Pre-Weekend Profit-Taking & Market shake up

By Kenneth@Xtrade - on May 11, 2018

Asian Markets opened positively with the Hang Seng leading the way. Motivating the EU markets to be hopeful, however with profit taking lurking reversals and corrections are inevitable for the day.

Assets are likely, going to be oscillating between gains and losses.

Germany 30(DAX30) is probably going to be ranging between (13,016.18 – 13,031.90), with UK’s FTSE 100 traversing 7,695.22 – 7,714.67. Meanwhile, France CAC 40 paves through 5,531.70 – 5,540.03 naturally any break out either in their support or resistant levels will prompt short-term actions in accordance.

Despite the USD slight pull back from 4-month highs due to Thursdays disappointing Inflation data. Geopolitical events render it support for innate abrupt surges.

  • Commodity prices were subdued likely due to profit taking Gold shed -0.26% to 1,320.1 with some possible uptrends
  • Crude Oil has been spotted between 71.14 – 71.62
  • EUR/USD jumping in and out of losses, in a tight range of 1.1892 – 1.1925
  • GBP/USD stages a small come back in between 1.3502 – 3535, following the BOE’s decision to stay pat on interest hiking.
  • AUD & NZD are likely to remain bearish trending low

Later in the day, the US Baker Hughes rig count report is expected to show an increase in activities which might not dampen Oil Bulls sentiment.

Cryptocurrencies’ shed gains from Thursday. Despite upbeat news that Korona coin seeks to address unpinning issues with Bitcoin & Etherum in Europe. Meanwhile, Huawei launches Bitcoin Wallet App.

 

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