The black gold looks set for the first weekly rise in three weeks

The black gold looks set for the first weekly rise in three weeks

2020-10-30 • Updated

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Ichimoku Kinko Hyo

AUD/JPY: The AUD/JPY pair has breached the Tenkan Sen level. Further bearish sentiment will push prices into lower ground.

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European Market View

  • ECB clearly acknowledged the recent weakness in European macro and sees downside risks. Subsequently, EUR/USD went lower to mid 1.16's.
  • Global stock markets are on track for the worst week since March amid political uncertainty on US fiscal easing, COVID-19 resurgence and the return of restrictive measures across Europe. Futures are back in 'red' this morning following a few disappointing tech earnings reports after the US closure.
  • As far as COVID-19 is concerned, Europe continues to move in the wrong direction at a rapid pace and new cases are running close to 200,000 per day.

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