MARKET BRIEFING – LONDON OPEN 07.03.2016

MARKET BRIEFING – LONDON OPEN 07.03.2016

Postby Atlas CapitalFx » Mon Mar 07, 2016 4:17 am

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MARKET BRIEFING – LONDON OPEN 07.03.2016






Oil prices extended the price gains into the Monday opening session on investors’ optimism that the demand for the commodity will grow, whereas the supply is expected to be reduced.

The drop in the number of operating oil rigs has boosted hopes of the market participants that the long-lasting decline in the oil price will finally rebound. The report, released by Baker Hughes on Friday indicated the eleventh week for the oil rigs decline.

Moreover, the possibility that OPEC and non-OPEC producers will finally agree to a production freeze at their next meeting on March 20 is also strengthening investors’ confidence. At the moment, four large commodity’s producers among which are Saudi Arabia and Russia, intend to limit the oil supply at the January levels.

Thus, Brent reached US$ 39.70 high at this week’s opening session with the commodity retesting the top of the downtrend channel which was formed last May. WTI also continue to strengthen as it was trading close to US$ 38.00 level this morning.

Positive news from China seems to add the support to the world’s most traded commodity also as Chinese government voiced its plans to emphasize the growth over the economy restructuring. The target for 2016 was firmly set between 6.5% and 7% when the National People’s Congress was held this weekend.

A number of measures are set to be taken, including tax cuts which will allow the local companies more fund to invest. A broad social financing measures will also be taken to support the slowing down world’s second largest economy.

The US dollar was seen to weaken for the last three trading days, with the index reaching 97.01 low last Friday.









EURUSD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1075

Target 2: 1.0900

Projected range in ATR’s: 0.0087

Daily control level: 1.0900




GBPUSD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4365

Target 2: 1.4070

Projected range in ATR’s: 0.0148

Daily control level: 1.4100



USDJPY


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The intraday technical outlook

Trend 1 hour: Up

Target 1: 115.00

Target 2: 112.70

Projected range in ATR’s: 1.19

Daily control level: 113.10




USDCHF


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The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0005

Target 2: 0.9840

Projected range in ATR’s: 0.0084

Daily control level: 0.9990




USDCAD

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The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3460

Target 2: 1.3200

Projected range in ATR’s: 0.0132

Daily control level: 1.3475





AUDUSD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7485

Target 2: 0.7310

Projected range in ATR’s: 0.0088

Daily control level: 0.7115




GOLD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1283.50

Target 2: 1235.00

Projected range in ATR’s: 24.13

Daily control level: 1248.70




OIL

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 38.00

Target 2: 34.50

Projected range in ATR’s: 1.79

Daily control level: 34.30






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Atlas CapitalFx
 
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