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Daily analytical report (06/09/17)

  • Stocks are trying to recover today from the heavy blow they received yesterday. The US Dollar is significantly weaker and the focus of market participants is slowly shifting towards the ECB meeting on Thursday. In a few hours, we will get a small aperitif from the BoC with their rate statement.
  • Gold is doing what was generally expected; climbing higher. In addition to that, the upswing is very technical, especially with yesterday’s bounce from the support created by the highs from the 29th of August and the 1st of September. 1380 USD/oz is on the horizon.
  • A potentially lucrative trading opportunity is emerging on the USD/MXN chart, where the price is forming a long-term symmetrical triangle. A breakout here should show the direction and trigger a mid-term trading signal.
  • The bullish sentiment on oil was described in our analysis on Monday. Since then, the price has risen almost 2 USD/bbl and broken the 50% Fibonacci resistance. The next target is the 61.8% Fibo level above 50 USD/bbl.

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