• Shivkumar

18th - Forex Technical & Market Watch

(By Shivkumar)


CRUDE OIL PRICE

  • Middle East tensions weigh on crude but with limited impact so far.

  • Crude oil looks to building a range


The week ahead forecast for crude oil is neutral and likely to stay range bound unless the market receives a major political or economic shock. While both possibilities still exist, the market is seemingly taking recent US-China trade war news and Middle East political fears in its stride.


This weekend OPEC members, without Iran, will meet for a non-technical meeting in Saudi Arabia. This Joint Ministerial Monitoring meeting will discuss current market conditions and compliance and are also likely to debate oil security measures ahead of the June 25 full OPEC meeting in Vienna.


EUR/USD Forecast


  • EUR/USD headed toward fresh yearly lows, 1.1000 on the table.

  • Trade tensions exacerbated concerns about a global economic slowdown.

  • The FX Poll shows a bearish bias in the short term but a bullish one in the long-term


GBP/USD Forecast


  • GBP/USD dropped sharply as PM May is getting closer to leaving.

  • Apart from Brexit, US-Sino trade relations, and UK inflation stand out.

  • The technical outlook is now fully bearish for the currency pair. Experts are mostly bullish after the fall.


Gold: 76.8% of Traders Are Net-Long


The fact traders are net-long suggests Spot Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.


1) EUR/USD


EUR/USD is hovering above 1.1150, the lowest in two weeks as Chinese media reported that the country is no longer interested in talks with the US after the latter blacklisted Huawei. US Consumer Sentiment beat with 102.4.


R3 1.1209 R2 1.1197 R1 1.1178

PP 1.1166

S1 1.1147 S2 1.1135 S3 1.1116


18th May - Forex Technical & Market Watch

2) GBP/USD


GBP/USD hits the lowest levels since January, below 1.2750. The UK's Labour Party said there is no point in talking with a government about to collapse. UK PM May is set to step down in June.


R3 1.2874 R2 1.2842 R1 1.2776

PP 1.2744

S1 1.2678 S2 1.2646 S3 1.258


3) XAU/USD


Gold prices accelerated to the downside today and particularly after the beginning of the American session, resuming the bearish move. The yellow metal is falling for the fourth day in-a-row and it is down almost $30 from the weekly high.


R3 1299.92 R2 1294.41 R1 1286.11

PP 1280.6

S1 1272.3 S2 1266.79 S3 1258.49


4) CRUDE OIL


Prices of the barrel of WTI are clinging to the positive territory at the end of the week, managing to retake the $63.00 mark although losing some shine near $63.60.

Disclosure :- The author does not hold any forex trading account while writing.

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Image by Andrew Neel

FOREX - CRYPTOCURRENCY

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