Here are today's directional views from the global research desks of Ventura Prime FX! These are starting points for your own research to identify opportunities that make sense for you.
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| DAILY NEWS BRIEF - MARKET OUTLOOK |
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| Here are today's directional views from the global research desks of Ventura Prime FX! These are starting points for your own research to identify opportunities that make sense for you. |
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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, the U.S. stock market was closed for the Memorial Day holiday.
Meanwhile, stock futures advanced nearly 1% and oil prices came under pressure after U.S. President Donald Trump said talks with Iran were proceeding nicely.
In Europe, the DAX 40 rose 2.01%, and the CAC 40 gained 1.76%. The U.K. market was closed for a public holiday on Monday.
Also, Japan’s Nikkei 225 extended its rally to a third session on Monday, gaining 2.87% to 65,157, a record closing level.
In early Asian trading hours on Tuesday, U.S. WTI crude futures tumbled 6.00 dollars (-6.20%) to 90.61 dollars a barrel. Japan’s Nikkei reported that the U.S. and Iran may agree to reopen the Strait of Hormuz about 30 days after the two countries reach a deal to end hostilities.
Gold price traded at levels around 4,560 dollars an ounce.
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The U.S. dollar remained dragged by the prospect of a U.S.-Iran peace deal, with the dollar index testing support at the level of 99.00.
EUR/USD continued to trade at elevated levels around 1.1642.
USD/JPY has retreated to levels below 159.00.
GBP/USD managed to cross above 1.3500, and AUD/USD was above 0.7170.
USD/CHF marked its fourth straight losing session on Monday, trading at 0.7827.
Meanwhile, Bitcoin has regained the level of 77,000 dollars.
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In Asian trading hours, EUR/USD eased to 1.1634 and GBP/USD retreated to 1.3485.
Meanwhile, USD/JPY was little changed at 158.97.
Gold fell to 4,534 dollars.
Bitcoin slipped to 76,586 dollars.
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In the U.S., the Conference Board consumer confidence index is expected to slip to 92.0 in May, while the Dallas Fed manufacturing index is estimated to improve to -1.0.
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Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out. |
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| Crude Oil (WTI) (N6) intraday: choppy. |
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| Pivot: |
| 92.55 |
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| Our preference: |
| Short positions below 92.55 with targets at 90.30 & 89.40 in extension. |
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| Alternative scenario: |
| Above 92.55 look for further upside with 93.85 & 95.70 as targets. |
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| Comment: |
| The upward potential is likely to be limited by the resistance at 92.55. |
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| Gold intraday: the downside prevails. |
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| Pivot: |
| 4561 |
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| Our preference: |
| Short positions below 4561 with targets at 4510 & 4490 in extension. |
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| Alternative scenario: |
| Above 4561 look for further upside with 4577 & 4589 as targets. |
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| Comment: |
| The RSI advocates for further downside. |
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| GBP/USD intraday: caution. |
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| Pivot: |
| 1.3470 |
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| Our preference: |
| Long positions above 1.3470 with targets at 1.3510 & 1.3530 in extension. |
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| Alternative scenario: |
| Below 1.3470 look for further downside with 1.3450 & 1.3425 as targets. |
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| Comment: |
| Intraday technical indicators are mixed and call for caution. |
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| USD/JPY intraday: key resistance at 159.05. |
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| Pivot: |
| 159.05 |
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| Our preference: |
| Short positions below 159.05 with targets at 158.80 & 158.65 in extension. |
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| Alternative scenario: |
| Above 159.05 look for further upside with 159.20 & 159.35 as targets. |
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| Comment: |
| The upward potential is likely to be limited by the resistance at 159.05. |
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| EUR/USD intraday: consolidation. |
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| Pivot: |
| 1.1615 |
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| Our preference: |
| Long positions above 1.1615 with targets at 1.1655 & 1.1670 in extension. |
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| Alternative scenario: |
| Below 1.1615 look for further downside with 1.1600 & 1.1585 as targets. |
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| Comment: |
| Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. |
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| Silver intraday: watch 74.50. |
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| Pivot: |
| 77.70 |
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| Our preference: |
| Short positions below 77.70 with targets at 75.50 & 74.50 in extension. |
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| Alternative scenario: |
| Above 77.70 look for further upside with 78.50 & 79.25 as targets. |
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| Comment: |
| The RSI advocates for further decline. |
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| Dow Jones (CME) (M6) intraday: look for 51200. |
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| Pivot: |
| 50900 |
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| Our preference: |
| Long positions above 50900 with targets at 51200 & 51400 in extension. |
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| Alternative scenario: |
| Below 50900 look for further downside with 50600 & 50440 as targets. |
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| Comment: |
| The RSI is below its neutrality area at 50% but reversing up. |
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| S&P 500 (CME) (M6) intraday: the bias remains bullish. |
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| Pivot: |
| 7524 |
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| Our preference: |
| Long positions above 7524 with targets at 7570 & 7585 in extension. |
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| Alternative scenario: |
| Below 7524 look for further downside with 7500 & 7470 as targets. |
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| Comment: |
| The RSI is below its neutrality area at 50% but reversing up. |
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TRADING FOREIGN EXCHANGE ON MARGIN CARRIES A HIGH LEVEL OF RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.
THE POSSIBILITY EXISTS THAT YOU COULD SUSTAIN A LOSS OF SOME OR ALL OF YOUR INITIAL INVESTMENT AND THEREFORE YOU SHOULD NOT INVEST MONEY THAT YOU CANNOT AFFORD TO LOSE.
THE HIGH DEGREE OF LEVERAGE CAN WORK AGAINST YOU AS WELL AS FOR YOU. BEFORE DECIDING TO TRADE FOREIGN EXCHANGE OR CFD’S YOU SHOULD CAREFULLY CONSIDER YOUR INVESTMENT OBJECTIVES, LEVEL OF EXPERIENCE, AND RISK APPETITE.
YOU SHOULD BE AWARE OF ALL THE RISKS ASSOCIATED WITH FOREIGN EXCHANGE AND OTHER CFD TRADING, AND SEEK ADVICE FROM AN INDEPENDENT FINANCIAL ADVISOR IF YOU HAVE ANY DOUBTS. VPFX RECOMMENDS READING THE RISK DISCLOSURE SECTION OF THE PROSPECTUS FOR ANY FINANCIAL PRODUCT MENTIONED.
VPFX is the trading name for Ventura Prime FX Limited with registration number LL16224 registered in Labuan F.T., Malaysia.
Ventura Prime FX Limited is authorised and regulated by the Labuan Financial Services Authority (LFSA). Registered Address:Kensington Gardens, No U1317, Lot 7616, Jalan Jumidar Buyong, 87000 Labuan Federal Territory, Malaysia
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