News, Trends, & Analytics 21.10.2020

Today, the focus is on OPEC+ promises to support the oil market, the excellent results of Procter & Gamble, as well as forecasts for the oil market from the IMF.

 

Calendar

12:30 UTC

Core CPI for Canada will be released. If the reading falls below 0, the CAD will receive negative momentum.

Assets to trade: USD/CAD, CAD/CHF


14:30 UTC

The report on changes in US crude oil reserves will be published. A slight decrease in reserves is expected by 240 thousand barrels. If the real data show an increase in the indicator, Brent may decline.

Assets to trade: Brent

 

News

The US Department of Justice has filed the largest antitrust lawsuit in history against Google. Affects Google


The EU and the UK have called on each other to compromise on the terms of the trade deal, but there is still no progress. Affects GBP


OPEC+ countries agreed to support oil prices amid the risk of lower demand. Affects Brent


EPS Procter & Gamble significantly outperformed forecasts. Affects Procter & Gamble


The Hong Kong Stock Exchange has approved the IPO of Ant Group, a subsidiary of AliBaba. Affect AliBaba

 

Technical Analysis

Google

The US Department of Justice has filed the largest legal action in history against Google. The accusation is based on the fact that the search engine dominates the market, that is, it maintains a monopoly through anti-competitive and prohibitive practices.

The news did not cause a panic sell-off, however, the shares may still drop to 1500, since the SMA with a period of 20 on the 1 day timeframe is passing near the indicated mark.

GBP/CAD

The chart of the currency pair has broken through the lower border of the channel. The activation of sellers is possible.

EUR/USD

If the asset gains a foothold above 1.18500, traders will receive a buy signal, as the upward resistance level will be broken.

 

EUR/USD on this day in history

  • Since 2000, October 21st has been a trading day 12 times.
  • On 42% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.86%.
  • The downward trend was limited to 2.14%.

Risk warning:

The information provided does not constitute a recommendation to carry out transactions. When using this information, you are solely responsible for your decisions and assume all risks associated with the financial result of such transactions.

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