July 4, 2018

FXPRIMUS, US-China Trade War Provoke Fears of Global Recession, as Gold Bulls Demonstrated

fxprimus safest place to trade fx forex online trading investment photo logo

Check out the important market events and trends of the day!

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

Dollar subsided yesterday despite the positive kick-start in Q3 as trade war escalations between US and China had a number of investors shifting appetite for risk amid fears of a global recession.

In reflection, majors closed bullish against the greenback with Euro being the exemption and ending the session mixed as Retail Sales were somewhat disappointing.

A number of PMI releases will be posted today while the US markets are closed in observance of Independence Day.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin stable at $6650 but low volume shows no signs of upward break. Bitcoin found resistance at the $6650 level as expected, as markets were somewhat quiet in terms of volumes and price action. Bitcoin moved in a tight $150 range and ended the session mixed. Next few days most likely to provide investors with more clues regarding directional bias.


  • EUR/USD – Euro forms indecision candle despite weaker Dollar, Retail Sales revised downwards. Euro-Dollar closed more or less 20 pips higher on Tuesday, yet the gains were only marginal and had daily candlesticks forming an indecision candle. Although Dollar was weaker against majors due to risk aversion and some profit-taking, the Euro was hit by Spanish unemployment and a worse and downward revision of Retail Sales. Array of PMIs to set the tone while upward channel is building up.
  • GBP/USD – Cable improves on weaker Dollar; Construction PMI supports bullish narrative. The British Pound rose 47 pips against the greenback yesterday as investors initiated a sell-off on profit-taking, with the escalation in the US-China trade war also to blame as fears over global recession rise. Sterling was supported by good eco PMI data too, and managed to break above the descending trendline as it appears on the chart. Price back above $1.32 while waiting on for the Services PMI.
  • USD/JPY – Yen advances higher on safe-haven demand after retesting the 111.10 level. Dollar lost a number of pips in Tuesday’s session, putting an end to the bullish rally against Yen, at least temporarily. Although the pair maintains a bulish bias and trades within a bullish channel, price has retraced back to the 110.25 Fibonacci of the leg starting June 25 and could move lower near 110.
  • USOIL – Oil slides $2 following reiteration for 1M bpd output increase, traders see it as an opportunity to take profit. Oil plummeted momentarily during yesterday’s session as both Russia and Saudi Arabia committed to increasing production by 1M bpd while Iranian sanctions are pushing price higher. Although most losses have been recovered, the black gold remains under pressure but near multi-year high.
  • XAU/USD – Gold climbs $16 higher from 6-month low of $1235/oz as investor sentiment shifts. Spot Gold turned bullish following a rejection at the 6-month low as recession fears over trade war escalations shifted investor sentiment. The precious metal upsurged, closing $16/oz higher and could end up giving up its gains much higher, near 1270, or even 1300, as the price trades outside the descending channel appearing on the chart.
  • US Indexes – Both DJ and S&P 500 fell by 0.54% and 0.49%, respectively.
  • European Indexes – UK 100 and DE 30 saw a 0.20% decline.
  • Asian Indexes – ASX 200 fell by 0.46%, Nikkei lost 0.31% and Hang Seng trades 1.00% lower.
  • US Equities – Tesla plunged by 7.23%, Exxon Mobil improved by 0.59%.

Original Source: FXPrimus News

All Forex Brokers

  • IFC Markets
  • FxPro
  • IronFX
  • Axiory
  • FBS
  • Land-FX
  • MyFX Markets
  • Titan FX
  • Traders Trust
  • XM
  • LMFX
  • FXDD
  • ForexClub
  • KVB Kunlun
  • Tradeview
  • EightCap
  • FXOpen
  • HotForex
  • FXGiants
  • Fortrade
  • CM Trading
  • InstaForex
  • ForexMart
  • Valutrades
  • AvaTrade
  • Yadix
  • easyMarkets
  • JustForex
  • FXTM
  • HYCM
  • FP Markets
  • SimpleFX
  • IC Markets
  • Evolve Markets
  • Tickmill
  • UFX
  • Anzo Capital
  • LiteForex
  • 4xCube
  • OctaFX
  • Tifia
  • XTB
  • AAAFx
  • NordFX
  • FXGlory
  • Capex
  • ClickTrades
  • TopstepFX
  • HotForex ZA (South Africa)
  • XMTrading
  • PaxForex
  • ITRADER Global
  • FortFS
  • MiltonMarkets
  • ETFinance
  • ATFX
  • XBPrime
  • Oinvest
  • VantageFX
  • BlackBull Markets
  • SuperForex
  • Deriv
  • SquaredFinancial

All Crypto-Currency Exchanges

  • CEX.IO
  • HitBTC
  • Paxful
  • BitMEX
  • C-CEX
  • Binance
  • YObit
  • Bibox
  • BKEX
  • CoinPark
  • CoinEx
  • CoinField
  • bybit
  • Bitpanda
  • Trade8
  • PrimeBit

This website uses cookies

By using our site, you acknowledge that you have read and understand our Privacy Policy (Cookie Policy), and our Terms of Service.