Oil rallies as OPEC strike output deal

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Oil prices have appreciated sharply following reports of OPEC achieving a last-minute deal to boost crude oil production during a meeting in Vienna. In a positive development, OPEC ministers reached an agreement to increase oil production from July after Saudi Arabia successfully persuaded Iran to cooperate. On paper, OPEC members have agreed to increase production by almost 1 million barrels per day (bdp). However, this may translate to roughly 600,000 of oil to the markets due to supply constraints in some countries. Global markets seem to have positively reacted to the outcome of today'... Read More



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The World Cup: Biggest Bets and Upsets

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Biggest World Cup Bets

While most of us are busy looking at the trading screens I’m sure more than a few of us have also been sneaking a peak at the TV screens to keep up to date with the World Cup. It’s always a fascinating event which seems to capture the imaginations of everyone, regardless of whether they usually follow football or not and usually this includes placing the odd bet. So, read on as we take a look at some of the biggest winning and losing bets in world cup history.

Losing £417k

In the World Cup 2010, one daring gambler hit the headlines by placing the biggest bet in the tournament’s history as he wagered £417,000 that Germany would beat Spain the semi-final, getting odds of 10/11. The match started out on an even keel with the two sides remaining evenly matched over the first half. However, in the 73rd minute of the game Spain managed to find the back of the net. After Germany were then denied a late penalty, the unlucky punter ended up losing his £417,000 stake and missing out on a potential £800,000 windfall.

£100 Into £83k

Once again featuring Germany. This time, in 2014, one happy-go-lucky sports better decided to wager £100 that Germany would beat Argentina in the final. This time the bet paid off, as Mario Gotze scored against the Argentine side in the 114th minute of the game, turning the £100 stake into a whopping £83,000 stake. Skybet, the bookmakers who took the bet, tweeted in response to the win “one punter has well and truly #skybettered us. He placed this fivefold in August and has won over £83,000. Well done!”

Mario Götze

500-1 Odds

The bet mentioned above came only days after another punter also bet on ...

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Markets brace for OPEC showdown in Vienna

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There seems to be a growing sense of uncertainty over what to expect from today’s OPEC meeting in Vienna, given the disagreements among major oil producers around whether to boost output. While Saudi Arabia and Russia have proposed to ease supply curbs, other members including Iran, Iraq, Algeria and Venezuela are against such a move. With Iran already storming out of preparatory discussions yesterday, investors should fasten their seat belts in preparation for potential fireworks today. If Iran continues to reject the deal to raise output and gathers support from other cartel members,... Read More



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OPEC Meeting – Will the OIL Cartel reach an agreement?

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Fundamental Analysis & Overview

OPEC, the cartel of petroleum exporting nations, are holding meetings today, the 22nd of June 2018.

This meeting is held as usual in Vienna and it will most likely have a direct impact on the price of crude oil.

The United Arab Emirates oil minister, who is also the President of OPEC, stated recently that the oil market is getting closer to re-balancing. This could come in line with the “warning” coming from the International Energy Agency (IEA), which said that unless global oil production would increase, it could hurt the oil markets. Growing demand throughout 2018 and 2019 could result in a potential problem if oil prices would continue rising without a higher supply.

On May 25th 2018 the OPEC’s key producers, Saudi Arabia and Russia discussed several topics, with their oil ministers coming up with a proposal to increase the oil production over the rest of 2018.

Iraq has been recently on the opposition side, however, the country has been producing beyond its allocation since the previous production cuts began. Recently Iraq oil minister stated: “”I am confident that we will reach some sort of agreement”.

Almost all OPEC members seem to be in line with reaching an agreement and the most recent deal proposal which reflects a 1 million barrels/day output rise.

The main drawdown in this deal represents Iran, with the Iranian oil minister walking out the meeting after one hour, and opposed the production rise.

At this current stage, the sentiment for this event remains positive and promising, with the OPEC pointing towards a possible agreement, even without Iran.

If a production rise deal would take place, this could result in a rise in supply, therefore possibly sending oil prices lower.

Technical Analysis – Elliott Wave

The WTI ...

