Gap to be filled: focus on the 400 points of USDCAD

[Focus on today] Thursday, May 28, 2020

 

① 08:00 Australian Federal Reserve Chairman Lowe speaks in Parliament

② 16:00 Premier Li Keqiang attended the press conference

③ 17:00 Eurozone industrial and economic prosperity index in May

④ 17:00 Eurozone consumer confidence index final value in May

⑤ 20:00 German CPI monthly rate in May

⑥ 20:30 Canada ’s first quarter current account

⑦ 20:30 US monthly rate of durable goods orders in April

⑧ 20:30 United States to May 23 the beginning of the week the number of unemployment claims

⑨ 20:30 US quarterly real GDP annualized quarterly rate correction value

⑩ 22:00 Monthly rate of U.S. existing homes contracted sales index in April

⑪ 22:30 EIA natural gas inventory in the United States to May 22

⑫ 23:00 EIA crude oil inventory in the United States to May 22

Fundamentals:

 

[API report: U.S. crude oil inventories increased by 8.731 million barrels to 530 million barrels last week] U.S. API gasoline inventories increased by 1.12 million barrels, refined oil inventories increased by 6.907 million barrels, and Cushing crude oil inventories decreased by 3.37 million barrels. ; US crude oil imports increased by 2 million barrels per day last week.

[The Kremlin: Russian President Putin and the Saudi Crown Prince held a call to discuss the global energy market. Russian President Putin and the Saudi Crown Prince reached agreement on further coordination to reduce oil production]

 

[The Fed ’s Beige Book report on Wednesday stated that the New Crown epidemic severely damaged the US economy in recent weeks] causing “serious” unemployment and business failures; although many contacts expressed the hope that overall activity will recover as companies resume operations, But the outlook remains highly uncertain, and most contacts are pessimistic about the potential speed of recovery

 

[Bank of England Governor Bailey: willing to take more measures to combat the impact of the virus, the Bank of England considers it appropriate to cut interest rates]

 

[Huawei: Disappointed with the Canadian court decision]

According to CCTV News, the British Columbia High Court found that Meng Wanzhou, the vice chairman and chief financial officer of Huawei, met the “dual criminality” standard, so her extradition case will continue to be heard. Relevant hearings and wait for the new trial results. In this regard, Huawei expressed its disappointment with the decision of the British Columbia High Court. Ms. Meng ’s team of lawyers will make unremitting efforts to ensure justice is extended.

Technical side:

XAUUSD:

(Golden 4H chart)

Looking at the closing star from the gold daily line, there is a short-term rebound, the 4-hour chart is back pressured by the downtrend line, and short selling under the anti-draw line.

Pressure level: 1721

Support level: 1695

Operation strategy: shorting around 1721, target 1700, stop loss 1726

EURUSD:

(EURUSD 1H chart)

Judging from the daily line of the euro against the dollar , the price stands above all the moving averages, the trend line of the 1-hour chart is upward, and the long step back on the line.

Pressure level: 1.1070

Support level: 1.0980

Operation strategy: Go long near 1.0980, target 1.1050, stop loss 1.0950

GBPUSD:

(GBPUSD 1H chart)

Judging from the 1-hour chart of GBPUSD, the market has reached an angle zone.

Pressure level: 1.2300

Support level: 1.2220

Operating strategy: Long near 1.2220, target 1.2290, stop loss 1.2180

USDCAD:

(USDCAD 1H chart)

udging from the daily line of USD / CAD, the market oscillated slightly after falling below the cabinet. Due to the trend breaking, it was inevitable to cover the gap on March 9 in the previous period, and the bottom of the anti-drawing cabinet was short.

Pressure level: 1.3860

Support level: 1.3720

Operation strategy: shorting near 1.3850, target 1.3730 (1.3450 at the middle-term), and stop-loss 1.3900

USOIL:

(USOIL 1H chart)

From the US crude oil daily line, the market fell below the 5-day line, the 1-hour chart was suppressed by the downtrend line, the moving average was short, and the backline was short.

Pressure level: 32.1

Support level: 30.8

Operating strategy: shorting near 32.1, target 31, stop loss 32.5

*************** 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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