Despite the dismal economic data releases from China and Japan, stock markets received a welcome boost during trading on Monday as expectations mounted over the possibility of central banks unleashing further stimulus measures. WTI Oil surged breaking above $30 as speculations mounted over the possibility of OPEC and Russia striking a deal. Gold faced some punishment over $60 as the risk-on trading environment encouraged investors to indulge in riskier assets.
– The EURUSD has turned bullish on the daily timeframe and Dollar weakness may provide an opportunity for prices to trade towards 1.1300.
– The GBPUSD is bearish and a breakdown below 1.4400 may encourage another selloff towards 1.4200.
– GBPAUD is bearish and a breakdown below 2.010 should invite a further decline towards 2.000
– WTI currently respects the bearish channel and remains bearish below the $35 resistance.
Despite the dismal economic data releases from China and Japan, stock markets received a welcome boost during trading on Monday as expectations mounted over the possibility of central banks unleashing further stimulus measures. WTI Oil surged breaking above $30 as speculations mounted over the possibility of OPEC and Russia striking a deal. Gold faced some punishment over $60 as the risk-on trading environment encouraged investors to indulge in riskier assets.
– The EURUSD has turned bullish on the daily timeframe and Dollar weakness may provide an opportunity for prices to trade towards 1.1300.
– The GBPUSD is bearish and a breakdown below 1.4400 may encourage another selloff towards 1.4200.
– GBPAUD is bearish and a breakdown below 2.010 should invite a further decline towards 2.000
– WTI currently respects the bearish channel and remains bearish below the $35 resistance.
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