

A mixed start to the day saw Ethereum fall to a late morning intraday low $2,855.29 before making a move.

Steering clear of the first major support level at $2,819, Ethereum rallied to a late intraday high and a new swing hi $2,986.00.

Falling short of the first major resistance level at $3,017, Ethereum eased back to end the day at $2,950 levels.

At the time of writing, Ethereum was up 3.60% to $3,058.50. A bullish start to the day saw Ethereum rise from an early morning low $2,952.08 to a new swing hi $3,060.91.

Ethereum broke through the first major resistance level at $3,007 early on.

ETHUSD 030521 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the first major resistance level at $3,007 to support another run at the second major resistance level at $3,062.

Support from the broader market would be needed, however, for Ethereum to break out from this morning’s new swing hi $3,060.91.

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

In the event of a breakout, Ethereum could test resistance at $3,100. The third major resistance level sits at $3,193.

Failure to avoid a fall back through firsts major resistance level would bring the $2,931 pivot and the first major support level at $2,876 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level at $2,800 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,876

Pivot Level: $2,931

First Major Resistance Level: $3,007

23.6% FIB Retracement Level: $2,300

38.2% FIB Retracement Level: $1,876

62% FIB Retracement Level: $1,191

Litecoin

Litecoin fell by 2.86% on Sunday. Partially reversing a 1.99% gain from Saturday, Litecoin ended the week up by 20.04% to $269.10.

A mixed start to the day saw Litecoin rise to an early morning intraday high $277.64 before hitting reverse.

Falling short of the first major resistance level at $282, Litecoin slid to a late morning intraday low $265.00.

Litecoin fell through the first major support level at $269 before finding support.

Steering clear of the 23.6% FIB of $262, Litecoin broke back through the first major support level to revisit $272 levels before easing back.

At the time of writing, Litecoin was up by 1.67% to $273.59. A bullish start to the day saw Litecoin rise from an early morning low $268.64 to a high $274.77

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

LTCUSD 030521 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $271 pivot level to support a run at the first major resistance level at $276.

Support from the broader market would be needed, however, for Litecoin to break out $275 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $280 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $290. The second major resistance level sits at $283.

Failure to avoid a fall back through the $271 pivot level would bring the first majors support level at $264 and the 23.6% FIB of $262 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$260 levels. The second major support level sits at $258.

Looking at the Technical Indicators

First Major Support Level: $264

Pivot Level: $271

First Major Resistance Level: $276

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slid by 5.72% on Sunday. Reversing a 3.31% gain from Saturday, Ripple’s XRP ended the week up by 51.33% to $1.56244.

A bearish start to the day saw Ripple’s XRP fall from an early morning intraday high $1.65732 to an early morning intraday low $1.52578.

Ripple’s XRP fell through the first major support level at $1.5645 and the 23.6% FIB of $1.5426 before finding support.

Steering clear of sub-$1.50 support levels, Ripple’s XRP revisited $1.60 levels before easing back.

The late pullback saw Ripple’s XRP fall back through the first major support level to end the day at $1.562 levels.

At the time of writing, Ripple’s XRP was up by 2.77% to $1.60576. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.5550 before rising to a high $1.62204.

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

XRPUSD 030521 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $1.5818 pivot level to bring the first major resistance level at $1.6379 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from this morning’s high $1.62204.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1.65732 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test the second major resistance level at $1.7134.

Failure to avoid a fall back through the $1.5818 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.5064 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.50 levels. The second major support level sits at $1.4503.

Looking at the Technical Indicators

First Major Support Level: $1.5064

Pivot Level: $1.5818

First Major resistance Level: $1.6379

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

Trade Crypto with Binance

The Crypto Daily – Movers and Shakers – May 3rd, 2021

Bitcoin, BTC to USD, fell by 2.02% on Sunday. Reversing a 0.25% gain from Saturday, Bitcoin ended the week up by 15.22% to $56,605.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $57,900.0 before hitting reverse.

