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There has been quite a lot of talk about oil in the news recently with some analysts suggesting the price could reach $100 per barrel, which would be the highest since 2014. Whether that will happen, that is another story. In this article, we take a look at world’s largest crude oil exporters.

Saudi Arabia Saudi Arabia is the world’s largest crude oil exporter with $133,6 billion worth of oil exports in 2017 which was around 15,9% of the total crude oil exports in the world. The middle eastern country is highly reliant on its oil exports and it has the 2nd largest proven oil reserves in the world. In recent years, we have seen the Kingdom announce ''Saudi Vision 2030'' which outlines plans to diversify its economy to reduce its dependence on oil.

One of the most notable plans is the new city called Neom, you can find out more about the ambitious city plan by clicking here. Capital: Riyadh Official language: Arabic Population: 33,000,000 Gross Domestic Product: $683 billion Currency: Saudi riyal (SAR) Russia Russia is world’s second largest crude oil exporter at with $93,3 billion (11,1% of the total) worth of oil exports last year. Russia is the biggest country in the world and has the 11th largest economy in the world at $1,5 trillion, according to the World Bank.

It’s biggest export partners are the European Union, China and neighbour Belarus. Russia is 8th on the list of world’s largest proven oil reserves. Capital: Moscow Official language: Russian Population: 144,526,636 Gross Domestic Product: $1,5 trillion Currency: Russian ruble (RUB) Iraq Iraq is third on the list with $61,5 billion worth of oil exports in 2017, 7,3% of the total.

Iraq was one of the founding member Organization of the Petroleum Exporting Countries (OPEC) with Iran, Kuwait, Saudi Arabia, and Venezuela when it was established back in 1960. Iraq’s economy is highly depended on oil with oil production accounting for 2/3 of the country’s GDP. Capital: Baghdad Official language: Arabic and Kurdish Population: 37,202,671 Gross Domestic Product: $202 billion Currency: Iraqi dinar (IQD) Canada The North American country is the fourth largest crude oil exporter in 2017 with $54 billion worth of crude oil exports (6,4% of the total).

Canada has the 3rd largest proven oil reserves with 95% of these reserves are in the oil sands deposits in the western province of Alberta. Capital: Ottawa Official language: English and French Population: 37,067,011 Gross Domestic Product: $1,6 trillion Currency: Canadian dollar (CAD) United Arab Emirates The United Arab Emirates, the third largest economy in the Middle East is the 5th largest crude oil exporter with $49,3 billion worth of oil exports in 2017 (5.9% of the total). Even though United Arab Emirates has the most diversified economy in the Gulf Cooperation Council (GCC), a regional intergovernmental political and economic union which is made up of all Arab countries of the Persian Gulf, it is still highly dependent on oil.

Capital: Abu Dhabi Official language: Arabic Population: 9,575,729 Gross Domestic Product: $382 billion Currency: UAE dirham (AED) 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.

Click here for more information on trading oil commodities.

Time Ticking for Brexit By Klavs Valters In just over a year – on 29 th March 2019 to be exact – Britain is scheduled to leave the European Union. It has been nearly a year since Theresa May triggered Article 50 and began the two-year process to negotiate an exit deal. As we know, the negotiations so far can’t be classed as successful.

Even though a breakthrough on the key issues of the deal (the Irish border, divorce bill, citizens’ rights and the European Court of Justice) was made back in December last year, there hasn’t been a great deal of clarity on how the relationship will look moving forward. A No-Deal Scenario A no deal would be bad news for both parties involved and could potentially cost £58 billion a year, with Britain’s financial sector taking the largest hit, according to a new research. The additional direct “red-tape cost” of tariff and non-tariff barriers would be £27 billion to UK firms and £31 billion to their EU counterparts, a report from global management consulting firm Oliver Wyman and law firm Clifford Chance estimates. “These increased costs and uncertainty threaten to reduce profitability and pose existential threats to some businesses ” the report stated.

