Big news shake financial markets more and more often. This time oil is once again the news maker.
Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
On H4, Brent's price has tested the $65.2 level. If this level is broken, the next support will lie at $65.76. From the downside, the first support will lie at $63.46. After that, bears will pay attention to the $63 level.
WTI has touched the resistance at $59.42. If it is broken, the next level will lie at $59.85. Bears will be focused on the downward movement to the $57.80 level (50-period SMA). The next support will lie at $57.2.
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.