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WTI Recovery Expected. Pound Still Climbing.

   

Welcome to this week’s Market Blast Fundamentals.

 

I’m Brad Alexander and on behalf of Valutrades today we will take a look at Gold (XAUUSD), USDCAD, WTI (US Oil), Brent Crude (UK Oil), GBPUSD, and EURGBP.

Based on great news from the UK regarding the COVID vaccine progress, and better economic news from last week, the Pound seems to be the favourite long trade among hedge funds and we will  see further gains against the Euro, Dollar, franc and yen.

But, tomorrow’s UK Claimant Count Change and Wednesday’s speech by Andrew Bailey may set the tone for future gains.

As you can see we have a lot of economic news events all week so watch for volatility especially when US Fed Chair Jerome Powell testifies tomorrow and Wednesday, a New Zealand interest rate decision Wednesday, and the US Crude Oil Stock Oil  Change as well.Screenshot 2021-02-22 at 10.21.11

We can see drops in prices recently in WTI and Brent Crude with WTI below $60 but the inventory count will tell the market about the effects of last weeks deep freeze in Texas and production overall.Screenshot 2021-02-22 at 10.21.29

Of course, we have to look at our favourite correlation with the Canadian Dollar increasing in value against the USD and with the growing price of Crude.

But, watch USDCAD in particular and price action is still trying to break support.

Gold is still under pressure but buyers and sellers are still fighting over the $1800 mark and we are now seeing it well below the 200-day Moving Average.Screenshot 2021-02-22 at 10.21.55

If price action breaks below support, the price could hit $1700 again.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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