It’s A Dash For The Weekend. Some Investors And Traders Breathe Easy,

By Kenneth@Xtrade - on June 14, 2019

It’s a dash for the weekend. Some investors and traders breathe easy, for surviving another whipsawing week. Traders are, however, becoming experienced in regards to how to deal with the various trends or market nemesis which at the same time posse as rewards that are camouflaged.

Once again as Traders and Investors prepare to close their books for the weekend, trading volumes are expected to decrease on the riskier assets prone to blows or hits from the US-Led trade tensions, move towards the safe-haven.

Nonetheless, it is going to be an interesting trading day. Especially on the oil front and global stocks. Where “Trumpnomics” and slaps of the blame for the attacks on two Oil tankers are being pinned on Iran.

Global Stocks: Are capricious to the downside as the US-China Trade tiffs wade on, the economic indicators from China also point to a slow down to almost 17-month lows in Chinese’s Industrial Production. Naturally, this does not echo well with Producing Managers. With President Trump demanding major concession from the Chinese, who are also playing hardball to a degree.

  • UK100: Sine 11:00 am GMT the UK100 Futures has being lingering 0.57% to the downside caught at 7,326.5 in a range from highs of 7,386.0 – 7,316.8 with no rescue in sight. Meanwhile, Mr. Boris Johnson leads the race for the next UK Prime Minister while oil’s downfall adds to the drag.
  • Germany 30: Trading bearish from 12,184.3 down to 12,048.3 and seen standing 0.96% down at 12,062.0 Considering this point at the time of print to be close to the support upward swing contained in the day’s resistance level are highly possible.
  • Italy 40: The FTSE MIB faces more chastisement as German Minister, Scholz, reminds all that, “Rules must be Followed” As some see Italy’s surging debts becoming a thorn in the flesh of the EU. The Asset was trading seen struggling between 20,622.00 and 20,392.50 down 0.27% at around 20,559.50.
  • USA30: Ahead of the day’s retail sales reports and economic indicators to wrap up the week in the US. The Dow was vulnerable and down trading. Between 26,169.0 & 26,048.3 spotted down 0.22% at 11:00 GMT standing on 26,059.5

Commodities: 

Heading to the weekend profit-taking will be warranted most of the commodities are bullish to sideways with our usual suspects suffering from the same bullets.  

  • Oil: The rally promoted by attacks on to Oil tankers in the Gulf of Oman one of the world’s popular oil transporting channels has spiked a blame game of “Arms and Robber” between the US and Iran who vehemently denies any involvement involving the attacks. In other News the IEA, International Energy Agency has cut, the outlook for future crude oil demand. Pushing prices back underwater today seen trading between 52.69-51.70 in a tight squeeze.  Shedding almost all of the 3% gained a day earlier. Perhaps it could swing back up to the 53+ range. Hence, for now, it remains the odd one out down trending.
  • Gold: Not surprisingly the precious metal extends gains again. Pulling with it other metals such as silver and to some extent copper. Gold was observed trading leaning on 1,357.85 up 1.05% by the time of print. Trading between 1,345.75 – 1,361.95 up and down movements in time scales of about 75 minutes’ intervals.

FX Market:

  • GBP/USD: The pair were seriously losing steam by the time of print it was down 0.15% at 1.2653 tradings between 1.2691 and 1.2633 may be further downside could be realized as the USD tries to end the week on the strong side.
  • EUR/USD: Spotted down 0.09% at 11:25 GMT between 1.1290 and 1.1261. lurking at 1.1265 We believe the support levels will be breached further down before any upward correction are note if at all. And the USD gains traction.
  • USD/JPY: We caught the pair trading down 0.15% standing at 108.23 in a range 108.41 -108.17 we think by the US open the table will be turned with the USD up. However, by the end of the US trading day, the JPY could be the leader,

The Cryptocurrencies.

As we enter another weekend trading volume on the crypto is expected to increase moderately introspective to the ongoing trade debacle. The BTC/USD pair is expected to range upwards between 8,106.4 – 8,370.0 that is with a climb of 3.20%.

Wishing you all a great weekend!

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