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Market View

Market Daily Outlook - USOil reached $41

Friday, September 18, 2020 11:18 AM GMT

USOil has already covered about 70% of the last selloff’s losses. Saudi Arabia’s crude exports increased to 5.7 mil barrels per day in July after reaching the all-time low at 4.98.bpd. These numbers improve the market’s expectations as the demand for oil is potentially recovering. Additionally OPEC+ informed that will take appropriate action on members that don't follow the OPEC’s guidelines of the output cuts. The commodity is currently testing a major resistance zone.

USOil 240m

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On major US news, Trump is pressing Republicans to increase the package for coronavirus relief aid and he believes that this is feasible. The Weekly Jobless claims increased by 860k more than expected. The Building Permits decreased by 0.9% disappointing the forecasts.
On major EU-UK news, the UK Retails sales rose by 0.8% recording the 4th consecutive month of growth. Germany’s producer prices for industrial products contracted by 1.2% compared with the corresponding month of the previous year.
On Asia news, Japan’s inflation rate fell to 0.2% YOY due to COVID-19 while Reuter’s poll predicts that BoJ’s quarterly tankan business sentiment survey will be improved to -23 from -34.

Reviewing the technical view, NAS100 holds above a major resistance zone. This zone could be a make or break area.  Fast EMA’s indicate a bearish bias. Traders need to be very careful with GER30 and FR40 as they both consolidate within a tight range of prices anticipating a major move.

NAS100 Daily

GER30 Daily

FRA40 Daily

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After failing to break out from the triangle, XAUUSD moves sideways within it. Traders should monitor the two marked zones.

XAUUSD 240min

 

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