ZuluTrade Blog

Nasdaq is heading for the 7th straight gain

Market View | Tuesday, May 12, 2020 5:15 PM GMT

NAS100 is already positive for 2020 while the other two major indices, SP500 and Dow Jones, are still struggling.  In the meantime, Federal Reserve is expected to start purchasing exchange-traded funds today through its Secondary Market Corporate Credit Facility. Worth mentioning, Blackrock serves as the initial investment manager for the secondary market facility. While Trump is facing Covid-19 cases within White House, Dr. Anthony Fauci, a top member of the coronavirus task force, is going to warn the US senates what are the potential risks if states begin reopening their business too early. Based on stats, the US has reached almost 1.4ml infections as well as 81k deaths, being on the top of the pandemic. 

Reviewing major business news, Boeing CEO Dave Calhoun told NBC’s that a major US airline will ‘most likely’ go out of business. Brussels Airlines (Lufthansa-owned company) is about to lay off 1000 employees. Likewise, Hyatt Hotels, based on its update, are going to cut out around 1300 people on a global level. Vodafone rises up to 9% as reported by a 3% increase in yearly revenues.

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NAS100 daily chart


Heading to the forex market, EURUSD is currently testing the 50SMA while forming a bullish daily candlestick. GBPUSD looks weak on the daily chart. It’s testing the trendline from below which can lead to downside acceleration. USDJPY closed above 20EMA yesterday and the same moving average act as support today.

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EURUSD daily chart

GBPUSD daily chart

USDJPY daily chart

Checking the ZuluTrade’s Traders Sentiment, the community is buying GBPUSD and USDJPY while is selling USDCHF.

In focus this week (economic calendar):

UnitedStates - Consumer Price Index ex Food & Energy (YoY) (Apr)

UnitedStates - Consumer Price Index ex Food & Energy (MoM) (Apr)



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