Amega daily market overview & news alerts

[AmegaFX]

BRENT 02.06.2021

Oil rises after fire in Gulf of Oman.

Oil continues to rise today – after the price corrected down from the major resistance level 71.00 – after Iran’s largest navy ship the Kharg sank after catching fire in the Gulf of Oman. Iranan state TV said the fire on Iran’s highest-tonnage naval vessel started earlier today near the Iranian port of Jask. The Gulf of Oman connects to the Strait of Hormuz where about a fifth of the world’s oil passes – adding to concerns about oil delivery in the region and pushing the prices further. Oil is also pushed higher by the expectations of the increased demand on the reopening of the economies in the upcoming summer holidays period.

Next resistance to watch – 71.00

 

[AmegaFX]

USDCAD 03.06.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.21404-1.21242 and it has a potential to reach the target zone №2 1.19804-1.19646. The best prices to try to have a short position are the control resistance zone 1.21899-1.21736. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.21899-1.21736 (175 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

 

[AmegaFX]

Don’t miss the upcoming US Nonfarm Payrolls announcement as it is likely to cause financial market volatility.

 

[AmegaFX]

GOLD overview 03.06.2021

Gold falls on lower U.S. jobless claims.

Gold falling strongly today after initial claims for state unemployment benefits fell below 400,000 last week for the first time since the COVID-19 pandemic started more than a year ago. This is pointing to a strengthening labour market and boosting the dollar – leading to the wide scale closing of the previously initiated gold longs. Gold is expected to move downwards over the next six to 12 months on expectation Fed will start to move toward hiking interest rates – in response to the heartening US economy. Focus now turns to key U.S. non-farm payroll numbers due on Friday – with better than expected number expected to drive gold price further down.

Next support to watch – 1870.00

 

[AmegaFX]

NZDUSD 04.06.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 0.71260-0.71165 and it has a potential to reach the target zone №2 0.70310-0.70215. The best prices to try to have a short position are the control resistance zone 0.72303-0.72208. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 0.72303-0.72208 (105 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

 

[AmegaFX]

EURUSD overview 04.06.2021

EURUSD rises on lower Nonfarm Payrolls.

EURUSD rising today under the effect of the weaker U.S. dollar as the markets are reacting to the latest release of the USA Nonfarm Payrolls data – which showed that US gained only 559K jobs in May – much lower than 664K expected by the economists. The data still indicates gradual economic recovery in USA – meaning the Fed will retain status quo for now – adding to the bearish pressure on U.S. dollar and driving the pair up. The improving public health situation and massive fiscal stimulus are supporting the economy with half of the American population has been fully vaccinated – which still means the upward gains can be temporary for EURUSD.

Next resistance to watch – 1.2216

 

[AmegaFX]

EURUSD 07.06.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.20903-1.20815 and it has a potential to reach the target zone №2 1.20023-1.19935. The best prices to try to have a short position are the control resistance zone 1.22007-1.21919. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.22007-1.21919 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

 

[AmegaFX]

BRENT overview 07.06.2021

Oil rises on oil output restraint.

Oil rising today as the traders are responding to signs of continued output restraint, especially from the U.S. shale sector, which is expected to lead to a further reduction in inventories over the second half of the year. Since the start of last week, front-month crude futures prices have risen to multi-year highs, as the market signals the need for an increase in output. The output has still be restrained by some of the key exporters – driving the prices up. Besides this OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general said on Monday, suggesting the demand can outstrip the supply in the near-term perspective – which is a bullish signal for the oil.

Next resistance to watch – 74.00

 

[AmegaFX]

GBPUSD 08.06.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 1.42436-1.42264 and it is going to the target zone №2 1.44156-1.43984. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1.40764-1.40592. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.

Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone 1.40764-1.40592 (190 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current maximum. If this maximum changes by n points the zone should also be shifted n points up. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

 

[AmegaFX]

Watch out for the upcoming Bank of Canada Interest Rate Decision announcement and its impact on USDCAD & other CAD pairs.