Analytics

News, Trends, & Analytics 21.01.2020

Oil reacts to events in Libya

Today, the focus is on rising unemployment in Hong Kong, the economic forum in Davos, and the situation in Libya.

 

News

The closure of Libyan oil fields provokes the growth of black gold. Affects Brent


Tehran is still ready to continue negotiations on a nuclear deal. Affects Brent


In Hong Kong, unemployment has risen. Affects Hang Seng


France plans to resolve the digital tax dispute before Wednesday. Affects Google


The World Economic Forum kicks off in Davos. Affects Gold

 

Calendar

09:30 GMT

Average Earnings Index will be released – a report on the average wage level including bonuses in the UK. The expected rate of change is 3.1%. If real data is lower, GBP may decline.


10:00 GMT

The ZEW Economic Sentiment index for Germany will be published. A slight increase of 15 points is expected. Deviation upwards will positively affect the EUR.

 

Technical Analysis

Brent

The confrontation between the military and the government of national accord in Libya could develop into a full-fledged civil war. However, last weekend in Berlin, a meeting of leaders of several countries, as well as key figures of Libya took place. The parties were able to agree on a ceasefire. Though, information about the shutdown of some oil fields heated the bulls’ appetites for black gold.

According to the Fibonacci retracement levels at 65.13, asset sales are expected, while at 63.94 traders will be prone to purchases.

Bitcoin

The rays of the Fibonacci fan show that the cryptocurrency is at the support level. Therefore, asset growth is more likely. The direction of the trend is the price zone near 9500.

GBP/JPY

Quotes of the pair may drop to 141,250 after a reversal from 144,350.

 

GBP/JPY on this day in history

  • Since 2000, January 21st was a trading day 13 times.
  • On 53% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.88%.
  • The downward trend was limited to 1.49%.
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