Markets pulse 29.05.2018

29.05.2018 / 09:57

Rating:

European markets and the forex volatility remains in check, awaiting a high probability of a rise due to the Italian crisis. European futures on exchange-traded indices drops momentum before the start of the European session, and we can expect new downward impulses. Positioning with new short positions, however, is risky and traders will probably wait at least for a slight correction of the D1 bar to have a proper risk / reward expectation.

WTI breaks below 50DMA reaching levels of diagonal support. The oil market seems to hold back the tensions, given that the season of natural disasters begins in the North and South America. The levels that will trace traders and where it is appropriate to start new purchases is about $ 65 a barrel. Technically there will be a matching diagonal, horizontal and dynamic 50% support from Fibo.

SPX remains in a short-term consolidation, with a break below 2700 being able to unlock traders for new short positions.

The JPY forex market seems to dominate all the crosses. Expectations to increase uncertainty and the likely crisis in Italy will make investors look for hedge and buy safe havens. With USDJPY we see a new lower bottom and a break below 50DMA is not off. Any adjustment today can be used for short-term short positions at EURJPY, AUDJPY, USDJPY, CADJPY.

With the most traded EURUSD pair, the situation is perfect for Stop Hunting in the area above 1.1550, where there are probably a lot of buy limit orders. This, in turn, may lead to the deeper adjustment expected by traders. Suitable for an entry with a buy limit in the zone 1.1550 - 1.1500 with a short stop and a fairly good profit-risk ratio for a possible deeper correction.

Trader Nikolay Georgiev

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Markets pulse 29.05.2018

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