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Forex news -forex broker review => Forex => Topic started by: PocketOption on Sep 06, 2022, 04:37 pm

Title: THE LONDON OPENING 06-09-2022
Post by: PocketOption on Sep 06, 2022, 04:37 pm
THE LONDON OPENING 06-09-2022

EUROPEAN INDICES OPENED SLIGHTLY BELOW PARITY AFTER A MIXED ASIAN SESSION; THE RBA HIKED INTEREST RATE BY 50BPS WHILE THE OPEC+ DECIDED TO CUT THE OUTPUT BY A MODEST 100k BARRELS PER DAY.


European stocks begin this Tuesday on a cautious note after a mixed Asian session, with worldwide investors still concerned about signs of slowing global growth and developments in the European energy crisis.  confirmed last night that the gas flow from Nord Stream would not resume until sanctions are lifted, which Moscow says to be the cause of the inability to fix the faults and thus get the pipeline running again. Also, yesterday evening came news of a Franco-German pact for energy exchange: France will send gas to Germany to supply electricity. This morning, German factory orders saw a decline of 1.1 % against an expected -0.5%, confirming a slide for the sixth consecutive month and signalling the continued slowdown in Europe’s leading economy.


Meanwhile, Australia’s central bank raised interest rates by 50bp as expected, marking the third consecutive increase of that magnitude and the fourth in total, bringing the cost of money back to 2015 levels. The RBA confirmed that further hikes would follow until inflation is returned to target while paying close attention to economic growth.


Finally, in the OPEC+ meeting, producing countries confirmed a production cut of 100K barrels per day. However, this figure, since it represents less than 0.1% of global demand, is not likely to have much impact on the market.


As for the economic calendar, no major data will be released today, except for the Construction PMI in Great Britain and the ISM Non-Manufacturing PMI in the United States.




EURUSD, M15



The EURUSD gained some strength yesterday, remaining above the 0.9904 mark (which was the primary intraday support). It filled the gap after breaking the W-2 VAL, reaching the critical level around the 0.9975 mark. The pair is trading around the most significant intraday resistance area, the W-2 POC & W-1 VAL. If prices can break upward, the uptrend could continue to target the following resistance area around the W-1 POC and the W-2 VAH. On the other hand, if prices fail to break the resistance, a return to the most crucial support area between the W-2 VAL and the 0.9936 mark is expected.


Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 0.9945, 0.9936, 0.9877.


Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 0.9975, 1.0002, 1.0023.


WTI, M15



The WTI is trying to recover from recent losses and is now up by 2.58% on a weekly basis. Currently, the black gold is trading around the most important intraday support area, between the W-3 POC and the W-1 POC. From a technical point of view, as long as prices remain above this area, the most likely scenario is a continuation of the recovery to target the W-3 VAH. On the flip side, if prices break the support area downward, a continuation of the drop towards the W-3 VAL is expected.


Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 88.57-88.20, 87.


Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 90.05, 91.30.


The post THE LONDON OPENING 06-09-2022 appeared first on Key To Markets Blog.


Source: THE LONDON OPENING 06-09-2022 (https://www.keytomarkets.com/blog/analysis/the-london-opening-06-09-2022-15030/)