The financial markets are about to get busy. With a string of fundamental data and political events lined up, traders can buckle up for considerable volatility. From the upcoming French Presidential elections to crucial oil inventories, interest rate decisions by the ECB and the U.S Feds, down to GDP figures to be released in Britain, here’s what we know. Continue reading “The Days ahead”
On the daily chart price appears to have bounced off a support line and is making a move towards resistance. Coming down to the 1 hour chart, price opened today above the pivot which is at 1.0685. The RSI shows good momentum and there is likelihood for more upsides.
Best trade recommendation would be long positions targeting 1.0765 and 1.0790. In the unlikely event that the market makes a reversal, and moves below the pivot price, then short positions can instead be considered with targets around 1.0655 and 1.0630.
The bullish surge in Oil prices last week seem to be nearing a close with price largely consolidating in the past two sessions and currently its moved below the 50 and 100 MA on the one hour chart. Price is also below the days pivot which is at 55.55. The RSI is below the neutrality point and there is potential for more bearish movement.
NZDUSD presents opportunities to sell as can be seen from the 4 hour chart of the pair. Price has been locked in a bearish channel for some time now and any upward movement is hampered by the weakness of the RSI which has not been able to break above the neutrality point for a while.
AUDUSD has been on a bearish trend for several days now. Today the market opened just below the pivot price which is 0.7515. Price has stayed within the downward channel and could give a good opportunity today to go short.
The Dollar Yen opened today above the pivot price which happens to be at 111.0. There is an interesting scenario unfolding on the 1 hour time frame and there are certain observations that will determine if the best bet is a sell or a buy.
A favorable set of recent reports on oil inventory coupled with technical factors regarding price, has seen the commodity making gains for some days now. A further fundamental outlook on the increased possibility of the OPEC cuts extending beyond the month of June has also done well for the overall sentiment on price. Continue reading “Trade of the day: BRENT CRUDE”