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GBPUSD – Outside Day highlights a base

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Monthly: Moved higher from the 2016 low of 1.1905. Levels close to be bespoke resistance at 1.4390 found sellers. Aprils price action formed bearish Outside Bar, often an indication that the rally (correction) has come to an end. Follow through selling pressure has resulted in GBPUSD trading to the lowest level in 7 months. Reverse trend line support is located at 1.2755

Weekly: After completing a bullish Elliott Wave pattern (5-waves) a bearish Outside Week was posted from the high (1.4377). Levels close to the 50% pullback of 1.3133) have found buyers. We now look for the first corrective leg lower to be complete.

Daily: Posted a DeMark 13 (exhaustion) count on the daily chart. Although the selloff passed the 261.8% extension of 1.3176 (from 1.4377-1.3918), we look for this to be a 5th wave extension (Elliott Wave). Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. This fact, combined with a bullish Outside Day from yesterday, makes the outlook positive. Bespoke support is located at 1.3230

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Intraday Analysis 22nd June 2018

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Daily Forex Market Preview, 22/06/2018

The Bank of England’s monetary policy meeting held yesterday saw officials keeping interest rates steady at 0.50% as widely expected. However, this came amid three dissenting votes including that of the BoE’s chief economist, Andrew Haldane.

The central bank also signaled that it would begin to unwind its bond purchases once interest rates hit 1.5% and laid the groundwork for a potential rate hike at the August BoE meeting. The British pound initially fell ahead of the BoE meeting but managed to post a strong rebound thereafter.

Economic data for the day will see the European trading session coming up with the flash manufacturing and services PMI figures for the month of June. Business  activity is expected to remain more or less at the same levels from May.

The OPEC meetings conclude today with possibly a statement. Investors will be looking to see whether the oil producing nations have managed to reach an agreement on oil production levels.

Data from Canada will see the release of inflation and retail sales figures. Economists forecast that inflation increased 0.4% on the month, accelerating from 0.3% the month before. Core retail sales are forecast to rebound, rising 0.5% on the month, following a decline of 0.2% previously.

EURUSD intra-day analysis

eurusd

EURUSD (1.1614): The EURUSD currency pair was seen holding up above the support level of 1.1539 following a brief intraday decline to the support zone. The daily chart is signaling a possible bullish rebound with the Stochastics posting a higher low. The resistance level at 1.1730 is likely to be the upside target for a near term retracement to the losses. On the 4-hour chart, price action is also signaling a possible rebound unless the EURUSD dips lower once ...

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Dax rallies continue to attract sellers

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Technical

Monthly: Looks to be forming a bearish Ending Wedge pattern. A break of trend line support at 12048 and the measured move target is 8695. Rallies have stalled and found sellers near 13200, resulting in a new trend line resistance. Shooting star candles highlight rejections of attempted rallies.

Weekly:  Looks to be forming a bearish Head and Shoulders pattern. A break of 11633 (neckline) is needed to confirm the pattern. The measured move would then be 9764. We posted a bearish Outside Week (often an indication that a top is in place) at the 78.6% pullback level of 13195 (from 13601-11706). This week is forming a bearish engulfing week and the swing low at 12537 has been broken.

Daily: A full AB=CD corrective formation has completed and sellers have returned. A pull-back and re-test of the swing high at 13200 has been rejected and further downside is expected. The break of 12537 has confirmed a double top formation with a measured move target of 11865. Preferred trade is selling on a rally to 12800.

Action:

We look to Sell on a rally at 12800

Stop: 13200

Targets: 12125 & 11865

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SNB and BoE keep rates on hold; Philly Fed manufacturing index fell in June

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On Thursday the investors were closely monitoring the interest rate decisions of Swiss National Bank and Bank of England, where both have their interest rates unchanged. The SNB left the benchmark of interest rates at record-low levels, while signaling that it is prepared to take any further action required to weaken the franc. The interest rate remained unchanged at -0.75%, a move that was widely expected, while the rate statement that was released after the decision stated that the Swiss franc remains highly valued, while the Swiss National Bank would remain active in foreign exchange market as deemed necessary. In addition, Bank of England has kept the interest rates on hold, again a widely expected decision, however an August rate hike is seen as highly possible as policymakers have observed the slowdown of the economy in the first quarter as temporary occurrence.

