Trade ideas thread - European session 19 February 2021
Daily thread to exchange ideas and to share your thoughtsLittle change of note across the board, though the loonie is keeping weaker as oil prices are marked lower on the day. The dollar is keeping steadier after a bit of a drop yesterday as the push and pull on the week continues to play out.
Oil prices are pulling back a little but the big picture outlook remains rather optimistic - especially when there is a buzz about a commodities 'supercycle'.
WTI crude tested its 100-month moving average this week and that is a key level to watch moving forward when looking at oil prices in the coming weeks.
Going back to currencies, cable continues to look poised for a push towards 1.4000 with EUR/GBP extending its downtrend to fresh lows since March last year.
USD/JPY is facing stiff resistance at 106.00 for now and is creeping back under its 100-hour moving average @ 105.67. The 200-day moving average @ 105.51 is a key one to watch as buyers need to keep above that to retain the upside momentum.
Elsewhere, gold got a warning shot earlier on as price hit a low of $1,760 - its lowest since July last year - as sellers threaten the 30 November low @ $1,764.80. Price has since rebounded a little but the technical picture remains dicey ahead of the weekend.
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