Britain’s relationship with the EU would revert to World Trade Organisation (WTO) rules if no deal is in place by the end of a transitional period. This is set to start after the official Brexit deadline in March 2019 – a scenario which both sides would like to avoid. Five sectors – finance, automotive, agriculture, food and drink, and consumer goods would bear 70% of the burden of additional costs resulting from this scenario, according to the report.

The financial services industry would be hit the hardest and we are seeing some of the largest financial firms making plans of relocating their staff to other European Union countries. Last week, UBS and Goldman Sachs announced they had begun to transfer jobs to Frankfurt in preparation for Brexit. The Bank of England has also warned that around 10,000 jobs from the financial sector might leave by the end of next year because of Brexit.

Financial Markets GBP/USD Source: GO Markets MT4 At the end of January, we saw the Pound strengthen to its highest level since the Brexit referendum was announced. Since then we have seen the Pound weaken slightly against the US Dollar and currently trading at around 1.38 level (as of 13/3/18). EUR/GBP Source: GO Markets MT4 There hasn’t been too much movement against the Euro in recent months, however further developments in the talks will certainly have an impact moving forward.

The Euro currently trading at around 0.88 level against the Pound (as of 13/3/18). FTSE100 Source: GO Markets MT4 Since reaching its lowest level since the end of 2016 of around 6916, the FTSE100 has somewhat recovered the losses and currently trading at 7213 level (as of 13/3/18). Theresa May has repeatedly said that she wants a “strong and special relationship” and “Canada style trade deal” with the European Union and in every speech since the process began.

This hasn’t however given the public much clarity or confidence in what will happen. With the exit date just around the corner, can the “strong and stable” leader deliver the Brexit people of the UK voted for?

Last year the total sales of gold exports reached $310 billion mark. The top 5 countries made up a large portion of the total gold exports last year with shipments accounting to more than $177 billion, which was 57.30% of the world total. In 2011 we saw the price of gold reach record highs at over $1,900.

Since then we have seen the price fall and currently trading at around $1,219 level. In this article, we will take a look at the top 5 biggest gold exporters in the world. XAU/USD Monthly Chart Switzerland Switzerland was the largest gold exporter of gold in 2017 with $67.9 billion worth of exports which was around 21.9% of the total.

European Union is Switzerland ’s largest trading partner with 46.6% of all Swiss exports by value being delivered to the EU. Switzerland has the 20th largest economy in the world at $678 billion and 3rd in the world per capita at $80,189. Capital: Bern Official languages: German, French and Italian Population: 8,508,898 Gross Domestic Product: $678 billion Currency: Swiss Franc (CHF) Hong Kong Hong Kong, officially known as Hong Kong Special Administrative Region of the People’s Republic of China is the second largest exporter in the world with exports worth up to $52.2 billion, 16.8% of the total in 2017.

Hong Kong has the 33rd largest economy in the world at $341 billion and 16th per capita at $46,193. Hong Kong is the 2nd largest foreign exchange market in Asia and 4th largest in the world in 2016 with a daily average turnover of forex transaction reaching $437 billion, according to the Bank for International Settlements. Official languages: Chinese and English Population: 7,448,900 Gross Domestic Product: $341 billion Currency: Hong Kong Dollar (HKD) United Arab Emirates The United Arab Emirates is the third largest exporter of gold with $20.7 billion or 6.7% of the total world exports in 2017.

The United Arab Emirates has world’s 19th largest economy at $638 billion, and it’s the third largest in the Middle East, behind Saudi Arabia and Iran. Capital: Abu Dhabi Official language: Arabic Population: 9,575,729 Gross Domestic Product: $383 billion Currency: UAE dirham (AED) United States With exports worth $19.8 billion, United States is the fourth on the list of the largest exporters of gold which is about 6.4% of the world total. As you probably may know, the US has the largest economy in the world at a whopping $19 trillion.

Even though the US has the largest economy in the world, it also tops the list for the country with the largest total debt at over $18 trillion. Capital: Washington D.C. Official language: English Population: 325,719,178 Gross Domestic Product: $19 trillion Currency: United States Dollar (USD) United Kingdom The United Kingdom is fifth on the list of the largest gold exporters in the world at $17 billion worth of exports in 2017, which is 5.5% of the world total.

