Analytics

News, Trends, & Analytics 29.05.2020

Oil countries want to extend the reduction

Today, in the spotlight, China has passed a resolution on Hong Kong’s national security law, the Tesla has become the market leader in sales in South Korea, as well as the desire of oil workers to extend the OPEC+ agreement.

 

News

The National People’s Congress of China adopted a resolution to draft Hong Kong’s national security law. Affects Hang Seng


France’s unemployment rate rose 22.6% in April. Affects EUR


U.S. senators discuss sanctions against the Russian Nord Stream 2 project. Affects RUB


Saudi Arabia and other oil exporters want to extend the additional cap on production until December. Affects Brent


Tesla Model 3 has become the sales leader in the electric car market in South Korea. Affects Tesla

 

Calendar

09:00 GMT

The EU Consumer Price Index (CPI) will be published. Forecast: 0.1%. Deviation to the lower side will weaken the position of EUR.


12:30 GMT

Canada will publish a monthly report on GDP. A sharp decline of 9% is expected. If the real data is even lower, CAD will receive a negative impulse.


15:00 GMT

Fed Chairman Jerome Powell will deliver a speech. This event may cause an increase in trading volatility.

 

Technical Analysis

Brent

They started talking about the reversal of the cost of oil after China and the United States again began to make mutual claims. However, now the situation is trying to keep Saudi Arabia, which wants to prolong the OPEC+ agreement immediately before the end of the year. Information is probably nothing more than verbal intervention and is unlikely to help the bulls.

Meanwhile, the candlestick chart of the asset on the daily chart formed the “bearish absorption” model near the resistance level of 37. We expect a drop in quotes.

NTA 29.05 - EN_0

EUR/JPY

The asset can reverse away from the resistance level of 119. In addition, the Stochastic chart is in the overbought zone.

NTA 29.05 - EN_0

Bitcoin

The price of this cryptocurrency has stood above the support level of 8800 and exceeded the moving lines of the Alligator indicator. It is possible to achieve a short-term growth scenario up to 9800.

NTA 29.05 - EN_0

 

EUR/JPY on this day in history

  • Since 2000, May 29th has been a trading day 14 times.
  • On 42% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.88%.
  • The downward trend was limited to 1.2%.
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