FXTM information and reviews
IronFX information and reviews
Libertex information and reviews
FXCC information and reviews
Markets.com information and reviews
FxPro information and reviews
47 085.73

Record decline in business activity

24 April 2020

The economic situation in the EU is rapidly deteriorating, significantly exceeding analysts forecasts. A report published on Thursday on a change in the level of business activity in Italy, France, Germany and Britain showed an unexpectedly strong deterioration in the situation. As a result, the risk of weakening EUR and GBP continues to increase.

So, with the opening of the European trading session, we are witnessing a weakening of the EUR/USD currency pair. Until the return of quotes above 1.0775, there is a risk of a further decline to 1.0650. The closest technical support level remains at 1.0720.

A similar situation with the GBP/USD currency pair - the lack of demand above 1.2370 led to the appearance of another round of selling. For a more powerful decline, an additional bearish fundamental factor for GBP or a very strong bullish factor for USD is needed. Let me remind you that today there is a lack of news to hit the market, therefore, trading activity may remain within a range.

Now let's move on to the oil market. After a record collapse at the beginning of this week, the bulls managed to regain some of their previously lost positions. At the same time, demand at the level of $18 per barrel remains very weak, since in the United States there is practically no room for storage of oil. All this led to a collapse. As a result, only a significant decrease in the production of "black gold" in the US can stabilize the market in the coming days or weeks.

The recovery in oil prices puts pressure on the USD/CAD pair, but sellers' activity remains weak including against the backdrop of a strengthening USD. Prior to the breakthrough of the technical support area 1.3990–1.4000, there is a risk of renewed growth to 1.4255. As a result, at the moment, selling pressure remain in the zone of increased risk.

We conclude today's review with an analysis of a deal to buy gold. After the breakdown and fixing the price above the technical resistance level of $1715, the trader placed a pending buy order at the level of $1715.0 with a volume of 1 lot. A Take Profit order was placed at the next resistance level - $1735. As you can see now, the price of gold has reached $1,760, which generated a profit of $2,000.



Dollar jumps, gold slumps, stocks nervous
Dollar jumps, gold slumps, stocks nervous

Worries that the US consumer is rolling over were dealt a major blow yesterday after the nation’s retail sales for August overpowered some gloomy forecasts. The retail sales...

17 Sep 2021

Energy is the play: how we get to $100 crude
Energy is the play: how we get to $100 crude

Natural gas futures in Europe and the UK are flying, while our natural gas (NG) CFD (the underlying is traded on the NYMEX) pushed over $5.60 and into 7-year highs...

16 Sep 2021

Are investors sleeping on systematic risk in China?
Are investors sleeping on systematic risk in China?

It’s time to talk about China. The situation is getting dicier as the nation’s second-largest property developer - Evergrande - is on the verge of default. Trading in the company...

16 Sep 2021

Sentiment sours as the S&P 500 tests key support
Sentiment sours as the S&P 500 tests key support

We head to quadruple witching in the US on Friday and notably options expiration (OPEX), and the weakness we see time and again in the week before seems...

15 Sep 2021

Dollar unscathed by soft inflation, equities resume slide
Dollar unscathed by soft inflation, equities resume slide

Dollar takes little damage despite signs US inflation has peaked - Wall Street resumes selloff - all eyes on China contagion risks - Canadian data coming up ahead of elections, gold wakes up...

15 Sep 2021

US inflation under the microscope
US inflation under the microscope

With the Fed having almost locked in a November taper announcement, the question now is whether Chairman Powell will use next week’s policy meeting to give the markets...

14 Sep 2021

Forex Forecasts

OctaFX information and reviews
HotForex information and reviews
XM information and reviews
FXCM information and reviews
Vantage FX information and reviews
Vantage FX
Moneta Markets information and reviews
Moneta Markets

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.