Same as on this list, it is also the fifth largest economy in the world at $2.6 trillion total Gross Domestic Product. United Kingdom is the home of the world’s second largest financial center in London, according to the Global Financial Centres Index (GFCI) report. Capital: London Official language: English Population: 66,040,229 Gross Domestic Product: $2.6 trillion Currency: Pound Sterling (GBP) 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 MT4, Google, Datawrapper

Candlestick charts are one of the most popular and commonly used tools by traders in analysing the markets. In this article, we will briefly look at its history then move on to some basics on how to interpret these charts. We will also look at some of the major candlestick chart patterns to give you an understanding of how you can use them for your trading analysis.

A brief history of candlestick charts Candlestick charts originated in Japan in the 18 th century and is one of the earliest known forms of technical analysis. Today, it is the most popular chart used by FX traders as it provides a quick and easy picture of price action in a particular trading session. Analysing and understanding a candlestick A candle is made up of a rectangular ‘body’ and single lines at both ends called ‘wicks’.

Candlesticks provide a more visual representation of price action than you get from simple Bar or Line charts. For the purpose of this article, the bear (down) candle will be red, and a bull (up) candle will be blue. One candle will represent one whole trading day.

However, it is important to note that with the MT4 platform you can also set up the candlestick chart to reflect 1 min, 5 min, 15 min, 30 min, 1 hour, 4 hour, daily, weekly and monthly time frames. Candlestick body represents strength of price action As per the diagram below, the formation of a candlestick represents the open, high, low and close price for the day. The length of the body shows the strength of the price action.

The longer the body of a candlestick, the stronger or more aggressive the price action is. In the example below shows two similar size candles, however, the second one is a stronger bullish candle as the body is longer. Wicks represent buyer and seller activities The thin lines above and below the body are called ‘wicks’ and represent the high and low range of the price for the day.

The wick on top of the body represents sellers and selling activity. The bottom wick indicates the presence of buyers and buying activity. The length of the wick gives a good indication of the strength of the type of activity i.e. a longer wick is more definitive than a shorter one.

A long upper wick and short lower wick indicates that there were buyers earlier in the day pushing prices higher. However, strong sellers later on in the session forced the prices down from their highs, creating a long upper wick. A long lower wick and short higher wick indicates that sellers dominated earlier in the day, however, stronger buyers entered later in the session pushing the prices higher from their lows and creating a long lower wick.

Common Candlestick chart formations Here are some of the most common candlestick chart formations that FX traders use for their trading analysis. Spinning Tops A Spinning Top is a Candlestick with a short body and a long upper and lower wick. It indicates uncertainty in the market and puts a question over which way prices may be heading.

The long wicks indicate strong buying and selling activities at some stage during the trading session, but with no clear winner at the end. If a Spinning Top occurs towards the end of a trend it may indicate that the trend is coming to an end. If it occurs while the market is moving sideways, it may indicate a start of a trend.

A Spinning Top is usually a Neutral signal. Doji A Doji candlestick is formed when the opening price is the same or very close to the closing price. It signals a balance between buyers and sellers.

A Doji with a long upper wick indicates the initial presence of buyers. The price has initially moved higher and eventually attracted sellers. In this case, the sellers are seen as the stronger group, as they closed out the day.

A Doji with long lower wick indicates the initial presence of sellers. The lower prices attracted buyers, who ended up being the stronger group as they closed out the trading session. Looking at a Doji on its own may not give a clear buy or sell signal.

But looking at it and taking into consideration preceding candles, it can provide some valuable information. For example, if a Doji occurs at the end of a trend or even one trading session, it may be a sign that a potential change in direction may happen. It might also occur at the end of a congestion phase.

It might follow an up candle or a down candle. The strength of the previous candle, as measured by the length of the real body, will give traders an idea on how to interpret the Doji signal. In the diagram below, a Doji appears after a relatively bullish session.

