Analytics

News, Trends, & Analytics 04.02.2020

Great Britain has left the EU

Today, the focus is on OPEC plans to reduce production volumes again, the revitalization of the Turkish army in Syria, as well as the new life of Britain.

 

News

Great Britain has left the EU. Affects FTSE 100


OPEC countries plan to reduce oil production by 500 thousand barrels per day. Affects Brent


Turkey retaliated against Syrian government forces. Affects TRY


After the New Year holidays, Chinese exchanges opened with a sharp collapse. Affects Hang Seng


Business activity is growing in France and Germany. Affects EUR

 

Calendar

09:30 GMT

The UK Construction PMI – the index of business activity in the construction sector will be published. A result above 46.6 will positively affect the dynamics of GBP.


21:45 GMT

A report on Employment Changes in New Zealand for the IV quarter of 2019 will be released. The expected growth rate is 0.4%. If it is lower, NZD may decline.

 

Technical Analysis

GBP/USD

Britain left the EU an hour before midnight on January 31. Now the country has to debug external trade relations, including with the EU. Against this background, some large companies have chosen to move their headquarters from the UK, but experts do not predict serious problems for London.

GBP/USD is showing signs of an “expanding triangle” pattern. For this reason, in the near future, we can expect a decrease to at least 1.29800. At the same time, a continuation of the downtrend remains likely.

USD/RUB

The resumption of the bullish trend for USD/RUB is expected because of the Fibonacci level 63.25.

USD/NOK

USD/NOK broke through an important resistance level of 9.23, so the uptrend can continue.

 

USD/NOK on this day in history

  • Since 2000, Feb. 4th has been a trading day 15 times.
  • On 53% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.91%.
  • The downward trend was limited to 2.31%.
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