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The crypto market was trading slightly weaker during the early European hours on Tuesday following the previous session's steep fall. The crypto pairs fell moderately on Monday after the United States Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and its CEO Changpeng “CZ” Zhao for violating trading and derivatives regulations, as well as for market manipulation.
The largest crypto token Bitcoin slightly recovered from the previous session's losses but struggling hold above $27,000. As of this writing, the $BTCUSD trades at $26,980. Its largest peer, Ethereum, the world's second-largest cryptocurrency also struggling to regain bullish sentiment. Meanwhile, Crypto-related stocks also drop alongside the cryptocurrency pairs. Coinbase (COIN) stock dropped almost 9% on Monday. Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 30 cryptocurrencies.
EQUITIES
Wall Street ended higher on Monday after First Citizens Bank's acquisition of deposits and other assets belonging to Silicon Valley Bank eased concerns about the banking sector. As part of the agreement, all Silicon Valley Bank depositors will automatically become depositors of First Citizens Bank. The deal includes the purchase of about $72 billion in SVB assets at a discount of $16.5 billion.
OIL
Crude oil prices rebounded strongly on easing concerns over the global banking sector. The oil prices received additional buying pressure after a legal dispute halted around 400,000 barrels a day of oil exports from the Ceyhan port in Turkey, tightening the market.
CURRENCIES
In the currency market, the dollar and safe-haven currencies struggled for traction during the Asian session while riskier ones held gains. Euro extended the gains against the US dollar. Moving ahead, euro traders and investors should closely monitor the European Central Bank (ECB) president, Christine Lagarde's speech later today.
GOLD
The precious metals trading marginally lower on Tuesday and the upside pressure clearly weakened amid a solid ceiling in place. The safe haven metal appears to be in a bearish trend as it trades below the key level of $1965. If the current trend continues, it is expected to decline further to $1930 by the end of the week.
Economic Outlook
On the data front, the Australian Bureau of Statistics (ABS) released the latest retail sales data. Australia’s retail sales rose by a modest 0.2% in February, the figure marks a significant slowdown from the 1.8% increase recorded in January.
Moving ahead today, the important events to watch:
Eurozone - ECB President Lagarde Speech: 13:15
US – Consumer Confidence: GMT – 14:00
Technical Outlook and Review
EURUSD: Today as long as the metal trades above 1.0800 levels, the uptrend will remain in place. On the upper side, the next resistance is located around 1.0840, a break above this level will confirm a possible move to 1.0870. On the downside, 1.0800 is the immediate support level, followed by 1.0770. Further selling pressure will intensify only if the euro break below 1.0750 levels.
The important levels to watch for today: Support- 1.0770 and 1.0750 Resistance- 1.0840 and 1.0870.
GOLD: From a technical perspective, the 1944 area of confluence has recently been held as a firm support, failure to defend the mentioned support levels has the potential to drag the pair further towards the 1940 and 1936 support zone.
The important levels to watch for today: Support- 1944 and 1940 Resistance- 1956 and 1960.
Quote of the day – Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed. – Benjamin Graham.
Read more - https://gulfbrokers.com/en/daily-market-report-639
The largest crypto token Bitcoin slightly recovered from the previous session's losses but struggling hold above $27,000. As of this writing, the $BTCUSD trades at $26,980. Its largest peer, Ethereum, the world's second-largest cryptocurrency also struggling to regain bullish sentiment. Meanwhile, Crypto-related stocks also drop alongside the cryptocurrency pairs. Coinbase (COIN) stock dropped almost 9% on Monday. Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 30 cryptocurrencies.
EQUITIES
Wall Street ended higher on Monday after First Citizens Bank's acquisition of deposits and other assets belonging to Silicon Valley Bank eased concerns about the banking sector. As part of the agreement, all Silicon Valley Bank depositors will automatically become depositors of First Citizens Bank. The deal includes the purchase of about $72 billion in SVB assets at a discount of $16.5 billion.
OIL
Crude oil prices rebounded strongly on easing concerns over the global banking sector. The oil prices received additional buying pressure after a legal dispute halted around 400,000 barrels a day of oil exports from the Ceyhan port in Turkey, tightening the market.
CURRENCIES
In the currency market, the dollar and safe-haven currencies struggled for traction during the Asian session while riskier ones held gains. Euro extended the gains against the US dollar. Moving ahead, euro traders and investors should closely monitor the European Central Bank (ECB) president, Christine Lagarde's speech later today.
GOLD
The precious metals trading marginally lower on Tuesday and the upside pressure clearly weakened amid a solid ceiling in place. The safe haven metal appears to be in a bearish trend as it trades below the key level of $1965. If the current trend continues, it is expected to decline further to $1930 by the end of the week.
Economic Outlook
On the data front, the Australian Bureau of Statistics (ABS) released the latest retail sales data. Australia’s retail sales rose by a modest 0.2% in February, the figure marks a significant slowdown from the 1.8% increase recorded in January.
Moving ahead today, the important events to watch:
Eurozone - ECB President Lagarde Speech: 13:15
US – Consumer Confidence: GMT – 14:00
Technical Outlook and Review
EURUSD: Today as long as the metal trades above 1.0800 levels, the uptrend will remain in place. On the upper side, the next resistance is located around 1.0840, a break above this level will confirm a possible move to 1.0870. On the downside, 1.0800 is the immediate support level, followed by 1.0770. Further selling pressure will intensify only if the euro break below 1.0750 levels.
The important levels to watch for today: Support- 1.0770 and 1.0750 Resistance- 1.0840 and 1.0870.
GOLD: From a technical perspective, the 1944 area of confluence has recently been held as a firm support, failure to defend the mentioned support levels has the potential to drag the pair further towards the 1940 and 1936 support zone.
The important levels to watch for today: Support- 1944 and 1940 Resistance- 1956 and 1960.
Quote of the day – Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed. – Benjamin Graham.
Read more - https://gulfbrokers.com/en/daily-market-report-639