The most of major stock markets in Asia opened lower on Monday following U.S. shares. However, investors keep eye on earning result of first quarter. There are some big companies earning result on Tuesday: 3M, Coca-Cola, Xerox, etc. While U.S. 10-year bond yield rose highest in 4 years almost 3% so dollar held steady on Monday.
The local trend of AUD/USD is sideway down and it may continue falling lower. CPI in Australia at 08.30 a.m. may help Aussie dollar hold above 0.7635 USD. Moreover, euro may drop lower pressuring by steady dollar and lower forecast of business climate in Germany at 15.00 p.m. which may give negative for euro. While U.S. dollar may get positive supporting from new home sales in March at 21.00 p.m. which may release better than forecast following other real estate indices. Furthermore, CB consumer confidence in April is predicted to be 126 but actual may release higher because Fed still look positive on U.S. current economy. In my opinion, if euro stays higher than 1.2100 points, it may continue moving sideways but if it falls lower, bearish trend may become stronger.
Bitcoin cash had been rising up since 18th April and broke resistance line 1,000USD. It seems BCH had a stronger bullish trend than other cryptocurrencies now. The coming “Hard fork” which will make Bitcoin cash faster – increasing block data from 8GB to 32GB may be the main reason of a strong bullish trend. I suggest a next resistance line is at 1,600USD.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.