Crude Oil Price Plunge, Stocks Mixed 

Asian markets finished mixed on Tuesday as the crude oil price resumed its downtrend, and investors are booking some profits as the stocks are now almost 20% higher since the March lows. Wall Street ended higher for the fourth straight trading session and now is only 20% below the all-time highs.

The Dow Jones ended the session up 1.55% at 24,133, the S&P 500 added 1.47% to 2,878, and the Nasdaq Composite was 1.11% higher at 8,730. Many US states allowed certain businesses to reopen, Italy unveiled a plan for reopening its economy starting next week, and Spain allowed kids to leave their homes. 

The Nikkei 225 finished 0.06% lower at 19,771; The Shanghai Composite is 0.19% lower at 2809, while the Singapore Straits Times is 0.07% lower at 2,548. The Hang Seng is 1.00% higher at 24,524. Australian equities is 0.08% lower at 5,317. 

European markets rise in early trading; the German DAX is 1.67% higher at 10,837. CAC 40 index is 1.54% higher at 4,574, while the FTSE MIB in Milan is 2.68% higher at 17,846. In London, the FTSE 100 is 1.47% higher at 5,934.  

In commodities markets, sellers returned to crude oil. The Brent crude oil price is down for the second day. Brent crude oil is 6.76% lower at $19.99 per barrel, while the WTI crude oil futures contract for June delivery is 16.43% lower at 10.67. The gold price is under selling pressure on profit-taking as it was approaching the yearly highs. Gold is 0.53% lower at 1,702. The gold first resistance stands at $1,741, the recent high, while the initial support stands at $1,692 the daily low. Silver is 0.97% lower at $14.98. 

BTCUSD Daily Chart
BTCUSD Daily Chart

Cryptocurrencies are trading lower in early European day, Bitcoin’s (BTCUSD) price is 0.98% lower at $7,709, hitting the daily low at $7,658 and the daily high at $7,786. Bitcoin’s (BTCUSD) technical outlook is positive for the short term, as the price trades above the 520-day moving average, but the long term picture remains bearish as the price hovers below the 100- and 200-day moving average. The first support for Bitcoin is seen at $6,484, the low from April 16. On the other side, initial resistance stands at $7,798, the high from April 27.

Ethereum is 0.70% lower, at $195.52. The initial resistance for Ethereum stands at 200.11 the high from April 26, while the first support stands at $142.55, the low from April 6th trading session. Ripple is 0.11% lower at 0.1971. Litecoin is 1.12% lower at 44.01.

In the Lookout: The Bank of Japan, Governor Haruhiko Kuroda said that Japan’s financial system remains stable, and banks have sufficient capital buffers. Japanese Prime Minister said that the economy is in a situation he has not experienced before.

Germany’s IFO institute said in a report that it now sees the German economy to contract by 6.6% YoY in 2020.

Trading Perspective: In the forex markets, USDCHF is 0.27% higher at 0.9778. GBPUSD is 0.06% higher at 1.2433. The EURUSD is 0.01% lower at 1.0826; the AUDUSD is 0.15% higher at 0.6473. The Yen is stronger against the USD; the USDJPY is 0.11% lower at 107.12. 

AUDUSD Daily Chart

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