This week, the cryptocurrency market continued to grow but on Friday made a downward correction, as a result of which the largest currencies lost several previously won positions. Currently, Bitcoin is trading around 7000.00 (+3.8%), Ethereum is at 160.00 (+13.8%), Ripple is at 0.1900 (+7.9%), Tether is at 1.0026 (+0.05%), and Bitcoin Cash – around 240.00 (+4.8%). The total market capitalization has grown from 192 to 200 billion dollars. The share of Bitcoin in the market decreased from 64.7% to 64.0%.
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Yesterday, the pair slightly decreased after the publication of data from the University of Michigan, reflecting a drop in consumer confidence in the USA.
Today, during the Asian session, the USD/CAD pair is slightly decreasing, continuing to develop the correctional impulse that formed on the market at the beginning of the week.
USD today is trading flat against CHF, located not far from local lows since April 2. The markets in the US and Europe are closed due to Good Friday. Published macroeconomic statistics from the US puts pressure on USD. Yesterday, investors drew attention to the release of information on Initial Jobless Claims.
AUD shows ambiguous dynamics of trading against USD and is consolidating near local highs since March 12, updated the day before. Today, exchanges are closed in many countries due to Good Friday, so trading activity remains low.
One of the leading indices of the European economy, CAC 40 continues to moderately strengthen against the background of the publication of the ECB's monetary policy report.
EUR is showing uncertain growth against USD during today's Asian session, continuing the development of the "bullish" trend that formed on April 7. EUR is supported by strengthening correctional sentiments for USD, which is keenly reacting to the publication of disappointing macroeconomic statistics from the USA. On Thursday, investors drew attention to the release of information on Initial Jobless Claims. For the week ending April 3, the number of applications amounted to 6.606M after 6.867M in the previous period with a forecast of 5.2M. Michigan Consumer Sentiment Index in April fell sharply from 89.1 to 71 points, which also turned out to be worse than market expectations of 75 points.
Gold quotes continue to grow and during yesterday’s trading session, it exceeded $1,680 per ounce.
The pair continues correcting upwards and is trading near 0.6080 amid a possible continuation of USD weakening.
The pair is in a correction, a fall is possible.
On the daily chart, the third wave of the higher level (3) of V develops, within which an upward correction forms as the wave 4 of (3). Now, the wave c of 4 is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1177–1.0687. In this scenario, critical stop loss level is 1.2738.