Dark Days for the Black Gold

Fundamentals

Yesterday the RBA left its rate unchanged at 1.5% p.a. At 1:00 pm GMT the CPI came out – it was unchanged at 4.1%. The JOLTS job openings report was published in the United States. The number of job openings rose to 6.044 million against a forecast of 5.650 million.
Today among the fundamental news traders will be trading on Australia’s GDP (the consensus forecast is 1.5%).
At 9:00 am GMT we’ll be watching for the change in Eurozone GDP. The number is expected to increase to 1.7%.
The US Department of Energy will publish its regular crude oil inventories report at 2:30 pm GMT. The forecast is -3.447 million. Apropos oil: speculation continues over the Qatar situation and the breakoff of diplomatic relations by a number of countries that are accusing Qatar of abetting terrorism. The situation looks rather problematic from the viewpoint of prices for the black gold.
Oil has now sunk below $50. Technically the cost of oil has dropped below the 9-EMA. There may therefore be a technical bounce up to $50.50.

Stocks

Among corporate news, traders will be watching out for the report from Brown-Forman, America’s largest producer of alcoholic beverages, whose stock is traded on the NYSE. A slight decline in per-share profit to $0.40 is predicted.
Russian traders will be watching out for RusGidro's report.
On June 5, 2017, the Dow Jones fell, but yesterday the stock market indicator managed to recover part of the loss. Technically the MACDF is falling, which for now is sending a weak reversal signal, and a reversal of the Williams %R indicator can be seen  there has not yet been a crossover of the upper boundary top down, but the indicator may soon try to escape overbought territory. As we’ve already noted, traders will quite likely wait for confirmation of the reversal of the short-term trend, which may come after the top down breakthrough of the 9-EMA. Until they receive these signals, the majority of traders will stick to their bullish mood, using local bounces to re-enter positions.

Currency Market

As we noted, the CAD/CHF pair continues to fall. Technically, we’d identify the support at 0.7100. The resistance might be at the 9-EMA boundary, i.e., 0.7200. Note that no clear signals of a reversal have appeared yet, so the best is to trade down on local bounces.

Nikolay Dudchenko, Olymp Trade analyst.

Olymp Trade Review