Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
Brent at $70 and WTI at $68! Now, correction time...
The oil site in Ras Tanurah on the east coast of Saudi Arabia produces 6% of the total global oil supply alone. That's exactly the site that was recently hit by missiles attacks - one of the several that took place in the last week. No damage was taken to the facilities and no one got hurt. However, as it's the biggest oil production site in the world, investors were really scared that the oil supply may be exposed to risk in our uncertain time.
This fear drove the price to the upside: Brent rose to $70, WTI - to $68. However, as it was purely an emotional reaction of the market, the correction quickly came to the stage. This is exactly how you may benefit from this event - use the correction. The zone of $65 may be a very possible target for bears.
Scenario 1: high tide
The price goes down to $65, floats horizontally, and continues the larger uptrend.
Scenario 2: the middle path
The price goes to the area of $62-63 and bounces upwards.
Scenario 3: to the bottom
The price touches the tactical support of $60 to start a big recovery.
In each scenario, you need to catch the moment of reversal.
- Follow the correction
- Watch for the pick up/reversal/recovery indications
- Buy at the beginning of recovery
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Jump in to know the latest market news and trade ideas for today!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.