May Trade war rising up? – China responds U.S. tax

The American president - Donald Trump impose more tariffs on Chinese goods on last Friday. The Chinese Commerce Ministry promptly responded to the Trump administration's by implement tariffs on the same scale as the U.S. The rising trade tension still causes fear and uncertainty in the world market. Today is the holiday in some Asian countries such as China, Hong Kong and Taiwan. I think the major stock markets in Asia may decline.
According to the rising trade tension, gold price may trade higher on Monday. It may try to rise back 1,288 dollar. While oil price may hold steady await OPEC meeting in Vienna on 20-21 June 2018. Brent may hold above 72.50 dollar and may slip up to 75 dollar. USD/JPY closed higher a little bit on last Friday but it may fall lower than 110.50 points on Monday from the weaker dollar and trade tension. I think USD/JPY may 110 point and then 109.50 points. Furthermore, Euro may swing between 1.550 – 1.650 dollar. British pound may move sideways up to 1.3445 dollar, if it doesn’t fall lower than 1.326 dollar.
After Bitcoin price fell lower to 6,100 dollars last week, it slightly increasing above 6,500 dollars. In 1hour time frame Bitcoin may rise to retest the first resistant line at 6,750 points by the inverse pattern “Head and Shoulders” but it need to hold above 6,350 points.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

Olymp Trade Review