Summary:
- UK100 and US2000 post new record highs
- Oil moves to 3 1/2 peak above $80 a barrel
- 5 reasons why the EURUSD is at 2018 lows
- What needs to happen for Bitcoin to surge again?
It’s been a good day for the bulls with the UK100 and US2000 both moving to their highest ever level. The US200 hit a record peak back in December and the market has been consolidating with a triangle formation seen. This ascending triangle has had progressively higher lows after the initial bottom at 1412 with 1619 providing a ceiling on a couple of occasions but today price has moved above 1619 and could be set for a breakout higher.
Another market enjoying a strong push to the upside today is Oil, with crude moving above $80 a barrel to reach its highest level since November 2014. An inverted hammer that was printed on Monday offered some hope to bears that the run higher may be over, but after taking out the high at 79.45 price has continued to rise. Price has been riding along the upper bollinger band for quite some time now with pull back to the moving average being bought pretty aggressively.
The EURUSD hit its lowest level of the year yesterday and the pair remains close to these lows. For our latest in-depth piece we look more closely at this cross and provide 5 reasons behind this decline, analyse the outlook and present technical analysis.
One market that hasn’t joined in the bullish moves seen in stocks and Oil is Bitcoin, with the cryptocurrency little changed and continuing to oscillate around the 8200 level. Danny Masters, being chairman of cryptocurrency trading platform CoinShares unsurprisingly reckons Bitcoin will rally this year and reach its previous highs. Master offers also his reasoning in what has to transpire, and the major points can be found here.
Elsewhere it’s been a pretty volatile time for sterling traders lately with the pound first pushing higher on reports in the Telegraph late last night that the UK is prepared to remain in the customs union post-Brexit, before paring those gains this morning after Downing Street basically dismissed the news. Given the rumour and counter rumour surrounding customs union there has been pretty volatile trade in the pound, but as the dust settles it does appear to be looking to push higher and recover some of its recent declines.