OPEC: What’s the deal? – Special Report

Posted on April 8, 2020 at 3:28 pm GMT

This will be a pivotal week for energy markets. The world’s largest oil producers will meet to discuss cutting their production in an attempt to stabilize a market that has been devastated by collapsing demand. OPEC and Russia will sit down for talks on Thursday, before the G20 energy ministers convene on Friday. The immediate reaction in oil prices will depend on whether a deal is struck at all, and if so, by how much they will cut. In the [..]


Pound wobbles but steadier as Johnson still in intensive care – Forex News Preview

Posted on April 8, 2020 at 3:03 pm GMT

The pound has bounced back from the lows it brushed soon after news broke that the UK prime minister, Boris Johnson, has been moved to intensive care a day after being hospitalized for continuing to show symptoms of the coronavirus. Johnson spent a second night in intensive care on Tuesday but the latest is that his fever has eased, meaning the pound’s immediate downside risk has also subsided. However, with the prospect of the prime minister being out of action [..]


Technical Analysis – Silver could retreat but will the trendline help?

Posted on April 8, 2020 at 2:44 pm GMT

Silver bulls surrendered to the 200-period moving average (SMA) on the four-hour chart earlier this week and shifted sideways, pausing the uptrend at a fresh high of 15.50. Downside risks seem to be increasing as the RSI is pointing down to its 50 neural mark and the MACD keeps losing strength below its red signal line. Yet, whether any negative correction will be noticeable will depend on the ascending trendline that has been supporting the market since the plunge to [..]


Technical Analysis – US 100 stock index starts a bullish correction in short-term

Posted on April 8, 2020 at 1:08 pm GMT

The US 100 cash index has been making higher highs and higher lows through the end of March after it touched a more than 14-month low of 6,635, pausing the aggressive downward movement.  The technical indicators continue to send some bullish signals, suggesting that the positive momentum is not over yet. The RSI, slightly above 50, is indicating that the market could strengthen a little bit in the short-term. Stochastics are not yet in oversold territory with the %K and %D positively aligned, creating a bullish crossover. [..]


Loonie in the centre as Canadian jobs data and OPEC+ meeting loom – Forex News Preview

Posted on April 8, 2020 at 12:16 pm GMT

Canada is next in line, after the US, to publish a devastating jobs report thanks to the extraordinary Covid-19 lockdown. The report, due out on Thursday at 12:30 GMT, could pressure the loonie, though the size of volatility could largely be determined by the delayed OPEC+ video conference that is scheduled to take place on the same day at 14:00 GMT. Employment forecasts According to forecasts Canada is expected to see a historical reduction of 350k in new employment in March after a 30.3k increase [..]


US jobless claims to show pain, but dollar might like that – Forex News Preview

Posted on April 8, 2020 at 10:26 am GMT

In America, the spotlight will be on Thursday’s weekly jobless claims and consumer confidence numbers, which will reveal how quickly unemployment is rising and how badly the consumer has been hit. Contrary to conventional wisdom though, a disappointing set of data could boost the US dollar, which has been acting like a safe haven amid all the chaos. The minutes of the latest FOMC meeting today and CPI inflation stats on Friday might be seen as outdated. Unemployment: A tragedy [..]


Technical Analysis – USDCHF turns slightly bullish in short term after dramatic slump

Posted on April 8, 2020 at 10:08 am GMT

USDCHF found some footing at the 0.9500 handle on March 30, extending its bullish action towards the 0.9800 key level. Also, earlier today, the pair touched the 20-day simple moving average (SMA) at 0.9680 and turned higher again. In the short-term, the market could retain the slightly bullish trading as the RSI holds marginally above its 50 neutral mark and the MACD remains above zero and close to its red trigger line.  The upside move could stay in place given [..]


Daily Market Comment – Euro rebound falters as EU rejects Eurobonds; stocks go nowhere

Posted on April 8, 2020 at 8:50 am GMT

Euro surrenders some gains as EU fails to agree coordinated fiscal plan Besides euro, US stock futures also retreat on Eurobond disappointment Has the bear market rally gone too far?   Oil crumbles as doubts about production cuts set in – even if they cut, it won’t be enough Eurobonds get a cold reception, euro struggles The Eurozone’s institutional deficiencies came back on the market’s radar today, after a lengthy meeting of the bloc’s finance ministers ended without an agreement [..]


Technical Analysis – Gold snaps an improving pose ahead of the uptrend line

Posted on April 8, 2020 at 7:52 am GMT

Gold appears to have found some footing at the 1,643 level from March 26 as it creeps towards a very short-term uptrend line drawn from the 1,455.17 low of March 20. Although the simple moving averages (SMAs) are not giving the strongest and clearest trend signals, they do lean slightly to the positive picture, specifically the 50- and 100-period SMAs. That said, the short-term oscillators are suggesting that positive directional momentum may be starting to pick up. The MACD, in [..]


Technical Analysis – AUDUSD finds wall above 0.6200; negative in long term

Posted on April 8, 2020 at 7:40 am GMT

AUDUSD rebounded on the 17½-year low of 0.5506 on March 19 and sent the price slightly above the 0.6200 psychological mark, surpassing the 20-day simple moving average (SMA). The MACD oscillator is moving higher in the negative territory, holding well above the trigger line, however, the RSI indicator paused its positive momentum near its 50 level. If the price successfully climbs above the 0.6213 barrier, it may find at the 50.0% Fibonacci retracement level of the downward wave from 0.7030 to 0.5506 [..]

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