2020-11-30 • Updated
The British pound is under the pressure of the Brexit outcome. The EU-UK talks continue without any development. Since the deadline of the year-end is getting closer, analysts expect that either this or the next week both sides will come to a conclusion. If the agreement is reached, the GBP will rise. Otherwise, the no-deal Brexit will drive the pound down.
Christine Lagarde has had a meeting today, but it didn’t have any impact on the euro so far. She emphasized that the services sector was more damaged than the manufacturing industry and reviewed ECB’s actions in response to the virus crisis. Besides, the German inflation report during the day may affect the euro.
EUR/GBP has been trading inside of the descending channel since September, so the trend is bearish. However, if we look at the last few candlesticks, we’ll notice a strong bullish potential. It has crossed the 200-day moving average (MA) and got closer to the upper trendline of 0.9000. We should expect it will bounce off this strong resistance and then dip. Elsewhere, the dead cross (the 50-day MA crosses the 100-day MA upside down) points to the soon fall of the pair. However, if EUR/GBP manages to break through this level, the way up to the next resistance of 0.9040 will be clear. In the opposite scenario, the move below the 200-day moving average of 0.8960 will drive the pair lower to the 0.8880-0.8900 zone.
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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