This Week In Forex, Stocks, And Crypto - April 29, 2019


Video length: 00:04:37

Forex Market Overview

Last week saw disappointing results for both the Euro and the Swissy, putting some minor pressures on Europe’s most important central banks. With a limited number of reports coming out this week, the currencies are likely to maintain their current values.

The U.S. Dollar, on the other hand, enjoyed a relative increase in value compared to nearly every other major currency. The increase is largely attributed to renewed trader optimism as well as the poor performance from other currencies. As the week goes on, investors will keep a close eye on reports coming from the NFP and FOMC.

Elsewhere around the world, the British Pound Traders are eagerly awaiting the Bank of England “Super Thursday”, which will determine the fate of the Pound.

Meanwhile, the Canadian Dollar has been somewhat quiet and—with no major reports due to this week—will likely remain quite as traders explore their options elsewhere.

On the other side of the world, the Australian Dollar began to cool off, following a multi-week run as the world’s top-performing currency.

The Japanese Yen will be on vacation as our friends in the land of the rising sun take a long Golden Week break.

Taking a Closer Look at USD/CHF

After forming a solid bullish engulfing in April, the pair appears to be exhausted and having difficulty breaking above 1.03.

The future daily Ichimoku Cloud is bullish. With the upcoming fundamental events, we're currently in a wait-and-see mode. If the pair breaks above the current resistance, we could see gains towards 1.03.

USD/CHF Technical Analysis - Ichimoku Based

USD/CHF Technical Analysis - Ichimoku Based

On the other hand, even if we see further a gain, it may be capped at the key resistance, providing an excellent selling opportunity. For detailed investment stratgy on USD/CHF and other pairs, visit the PIG.

Crypto Market Overview

Next is the crypto market. Last week was a very active week for crypto traders. Following several legal scandals featuring Tether and Bitfinex, the value of Bitcoin managed to drop by 5.8 percent in less than five minutes last Thursday night. This news was disheartening to many Bitcoin traders, who watched the coin end a near-historic run and decline in price to around $5,100. Since then, prices have remained stable.

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Disclaimer: Now I’d like to hear from you. What are your thoughts on Nano, which currently ranks 36 in terms of market cap? Do you think it can ever make it to top 10?  Let me know in the ...

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