简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Weekly Focus of Currency and Commodities Market (22 May):GBP、EUR、Gold、Oil
GBP bottom of G-10
The pound has shown extreme weakness due to a No deal Brexit, and a non- desirable interest rate talks after the GBP performed badly in May by losing 4% of its value against the USD and 3% against the EUR.
It sank to a low of $1.2073, making it the third weakest currency, only slightly ahead of the NZD and Norwegian Krome.
Analysis
The British pound broke down during the early part of the trading session on Thursday, slipping through the low of the shooting star during the day on Wednesday, and that suggests that we could go lower shorting the pound.
However, we have had a little bit of a bounce back during the trading session and that shows just how resilient and tough the British pound is trying to be.
Keep in mind that this pair is sensitive to the risk appetite of traders around the world, as the Japanese yen is considered to be a “safety currency based on the current pandemic.”
Furthermore, the British pound of course has to deal with the Brexit situation and all of the noise involving the coronavirus numbers in the United Kingdom.
GOLD FLOODED BY INVESTORS DUE TO COVID-19 PANDEMIC
Gold, a safe haven Commodity, dropped sharply in March due to the Pandemic as can be expected.
However, it rallied swiftly in April, trading above the $1700 mark as a result of concerns on COVID-19 fears from Investors.
The gold futures contract gained 0.37% on Wednesday as it continued to fluctuate after reaching new monthly high of $1,775.80 on Monday. It has retraced almost all of its downward correction from April 14 high of $1,788.80. The market is extending over month-long consolidation, as we can see on the Weekly chart:
The German Chancellor, Angela Merkel alongside French President Emmanuel Macron have agreed on a €500 billion recovery fund for the EU states worst hit by the COVID-19 pandemic.
Europe‘s response to the economic turmoil brought about by the global coronavirus shutdown is about the EU’s financial unity.
The EUR dropped 3.5% this year to $1.08, close to its lowest level against the USD since May 2017.
According to the European Commission Forecast, the Eurozone may head for the deepest recession in its entire history, with its Economy expected to contract 7.7% this year.
This reflects the damage caused by the COVID-19 pandemic, the European Southern states.
Analysis
Based on the Daily Charts (EUR/USD) the EUR went back and forth on Thursdays trading session, spiking above the 1.10 level as ongoing benefit claims number increases in the US.
The markets are still likely to continue seeing bearish pressure and from the weekly charts below, the major resistance at 1.00013 has been tested and rejected 3 times with a bearish harami in sight.
COVID-19 pandemic and Oil
The impact of the COVID-19 on major oil consuming countries like China. India, saw a huge dip on oil consumption, sinking Oil prices to its lowest in decades is now on a rally following the Chinese re-opening for business.
However, caution must be taken as it is a vast distance from Lockdown to Recovery. China is known for its tourist attractions amongst many others, asides from being the Second largest Oil consuming countries and even though flights and travels, both domestic and international looks to be picking up, it is still roughly half of Last years volumes.
Analysis
Weekly Chart below shows an extremely oversold condition as rally started a little over 2 weeks ago based on the slight ease on lockdown restrictions in China. Breaking above neckline of double bottom. We expect a hit on the $40 mark in the coming weeks ahead.
[About The Author]
Omobolanle Abubakaris a Forex trader and consultant with more than 20 years of immense experience in Forex Indices, Commodities and Currencies.
Prior to becoming a professional Trader, she held positions as a Head of Sales/Business Developer with Credit Registry and Operations Manager with Peak Merchant Bank both in Nigeria before moving to UK where she worked with great companies like AIG and The Wealth Training Company as Course Instructor and Speaker for over 15 years on the FX and Stock Markets before she set up her own Forex training school – The Learn and Earn Forex Training Company 5 years ago.
Company as Course Instructor and Speaker for over 15 years on the FX and Stock Markets before she started (my own) company
Through using of Fundamental and Technical analysis, with highlight of trader psychology, she has derived successful trading strategy in short and medium term.
As the top Forex coach and mentor, she has trained individual traders/investors with her formidable strategies.
WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.
It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:
Facebook:
USA Area:https://www.facebook.com/WikiFX.US/
UK Area:https://www.facebook.com/Wikifx.UK/
Nigeria Area:https://www.facebook.com/WikiFX.ng
Twitter:
Areas where English is an official language:https://twitter.com/WikiFX_Eng
More details about how to download WikiFX App:
Please download WikiFX APP from links below or scan QR code :
iosAppStore: https://apps.apple.com/us/app/fxeye/id1402501387?l=zh&ls=1
Googleplay: https://play.google.com/store/apps/details?id=com.foreigncurrency.internationalfxeye
If you have any questions, please feel free to contact us at wikifx@wikifx.com
Worried about missing out latest trends in the volatile market? WikiFX ‘News Flash’ is here to help!
With 24-hour real-time update of forex market data by minute, you can seize the opportunity of every bullish market! Bookmark the link below and follow the market trends immediately!
UK Area:https://live.wikifx.com/uk_en/7x24.html
USA Area:https://live.wikifx.com/us_en/7x24.html
Nigeria Area:https://live.wikifx.com/ng_en/7x24.html
Wiki Forum Forum Function:
In order to help more investors, WikiFX has launched the “WikiFX Forum” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.
The exposure function of “WikiFX Forum” includes the following features:
1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)
As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:
2: Block low score brokers from entering the forum
3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;
4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.
WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html
Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html
Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.