Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
This is What We Know So Far
2021-08-26 • Updated
The US Futures dropped on Thursday following some remarks by some of the Federal Reserve members earlier today, including Bullard who repeated his previous statement. Bullard wants to complete QE tapering by the end of Q1 of next year, such scenario is considered as extreme and probably unrealistic. Yet, the market reaction so far is reasonable.
The Dollar index spiked higher across the board, retesting 93.00 resistance area, while futures turned negative. However, eyes are still on the Federal Reserve's chairman Powell later today, which may change the current move.
If Powel kept the door open for a delay, equities are likely to recover, while the dollar might turn negative by the end of the day or by the end of the week. Otherwise, if the Fed stick to its plan to start tapering this year, equities may suffer a notable sell off and may turn negative on the week, while the Dollar Index might break above 93.70 this time.
Amid uncertainty driven by geopolitical events, oil prices surged to record highs. However, a correction in oil prices is observed with a gradual improvement in the situation in the Middle East and an increase in demand. The question facing investors is whether there are prerequisites for further price growth or if everything depends on the dynamics of the political landscape. In this article, we will explore the impact of recent events on the global oil market and the prospects for developing this crucial commodity sector.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports...
In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...
This article uses price action and volume profile techniques to address a fundamental and technical perspective based on the daily chart analysis of spot gold (XAUUSD).