Analytics

News, Trends, & Analytics 06.02.2020

Will the coronavirus be defeated quickly?

Today, the focus is on Trump’s congressional speech, the growth of the PMI in the UK, as well as the successes in creating a coronavirus vaccine.

 

News

Trump made a State of the Union speech. Affects USD


Oil rose amid reports of progress by scientists in the fight against coronavirus. Affects Brent


The UK PMI rose to 53.3 points above its forecast of 52.4. Affects GBP


The Russian Minister of Health said that it would take 8-10 months to create a full-fledged vaccine against coronavirus. Affects Hang Seng


Turkey and Russia agreed to better coordinate their actions in Syria. Affects Gold

 

Calendar

08:00 GMT

ECB President Christine Lagarde will deliver a speech. An event that may cause an increase in EUR volatility.

 

Technical Analysis

Brent

Recall that the spread of coronavirus in China and other countries had a painful impact on the oil market. Brent quotes since the beginning of the year lost more than 20% to date. Therefore, it is not surprising that even the slightest hint of the imminent appearance of a vaccine leads to the fact that traders begin to buy black gold.

The news background helped the quotation grow and break through the downward resistance level. An additional bullish signal comes from the double bottom pattern.

USD/NOK

On the USD/NOK chart, there is a head and shoulders reversal pattern. If quotes fall below 9.17500, sellers will likely activate.

Dash

The level of 125 can act as a serious barrier to Dash, but its breakdown will act as incentives for bulls.

 

USD/NOK on this day in history

  • Since 2000, Feb. 6th has been a trading day 15 times.
  • On 53% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.5%.
  • The downward trend was limited to 1.28%.
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