Analytics

News, Trends, Analytics 06.11.2019

Iran continues to reject the nuclear deal

Today traders will focus on Tesla’s China strategy, U.S. withdrawal from the Paris Agreement on climate and Iranian nuclear ambitions.

 

News

Iran promises to partly roll back its commitments to nuclear deal. Affects Brent


Tesla is going to obtain a Chinese car manufacturing license by the end of the year. Affects Tesla


Wilbur Ross, the U.S. commerce secretary, said negotiators made progress in trade talks with China. Affects S&P500


Russian Ministry of Finance reported a low level of loans, which allowed to keep the level of inflation under control. Affects the RUB


The U.S. officially began the process of withdrawing from the Paris Agreement on climate. Affects Brent

 

Calendar

15:00 GMT

Canada releases its PMI. The previous reading was 48.7 points. If the new result is higher it will provide the CAD with a positive stimulus.


15:30 GMT

The US Crude oil inventories report. Analysts expect an increase of 2.7 mln barrels. If the result is lower, Brent price may decline.

 

Technical analysis

Brent

Both the Iranian issue and the progress made during trade negotiations between the U.S. and China have strong bullish impact on black gold. The rejection of the nuclear deal by the Islamic Republic of Iran may provoke further U.S. sanctions, which will affect the export of Iranian oil.

Technical analysis shows that Brent might soon decline, as soon as the chart has reached the ascending resistance level. Besides, one of the Fibonacci fan’s lines puts the asset under pressure.

https://lh3.googleusercontent.com/5Uc-EJm7ptm73LuFIFIpN4ZuHSq93K9GDD1qGugHCNWJ5-COp2nrZTVxiRVX0ySMRXtMUCFFNf_PzVoH5VmSpsMz2MlhyUJSlyD1efKNGVNmLWJ2EO_lxcn1oHPUt0bzOG3bLGH3

EUR/JPY

The currency pair might reach the level of 120,300 quite soon, as the asset is keeping to the channel limits.

https://lh6.googleusercontent.com/oJLVv_ZHnk_xv6OYDUTsuLHBu7m12bBhGlf0uaZDIMNazqSYje7wLgkhRc-dijKaPkCiWESgM-gH9BBNGFAXCYj3YGCr4nt8ml7Lqbg0FysUseJInZriN9Pu4lkGkWIouxl9Nj7Z

Litecoin

The cryptocurrency is among the most actively growing ones. The chart has formed an inverted “Head and shoulders” pattern, which may accelerate growth.

https://lh4.googleusercontent.com/mU4YMD-PQwZviYNOjKIuf3clOawQN9LZddw8JG5khrxbeIHDIapQBi-c-gZ9ZVr9F7plbzKoP3tNUeVA1hPpOF5QVt4--3KW0OpmPYFZXBEOc-8N_OtX2hpMQFk0-MTQwza_hr3l

 

Gold on this day in history

  • Since 2000, November 6 has been a trading day 14 times.
  • On 57% of those days, the asset ended with growth.
  • The maximum reinforcement range was 2.19%.
  • The trend down was limited to 1.39%.
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