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The flight to cryptocurrencies continues

This is what awaits you in this article

Yesterday’s Market Wrap

Risk sentiment drew attention yesterday after slightly improving on Tuesday. In the stock markets and cryptocurrencies the decline continued again. Although risk aversion was not widespread, European stocks ended with some small gains. Commodities also made some gains after being fairly bearish before, and US WTI Crude Oil surged above $100.

CPI (Consumer Price Index) inflation reports from China and the US showed renewed gains. The market tended to trade “peak inflation” during the countdown to April’s CPI report. When the numbers came in ahead of expectations, there was an immediate flight in both stocks and bonds. The US dollar initially bounced higher and then retreated, but ended up closing the day back near the highs. Perhaps ECB President Christine Lagarde ushered in a new era in the global economy today when she said: “It looks increasingly unlikely that the disinflationary momentum of the last decade will return”. In doing so, it signaled a gradual rise in interest rates without setting a ceiling.

The data agenda today

Today starts with the Reserve Bank of New Zealand (RBNZ) inflation expectations which are likely to rise. Although I don’t think it would help the NZD much as commodities and commodity dollars are now following market sentiment.

The UK’s quarterly and monthly GDP figures were released earlier in the European session but the GBP remains bearish on the long-term charts. US PPI (Producer Price Index) inflation numbers are likely to show a slowdown in April, which would help push CPIinflation to cool off in the coming months as well.

our recommendation The flight to cryptocurrencies continues, Crypto Trading News

forex-Signal update

Yesterday we had a great run with forex signals. We opened 5 signals for a major pair yesterday and all of them hit the take profit target and gave up 150 pips of profit. That was a nice pullback from us after the downside in cryptocurrency during the recent crash.

USD/JPY – buy signal

We continue to buy the dips USD/JPY and yesterday we decided to open another buy-signal here after the retracement down to the 50 SMA (yellow). The price bounced higher at the 20 SMA (grey) and hit the TP target, but this pair has turned down so we are considering opening another buy signal, this time at the 100 SMA.

The flight to cryptocurrencies continues, Crypto Trading News

USD/JPY 240 minute chart

NZD/USD – 2 sell signals

NZD/USD turned bearish about a month ago and attempts to reverse to the upside all ended in a reversal and a new low. Commodity dollars will come under pressure despite RBNZ rate hikes on fears of a recession in China. Yesterday we decided to open two sell signals here, both of which closed in profit.

The flight to cryptocurrencies continues, Crypto Trading News

NZD/USD – 240 minute chart

Cryptocurrency update

Cryptocurrencies have truly turned bearish after resuming selling pressure yesterday. Terra LUNS leads the decline after crashing to $1 as its stablecoin UST has fallen below $1. The crypto market is panicking, which is keeping the pressure to the downside.

Looking for another Terra LUNA buy signal

Terra LUNA has totally crashed in the last week or so. in April we decided to buy this cryptocurrency as for many months this cryptocurrency was the most bullish among the major cryptocoins as it kept making higher and higher highs until the end of March. LUNA/USD reached almost $120 this month but turned back. We decided to open a buy signal at 100 SMA (green) which initially acted as support but was eventually broken as Terra LUNA crashed lower and broke below the 200 SMA. The support zones were broken as the LUNA coin trades near 120. We are considering buying the coin around here, although we will be watching the price action first.

The flight to cryptocurrencies continues, Crypto Trading News

LUNA/USD – daily chart

Bitcoin breaks the $30,000 support?

BTC/USD hit a new record high of $69,000 last November, but sellers have been in control since then. The last attempt to turn bullish ended at the 200-day SMA (purple) and the price returned back below $40,000. Now the price is trending around $30,000 where the main support zone is $20,000 ahead of the next one.

The flight to cryptocurrencies continues, Crypto Trading News

Will Last Bitcoin Support Hold?

Source: Crypto News Deutsch

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