ad
Forex Brokers Award 2020
Vote your favourite broker
Trade 100 Bonus - the best offer on Forex market

Equities Maintain A Steady Grip

Feb 13 2020, 08:47 PM (+06) | Orbex.com

Equity markets are holding steady as they trade close to the all-time highs. This comes amid a mixed investor sentiment. Gold prices also continue to hold steady. The economic calendar is generally quiet and Powell’s speech did not give much for investors to digest.

Eurozone Industrial Production Data

Industrial production in the Eurozone fell more than forecast in the month of December. Official data from Eurozone showed that industrial production fell 2.1% on the month in December. This follows a flat print in November. The economist’s forecasts were for a 1.7% decline. All aspects of the production fell. The data follows weak manufacturing and industrial figures from Germany.

EURUSD Could be Set for a Correction

Price action in EURUSD indicates a possible correction might be underway. The Stochastics on the 4-hour chart suggests a possible bullish divergence. Price action needs to break past the pivot high of 1.0922 to confirm the upside. The immediate target is at 1.0952, followed by a move back to 1.1000 resistance.

eurusd

Weekly Crude Oil Inventory Rises

The weekly crude oil inventory report from the US Energy Information Administration showed a strong build-up. For the week ending February 8th, crude oil inventory rose 7.5 million barrels. This was slightly higher than the API’s report of a 6 million build in inventory. WTI crude oil prices, however, brushed aside the report to post some modest gains.

WTI Crude Oil Looks to be Forming a Bottom

Crude oil prices are likely forming a bottom following a modest rebound. However, the declines are still not out of the woods. Oil prices are trading at 51.65 resistance level. Only a breakout above this level can confirm a corrective move in price. In the short term, WTI crude oil could remain range-bound within the 51.65 and 50.00 regions.

wti crude oil

Gold Prices Continue to Consolidate

Gold prices are holding steady amid lack of volatility. Prices are rising modestly after a decline the day before. Economic data remains sparse and investors are picking up cues from the global themes including the Coronavirus and the US monetary policy. Fed Chair Powell gave his second day of testimony to the Congress.

XAUUSD Retesting the Resistance

A day after posting some modest declines, gold is back close to testing the resistance area of 1573 – 1569. With the Stochastics oscillator hinting at a possible move higher, we could see some pickup in momentum. But gold needs to clearly break past the resistance area to confirm further upside. Secondly, it also needs to break past the previous pivot highs to maintain the uptrend.

xauusd

Orbex.com

At Orbex, the client is at the heart of everything we do and everything we do is designed to guarantee your satisfaction. Here’s how Forex Trading with Orbex will enhance your trading experience: Best-in-class customer service, including live chat and free webcall One-hour response time for sales and support requests Multiple asset trading and ECN accounts on MT4 0.9 pip fixed spread at ZERO commission Up to 1:500 leverage
ad