This can either indicate a start of a new phase of the uptrend (if a trend exists), or a potential change into a new (bearish) direction. Gravestone Doji It is a reversal pattern that could mean a bullish rally is about to end. This is formed when the open, low and close are equal and the high creates a long upper wick.

The resulting candlestick looks like an inverted “T”. A Gravestone Doji indicates that buyers dominated trading and drove prices higher during the early part of the session. However, by the end of the trading day, sellers started to appear and pushed prices back to the opening level and the session low.

A Gravestone Doji is usually a bearish signal. Dragonfly Doji This Doji formation is another signal of indecision between buyers and sellers. A Dragonfly Doji is formed when the open, high and close are equal and the low creates a long lower shadow.

The resulting candlestick looks like a “T”. A Dragonfly Doji indicates that sellers dominated early trading and drove prices lower during the session. But by the end of the session, buyers appeared and drove prices back to the opening level and the session high.

A Dragonfly Doji is usually a bullish signal. Harami A Harami is a reversal pattern and consists of two candlesticks. A Harami formation can be bullish or bearish depending on the direction of the price action.

The most important thing to consider when looking for a Harami is the gap up and gap down in price. A bearish Harami is formed when a large bullish candle (Day 1) is followed by a small bearish or bullish candle (Day 2) which showed a gap down in price. A bullish Harami occurs when a large bearish candle (Day1) is followed by a small bearish or bullish candle that showed a gap up in price.

The important thing to consider is the size of the body of both candles as it is indicative of the strength of the signal. The first candle should have a rather large body. The smaller the body in the second candle the stronger the signal.

Example of a Bearish Harami: Hammer A Hammer is a bullish reversal pattern usually formed at the end of a declining price trend. It is identified by its small body at the higher side of the range. The bottom wick should be at least twice the size of the real body and the upper wick should only be small, if it exists at all.

In chart analysis, it is the length of the wick (of a Hammer formation) relative to the body that creates the signal. The wick could be viewed as a sign of rejection of lower prices and therefore a possible reversal of the trend. Hanging Man A Hanging Man is a bearish reversal pattern.

Its formation is similar to the hammer formation, except that it occurs at the end of a bullish trend. Once again the body is at the top of the range with the lower wick at least twice as long as the body. The upper wick should be short if it can be found at all.

It is best to seek confirmation of a bearish reversal with a follow-up signal the next day. These are just some of the basic candlestick patterns. There are numerous books and online resources available about Candlestick charting.

If you you’re new to FX trading, it would be highly recommended to read up on Candlestick charts to find out how you can use it for your trading. For information on other trading tools, see our Autochartist, Genesis for MetaTrader, VPS for MetaTrader and a-Quant information pages. Rom Revita | Sales Manager Rom is the Sales Manager at Go Markets Pty Ltd and manages the day-to-day running of the Sales, Support and Marketing teams.

He has been with the company since 2013 and is also one of our two appointed Responsible Managers, helping to ensure that the company follows all AFSL regulatory requirements. Rom has extensive financial markets experience and originally comes from an equities & derivatives trading background. He has served on the Trading & Sales Desk with several large broking houses, and now specialises in Margin FX and CFDs.

Connect with Rom: [email protected]

By ​Deepta Bolaky Trade and geopolitical risks were at the forefront of the meltdown that rattled the markets on Friday. Turkey’s currency crisis prompted a massive sell-off across the markets hitting the European banking sectors the hardest. Fears began to mount as investors freted its rippling effects on the global markets.

The current risks and a hawkish Fed are giving rise to the “Strong Dollar Story” which are putting pressure on developed and emerging economies. Emerging markets are mostly being hit by rising protectionist measures and US sanctions. There was growing interest in the Earning Markets and the overall outlook was promising until rising protectionist measures started kicking-in.

Contagion Effect A diplomatic row between the US and Turkey sparked a contagion fear globally, resulting into new “lows” in the Forex markets at a time where major currencies were already facing a strong US dollar. EURUSD – Banking contagion The Turkish lira lost more than 13% against the dollar on Friday. The weakness in the Lira has elevated Turkey’s debt burden and the ECB expressed its concerns about the exposure of the European banks with Turkey.

