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The continuous trade war between the US and China has helped the USD move from negative to positive territory. Additionally, mixed data from US did help the recovery of the Dollar and as a result we did see the Dollar Index move into the upper end of the weekly range near the 97.50 level.
On the technical front we can see the Dollar Index has been risng since start of the week. We have also seen that it has failed to break through that 97.50 resistence level.
US DOLLAR – 4hr
The Cross – party Brexit talks seems to have put the pressure on the pound and as it result we have seen GBPUSD hit a 3 month low of 1.28263 today.
GBPUSD has some support around the 1.28324 ahead of the 1.27880 level. On the upside we can see some resistance around the 1.29678 level.
GBPUSD – 4 Hour
Forex Majors Summary
US crude oil inventories rose by 5.4million barrels verses expectation of decline of 800,000 barrels, this unexpected surge in US crude stockpiles and the continued tension in the Middle East regarding the recent stealth attacks on Saudi oil tankers has seen Oil prices jump.
On a technical front, we have seen USOUSD reject the 62.530 level today, which has been rejected a few times since the beginning of May. On the downside, there is some support around the 60.970 level.
USOUSD – Hourly
A positive day across the European Indices with all except the FTSE MIB closed in the green. The DAX was one of the best performers pulled higher by Consumer Discretionary and IT sectors.
Across the pond, all three major US indices are in the green with the NASDAQ up by more than 1%.
A positive day for the major Cryptocurrencies, with bitcoin still holding above the $8000 mark and up nearly 5% on the day.
By Fozly Alahi
This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.
Sources: GO Markets MetaTrader 5, Datawrapper, Tradingview, CoinMarketCap, Bloomberg, Twitter