Tag Archives: Forex Indicies

EURUSD remains in bullish trend but could see early pull back next week

EURUSD is breaking to new short-term highs. Price is in a bullish trend and is making higher highs and higher lows. EURUSD has reached a major resistance trend line while the RSI on a daily basis is now in overbought levels. A pull back is justified early next week.Red line – major resistance trend lineBlack lines- bearish channelEURUSD has reached the major resistance trend line. The RSI is at overbought levels. Price will most probably pull back next week after the sharp rise from 1.09 to 1.13. EURUSD should normally pull back towards 1.12-1.1150 area. Such a pull back would not do any harm to the bullish case.EURUSD is expected to pull back towards the 38% Fibonacci retracement area. EURUSD will most probably pull back towards the rising tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). For now these two indicators provide support at 1.1120-1.11 near the upper cloud boundary. It is common to see prices pull back for a back test after a cloud break out. However I do not believe at this stage the pull back will be so much deep. There is no bearish divergence even in the 4 hour chart and that is why I…

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Oil Futures Settle Sharply Higher On Jobs Data, Production Cut Hopes

Crude oil prices moved up sharply on Friday amid optimism about increased energy demand after data from U.S. Labor Department showed a higher than expected job additions and smaller-than-expected increase in unemployment in the month of May. Also, with several businesses across the global reopening after several weeks of lockdown, and the European Central Bank deciding to substantially expand its bond-buying program to support the economy, it is expected that energy demand will see a notable surge over the course of coming months. Further, traders were also betting on hopes the OPEC will consider extending record production cuts beyond the end of this month. According to Russia’s energy ministry, a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday. West Texas Intermediate Crude oil futures for July ended up $2.14 or about 5.7% at $39.55 a barrel. Brent Crude futures were moving up by about $2.10 or 5.2% at $42.10 a barrel. According to sources from OPEC, Saudi Arabia and Russia have agreed to extend deeper cuts until the end of July. The sources added that there is a possibility of the reductions being extended until the end of August. Meanwhile,…

U.S. Government Data Shows Unbelievable Rebound In Employment In May

A closely watched report released by the Labor Department on Friday claimed employment in the U.S. unexpectedly showed a substantial rebound in the month of May. The Labor Department said non-farm payroll employment jumped by 2.51 million jobs in May after plummeting by a revised 20.69 million jobs in April. The record spike in employment came as a shock to economists, who had expected the loss of another 8.0 million jobs following the nosedive of 20.5 million jobs originally reported for the previous month. Employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade, according to the Labor Department. Most other sectors also saw rebounds in employment, although government employment tumbled by another 585,000 jobs, mostly reflecting local governments laying off teachers. The Labor Department claimed the improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain the spread of the disease. James Knightley, Chief International Economist at ING, called the data “simply astonishing given the slow pace of reopening and the fact that more than 12 million people filed a new unemployment claim during the…