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Market Blast Video - 08.01.2019

    

We have seen a bit of a New Year’s rally in the stock indices but we may just be heading back to resistance either to an upper trend line or to the 50 day moving average so we will monitor this.

Also, many analysts use the 50 day moving average, combined with the 200 day moving average, to look for a cross to the downside indicating a time to sell.

 

 

 

You can see what happened after each “Death Cross”.

The Canadian Dollar is having a better year so far with the price of crude up to $48.50 a barrel and a positive PMI report yesterday.

We have managed to break through 2 key Fibonacci levels and are heading for the 50% level.

But watch out tomorrow for an interest rate decision from Ottawa and Crude Oil Inventories.

After diving at Christmas the cryptos seem to have recovered with Bitcoin, Ethereum and Litecoin all in upward trends.

Ripple and dash seem to be stuck in a very narrow range.

Ethereum, for one seems to like the 50% Fibonacci level as support and resistance so we will need to see a break either way before we can determine direction.

Looking at the price of gold over the last year, compared to the S&P over the last 12 months tells us all.

Zooming in, we see that Gold sellers may be waiting and we expect that the current US Government shutdown maybe keeping investors in safe haven assets.

Speaking of safe havens, last week’s flash crash on the Yen caused a sell-off and the Japanese Yen has returned to December levels.

Keep an eye on this upper trend line on USDJPY and watch for a speech Thursday from the governor of the bank of Japan.

 

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The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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