Analytics

News, Trends, & Analytics 3.06.2020

Oil rises in price on expectations

Today, the focus is on the comments of the British Foreign Minister, Trump’s promises, as well as the expectation of OPEC+ results.

 

News

Iraq will adhere to the OPEC+ agreement, despite financial difficulties. Affects Brent


The British Foreign Secretary, Dominic Raab, said the Hong Kong National Security Act undermines the principle of “One Country, Two Systems.” Affects GBP


Protests continue in the U.S., and President Trump promises to send troops. Affects USD


Apple has reduced the price of the iPhone in China. Affects Apple


The European Union is not against inviting Russia to participate in the G7. Affects RUB

 

Calendar

12:15 GMT

There will be a report on the change in the number of unemployed in the U.S. non-farm sector from ADP. An increase of 9 million is projected. A deviation lower may affect the USD.


14:00 GMT

The ISM U.S. Purchasing Managers Index will be published. It is forecast at 44 points. Exceeding the forecast will positively affect the USD.


14:30 GMT

There will be a report on changes in crude oil reserves in the United States. Growth is projected at 3.3 million barrels. A higher value will lead to a drop in Brent quotes.

 

Technical Analysis

Brent

The stabilization of the oil market is largely due to the gradual restart of the global economy, as well as the growth of production activity in China. Nevertheless, the focus is on the results of the OPEC + meeting, which will be held on June 4-5. For this reason, traders may prefer caution and begin to close buy transactions.

If Brent quotes break through the psychological level 40, the next target for the bulls will be the upper range of the gap – the level of 45.30.

NTA 03.06 - EN_0

EUR/USD

Fibonacci levels indicate a likely continuation of its upward trend to 1.13000.

NTA 03.06 - EN_0

EUR/JPY

The asset has reached a resistance level of 121,400. High probability of a downward correction.

NTA 03.06 - EN_0

 

EUR/JPY on this day in history

  • Since 2000, June 3rd has been a trading day 13 times.
  • On 61% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.61%.
  • The downward trend was limited to 0.38%.
Related posts
© 2014 - 2020 Olymp Trade. All Rights Reserved.