Last Week’s Market WrapLast week started with a surprise for Oil traders as OPEC and other Oil producing countries announced a production cut. Crude O
Last Week’s Market Wrap
Last week started with a surprise for Oil traders as OPEC and other Oil producing countries announced a production cut. Crude Oil opened with a $5 bullish gap, and US WTI ended up above $80, although it traded in a range for the entire week, as the economic sentiment deteriorated on soft economic data. Caixin manufacturing showed a slowdown in March, falling in stagnation in activity, which means that the demand for Oil might dwindle.
The economic data from the US also softened, with ADP employment and JOLTS jobs numbers missing expectations, which shows that the employment sector is experiencing weakness. The USD was bearish throughout most of the week although the NFP numbers and the tick lower in US unemployment rate might have saved the Dollar since it made a bullish reversal at the end of the week.
This Week’s Market Expectations
This week we will see if the USD will resume the decline from last week or if it will continue to make gains after the reversal on Friday. Although today markets will likely be very quiet, since we’re still in the bank holiday weekend for most of the world. Later this week, US consumer inflation is expected to show another slowdown for March, which would be another bearish factor for the USD.
Last week the volatility was lower compared to most of March, with sentiment leaning slightly toward risk assets, while the USD was on a retreat for most of the week. We opened 26 trading signals, with 9 of them closing in loss while the rest reached the take profit target.
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XAU/USD – Daily chart
The 50 SMA Hold for EUR/USD
EUR/USD – 240 minute chart
Cryptocurrency Update
BITCOIN Continues to Consolidate
BTC/USD – 240 minute chart
ETHEREUM Remains Supported by the 100 SMA
ETH/USD – 240 minute chart
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