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Market Recap: 11 - 15 May

   

 

UKOil-20200518
 
On Tuesday last week we covered UK Oil which spent the remainder of the week pushing up to a one month high near $33. For the last week UK Oil settled right around the key $30 level after rallying well off multi-year lows below $16. Prior to the rally UK Oil fell down to the multi-year low as it struggled to get any support. It was initially receiving solid support from another key level of $25 which had supported it well for several weeks, which was so desperately needed, so it was telling when its largest fall was breaking through this level a few weeks ago.

Around a month ago it was trading in a narrow range roughly between $30 and $35 after rallying off the solid support at $25 and it finds itself back in this range now.

 

US30-20200518

 

We also covered the US30 index which spent the remainder of the week trading in a narrow range above 23000. In the last few weeks the US30 index has eased a little lower from resistance at the key 25000 level on two occasions, which has pushed prices lower however the index continues to trade between 23000 and 24000. Several weeks ago, it had rallied higher to a one month high near 25000, while the key level of 22500 has well supported the index. So after extreme volatility for several weeks, the US30 index has settled right down in the last few weeks content to trade right around the 24000 level, with the 25000 level looming above and likely to offer some resistance should the index rally again. The US30 index is also likely to receive some support from 22500 which previously provided resistance to the index several weeks ago. It now remains within this range until it can clearly break through one side.

 

EURUSD-20200518

 

In the last week or the EURUSD eased away from resistance at 1.10 again and enjoyed more support from the 1.0750 area. Three weeks ago the EURUSD rallied well back up towards 1.09 after having spent two weeks easing away from resistance at the key 1.10 level. The last few weeks has seen the EURUSD slow down a little, as it has been on a rollercoaster ride, surging back higher from a three year low near 1.06 up above the key 1.11 level in the second half of May, before easing back below 1.10 again. The EURUSD has enjoyed some support from the 1.0750 level on several occasions now as it is currently trading in a range between that level and resistance at 1.10, as it will be interesting to see which way it breaks.

 

USDJPY-20200518

 

To finish out the week we covered the USDJPY which finished the week trading right around 107.  In the last week the USDJPY eased back to the current key 107 level having surged through this level only a week ago, after it dropped to its lowest level in more than one month.  During the last month, the 107 level has supported the currency pair well pushing it back towards 108 and 109, however in the last few weeks it has generally moved lower after meeting some resistance around 109 and this level remains relevant likely to continue to place downward pressure on price should it continue to move higher.  For the best part of the last few weeks now, the USDJPY has traded back and forth between 107 and 109 after having dropped sharply from a one month high around 111.50.  Despite the breaks recently, the 107 level is currently providing support and the 109 level is offering some resistance so it will be interesting to see how long the trading remains within this range and which side breaks first.

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