The decision to keep the interest rate unchanged was split, where 3 out of 9 members voting in favor of a quarter point increase. Nevertheless, all MPC members are agreeing that the prospect of future rate hikes are going to be at a gradual and predictable pace. The UK economy is expected to grow by 0.4 percent in the second quarter after the stagnation in the previous three months.

Another important macro-economic news closely monitored yesterday was the Philly Fed index which unexpectedly fell in June to 19.9 from 34.4 in May. The expected reading was 28.9. The report indicated that the firms were continuously reporting higher prices for purchased inputs and their manufactured goods, and looking at the next six months, the firms remain optimistic.

Unemployment claims reading on Thursday showed that the number of Americans that are filing for unemployment benefits fell, giving an indication of further tightening in the labor ...

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OPEC looks to increase supply

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Oil markets have been focused on the OPEC meeting happening at present which is likely to wrap up tomorrow and give some serious insight into OPEC's future plans for the market. So far though it looks like OPEC has agreed to increase supply in the market place by roughly 1 million barrels, however there has been an element of dissent from Iran at this stage as it wishes to increase production further to off-set the economic losses caused by a resumption of sanctions. The breakdown of this at this stage is unknown, but one thing is certain they will endeavour to keep prices elevated and to... Read More



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Breakout Trading Like A Boss

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In this session James will be exploring one of the most popular trading styles used by experienced traders over many years to trade the markets. Our expert analyst will explain what breakout trading is, look at its pros and cons, detail specific breakout strategies as well as highlight the tools that can help your breakout trading flourish!

Why should you attend?

  • Get an in-depth understanding of what breakout trading is.
  • Build your understanding of how to identify ranges and the different types you should be looking for.
  • Enhance your skills at entering breakout trades, applying stops and targets and using Bollinger bands.
  • And more!

Make sure you register for our live webinar to learn how to breakout trade like a boss!

Breakout Trading Like A Boss 2

Attendance for this webinar is free, but registration is required.

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Sterling rebounds on hawkish BoE split, Gold tumbles

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The British Pound was thrown a much-needed lifeline today following an unexpectedly hawkish statement and MPC vote split from the Bank of England. Market expectations over a possible UK interest rate hike this year were boosted after the monetary policy committee voted 6-3 in favour of keeping rates unchanged. Policymakers expressed optimism over the tepid first-quarter economic growth being temporary, which opened the door to a potential rate hike in August. While today’s hawkish surprise from the BoE could boost the Pound, which remains highly sensitive to monetary policy speculation,... Read More



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Weekly Commodities Wrap: Metals Down & Dollar Up As Investors Focus On Hawkish Fed

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Gold

The yellow metal collapsed lower this week due to the much stronger US Dollar which rose to an 11-month high this week. Despite broader concerns for the US economic outlook in the wake of continued trade tensions with China, investors instead chose to focus on the Hawkish shift in the Fed. The Fed meeting saw rates raised for the second time last week, along with upgrading the dot plot forecast for the rest of the year, now forecasting two hikes, up from one previously.

The US Dollar received further support this week from Fed chairman Jerome Powell who commented that the US labour market didn’t appear to be “overly tight” and that the Fed should continue with its gradual pace of hikes in order to balance the bank’s employment and inflation goals.  However, in a meeting of central bank heads this week, policymakers concluded that the growing trade war between the US and China is dampening business confidence and could force central banks to revise their outlooks lower.

weekly commodities wrap gold

The break lower in gold has opened up a clear run down to test the December 2017 low around 1236.97 while below there the next big support will be the July 2017 low around 1205.29. To the topside, 1296.65 has now become resistance.

TradingGold

Silver

Silver prices were similarly weaker this week, tracking the moves lower in gold. The strong rally seen last week, which then reversed now looks to have been something of a false break likely catching overly-eager bulls offside with the reversal in direction. Silver has been hampered this year by a strengthening correlation with base metals which have been weaker.

weekly commodities wrap silver

Silver prices are now sitting on the rising trend line of the short term contracting triangle pattern that has formed over the last 9 ...