Falling short of the first major resistance level at $58,400, Bitcoin fell to a mid-morning intraday low $56,050.0.

Bitcoin fell through the first major support level at $57,074 before briefly revisiting $57,300 levels.

Failing to move back into positive territory, Bitcoin fell back through the first major support level to end the day at sub-$57,000 levels.

The near-term bullish trend remained intact supported by the return to $58,000 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 Sunday.

Polkadot rose by 1.39% to lead the way, with Binance Coin (+0.21%), Ethereum (+0.11%) also finding support.

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

Ripple’s XRP slid by 5.72% to lead the way down, with Chainlink ending the day down by 4.27%.

Bitcoin Cash SV (-2.17%), Cardano’s ADA (-1.84%) and Crypto.com Coin (-2.93%), and Litecoin (-2.86%) also struggled.

In the week, the crypto total market fell to a Monday low $1,778bn before rising to a Saturday high $2,229bn. At the time of writing, the total market cap stood at $2,208bn.

Bitcoin’s dominance rose to a Monday high 51.73% before falling to a Sunday low 48.76%. At the time of writing, Bitcoin’s dominance stood at 49.01%.

This Morning

At the time of writing, Bitcoin was up by 2.05% to $57,762.6. A bullish start to the day saw Bitcoin rise from an early morning low $56,574.0 to a high $58,279.0 before easing back.

Bitcoin broke through the first major resistance level at $57,653 early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Ethereum and Ripple’s XRP were up by 3.16% and by 3.07% respectively to lead the way.

BTCUSD 030521 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $57,653 to bring the second major resistance level at $58,702 into play.

Support from the broader market would be needed for Bitcoin to breakout from the morning high $58,279.0.

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

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The third major resistance level sits at $60,552.

A fall back through the first major resistance level would bring the pivot at $56,852 and the first major support level at $55,803 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,002 should limit the downside.

Buy Crypto with Binance

A Busy Economic Calendar Puts the EUR and the Dollar in Focus

Earlier in the Day:

It was a quieter start to the day on the economic calendar this morning. The Aussie Dollar was in action early this morning.

For the Aussie Dollar

In April, the AIG Manufacturing Index rose from 59.9 to 61.7.

According to the AIG report,

  • April’s PMI hit the highest level since Mar-2018 and the third highest under the current format of the report.
  • All six manufacturing sectors expanded, as did all seven activity indicators.
  • Australia’s capacity utilization index hit a record high, suggesting a need for increased employment and / or investment.

The Aussie Dollar moved from $0.77167 to $0.77170 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.10% to $0.7724.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.21% to ¥109.54 against the U.S Dollar, with the Kiwi Dollar up by 0.18% to $0.7175.

The Day Ahead:

For the EUR

It’s a busy day ahead on the economic data front. Manufacturing PMI figures for Italy and Spain and finalized PMIs for France, Germany, and the Eurozone are due out.

German retail sales figures will also be in focus ahead of the PMI numbers.

Barring marked revision to prelim figures, Italy and the Eurozone’s manufacturing PMIs and German retail sales will be key.

At the time of writing, the EUR was up by 0.01% to $1.2021.

For the Pound

It’s yet another particularly quiet day ahead on the economic calendar.

There are no material stats to provide the Pound with direction, with the UK markets closed.

At the time of writing, the Pound was up by 0.01% to $1.3824.

Across the Pond

It’s a busy day ahead on the economic calendar. The market’s favored ISM Manufacturing PMI figures for April are due out. Finalized Markit survey manufacturing PMI figures are also due out though we would expect the ISM number to be key.

Late in the day, FED Chair Powell is also scheduled to speak. Expect any deviation from the recent guidance to influence.

At the time of writing, the Dollar Spot Index was up by 0.02% to 91.298.

For the Loonie

It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.

Expect Manufacturing PMI numbers and COVID-19 news updates to influence.

At the time of writing, the Loonie was up by 0.09% to C$1.2295 against the U.S Dollar.

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