News, Trends, & Analytics 30.09.2020

Today, the focus is on negative forecasts for the Russian currency, discussion of the economic stimulus package in the US, as well as the opinions of oil traders.

 

Calendar

12:30 UTC

The report on the US GDP for the second quarter of 2020 will be published. The indicator is forecast to decline by 31.7%. If the real data turns out to be lower, the USD will receive a negative impulse.

Assets to trade: USD/CAD, S&P 500


14:00 UTC

There will be an index of pending sales in the US real estate market for August. Expected value: 3.2%. If the indicator deviates upwards, the USD may receive a positive market response.

Assets to trade: USD/CAD, EUR/USD


14:30 UTC

There will be a report on the change in US crude oil reserves. A 2.3 million barrel decrease in reserves is expected. If the real data is lower, Brent may rise in price.

Assets for trading: Brent, ExxonMobil.


23:50 UTC

Japanese Tankan Sentiment Index for Q3. A drop of 23 points is forecast. A downside deviation will put pressure on the JPY.

Assets for trading: USD/JPY, Nikkei 225.

 

News

Citi analysts believe that the weakening of the Russian ruble will continue. Affects RUB


Google is making concessions about storing customer data to get approval to buy FitBit. Affects Google


Major oil traders Vitol, Gunvor, and Mercuria predict a weak recovery in oil demand. Affects  Brent


Goldman Sachs has joined JP Morgan in establishing a Forex trading hub in Singapore. Affects Goldman Sachs


The economic stimulus package under discussion in the United States may include assistance to airlines. Affects Boeing

 

Technical Analysis

Brent

The largest oil traders in the world, Vitol, Gunvor, and Mercuria, shared their views on the stabilization of the oil market. The management of the companies expects to see a peak in demand for black gold in the next 10 years, while the companies will invest in renewable energy sources.

Against this background, Brent quotes have lost the gained growth points. In addition, the chart of the asset has formed a “flag” pattern, which indicates that the market is preparing to continue the bearish trend.

USD/CAD

Fibonacci levels indicate that the asset may decline in the near future to at least 1.32700. However, from this reference point, the currency pair will begin to recover.

NZD/USD

A “double top” pattern has formed near the 0.68000 resistance level. Also, a breakdown of the upward support level indicates a probable decline in quotations.

NZD/USD on this day in history

  • Since 2000, September 30th has been a trading day 12 times.
  • On 58% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.76%.
  • The downward trend was limited to 0.78%.

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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