Daily Review for June 02, 2021
After the OPEC+ meeting the oil market is optimistic. Market demand was analyzed and a gradual increase in production until July 2021 was concluded.
BCE president, Christine Lagarde is scheduled to announce today the ECB’s analysis of Euro Zone economic data and possible tapering.
EURUSD remains above the 1.2200 mark. Possible upward movement as a result of the USD depreciation.
Traders begin to profit from yesterday’s rally in equities in Europe. The market reacts in anticipation of the next trend.
Gold falls below USD$1,900 but maintains a bullish outlook.
| CRUDE OIL +0.22% |
| WTI crude oil price continues to rise following the results of the OPEC+ meeting. The organization concluded that they will gradually increase production until July 2021 to give more space for demand recovery. At the moment the price is up 0.22% and is trading at USD$67.87 per barrel. Today, we will have the weekly US stocks report, where a reduction of 1.3 million barrels is expected. |
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| Support 1: 67.81 Support 2: 67.62 Support 3: 67.46 Resistance 1: 68.16 Resistance 2: 68.32 Resistance 3: 68.51 Pivot Point: 67.97 |
| Price is above the 25-day and 50-day moving average. Expected trading range between 67.46 and 68.51. Pivot point at 67.97. RSI neutral. Bulls’ target remains at 70. If US stocks decline more than expected, the price could reach 70.25. |
| EURUSD -0.03% |
| The currency, its back above the 1.2200 mark. Traders are now looking forward to today’s statement by Christine Lagarde, President of the ECB. A statement is expected within the analysis of macroeconomic data such as the CPI, GDP and PMI that the market has seen during this week. Possible Tapering presentation as well by the ECB. |
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| Support 1: 1.2214 Support 2: 1.2211 Support 3: 1.2208 Resistance 1: 1.2220 Resistance 2: 1.2223 Resistance 3: 1.2225 Pivot Point: 1.2217 |
| The price is at the Ichimoku cloud, which forecast a sideways movement towards 1.2222. The depreciation of the USD against the EUR continues. Trading range between 1.2208 and 1.2225. Pivot point at 1.2217. RSI neutral. |
| DAX 30 +0.22% |
| Good economic data in the Euro Zone and Germany are keeping the DAX 30 bullish. It is currently up 0.22% and is trading at 15,612. Today, the ECB will analyze the main economic indicators and thus give the market an idea of its economic outlook. The ECB is also expected to mention tapering or the gradual reduction of economic stimulus. |
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| Support 1: 15,555.5 Support 2: 15,543.0 Support 3: 15,530.5 Resistance 1: 15,580.5 Resistance 2: 15,593.0 Resistance 3: 15,605.5 Pivot Point: 15,568.0 |
| Expected trading range between 15,530 and 15,605. Pivot point for change in trend at 15,568. RSI neutral approaching the overbought zone. Price is between the pivot point and resistance 1. |
| GOLD -0.22% |
| The good macroeconomic data from the Euro Zone have generated a rally in Equities at a global level and with it, gold began to be liquidated in investors’ portfolios. However, the price has managed to remain above USD$1,899 and maintains its bullish position. With the depreciation of the USD, the market could show continuity in the upward movements of commodities. |
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| Support 1: 1,897.26 Support 2: 1,894.83 Support 3: 1,892.91 Resistance 1: 1,901.61 Resistance 2: 1,903.53 Resistance 3: 1,905.96 Pivot Point: 1,899.18 |
| Expected trading range between 1,892 and 1,905. Pivot point at 1,899. RSI neutral. Possible sideways to 1,903. If investors continue taking profits in equities, gold prices could resume the bullish channel towards 1,930. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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