Analytics

News, Trends, & Analytics 07.02.2020

Oil returned to its decline

Today, the focus is on the drop in sales in Australia, the speech by the head of the ECB, as well as the resumption of the bearish trend in oil.

 

News

Reduced retail sales in Australia. Affects AUD


The head of the ECB noted a decrease in unemployment in the EU to 2008 levels. Affects EUR


China will reduce duties on some US products. Affects S&P500


Oil is declining, despite the recommendations of the OPEC+ technical committee to reduce the volume of crude production. Affects Brent


The Trump impeachment case ended with the acquittal of the American leader. Affects USD

 

Calendar

10:30 GMT

The Central Bank of Russia will announce the decision on the interest rate. It is expected that the indicator will be revised down to 6.00%. If this is the case, the RUB may come under pressure.


13:30 GMT

A report will be published on the change in the number of people employed in the non-agricultural sector of the United States. If the amount exceeds 160 thousand, the USD will receive a growth impulse.


15:00 GMT

The data on the index of business activity in Canada. The forecasted value is 53.3 points. Deviation up will help the CAD course grow.

 

Technical Analysis

USD/RUB

The Russian currency may be immediately under two pressure factors. Firstly, the drop in oil prices, despite verbal intervention from the OPEC countries, is itself very suspicious. Secondly, the weakening of credit policy by the central bank also leads to a weakening ruble.

An additional signal for the growth of USD/RUB came from the chart, which successfully bounced up from the rising support level.

Bitcoin

On the hourly time frame of the cryptocurrency’s chart, a sell signal appeared from the Stochastic indicator. Nevertheless, the strategic goal in the form of the level of 10,000 has still not achieved, but in the short term, a downward correction of the asset is a more likely scenario.

Boeing

During yesterday’s trading, the stock chart broke a downward resistance level, so the asset may begin to recover after a long fall.

 

Brent on this day in history

  • Since 2000, Feb. 7th has been a trading day 15 times.
  • On 40% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 4.22%.
  • The downward trend was limited to 2.79%.
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