2020-10-16 • Updated
The whole day the market sentiment has remained risk-off amid a stalemate over fiscal stimulus. The US economy needs it now, especially households and small businesses. However, officials continue discussing its amount and ways of spending it as upcoming elections increased tensions.
Elsewhere, new virus cases are steadily rising, forcing countries to impose stricter restrictions. All news concerning Covid-19 and vaccine tend to have a huge impact on the market. On the Brexit front – total uncertainty. As a result, investors poured their capital into safe-haven assets such as the USD and the JPY. It looks like the yen is outperforming.
The US core retail sales came out better than analysts expected, which helped the USD to rise briefly. However, USD/JPY has turned to the downside again. Let’s look at the charts.
On the daily chart, we can see the formation of the bearish – descending triangle pattern. The move below the key psychological mark of 105.00 will drive the pair down to the significant support of 104.50. USD/JPY has failed to cross it a few times, so we can expect the price to bounce off it briefly. The breakout below this level will drive the pair to the next support of 104.00. Resistance levels are 105.70 and 106.05.
Elsewhere, if we look at the 4-hour chart, we’ll notice the dead cross: the 50-period moving average has crossed the 200-period moving average upside down. In this timeframe, we can even set the closer support at 105.15. The move above it will open doors towards 105.00.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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