U. s. stock futures went higher in Asia Monday, while Asian stock indices mixed. The Safe-haven USD, and the yen ticked lower as investors weighed encouraging signs that business is re-opening on the major economies by the lack of data is printed. California’s economy is now 75% open, its Governor said during the state of New York is jonti. Apple Computer, Inc. said to have almost 100 stores will be opened. Even so, the Federal Reserve, has warned, or the potential for asset-price drops-if the pandemic worsens.
The USD is heading South, online earlier Monday, as the market shows strong bullish mood after Powell’s cautious optimism in a speech on Sunday. Although the U. s. retail sales in the year-on-year comparison with a record number of 16 percent in April, as investors are tired or sluggish data. Instead, more focus has been on the news from the U. s.-China, the tensions and the Fed set the tone.
Copper prices climbed higher on Tuesday, as the paralyzed re-opening, or economies of the Covid-19-pandemic reinforced investors ‘ hopes for a revival of the demand for metals. Three-month copper on the London Metal Exchange (LME) rose by 1% to $5,234.50 a ton, while the most-traded July contract for copper on the Shanghai Futures Exchange (ShFE), advanced 0.3% to 42,940 yuan ($6,045.08) a ton.
According to a report published by CFRA, gold’s fundamentals have never been stronger, as the corona virus outbreak led to an unprecedented amount of quantitative easing around the world, and we could see a rally that has just begun. The prices are also supported by the macroeconomic background for Gold is often seen as a safe haven asset and a good hedge against economic uncertainty.
The price of oil rose above $30 per barrel at the end of the last week, as producers, both OPEC and the United States began with the cutting of the production. Further, Iraq has said that it will stop plans to issue one of its oil fields due to protests. However, investors should still remain cautious as the oil price recovery could be short-lived, should be held to the pandemic. In line with the recent rally in oil and the CAD looks to continue to strengthen against the USD as well. However, the decline in the USDCAD could be muted, as well, should be kept to the pandemic.
Technical & Trade display
USDCAD (Intraday bias: Bearish below 1.4116)
We turned bearish as the price, the first end is approaching, and in accordance with our desired swing high and a trend line. Price will probably around the back of the 1. Resistance against the 1. support. MACD also shows signs of bearish pressure.
UKOIL (Intraday bias: Bullish above 30.52)
Oil prices more and more in the late US trading session. But the price looks exhausted below the 1. Resistance at 33.86. Stochastic shows bearish divergence, and it is also the testing of resistance, where price reacted in the past in the past, a short-term slump against the 1. Support at 32.08 is to be expected.
XAUUSD ( Intraday bias: bearish below 1767.712)
We turned bearish as the price, the first end is approaching, and in accordance with our 127.2% fibonacci retracement and the 100% fibonacci extension. Price will probably around the back of the 1. Resistance against the 1. support. Stochastic is also showing signs of bearish pressure.
XCUUSD ( Intraday bias: bullish above 2.3278)
We remain bullish as price bouncing from was beautiful-our first support is in line with our 78.6% fibonacci retracement, where we expect to see a further push up to our first resistance level, in line with our 61.8% fibonacci retracement and a horizontal swing-high resistance. Stochastic is approaching the support as well.