Daily Market Reports | Amana Capital
See this video for today's outlook on the EUR/USD, Crude oil, DAX 30, Gold prices, and Bitcoin. To join us live, visit the Live trading room at 9 am London time, Monday to Friday.
Main points in today's video:
The EURUSD is trading sideways between 1.1710 and 1.1815, and a break to this range is needed for a new trend to form.
Bitcoin is short-term bullish above $13855 and traders will probably wait for a correction or a break to this week's high before adding to their bullish exposure.
Crude oil is short-term bullish above $56.73.
The downward trend in gold prices will be in place as long as the price is capped at $1252.
The DAX 30 remains bullish above €12982 and could be on its way to €13408.
Watch today's video for more details.
Watch this video for our view on critical markets such as EUR/USD, Bitcoin, Crude oil, DAX-30, and Gold
EURUSD remains short-term bullish above 1.1799, but the trend is fragile, and a break to the 1.1799 low might open the door for a decline towards the November 21 low of 1.1710.
Bitcoin keeps on rising and created a new all-time high in today's session. Traders that are not long bitcoin will probably wait for a pullback in the price to obtain a better risk-reward ratio.
The bullish trend in Crude oil prices is losing momentum, but as long as the price trades above $56.71 a barrel, the bullish trend will remain intact.
Yesterday, gold prices traded below the important 1263 level and this might the end multimonth range trading in prices.
Today, the DAX 30 is under pressure but still within the 12813 - 13200 range that has dominated prices over the last few weeks.
GBPUSD was down by 73 pips on the day by 12:16 GMT as Brexit negations took their toll on sentiment. But I don’t think the decline was as aggressive as portraited in some media outlets. Instead, from a technical point of view, the current downturn is nothing more than a typical correction in a bullish trend, as the price only gave up a bit more than 50% of the returns from last week’s low of 1.3218.
Going forward it would not surprise me if GBPUSD revisits today’s low of 1.3371 as the sentiment is short-term bearish, but looking beyond the next few days, I suspect demand for GBPUSD will outstrip supply in the 1.3218 to 1.3388 interval.
If the price indeed manages to carve out a low above last week’s low of 1.3218, then it would not surprise me if traders will aim for the previous week’s high of 1.3552. However, traders might target the November low of 1.3040 if the price trips stop-loss orders placed below last week’s low of 1.3218.
A second factor causing me to suspect that the British Pound will survive the current ordeal is the net positioning by retail traders. Our client sentiment estimate shows that traders are net-short GBPUSD, with 71% of traders being short the pair. Given the contrarian nature of client sentiment, it suggests to me that GBPUSD should drift higher in the next few days.
See our morning outlook for our view on the EUR/USD, Bitcoin, Gold, Crude oil, and the DAX 30.
- EURUSD trading has been muted over the last 24 hours, but the overall trend remains bullish above the 1.1800 level, and the price could still reach last Friday's high of 1.1940, as long as the trend remains bullish.
- Bitcoin is trying to take out Sunday's high of $11800, but when the demand has cooled and for now, profit taking has kicked in as the coin approached $11800. The overall trend is bullish above last week's low of $8925.
- The price of WTI Crude oil has been drifting lower in the last 24 hours, despite the price approaching the trend defining low of $56.71. On the price trading below last week's low of $56.71, the trend will no longer be bullish, and crude oil price could drift lower in the weeks ahead.
- The stalemate in gold prices remains intact. A break to the $1263 to $1299 range is needed before we suspect volatility will pick up in gold prices.
- The DAX 30 remains sluggish and capped by the November 29 high of 13200. A break to the 13200 high is probably needed for bullish traders to take control over the price action
Watch the video for the details to our view, and don't forget to subscribe to our Youtube channel to receive notifications when new videos have been added.