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OPEC Meeting In Focus As Hopes For A Production Increase Are Threatened

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The upcoming OPEC meeting this week has taken on a great deal of focus given recent developments. Last week Russian and Saudi Arabian leaders met alongside the opening game of the World Cup to discuss plans to increase oil production while maintaining the petro-alliance forged in 2016. The proposals are centred around forming an OPEC+ group that would add an extra 1.5 million barrels of oil a day to the market which would essentially erase the 1.8 million barrel per day cuts implemented in 2016.

The meeting is also in focus due to the attention given to the meeting by President Trump who has used his Twitter account to criticise the oil cartel saying “Oil prices are too high, OPEC is at it again. Not good!”. This is the second such attack on OPEC in as many months as the President joins the swelling ranks of those publicly calling for lower oil prices to avoid overshooting inflation which could hamper the recovery.

However, the motion has met stark opposition from some OPEC members including Iran, Iraq, Venezuela and Algeria who are all struggling with their petro industries. Iran has come under fire from the US after President Trump announced last month that he was pulling the US out of the nuclear pact and imposing fresh, “powerful” sanctions on the country which would have a heavy negative impact on Iranian oil production. Venezuela too is in trouble given the sharp decline sin its own industry and the falling outlook due to US sanctions. The EIA last week said that production between Iran and Venezuela is set to fall by a further 30% over the coming year.

TradingOil

Iranian Oil Minister Sounds Off

Upon his arrival in Vienna, Iranian oil minister Bijan Namdar Zanganeh told reporters “I don’t believe in ...

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Dow Jones (US30) – Breaks the wedge to the downside

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Monthly: The most important factor in this timeframe is indecision. This can be highlighted by nearly four months of Inside Soldiers or Harami candles (if we close around current levels at the end of June)

Weekly:  Posted a Bearish Outside Week (week 29th January). This is often an indication that a top is in place. The indecision highlighted on the monthly chart has resulted in a symmetrical triangle being posted on the weekly chart. After a strong initial selloff (26670-23055) this has a bias to break lower. It could also be seen as a bearish flag or pennant formation. A measured move target is 22180

Daily: Broken out of the wedge formation to the downside. This has a measured move target of 23460. Yesterday’s price action posted an indecisive Inside Day. This indecision could continue and there is scope for a mild correction higher. As long as the index remains outside of the wedge and below bespoke resistance at 24930, we look for lower levels.

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Turkish election represents market event investors unable to ignore

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In a week where market headlines continue to be driven by a potential trade war breaking out between the United States and China along with the latest OPEC meeting in Vienna, traders are unable to ignore the likelihood that the upcoming weekend election in Turkey could create further volatility in the financial markets. The Turkish Lira has been in complete freefall in the lead up to the general election scheduled for 24 June, with the currency having lost 25% of its value this year. The rapid depreciation in the Lira has also contributed to a wide range of different emerging market... Read More



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Intraday Analysis 21st June 2018

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Daily Forex Market Preview, 21/06/2018

The U.S. dollar was seen posting gains on Wednesday. Economic data was sparse. In the overnight trading session, New Zealand’s quarterly GDP numbers were reported. Data showed that New Zealand’s GDP advanced at a pace of 0.5% as widely expected. However, the Kiwi dollar continued to extend losses.

The economic calendar for the day will see the monetary policy meetings held by the Swiss National bank and the Bank of England. Both central banks are expected to hold their respective interest rates steady at today’s meeting.

Focus will be on the BoE’s meeting as investors anticipate for clues on the timing of the next rate hike. Market watchers expect the next BoE rate hike to be in August but the recent inflation and wage report has likely dented the sentiment.

The U.S. trading session is quiet with only the Philly Fed manufacturing index coming up.

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EURUSD intra-day analysis

eurusd forex analysis

EURUSD (1.15636): The EURUSD currency pair continued to trade subdued on Wednesday. Following the outside bar the day before, price action was seen staying within the established range from the previous day. On the 4-hour chart, price action is seen hovering the near the downside breakout from the bearish flag pattern. Still, a break down below the previous lows of 1.1559 is essential to confirm the downside towards the target of 1.1394.

