Amega daily market overview & news alerts

[AmegaFX]

BRENT overview 14.06.2021

Oil rises on increased demand.

Oil continues to rise steadily supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns accelerate worldwide. The price is driven up by the combined effect of demand optimism and OPEC+ supply cuts. Motor vehicle traffic is returning to pre-pandemic levels in North America and much of Europe which together with plans to donate of 1 billion vaccine doses to poor nations increases oil demand expectations. If the inoculation of the global population accelerates further, that could mean an even faster acceleration in oil demand. The International Energy Agency (IEA) said on Friday that it expected global demand to return to pre-pandemic levels at the end of 2022. The OPEC+ group has been restraining production to support prices – adding to the bullish pressure on oil.

Next resistance to watch – 74.72

 

[AmegaFX]

GOLD 15.06.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 1905.61-1901.11 and it is going to the target zone №2 1950.61-1946.11. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1867.75-1863.25. 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 1867.75-1863.25 (500 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 FED Interest Rate Decision announcement and its impact on EURUSD & other USD pairs.

 

[AmegaFX]

USDCAD overview 15.06.2021

Canadian dollar falls as copper prices slide.

USDCAD under the bullish pressure today under the effect of the strengthening bearish Canadian dollar sentiment as the copper prices fell to seven-week lows. Copper fell 3.6% as traders cut bets on higher prices due to growing concerns that China, which is top consumer of copper, would soon move to curb further price rises. Canadian dollar is under the bearish pressure as a result of this because Canada is a major exporter of commodities, including copper and oil. The pair is also dragged up on mild U.S. dollar bullishness as investors are waiting for guidance from the Federal Reserve on prospects for its bond-buying program.

Next resistance to watch – 1.2205

 

[AmegaFX]

AUDUSD 16.06.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 0.77455-0.77365 and it is going to the target zone №2 0.78355-0.78265. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 0.76855-0.76765. 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 0.76855-0.76765 (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 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 Australian Unemployment Rate announcement and how could it affect AUDUSD & other AUD pairs.

 

[AmegaFX]

GOLD overview 16.06.2021

Gold retains bearish bias ahead of Fed.

Gold under the mild bearish pressure today as investors are waiting for any signs of early tapering from the U.S. Federal Reserve meeting later today. In a new policy statement and economic projections due today, the Fed is expected to acknowledge the first conversations among its policymakers on when and how fast to pare back its massive bond-buying programme. The market is looking for any hawkish signals so they would be more likely to move gold prices. Data on Tuesday showed U.S. retail sales dropped more than expected in May. This comes on the back of recent data showing a spike in U.S. consumer prices, which have raised concerns over rising inflation. Market participants will be focused on any comments over inflation risks – inversely correlated to gold prices.

Next support to watch – 1843.00

 

[AmegaFX]

USDCHF 17.06.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 0.90430-0.90324 and it is going to the target zone №2 0.91523-0.91414. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 0.89834-0.89729. 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 0.89834-0.89729 (120 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]

EURUSD 17.06.2021

EURUSD slammed by hawkish Fed.

EURUSD falling strongly today under the powerful bearish U.S. dollar sentiment as the markets are reacting to the latest comments from the Fed in which is projected faster timetable for interest rate rises – sending bond yields and the dollar sharply higher. Officials moved their first projected rate increases to 2023 from 2024. The Fed also signalled it would now be considering whether to taper its $120 billion-a-month asset purchase programme meeting by meeting, and downgraded the risk from the pandemic given progress with vaccinations. The more hawkish changes to FOMC participants rate path expectations came despite little change in the 2023 unemployment rate and inflation forecasts. This suggests less tolerance for an inflation overshoot than previously thought – signalling further dollar gains ahead and losses for EURUSD.

Next support to watch – 1.1939

 

[AmegaFX]

EURUSD 18.06.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 1.23556-1.23388 and it is going to the target zone №2 1.25528-1.25086. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1.22114-1.21951. 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 1.22114-1.21951 (180 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.