The market seeks solace With The UK’s Supreme Court Decision. Oil reports in The Pipelines

By Content-mgr - on September 24, 2019

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The Market seeks solace with the UK’s Supreme Court Decision. Oil reports in the pipelines. With traders edgy on Brexit. It is plausible that the UK’s Supreme Court decision is sort after for solace. In the likelihood that the court Courts decided to rule against PM Boris Johnson in his prorogation of parliament. Some confidence could be restored to UK investors. Evidently the GBP was observed hawkish. Meanwhile, others look for some clarity from the oil report due later today.

Global Stocks: Are once again fronting albeit with mixed undertone as fundamental analysis from data in those regions weighs differently on the contracts as could be deduced herein.  

• WALLSTREET: After Monday’s dip Wall Street expected to recover from the previous lows. How high it rallies today may depend of some earning reports from the like of AutoZone Inc. Nike Inc. General Mills Inc. and some 31 or so other companies reporting. The outcome of a list of market events suggests the USD maybe challenged today.  

USA30: The Dow was seen around up 0.29 % at 27,040.5 Monday’s resistance from the day’s open of 26,974.0 the trading curve is likely to chart between 26,993.0 – 27,101.0 upside trajectory could reach 27,300.00 if not slippage to 26,855.60 maybe realised.    

• THE EU MARKET: Was swinging sideways. However, downside pull looms.

Germany30: Fromthe day’s open of 12,379.6 the DAX 30 futures are likely to plough up to a resistance level at 12,418.00.with the range between 12,304.5-12,415.8. It was hoped that upside trends could reach 12,515.00 However, this remains questionable. Italy40: With the Italian economy losing 4% of its value analysts are sceptical to see any substantial and consistent up trends.  trading maybe limited to this range 21,762.50- 22,042.50. However, should the support levels breached traders may see a 2^nd support heading south to 21,585.00 UK100: Reports of the collapse of Tomas Cook group with its shares tumbling nearly 8% kept the FTSE UK on its knees. Trading down, after a brief hump to from the day’s open at 7,313.2 to 7,326.8 the current resistance level. The support levels were marked at 7,243.8 With Oil prices slipping the contracts may not be able to recover the day’s losses.

• ASIAN MARKET: Stocks were overly bullish in the Asian market following comments from the BOJ Bank of Japan. The Australian market was view a tad capricious.

HongKong50: Observed tacking on gains from the previous close of 26,281.00 Trading is expected to range 26,207.27 – 26,391.98 Our technical analysts suggest upside to 26,400.00 could be in the making. Malaysia 70: From an open of 13,942.00 uptrends to 13,965.00 are expected before knee-jerking set in ranging may be contained between 13,914.87 – 13,964.10     Commodities: The majority of commodity assets were spotted in negative territory. Oil: Trends were seen in a limbo however, losing steam ahead of the day’s weekly crude oil stockpiles. From the American Petroleum Instituted Trading is likely to be limited between 57.48 – 58.49 with supply restriction facing Saudi Arabia from attacks to it oil fields, prices may not slip as would have. A drop to 57.30 maybe in the pipelines before upward corrections are seen. Gold: The fact that the safe haven is gaining more attention again could most likely reflect on investors insecurity Gold closed its previous session at 1,531.50. Ranging between 1,523.05 – 1,536.25 further upside to 1,538.00 maybe seen by the end of the US market. FX Market: The USD was seen defiant against a handful of currencies however, with the expectation of a negative report on US consumer confidence delivered to market participants in view the USD may loss some grounds to the GBP, JPY, The EUR, and even AUD. In what may seem a risk-off trading session. Even with the DXY hanging on to the 98^th threshold.

• USD/JPY: Was caught on shaky grounds the USD is expected to succumb to the JPY as Mr, Haruhiko Kuroda Governor of the BOJ delivers his statement with some forward guidance. Trading is seen confined to the previous close at 107.54 perhaps to range between 107.24 – 107.80

• EUR/USD: Capricious in its outlook. However, from the day’s open of 1.0991 uptrends are expected with a possible trading range between 1.0984 – 1.1015. our technical analysts suggest breakouts to 1.10260 maybe plausible.

• GBP/USD: Driven in vicariously by the Brexit travailing’s The GBP was caught uptrends against the USD. With remorse that The UK supreme court may rule against Boris Johnson earlier order to shut down parliament. Closing the previous session at 1.2429 the expected range was noted between highs of 1.2503 lows of 1.2415. However, should the current resistance be breached highs at 1.25100 may be recorded.

• · AUD/USD: The Commodity heavy AUD gained flight flowing RBA’s Governor Lowe’s speech and perhaps the recent climb in Gold and silver prices. Ranging between 0.6765 – 0.6806. Further upside to 0.68128 maybe doable.

Cryptocurrencies:   For those following and paying attention to our previous summations it is likely that you will notice that thus far almost everything predicted about the crypto arena is manifesting. The BTC did fall below the 9,500 .0 to 9,429.0 the current resistance level before regaining ground as mentioned in previous posts. Today oscillation may be prevalent in this range.         Further details, please visit Xtrade.com. You may also leave your comments below. Related links:

 

https://blog.xtrade.com/trading-week-resumes-in-luke-warm-waters/

https://blog.xtrade.com/market-participants-waded-through-the-various-central-bank-decisions-brexit-rumble/

 

https://blog.xtrade.com/same-assets-familiar-catalysts-market-jingles/