Daily summary: Strong momentum on the crypto market

• DE30 defends an important support zone
• Mixed sentiment in the US equity market
• No major volatility in forex market, dollar loses to CAD and AUD
• Good start to the week on the crypto market

Today's session on the forex market did not bring major movements, however, we could see some weakness in the US dollar, which depreciated the most against CAD and AUD. However, the USD managed to strengthen slightly against the EUR, but despite the retreat the main currency pair - EURUSD remains close to last week's maximums. US 10-year bond yields also remain near Friday's highs.

The session in Europe was rather successful. The German DAX managed to halt last week's decline at the key support zone stretching between 15 000 and 15 100 points. The index ended the day 0.71% higher, as did the London FTSE100 and the French CAC40. However, not all European indices fared so well. The indices from Italy, Spain or Poland were under the bar.

Movements on the US stock market are rather limited, with investors trying to survive Friday's NFP data. Thursday's inflation data may provide an opportunity for more volatility on Wall Street indices. As for today's session, it has been a mixed one. The opening was positive, followed by a pullback, but market bulls are not letting up and there is still a chance to close the trading on the upside. At the time of preparing this commentary, the S&P500 and Nasdaq are trading near their benchmark levels, while the Dow Jones is gaining 0.25%.

Today's gold trading is benefiting from inflation concerns and geopolitical risks. Bullion prices have climbed to weekly highs and are currently settling near $1820 per ounce. However, the favourable conditions for the commodity may soon disappear, due to the dwindling number of long positions on COMEX and the increasing chances of a US interest rate hike. A diplomatic scenario remains likely despite Russia's ability to invade Ukraine, according to White House spokesmen.

Cryptocurrencies started the new week with gains, thus we are seeing a continuation of the sentiment from before the weekend. Bitcoin managed to go above the $44,000 level, while Ethereum crossed the $3150 level. However, the best performer among the major cryptos is Ripple, which has gained over 17% today alone.

Ethereum managed to overcome the upper limit of the downtrend channel, however, they are currently reaching the important resistance, resulting from the 1:1 geometry - $3175.  Source: xStation 5