Analytics

News, Trends, & Analytics 27.11.2020

Oil at highs

Today, the focus is on new layoffs at Disney, criticisms of the vaccine from AstraZeneca, and the renewal of the OPEC+ deal.

 

Calendar

07:45 UTC

French GDP report for Q3 2020 will be published. Growth is projected at 18.2%. If the real data turns out to be lower, the EUR rate may come under pressure. The event may cause an increase in the volatility of assets with EUR.

Assets to trade: EUR/CHF, EUR/USD

 

News

Barclays predicts oil company BP shares will rise more than 60%. Affects Chevron


US crude oil inventories dropped by 754 thousand barrels. Affects Brent


Disney will lay off more employees. Affects Disney


AstraZeneca’s COVID-19 vaccine has been criticized. Affects the FTSE 100


The OPEC+ countries have considered the possibility of an increase in oil production, but are likely to postpone this decision. Affects Brent

 

Technical Analysis

Brent

The positivity in the oil market can be called fragile, as it is driven solely by forecasts of a global economic recovery, as well as successes in the development of a vaccine against COVID-19. Perhaps, oil exporters are well aware of this, so they will not announce an increase in production quotas.

Meanwhile, overbought oil may turn into a downward correction. Fibonacci levels allow for a decline to 46.

CHF/JPY

The currency pair may decline as a reversal has begun from the downtrend resistance level.

EUR/JPY

We expect that the currency pair will continue to grow against the background of the formed “Head and Shoulders” pattern.

EUR/JPY on this day in history

  • Since 2000, November 27th has been a trading day 14 times.
  • On 57% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.05%.
  • The downward trend was limited to 0.55%.
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