Today the focus is on Bitcoin finding its rocket, Oils continued ascent, and Apple’s woes.
The US Core CPI report will be published. Forecast: 0.2%. If the results are higher than forecast, it could be a positive impulse for the USD.
Assets to trade: USD/AUD, USD/JPY, USD/NZD
US Crude Oil Inventories will be released. Forecast:1.34M. If reserves have grown larger than forecast it could be a negative driver for oil assets.
Assets to trade: Brent, Chevron, Exxon Mobil
Apple Inc’s iPhone 12 mini U.S. sales were just 5% of overall sales of its new phones during the first half of January adding to signs of muted demand for the new smaller version of its flagship device. Affects Apple
Bitcoin was fast approaching the $50,000 mark on Tuesday as the afterglow of Elon Musk-led Tesla’s investment in the cryptocurrency had investors reckoning it may become a mainstream asset class for both corporations and money managers. Affects Bitcoin
Oil hit 13-month highs on Tuesday with the Brent benchmark staying above $60 a barrel. Affects Brent
Sino-U.S. ties will stay tense as U.S. President Joe Biden is unlikely to rush into new deals with the world’s second-largest economy or reduce tariffs on China. Affects USD
Tesla spent the last couple of years trying to win over China in a bid to conquer the world’s largest car market and is now risking upsetting Beijing’s powerful regulators. Affects Tesla
Apple has been looking to further solidify its earnings by diversifying. However, the latest smaller iteration of its flagship iPhone has not sold as well as hoped. Also as plans with Hyundai-Kia fell through the company may continue to struggle to find new revenue streams.
There is a resistance level around 137 that prices will test. If it breaks this level it should continue to rise.
The quotes are currently testing the resistance level around 5723 and may trade sideways along the line until it jumps in either direction.
The pair is climbing and will continue to after its show of bullish strength with the Bullish Engulfing pattern leading to the Three White Knights pattern.