Best Trade Ideas for April
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
Trading Opportunities on August 16-20
Information is not investment advice
In this article, we will discuss oil, EUR/USD movements during the past week and try to find short- and long-term trading opportunities.
Oil
Oil demonstrated a positive dynamic during the past week after the massive drop. Data from the US Energy Information Administration on Wednesday showed that fuel demand of the top global crude user has averaged 20.6 million barrels per day (BPD) over the past four weeks, roughly in line with 2019 levels. OPEC agreed to boost oil supply by 400,000 BPD monthly, starting in August. However, there are still concerns that the increase will not be enough to meet demand as the US and Europe ease their coronavirus-induced movement restrictions.
In this case, $73 and $75 levels are the main targets for the upcoming week. You can find more relative technical analysis in the previous article related to oil.
Daily XBR/USD chart
EUR/USD
The currency pair came to the highly important support level at 1.171 after the US employment announcement.
The price has formed a “head and shoulders” pattern and 1-2-3 pattern, both point us to the upcoming decline with the target at 1.12. In short term, we expect to see a pullback up to 1.18 according to RSI and MACD oscillators. In this case, the price will retest the neckline and confirm the pattern. Let’s check both patterns!
Daily chart, “Head and shoulders”
If the price retests neckline from the bottom and bounces off it, the “head with shoulders” patter will be confirmed.
Daily chart, “1-2-3 pattern”
With the RSI divergence, the chart has formed a 1-2-3 pattern. The target measures as the vertical line connecting the 2-pivot point level and the middle point on the line between 1 and 3 pivot points. As soon as the price breaks through the 1.17 support level the pattern will be confirmed.
Similar
CAD Might Weaken As Oil Market Plunges
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Bitcoin & Gold - Safe Haven Amid Bank Crisis
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Popular
What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Will Australia's "Rampant Inflation" Prevail in May?
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
How Will BoJ Meeting Affect the Yen
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
Choose your payment system