USDJPY intra-day analysis

usdjpy forex analysis

USDJPY (110.59): The USDJPY currency pair posted gains, with early Asian trading session seeing the yen weakening sharply. The upside in USDJPY has sent prices to test the resistance level at 110.62. However, further gains can be confirmed only on a breakout above this resistance level. In the near term, we expect ...

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ECB officials concerned about the threat of trade war, while the EU is to impose duties on US imports this Friday

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According to Reuters, ECB is portraying optimism, while there are actually growing concerns between the officials regarding the looming trade war that could derail the euro zone’s recovery and place additional complications on the exit from the current monetary policy. Just a few days before, ECB President Draghi has announced an upcoming end of the stimulus program, however the fear and threat of trade war imposed by US President Trump’s administration against main trading partners casted a shadow over the EU economy and the European Central Banks’ policy path. For now the ECB expects the EU economy to slow down during the next three years, with forecasts of this year growth by 2.1%, then 1.9% in 2019 and 1.7% in 2020. It has been emphasized that the effects of trade measures were not been factored in, simply because the trade war cannot be quantified and if central bankers cannot have it measured, they will omit talking about it.

It is not unknown that Trump has imposed tariffs on steel and aluminum to Canada, Mexico and the EU, where the three countries have responded to the move, announcing counter-measures, as well as legal challenges at the WTO. Saying this, the EU will commence charging import duties of 25% on a range of US products on Friday. The move could easily escalate to full trade war, especially if President Trump will see this as a challenge and carries out the second threat made regarding penalizing European cars. The EU Trade Commissioner, Cecilia Malmstrom stated that the EU does not wish to be in this position, however was left with no choice. She has also mentioned that the import duties can be removed if Trump would remove the metal tariffs.

Not only EU has decided to retaliate. Canada is expected ...

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ECB holds rates steady. Signals QE exit plans.

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The European Central Bank’s monetary policy meeting was held last week. As widely expected, the central bank left the key interest rates unchanged at last week’s meeting.

The main refinance rate which is at zero percent, the deposit rate which is at -0.40% and the marginal lending rate which is at 0.25% were left unchanged.

However, investors were more concerned about the ECB’s QE plans. The central bank announced that it would plan to exit its QE program by December this year.

The ECB stuck to its base line scenario of ending its 30 billion euro bond purchases until September 2018. Thereafter, the central bank will continue its QE program at a pace of 15 billion euro until December 2018.

The central bank had begun its QE purchases in 2015 starting at a pace of 2.5 trillion euro in bond purchases.

The decision comes despite headwinds that continue to cloud the economic outlook for the Eurozone.

Most recently, the political uncertainty in Italy threatened to derail the ECB’s QE exit plans. As the central bank plans to exit its QE program, there have also been questions about the fact that the central bank was running short of assets to purchase.

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In its monetary policy statement, the ECB said that “The Governing Council anticipates that, after September 2018, subject to incoming data confirming the Governing Council’s medium-term inflation outlook, the monthly pace of the net asset purchases will be reduced to EUR 15 billion until the end of December 2018 and that net purchases will then end.”

On its forward guidance, the central bank tweaked its language on interest rates. The central bank suggested that interest rates will remain at ...

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5 Tips To Get The Pro Risk-Taking Mindset

This article was first published on Tradeciety Trading Academy.
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People call themselves ‘traders’ because traders trade, right!? But a more appropriate description of your job would be the one of a ‘risk-taker‘. As a trader you bet your money on something you cannot control, where you have no influence over the outcome and even though you play your best game, you do everything you possibly can and are 100% committed to your plan, you could easily end up losing without being it your fault. In this article, I show you what being a risk-taker means and the mindset you have to acquire in order to trade successfully.

