Analytics

News, Trends, & Analytics 03.04.2020

Has oil reached the bottom?

Today, the focus is on disturbing data from the US labor market, Boeing plans, as well as a sharp increase in oil prices.

 

News

Russia and Saudi Arabia may start a dialogue on the crisis in the oil market. Affects Brent


Investors are waiting for alarming data in today’s report on jobs created outside the US agricultural sector. Affects USD


The International Energy Agency expects the oil crisis to spread to other parts of the energy sector. Affects Natural Gas


French Finance Minister Bruno Le Maire called for new mechanisms to stimulate the economy. Affects EUR


Boeing offers its employees to resign voluntarily and receive compensation. Affects Boeing

 

Calendar

08:30 GMT

The index of business activity in the UK services sector will be released. The forecast is 34.8 points. If the real data is lower, the GBP will come under pressure.


12:30 GMT

A report will be published on the change in the number of people employed in the non-agricultural sector of the United States. A reduction of 100 thousand is expected. If the data is lower, the USD will receive a strong negative driver.


14:30 GMT

An updated index of procurement managers for the US non-manufacturing sector from ISM will be released. Forecast: fall to 44 points. In the case of a lower indicator, USD may begin to decline.

 

Technical Analysis

Brent

Statements by the American president about the possible resumption of dialogue between Russia and Saudi Arabia led to a sharp rise in oil prices. A little later, information appeared that Russia does not plan to increase the current volume of extraction of raw materials.

The asset chart has shaped like a double bottom pattern. Bulls will be activated if quotes reach the level of 28.60.

NTA 03.04- EN_0

Bitcoin

The cryptocurrency’s chart formed a “triangle” figure, which against the backdrop of a global downtrend may indicate the intention of traders to continue sales.

NTA 03.04- EN_0

GBP/AUD

The asset can break through to a strong resistance level of 2.07500, which is highly likely to abruptly change the trend.

NTA 03.04- EN_0

 

GBP/AUD on this day in history

  • Since 2000, Apr 3rd has been a trading day 14 times.
  • On 73% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.82%.
  • The downward trend was limited to 0.66%.
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