This Week In Forex, Stocks And Crypto

Forex Market Overview

Let’s start with the Forex Market. Though last week was filled with trade tensions between the United States and China, the Dollar was able to play up its role as a “safe haven” currency and outperform many of its competitors. The Swiss Franc, another go-to currency during times of uncertainty, also enjoyed a strong week, and so did the Japanese Yen.

Trade tensions will likely continue this week, which will cause most forex markets to become more volatile. We will also pay close attention to the political developments coming out of Europe.

As the future of Brexit continues to remain uncertain, the Pound will likely continue to struggle. Elsewhere on the continent, minutes from the European Central Bank—planned to be released this week—may impact the future value of the Euro.

Meanwhile, negative backlash from the US-China trade dispute has caused the Aussie Dollar to remain in the red. The new election result in the Land Down Under, on the other hand, may lend a helping hand to Mr. Aussie. As May comes to a close, we will likely see an uptick in forex trading.

Taking a Closer Look at AUD/JPY

The 75.20 support level I talked about a couple of weeks ago appears to have held the AUD/JPY pair from dropping any further. With this, we may see a Double Bottom bullish reversal chart pattern forming on the daily chart.  On the other hand, this could be a risky observation as the future Ichimoku Cloud remains bearish on the daily chart, while on the 1-hour chart, it has broken above the cloud with the future cloud moving up.

AUDJPY Forming a Double Bottom Chart Pattern

The pair may also be forming another Double Bottom if you look at the bigger picture. Call it a double, Double Bottom if you will. For a detailed investment strategy on AUD/JPY and other pairs, visit the PIG.

Crypto Market Overview

After experiencing a minor price dip at the end of last week, Bitcoin quickly bounced back to once again break the $8,000 mark. Though Bitcoin has experienced a few waves of volatility, traders have noticed that the coin has maintained its gains much more reliably than it has in years past.

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