By - Jamel Lahiani
Today our analysis will be concerned with:
The EURUSD is the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
WTI: the pricing crude oil of the United States’ WTI (West Texas Intermediate).
XAUUSD: the price above is Gold quoted in US Dollars.
FOREX Market Insights
Yesterday, the crude oil prices WTI is subject to high volatility and a strong trending movement to the upside explained by the decline of Saudi oil production by 50% as a result of Houthi drones attacks. The petrol prices WTI jump by 13.41% causing an appreciation of the US Dollar against the Euro by O.6%.
Today in Focus
Today, the focus is on a series of high impact economic events and published indicators:
AT 9H00 GMT:
The Germany Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic.
At 12H30 GMT: The Manufacturing Shipment released by the Statistics Canada examines overall Shipments of Canada.
GRAPHIC 1: EURUSD HOURLY CHART (SEPTEMBER 17, 2019)
Yesterday, the US Dollar has appreciated against the Euro – O.6%. At short term the EURUSD pair
moves inside the colored channel. This explained by the jump of crude oil WTI yesterday. It is
interesting to sell when the pair is close to the top of the channel and buy when the pair is close
to the bottom. It is also interesting to sell, when the Stock RSI indicator is higher than 80 and to buy
when this indicator is lower than 20 and the red line cross the blue line.
GRAPHIC 2: XAUUSD “GOLD” HOURLY CHART (SEPTEMBER 17, 2019)
The XAU “Gold” is raging inside the colored channel at short term. The market is volatile, so
It is interesting to sell when the pair is close to the top of the channel and buy when the pair is close
to the bottom.
GRAPHIC 3: WTI CRUDE OIL HOURLY CHART (SEPTEMBER 17, 2019)
The WTI crude oil (West Texas Intermediate) price follows a trending upside movement at short
Term explained by the decline of Saudi oil production. It is interesting to buy when the pair is close to
the green support line. If the pair breaks the red resistance line at 63.34 and close to the upside then
the trending movement persist and we could have a profitable buy entry.
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