 

#1 Trading is dealing with the unknown

21139664_sWe touched on this one briefly, but it is important that you understand the full meaning of it. Although you might have a system that you trust based on previous results and you follow all your rules to a T, any setup or any one trade can fail at any time. After you entered a trade based on your criteria, it is out of your hand whether the price will reach your take profit or the stop loss order. Traders often make the mistake of ‘getting married’ to their trades and they believe that if a setup is especially promising it should turn out as a winner. This thinking is dangerous and wrong. You can never know whether your trade will be a winner or a loser in advance – why would you enter the losing trades then anyways!?

As a trader you have to be indifferent towards the outcome. It should not matter whether you win or lose if you have done everything correctly.

Lesson 1: Understand that you cannot control or predict the outcome of a trade. Don’t get married to your trades; you can’t avoid losing trades. Being a trader means that you ...

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Trade war fears ease… but for how long?

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Global stocks have bounced back to life after China’s central bank calmed markets by urging investors to “stay calm and rational”. While this move by the People’s Bank of China (PBOC) could support risk sentiment and push equity markets higher in the short term, gains are likely to be limited. With trade war fears still a recurrent market theme that continues to weigh on sentiment, investors may start questioning the sustainability of the stock market rally.  Markets are likely to remain cautious with any signs of escalating trade tensions between the United States and China... Read More



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NZD and GBP under further pressure

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The New Zealand dollar has been under intense pressure as of late and the upcoming GDP figures are expected to do it no favours. Market expectations are that we will see it drop from the previous quarters 0.6% reading to 0.5% for this quarter, this decline is expected in the services and retail industries primarily and the flow on effects for the Reserve Bank of New Zealand will not be ideal when it comes to the prospect of raising interest rates anytime soon. Any positive reading would be a surprise for the markets as well and could give a welcome boost to the kiwi, but likely only in... Read More



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Famous Traders and Their Strategies: Episode 7 – Andy Krieger

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October 19th 1987, will forever be known as ‘Black Monday’ – or the day the stock markets crashed across the globe. By the end of October 1987, panic had spread and most markets went spiraling down by 20%.

32-year old Andy Krieger carefully watched the currencies rallying against the US dollar, as an aftermath of the incident. He targeted the New Zealand dollar, believing it to be overvalued. He shorted it using leverage, earning $300 million for his company as a result.

Within a span of a few hours, New Zealand’s central bank had realized that Krieger held more of their currency then they did!

Early Life and Career

Andy Krieger graduated from the Wharton School of Business, Pennsylvania, after studying Sanskrit and Philosophy. In 1986, he joined the Bankers Trust, after working with Salomon Brothers. He quickly gained a reputation for being one of the most aggressive dealers in the market. Top management was so impressed that they allowed him a trading limit of $700 million, as opposed to the normal $50 million limit.

Andy Krieger

The Raid on the New Zealand Dollar

Just after the Black Monday crash, investors rushed to other currencies, dumping the US dollar in the process. Krieger knew that there would be some currencies that would be highly overvalued, creating good scope for arbitrage. He identified one of these currencies to be the New Zealand dollar, also known as the “Kiwi.”

As he had a fairly large trading limit, he used it to sell the Kiwi, with a leverage of 400:1. This amount exceeded even the actual circulating liquidity of the currency. Within a few hours, the currency went down 5% against the US dollar, and Andy Krieger ended up making $300 million for his company.

Krieger now controlled more Kiwi dollars than there ...

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Merkel Under Fire As CSU Issues Stark Ultimatum Over Migration Policy

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While most of the recent market attention has been on the political situation in Italy, the political environment in Germany has been bubbling over. The historic alliance between the German CDU party (of Chancellor Merkel) and the Bavarian CSU party has become strained to the point of breaking over diverging views on migration policy.

CSU Breaking Rank

Merkel who came under attack for opening German borders in 2015 has now come under fire from within her own ranks. German interior minister Seehofer, chairman of the CSU, wants to implement a new law which would allow Germany to turn away any migrants already registered safe in another European country with a view to reducing the social and economic burden on Germany.  However, Chancellor Merkel and the CDU are pursuing an agreement at EU level.

The CSU has now taken things a step further and presented Chancellor Merkel with a two week deadline to rework Europe’s rules on migration or risk forfeiting the alliance with the CSU party. Merkel is therefore working towards agreeing a Pan-European solution at the EU summit on June 28th – 29th where European leaders will meet to discuss several key topics, including migration policy.

Euro Summit To Prove Difficult

Among the leaders expect to oppose any solution is Italian Prime Minister Conte who will likely block the Dublin regulation which says migrants should apply for asylum in the country of their arrival to the EU. Given that many migrants have been reaching Italy by boat, the country tends to be the first stop for many migrants coming to the EU.

Italy has come under fire recently from other leaders such as French President Macron for turning away such boats and putting the migrants live sin further danger. Alongside this e are likely to see ...

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EURUSD 2018-06-20

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As we advised early this week, Euro managed to head for another low below last week while market managed so far to hold trades above support 1.1510-20

As we advised before will expected another advance wave that may face 1.1645-60 resistance before continue toward 1.1725

Below 1.1500 market may head for farther drop toward 1.1400-20 OR 1.1300-20

  Support Resistance
Level 1 1.1510-20 1.1595
Level 2 1.1400-20 1.1645-60
Level 3 1.1300-20 1.1725

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Dow Jones 2018-06-20

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Dow seems managed to find some ground support after market concern eases after the new tarrifs from US against china goods

Market still facing resistance at 24880 and 25000 where as long as market holding Daily close below 25000 the cjance for farther drop will be at hand

Any daily close above 25000 will restore the uptrend wave that still targeting 25500-800 zone

  Support Resistance
Level 1 24735 25000
Level 2 24560 25180
Level 3 24200 25300

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Gold 2018-06-20

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As we advised early this week and as we see over our previous chart

Gold managed to hit below 1282 where market still looking to see the test for the Short-run support 1265-68 zone

As long as market holding above this support another advance wave toward 1305-10 zone will be expected

Below 1265 market may head for farther drop toward 1240

  Support Resistance
Level 1 1265-68 1284
Level 2 1240 1295
Level 3 1220 1305-10

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Oil (F) 2018-06-20

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As we see over the chart

Oil created downtrend channel which if managed to control market more drop yet to come

As long as market holding below resistance 65.80 and 66.40-60 more drop will be expected toward 62.90 zone

Above 66.60 market may heda for farther rebound correction toward 68.50 zone

  Support Resistance
Level 1 64.00 65.80
Level 2 62.90 66.40-60
Level 3 61.50 68.50

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USDJPY 2018-06-20

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As we advised early this week and as we see over our previous chart

Market managed to head for some retreacement toward 109.55 while market still facing same Short Run resistance at 111.40-70 zone

As long as market holding below this resistance zone another big drop wave will be expected toward 106.00 zone

Above 111.70 more advance to test 113.30-70 resistance will be expected

  Support Resistance
Level 1 109.80 110.30
Level 2 109.20 110.90
Level 3 108.10 111.40-70

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GBPUSD 2018-06-20

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As we advised earlt this week

GBPUSD managed to hold trades below 1.3310 resistance where managed to head for farther drop toward 1.3205 and below

Market now facing support at 1.3070 while as long as market holding above this level the chance for continues hits for rebound correction may hit the market as we see over the chart where market facing resistance at 1.3220-30 and a target toward 1.3280 zone

Below 1.3070 the signals will be not clear whether more drop can hit the market or not 

  Support Resistance
Level 1 1.3140 1.3220-30
Level 2 1.3070 1.3280-1.3310
Level 3 1.2970 1.3415

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Pound wobbles ahead of Brexit showdown in House of Commons

This post first appeared on FXTM website

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It has been a terrible trading week thus far for the British Pound, as domestic political risk haunted investor attraction towards the currency. There was a sense of uncertainty after the government suffered a crushing defeat earlier in the week in a Lords vote to give Parliament a “meaningful vote” on the final Brexit deal. With the European Union Withdrawal Bill returning to the House of Commons today for a second vote, this could be a major leadership test for Prime Minister Theresa May. Another defeat for the government may spark fears over continued political uncertainty in the UK at... Read More



This post first appeared on FXTM website

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