Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT.
Friday trades: Coinbase, gold, EUR/USD
What do you need to know on Friday?
- Disney has published mixed financial results: earnings were well above the forecasts, but revenue was slightly worse. Besides, growth in streaming subscribers was poor.
- Alibaba has revealed worse-than-expected earnings results yesterday. As a result, the stock price dropped to $204.00, the low unseen for almost a year.
- US jobless claims came out slightly less than forecast, which is good for the USA.
- Bitcoin has reversed up on Friday after the enormous drop yesterday, triggered by Musk’s tweet.
- Coinbase dropped by 6.5% in pre-hours trading today, after reporting that revenue and earnings came out slightly worse than expected.
EUR/USD has bounced off the 100-day moving average of 1.2050 and started edging higher. It may rise to the upper trend line of 1.2175, which the pair should fail to cross on the first try. On the flip side, if it drops below the 1.2050 support, it may fall to the low of May 5 at 1.2000.
Oil is trying to recover from yesterday’s losses. XBR/USD (UK Brent oil) has bounced off the lower trend line several times already, that’s why we would expect it to reverse from this lower trend line. On the way up, the oil will meet resistance levels at the 50-period moving average of $68.30 and the psychological mark of $70.00. However, if it drops below the 200-period moving average of $65.60, it may fall to late-April lows.
Gold has reversed up from the 50-period moving average of $1815. The way up is clear to the recent highs of $1840, but this level lies at the 50-week moving average (to see ait switch to the weekly chart). Thus, gold may struggle to cross it. Support levels are $1815 and $1800.
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!
The US dollar has surged to levels unseen since April after the Fed's decision back on Wednesday. Gold has reversed up from the local dips. Still, this week was the worst for gold in more than a year.
The Bitcoin “death cross” has occurred. The S&P 500 rallied the most in five weeks! Crude oil and gold jumped as the US dollar weakened.
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Good news for FBS Traders! Top UK stocks have been just added to our platforms: MetaTrader 5 and FBS Trader App.