the daily chartist

Daily market recap for 01.06.2018

published 3 years ago

 Thee week ended as so the month as well. Had a lot of events, news and turmoils for the markets to endure, but most of these events left with with an open ending to continue casting their shadow over the respective instruments. Oil, Bitcoin, EUR/USD still not that calm, possible stopping of QE from the ECB, rate hikes, hikes from the US, UK. A lot of bank - and - forth statements and sentiment, making the prices bounce between lows and highs and we've seen some big rallies as well as tumblings. 

 Bitcoin as always first on the list ended the day, week and month in negative territory after the huge sell off, caused and accelerated by China, India, S. Korea crackdowns. 
 Daily BTC/USD candle specifics for 01.06.2018:

Open 7496.30
High 7562.80
Low 7315
Close 7404

 For me the price is still in corrective mode, making a Bearish flag for another move down, after some shorts covering and failed attempts from Bulls to take over as for five straight days they were not able to breach 7563.09. 

The Euro as well ended in red territory, though in the last two days the price has made a substantial rise from 1.15096 to 1.17247. 
 Daily EUR/USD candle specifics for 01.06.2018

Open 1.16897
High 1.17178
Low 1.16167
Close 1.16583

 Tensions from Italy for now have been settled and this has given some room for the pair to move up as it has covered some of the hard selling in the resent days. The movement Yesterday was mixed with some whip saw effect after the US data we had. Everything came up as positive as Average Hourly Earnings came in at 0.3% as forecast was 0.2%. Non-Farm Employment Change was 223K from 189K forecasted and Unemployment Rate dropped to 3.8% as 3.9% was the forecast. ISM Manufacturing PMI was also positive in 58.7 from 58.3 as forecast. After the data the dollar gained a significant boost and especially the Euro dropped sharply after the data. After that it quickly made a correction high after the market has digested the news. 
 Still the pair is in the downtrend and we will need to see further confirmation from the price to determine if the movement is going to reverse for the future. 

 Gold had a rough month as well. Daily XAU/USD candle specifics for 01.06.2018

Open 1299.080
High 1300.560
Low 1289.290
Close 1929.920

 Gold suffered as well after the better than expected data from the US and gold manage to go under 1300 again failing to even surpass it as in the previous days. The price is still inside the downtrend, so pressure will remain. There may be an attempt to go down further again to 1287.937 as the Bulls are losing grounds further and sentiment is in favor for a risk. On the top side 1295 and 1300 remains as strong resistance for the movement to continue further up. 

 WTI daily candle specifics for 01.06.2018:

Open 66.99
High 67.26
Low 65.34
Close 65.67

 Crude has ended as well within the Bear zone as data showed there is more production that demand with higher inventories and statements from major OPEC and non - OPEC players came in with intentions to increase Oil production outputs this year. The price has managed to breach temporary the 61.8 Fibo with a move up to 68.41, but the price wasn't strong enough to make the further move up. WTI has returned bellow 61.8 Fibo and has landed Yesterday on the 50 Fibo as I have mentioned that that it is highly possible for the price to do that. Even though it didn't managed to move bellow that level it is indicating that it is drawn to it. If production sentiment continues to cast its weight on the price, it can move under 50 Fibo for a target to 38.2. As the price moving further away from 70 and 65 the dream for Oil at $80 is fading away, at least for now.  The last time the price has reached the 50 Fibo before on 17.04.2018 and bounce back, giving the basic foundation for the Bearish wedge that has been charted. We will see now will happen as if history repeat, bounce will follow.