Today the focus is on Boeing’s woes, oil facing uncertainty, and the return of the J&J vaccine to Europe.
The US Department of Labor releases its weekly Initial Jobless Claim measurement. Forecast: 617K. If the data is higher than expected the USD will receive a negative push.
Assets to trade: AUD/USD, USD/JPY, USD/CAD
The US watchdog will review Federal Aviation Administration’s decision to unground Boeing 737 MAX. Affects Boeing
The resurgence of COVID-19 in India dents the oil demand outlook. Affects Brent
European countries resume J&J vaccine delivery. Affects Johnson & Johnson
Netflix subscriber growth falls as the pandemic boom recedes. Affects Netflix
Deutsche Boerse to de-list Coinbase from Frankfurt stock exchange and Xetra trading system. Affects Bitcoin
Oil was in a bad place during the pandemic and even rare spikes in demand and optimistic recovery rates didn’t do much to help it. With the recent increase in COVID cases in India, one of the big oil consumers, Brent is diving again.
We can see a newly-formed downtrend, and while it is doubtful that it will last long, we expect the oil price to keep slipping today.
Netflix is moving sideways and is expected to slip in price in the short term.
This pair seems to have found a new price channel, with the higher level being 108.2 and the lower at 107.9. Trade within the channel and keep an eye out for the emergence of a new trend.