Trump frightened investors, gold broke through the wedge-shaped area

[Focus on today] Friday, May 15, 2020

 

① 14:00 Germany’s first quarterly unadjusted GDP annual rate in the first quarter

② 14:00 German PPI monthly rate in April

③ 14:45 France CPI monthly rate in April

④ 17:00 Eurozone adjusted trade account for March quarter

⑤ 17:00 Eurozone first quarter GDP annual rate correction value

⑥ 17:00 Eurozone quarterly adjusted quarterly employment rate

⑦ 20:30 United States May New York Federal Reserve Manufacturing Index

⑧ 20:30 US retail sales monthly rate in April

⑨ 21:15 US monthly rate of industrial output in April

⑩ 22:00 US monthly rate of commercial inventory in March

⑪ 22:00 United States University of Michigan consumer confidence index initial value

⑫ 01:00 the total number of oil drilling in the United States to May 15

Fundamentals:

 

[Federal Reserve Kashkali: Unemployment data underestimates real losses, the current actual unemployment rate is expected to be 24% or 25%; the economy is a V-shaped recovery is “impossible”, before confidence in health is restored, the economic recovery Will be sluggish; the recovery is expected to continue for a long time and the unemployment rate will slowly decline]

 

[As of the week of May 9, the number of first-time jobless claims in the United States increased by 2.98 million] As the US economy continues to be affected by the New Coronary Pneumonia Epidemic, the number of initial jobless claims in the United States has remained at millions of people for the eighth consecutive week . Although the number of initial jobless claims has fallen for the sixth consecutive week, since the outbreak in mid-March caused companies to close, there have been a total of 36.5 million applications for unemployment benefits, which is close to the number of unemployment benefits applied for during the 18 months of the last recession.

 

[Petro-Logistics: May to date OPEC + cut crude oil exports by 5.96 million barrels per day] Petro-Logistics, an oil transportation consultancy, said that 14 days before May, crude oil exports from 13 OPEC member countries were higher than those from April. The data decreased by 4.85 million barrels per day. In the same period, the oil exports of 10 non-OPEC countries also declined, which was 1.105 million barrels per day lower than the April data.

 

[IEA Monthly Report: Global oil demand is expected to decrease by 8.6 million barrels per day]

The IEA expects that global oil demand will decrease by 8.6 million barrels per day, the largest decline in history. Under the historic reduction in production, the global oil market is expected to improve. In May this year, global oil production will drop by 12 million barrels to a 9-year low of 88 million barrels. By the end of this year, the United States will be the largest contributor to the reduction in global oil supply, which is 2.8 million barrels / day less than the same period last year.

IEA Director Bilol said he saw early signs of the oil market gradually recovering its balance. Over the past 45 days, strategic oil reserves have increased by 60 million barrels, mainly from China, India and the United States.

Technical side:

XAUUSD:

(Golden 4H chart)

Judging from the gold 4-hour chart, the market finally broke through the wedge in one fell swoop and went up in 5 waves.

Pressure level: 1747

Support: 1724

Operation strategy: Go long near 1724, target 1745, stop 1719

EURUSD:

(EURUSD 1H chart)

Judging from the 1-hour chart of the euro against the US dollar , the box formed by the break point of the M head is the first resistance level.

Pressure level: 1.0835

Support level: 1.0780

Operating strategy: shorting near 1.0835, target 1.0785, stop loss 1.0860

GBPUSD:

(GBPUSD 1H chart)

From the 4-hour chart of GBPUSD, the market is still under pressure from the downtrend line, the center of gravity continues to move downwards, and shorts are drawn off the line.

Pressure level: 1.2280

Support level: 1.2170

Operating strategy: Short selling near 1.2280, target 1.2180, stop loss 1.2320

USDJPY:

(USDJPY 4H chart)

From the USD / JPY 4-hour chart, the market breaks down from the downtrend line and then turns up. MACD gold forks do more near the previous low.

Pressure level: 107.7

Support level: 106.8

Operating strategy: Go long near 106.88, target 107.60, stop 106.60

USOIL:

(USOIL 1H chart)

From the US crude oil daily line, the market sideways finally pulled the Dayang line after a few days, the 1-hour chart uptrend line has strong support, and step back on the line to do more.

Pressure level: 29

Support level: 27.2

Operating strategy: go long near 27.2, target 29, stop loss 26.7

*************** Notes for trading **************

1. Follow the trend and keep in mind of risk control

2. Entry can be added or minused by 5 pips, exit can be added or minused by 5 points

3. It is recommended to take half of the profit after 50 pips of profit, and the rest position with stop loss of entry.

4. Orders that arrive at the entry point before 12 pm are valid, and subsequent orders are invalid. (Unless specified)

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(The above personal strategy is written based on the objective and independent principles. It is for reference only and does not represent any direct operational advice to investors. Investors will be responsible for the profits and losses of the market.

 

MYFXSchool Analyst: Michael

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