News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lIUxpfSem3
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/8kBulRFd6l
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6u52PuzIaY
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/rHDy0XNZjQ
  • (Weekly Outlook) Australian Dollar Outlook: AUD/USD Divergence With Wall Street Risks Continuing #AUD $AUDUSD #Fed #Stocks https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/06/12/Australian-Dollar-Outlook-AUDUSD-Divergence-With-Wall-Street-Risks-Continuing.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/ryxG0fHmzd
  • The US Dollar steadied against most ASEAN currencies this past week. Key support levels remain in play looking at USD/SGD, USD/THB and USD/PHP. USD/IDR may rise with a new trendline. Get your market update from @ddubrovskyFX here:https://t.co/bpr5ZlKIcE https://t.co/0pskmzXZHi
  • EUR/USD has been looking toppy since late May as bearish technical signals played out. But, rising Euro short bets from retail traders hint that the currency may hold its footing. Get your market update from @ddubrovskyFX here:https://t.co/fAZijmQVqh https://t.co/pXICvFE007
  • The Japanese Yen may rise as retail investors increase their long exposure in pairs like USD/JPY and EUR/JPY. Will these pairs turn lower? What are key levels to watch for? Find out from @ddubrovskyFX here:https://t.co/PqNahX71oF https://t.co/xZzmwrVQcr
Dogecoin, Tesla, GameStop – FinTwit Trends to Watch This Week

Dogecoin, Tesla, GameStop – FinTwit Trends to Watch This Week

Rich Dvorak, Analyst

TOP FINTWIT TRENDS – DOGECOIN ($DOGE), TESLA ($TSLA), GAMESTOP ($GME) IN FOCUS THIS WEEK

  • Dogecoin could be teed up for volatility with the crypto likely to get a shoutout on SNL
  • Tesla price action has struggled to stay afloat but might see renewed buying pressure
  • GameStop looks constructive as the stock forms what may be a bullish chart pattern
Advertisement

Dogecoin, Tesla, and GameStop are three top FitTwit trends likely worth watching this week. These familiar assets have garnered a considerable amount of attention in the past, but trader search interest has picked up noticeably. Market conditions and upcoming event risk warrant keeping close tabs on them as well. What key themes are $DOGE, $TSLA, and $GME traders watching out for in the week ahead?

DOGECOIN – DOGE/USD PRICE CHART: 4-HOUR TIME FRAME (11 APR TO 06 MAY 2021)

Dogecoin Price Chart DOGE Forecast

Chart by @RichDvorakFX created using TradingView

We recently noted how Dogecoin has been rocketing higher and outperforming other major cryptocurrencies like Bitcoin and Ethereum. In fact, Dogecoin price action is pacing a jaw-dropping year-to-date gain in excess of 10,000% thanks to its latest spike above the $0.60-mark. Increasing demand for the fourth-largest cryptocurrency by market cap has followed its growing popularity as high-profile executives and celebrities hype the alt-coin. Mark Cuban, for example, has been tweeting about Dogecoin’s positive use cases and how the Dallas Mavericks were on track to do 6,000 Doge transactions in April. Not to mention, speculative interest for Dogecoin has likely mounted with markets focused on Elon Musk (i.e. the self-proclaimed ‘Dogefather’) and his performance on Saturday Night Live scheduled to kick-off 08 May at 3:30 GMT.

Crypto traders might want to keep this potential risk event on the radar due to anticipation for Elon to pump Dogecoin. Doge price action has consolidated from its record high around $0.69, but the cryptocurrency seems to be building technical support slightly above the psychologically-significant $0.50-mark. Invalidating the short-term descending trendline could bring a retest of all-time highs into focus before traders consider a push toward $1.00. A breakdown of nearside support might motivate a deeper push by Dogecoin bears toward the 20 April swing high. Politicians talking about regulating the cryptocurrency market stands out as one big threat for Dogecoin and its peers. To that end, SEC Chair Gary Gensler recently stated during a congressional testimony that a regulatory framework should be set for crypto markets. Furthermore, US Treasury Secretary Janet Yellen also made a comment just the other day how cryptocurrency regulation ‘is a topic well worth addressing.’

TESLA – TSLA PRICE CHART: WEEKLY TIME FRAME (NOV 2019 TO MAY 2021)

Tesla Stock Price Chart TSLA Forecast

Chart by @RichDvorakFX created using TradingView

Tesla, another FinTwit favorite, is likely to steal some limelight next week as well. Investors will not only be judging the skills of Elon Musk as a comedian, but more importantly, also stand to scrutinize his general demeanor during the SNL skits. Any off-the-cuff remarks made by Tesla’s chief-executive could dampen investor confidence and hurt TSLA shares. In the grand scheme of things, however, markets may pay closer attention to other fundamental drivers weighing on Tesla’s stock price. TSLA price action has faced notable headwinds since the start of the year as traders unwind exposure to big tech amid rising interest rates.The 66-basis point ascent by ten-year Treasury yields over the last few months has pressured stock market multiples and weighed negatively on companies with lofty valuations like Tesla in particular.

Although, the latest round of quarterly earnings posted by Tesla detailed solid cash flow growth. This stands to help Tesla price action maintain altitude more broadly. The bullish trendline extended through a string of higher lows, in addition to the 38.2% Fibonacci retracement level of its March 2020 to January 2021 trading range, show potential to keep TSLA afloat. Taking out year-to-date lows might subsequently see a sustained slide toward the $400-price level. On the other hand, eclipsing last month’s high near $780 could bring all-time highs back on the radar.

GAMESTOP – GME PRICE CHART: DAILY TIME FRAME (29 DEC 2020 TO 06 MAY 2021)

GameStop Stock Price Chart GME Forecast

Chart by @RichDvorakFX created using TradingView

GameStop has seen little love since the popping of its short-squeeze fueled bubble. GME shares are now down roughly -65% from its 28 January peak near the $480-price level. The video game retailer might start trending on FinTwit again, however, in light of growing search interest and a compelling technical backdrop for the stock. It appears that GameStop could be nearing the end of its consolidation phase and on the cusp of a breakout back higher. This is highlighted not only by two converging trendlines, but also the Bollinger Band squeeze. Bullish trend support connecting the higher lows on 26 February, 25 March, 13 April and 04 May has potential to keep guiding GameStop higher. GME price action also seems to be flirting with a topside break of trendline resistance.

Reclaiming the 50-day simple moving average could reinvigorate GameStop bulls and ignite a bigger rally. This might bring the $260-price level into focus if a resumption of buying pressures do in fact materialize. Traders may want to have an eye out for changes in sentiment and risk appetite to help gauge whether GameStop heads higher or lower next. Looking to the DailyFX Economic Calendar, we can see that the release of monthly inflation and retail sales data is scheduled for release in the week ahead. These typically high-impact risk events could weigh materially on the market’s broader direction and also strongarm GameStop’s stock price.

Keep Reading – 7 Meme Stocks Driving Markets & Making a Mark

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES