A death cross is forming in U.S. oil, underlining the unraveling of crude prices
Oil is already in a bear market, but now a fresh, negative pattern is crystallizing in the commodity that has absolutely bludgeoned bulls over the past two months. January West Texas Intermediate crude CLF9, -7.76% early Friday settled 7.7% lower at $50.42 a barrel on the New York Mercantile Exchange and that downtrend has propelled the U.S. benchmark to the brink of forming a death cross — a chart formation in an asset that many market technicians believe marks the point that a short-term decline morphs into a longer-term downtrend. Read More @ https://www.marketwatch.com/story/a-death-cross-is-forming-in-us-oil-underlining-the-unraveling-of-crude-prices-2018-11-20?siteid=rss&rss=1
Pound’s Fate Could Worsen as Investors See Multitude of Risks
Pound traders are faced with several scenarios as political turmoil surrounds U.K. Prime Minister Theresa May, and few look positive. With this week’s events suggesting May’s Brexit plan doesn’t have strong support, investors now wonder what the premier’s next move will be if her deal is rejected in Parliament. May’s options include negotiating another deal with the European Union, holding a second Brexit referendum or even a general election, all as she faces the possibility of a no-confidence vote in her leadership. Read More @ https://www.bloomberg.com//news/articles/2018-11-17/pound-s-fate-could-worsen-as-investors-see-multitude-of-risks?srnd=markets-vp
How Italy Sparked a Standoff Over EU’s Budget Rules
For nations of the European Union’s single currency area, the annual budget process isn’t over once their spending plans are drawn up. The European Commission also gets a say. In Italy’s case, the response from Brussels has been unprecedented. Following an early rejection of the country’s expansionary 2019 budget by the EU’s executive and a request for revisions, which Italy rebuffed, the commission said the budget is in “particularly serious non-compliance” with bloc rules. In a separate report, the commission said Italy was not respecting limits on debt, paving the way for a disciplinary process that could lead to fines. Read More @ https://www.bloombergquint.com/quicktakes/how-italy-sparked-a-standoff-over-eu-s-budget-rules-quicktake#gs.anYiPT4
WHAT IS THE USD CHART SAYING?
USD remains strong at trend momentum; you need a strong news the move the USD lower.
MONDAY NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- ALL DAY EU Economic Summit – expect gaps on Monday morning for EUR & GBP pairs.
- 5.45am – NZD will make its moves and we are expecting the Core retails sales to be weak.
- 6.15am – AUD WILL GO TO ACTION with RBA Gov Lowe speaks – expect volatility for AUD.
- 5.00pm – Germany will release Business climate – expect volatility.
- Tentative timing – EUR will release their ECB Financial stability review – It’s an assessment of conditions in the financial system and potential risks to financial stability – the evidence on strains and imbalances can provide insight into the future of monetary policy.
- 10.00pm – ECB Mario Draghi speaks – expect volatility.
Will be a great Monday with some major news and EU Summit summary.
High Risk Investment Warning:
Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.