Analytics

News, Trends, & Analytics 04.11.2020

Brexit FallOut

Today, the focus is on oil gains, the looming second lockdown, and Britains inability to close an agreement with the EU.

 

Calendar

09:30 UTC

The UK Composite Purchasing Manager index will be released. Forecast at 52.9. If the data is lower, the GBP could fall.

Assets to trade: GBP/USD, GBP/AUD


21:45 UTC

US crude oil inventories will be published. If the new data is higher than 0.890M, oil demand may weaken.

Assets to trade: Brent

 

News

The EU and Britain have failed to reach an agreement on the three most persistent sticking points in talks. Affects FTSE 100


Orders for U.S.-made goods increased in September, but gains could be limited as government money for businesses and workers impacted by the COVID-19 pandemic runs out. Affects S&P 500


Oil prices modestly extended their rally on U.S. election day with a 3% gain as financial markets staged a broad recovery, though quelled by COVID concerns. Affects Brent


Sterling falls as Britain heads into a second lockdown. Affects GBP


U.S. stocks jumped on Tuesday as investors bet that on nominee Joe Biden and a swift deal on more fiscal stimulus. Affects the Dow Jones

 

Technical Analysis

Brent

The anticipation of a second lockdown and further decreased demand for oil could lead to a drop in prices. Quotes have increased over the last few days and could continue if the US crude inventories have decreased.

Brent quotes briefly sank below what was a tentative support level, but a Bullish Engulfing candle has brought it above the line.

Dow Jones

A Three White Knights formation has appeared and created a sharp uptrend that could continue to gain momentum.

Natural Gas

The chart shows a Three Outside Down formation signaling a continued downtrend.

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