Analytics

News, Trends, & Analytics 19.07.2019

The Iranian military seized an oil tanker in the Gulf

Boeing is still being benched by U.S. airlines, The U.S. economy still looks strong, & Iran seized an oil tanker.

 

News

Oil initially rose after Iran said it had seized a foreign tanker in the Gulf, but as it emerged that the vessel had only a small cargo and was detained for fuel smuggling, prices gradually lost their gains. Affects Brent


Southwest Airlines Co joined U.S. cohorts canceling more flights until early November due to the continued grounding of Boeing Co’s 737 MAX. Affects Boeing


The number of Americans filing applications for unemployment benefits increased moderately last week, while other data showed factory activity in the mid-Atlantic region rebounded sharply in July. Affects the USD


U.S. Treasury Secretary Steven Mnuchin is quoted as saying, U.S. and Chinese officials would hold a telephone call late on Thursday that could lead to further in-person trade talks. Affects the S&P500


Group of Seven finance ministers and central bankers said on Thursday, digital currencies such as Facebook’s proposed Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world’s financial system. Affects Bitcoin

 

Calendar

12:30 GMT

The Candian Core Retail Sales (MoM) for May will be released. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy. Affects CAD.

 

Technical analysis

Brent

The escalation news out of Iran had an impact on the oil market. Quotes saw 1% growth, but the weakness of the asset in recent days had a decisive impact in the end.

This chart shows the 0.5 Fibonacci fan ray. The continuation of the downward trend seems likely.

USD/CHF

The asset could break the trend. This is evident by the inverted “head and shoulders” figure. In the near future, the pair could breakthrough to 0.99.

USD/RUB

The US dollar may strengthen against the Russian ruble for two reasons; first, the decline in oil prices, and the appearance of the head and shoulders pattern.

 

USD/RUB on this day in history

  • Since 2000 July 19th has been a trading day 12 times.
  • On 34% of those days, the asset ended with growth.
  • The maximum reinforcement range was 1.11%.
  • The trend down was limited to 1.25%.

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