Indices Rise as Cryptos Face Key Support Levels

Greetings on this Thursday! The week’s end is approaching, and we are witnessing some fascinating market activities. Let’s start with a look at yesterday’s events. The ADP non-farm employment numbers came in weaker than expected, and the ISM services PMIs unexpectedly fell below 50. The release of the FOMC meeting minutes also added to the day’s volatility. Meanwhile, today’s trading began with a significant miss in Swiss inflation data, which has led to considerable weakness in the Swiss franc.

Turning to today’s events, we have UK parliamentary elections on the agenda and the US markets are closed for Independence Day, likely leading to reduced liquidity and lower volatility. On the forex front, the New Zealand dollar and Australian dollar are showing strength, while the Swiss franc continues to struggle after this morning’s inflation news.

Commodities are experiencing mixed fortunes. Precious metals like silver and gold started the week strongly and hit new mid-term highs yesterday. However, a correction is underway today, which could present buying opportunities for new investors. Oil prices remain robust, hovering near long-term highs, maintaining their bullish outlook.

Lastly, cryptocurrencies are facing downward pressure. Bitcoin, in particular, is approaching a critical horizontal support level just above $57,000. This level has been a significant support point in the past, and the market’s reaction here could dictate Bitcoin’s direction in the coming days. A break below this support might trigger a sell signal, while a bounce could offer a strong buy opportunity.

Source: https://www.axiory.com/analytics/market-news/indices-rise-as-cryptos-face-key-support-levels