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June 6, 2018

FXPRIMUS, Daily Report: Markets Somewhat Balanced as Italy Forms Government

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Know what’s happening in the market today!

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Euro ended Tuesday’s session a tad higher but with a rather moderate bias as risk from Italian politics subdued following the formation of an Italian government.

Dollar was hit marginally by Euro’s pursuit to close above $1.17. Global markets shift focus on commodities today as EIA reports the weekly crude stocks.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin ends session mixed as transactions volume remains at low levels. Bitcoin price ended the Tuesday session unchanged after hitting the $7,300 support for the third time and as investors did not increase positions or repositioned. It is quite probable that the $7.300 won’t be seen for a while as most indicators started turning positive.
BTC/USD 1-HOUR CHART

MARKET MOVERS

  • EUR/USD – Euro smoothens on Italian politics, price adequately higher and above $1.17. Euro-Dollar traded sideways with a bullish bias yesterday given a calmness in Italian politics and an array of passable Euro-wide PMIs. With both RSI and MACD turning positive it is likely that a second leg up appears on the charts.
  • GBP/USD – British Pound pierces $1.34 as Services PMI beats estimates. Cable found resistance just above $1.34 for another session but this time closed the session much closer to the psychological level as this was the second positive PMI report for the UK this week. With chances of a hike increasing investors bought Sterling, a technically supported move b the 200 MA on the hourly chart.
  • USD/JPY – Dollar-Yen unchanged despite good ISM as safe-havens improve. Supportive US eco data increased rate hike chances to 94% but the price remained almost unchanged owed to risk-off tine in the markets. Despite Dollar’s strength investors saw a marginal pullback as long positions decreased, leaving the pair below 110.
  • USOIL – Oil prices rise following API draw, price back above $66 yet supply concerns prevail. Oil finally halted and reversed just below the 23.6% Fibo in the Tuesday session following a positive API report and after a round of three consecutive losing days. Although investors remain cautious over OPEC production concerns they pushed the price higher just hours before EAI’s release.
  • XAU/USD – Gold edges higher as risk-on appetite subsides following Italy dedramatisation. Gold inched a tad higher yesterday but still below the $1.13 amid Italian lower-risk politics. Despite trade wars are back in the spotlight safe-havens remain at moderate levels for the time being. The yellow metal looks somewhat bullish.
XAU/USD 4-HOURS CHART
  • US Indexes – DJ fell by 0.06%, S&P 500 rose by 0.07%.
  • European Indexes – DE 30 appreciated by 0.14%, UK 100 saw a 0.26% rise.
  • Asian Indexes – ASX 200 surged by 0.44%, Nikkei 225 increased by 0.38%, Hang Seng trades 0.67% higher.
  • US Equities – Twitter soared by 5.07%, Tesla declined by 1.89%.

Original Source: FXPrimus News

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