Analytics

News, Trends, & Analytics 06.08.2019

Oil under the influence of trade confrontation between China and the United States

China’s currency has fallen upsetting President Trump, Oil prices fell due to fears around demand, & Turkey wants to be closer with Asia.

 

News

Foreign Minister Mevlut Cavusoglu said on Monday, Turkey wants to expand its diplomatic presence in Asia as the region becomes the economic center of the world, adding that the initiative did not mark a shift away from Western allies. Affects TRY


Calling it “a major violation” U.S. President Donald Trump slammed China’s decision to let its yuan currency breach the key seven-per-dollar level for the first time in more than a decade. Affects Gold


Aa new blockchain network aimed at improving manual and cumbersome supply chain management was announced by International Business Machines Corp (IBM.N) on Monday. Affects IBM


Oil prices fell on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Affects Brent


The European Commission is ready to talk with British Prime Minister Boris Johnson, though the deal reached on Britain’s withdrawal from the European Union is the “best possible” and is not up for negotiation. Affects GBP

 

Calendar

11:00 GMT

In Brazil, the BCB Copom Meeting Minutes will be released. Minutes of the Monetary Policy Committee (Copom) meeting of the Central Bank of Brazil. Affects ETF MSCI Brazil.


14:00 GMT

The U.S. JOLTs Job Openings for June will be published. It collects data from employers about their businesses’ employment, job openings, recruitment, hires, and separations. Affects USD.

 

Technical analysis

Brent

Investors are selling oil against a background of negative news. The decline in the US stock market, problems in torus relations between Washington and Beijing can lead to a significant weakening in commodity prices.

Oil has broken through a number of support levels. Ahead is the latest support at the level of 60.00

Bitcoin

The RSI on the daily timeframe does not yet show Bitcoin as overbought, so the asset could grow to 12,500-13,000.

EUR/USD

The currency pair is likely to bounce off the level of 1.12000. This line previously represented the base of the figure Head and Shoulders

 

EUR/USD on this day in history

  • Since 2000 August 6th has been a trading day 14 times.
  • On 53% of those days, the asset ended with growth.
  • The maximum reinforcement range was 1.82%.
  • The trend down was limited to 1.44%.

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