The shared currency slipped on Friday and EURUSD fell to one- year low. Even though the contagion might have some lingering effects in the eurozone banking sector in the short-term, we note that bank supervisors might be able to pull tools at their disposal to contain the damage in the long-run. The key risk for the Euro might therefore be the policy divergence.

On the technical side, the pair has formed a descending triangle which indicates a bearish formation whereas the RSI value is currently at 28.916 indicating oversold conditions. The overall situation may suggest that EURUSD could bounce off before incurring deeper losses. NZDUSD – NZ-US interest rate advantage The New Zealand dollar was dragged down by subdued fundamentals at a time where the NZ-US interest rate advantage has been eroded.

The Kiwi was battered by the dovish statement by the RBNZ and the contagion fears following the currency crisis in Turkey. A sour risk tone in the markets is hauling the NZD pairs from a” negative” to a “bearish” outlook. The NZDUSD pair dropped to two-year low.

The pair has made a minor bounce back. Any move passed last week’s lowest level would most likely indicate the presence of sellers and can potentially drag the pair pass the 0.6400 level. Any sustained move above 0.6570 level will signal presence of buyers.

This can also be the profit-taking or counter-trend buying. AUDUSD The Australian Dollar is also feeling the heat of the geopolitical risks and a dovish RBA. The week kicked off on a sour note and AUDUSD fell below an important trendline at 0.7350.

The slide can continue if the contagion fears escalate in the Eurozone and risk aversion persists. AUDUSD bounced back after gapping lower on Monday. It is currently trading in the one-year low range.

Technically, the pair is also in a descending triangle suggesting a bearish trend but traders should keep an eye on the RSI which is moving towards the oversold conditions. This situation can also be driven by some short-covering rallies. GBPUSD- Brexit saga The pair is trapped at the 12-month lows as the volatility of a “no-deal” Brexit has increased.

The Sterling was already on the backfoot with the Brexit tensions and a full-blown return of risk aversion could open up further downside opportunities for the Cable. GBP bulls will have to rely on a series of data scheduled over the week for fresh impetus. Moving on to the emerging markets, contagion is the “buzzword of the week” and appears to be flowing through the emerging markets.

Emerging currencies are sliding under the influence of a stronger US dollar and currency crisis in Turkey. The rising contagion fears has even caused a flash crash in the South African Rand. As of this writing, Turkey’s central bank has announced intervention measures which is bringing some relief and toning down the bearish outlook in the Forex and equity markets.

The Reserve Bank of New Zealand (RBNZ) made its first interest rate decision and monetary policy, but it was not what the market participants expected. The Central Bank did not follow the same dovish theme seen by other central banks. The Official Cash Rate (OCR) was left at 1.75%, as widely expected, and the RBNZ expects to keep the OCR at this level through 2019 and 2020. “The direction of our next OCR move could be up or down.” Governor Adrian Orr has downplayed the odds of a rate cut but has not entirely removed it off the table.

Given the global risks and uncertainties, the chance of a rate cut is not eliminated but has not increased either. NZDUSD jumped on the signals to hold on to rates though to 2020 while the AUDNZD dropped by almost the same extent. We saw movements above 100 pips following the Rate Statement.

AUDUSD, which is highly correlated with the NZDUSD, added a few pips and built on gains from the uptick in the Westpac Consumer Confidence released before the RBNZ’s interest rate decision. The RBNZ strikes a “data-dependent” approach and says that they are comfortable with the inflation target and mid-point pressures. The Governor stretched that “ they need data from the financial markets around how they are pricing and seeing the risks as well.” When asked about the rise in unemployment, Orr mentioned that “ the surveys are not reflecting what we hear about the business tables”, and that “employment is near its maximum sustainable level".

Overall, the big picture here is that the RBNZ appears more confident that other central banks on its outlook for the New Zealand economy. The Central Bank noted that the low-interest rates and expected government spending would eventually support a pick-up in Gross Domestic Product over 2019. 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. For more information on trading Forex, check out our regular free Forex webinars.