WTI traded into the 2016 low today and reversed lower. My working assumption is that crude is building a bullish base. 18.20-19.20 is the zone to watch for the next low. This zone is defined by support and resistance since late March.
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BoE is tomorrow and it looks like the bounce to 1.2484 is the extent of the corrective bounce in wave 2 of C. Proposed resistance is now 1.2405/20, which is a well-defined horizontal level and the neckline of a short term head and shoulders.
USDJPY is nearing the center line of the channel from the 4/6 high. When a market is nearing the center line, I’m always on the lookout for acceleration in the trend…in this case that’s lower. Focus remains towards the lower channel and 61.8% retrace of the rally from the March low at 105.19.
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The US dollar rallied sharply on Monday, lifted by safe haven flows as fears grew over rising tensions between the US and China. Both US President Trump and Secretary of State Mike Mike Pompeo have laid the blame for the pandemic on China.
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele – AUDUSD Short Idea into May 2020 RBA Decision.