Daily reviews

Commodities market

Oil prices were steady today as demand concerns offset data about a larger-than-expected drawdown in U.S. crude stockpiles. Brent crude futures were 0.1% up, and WTI crude futures were 0.5% up.

Key tickers:

Brent: 100.14 — buy.

WTI: 95.78 — neutral.

NG: 8.772 — neutral.

Foreign exchange market …

Gold was able to breach the support level 1720.00, affected by the negative signal that comes from the stochastic indicator therefore, it provided an initial signal to return to the bearish path, but it did not give any confirmation after the fact that the EMA50 is still forming the support …

The pound against the dollar settled by moving above the 1.2020 level, thus confirming the bullish path and trying to test the 1.2050 resistance level again in an attempt to reach the next target at the value 1.2100. This is supported by the positive support of the moving averages and …

The Euro faced intense pressure, which led to the breach of the support level 1.0170 and approached the support level 1.0100 in an attempt to return to the downside path. However, the stochastic formed a positive signal that led the price to return to test the average 50 level again …

#AIR

The general trend is downtrending. The ascending truncated wave structure ended with the breakdown of the inclined channel. The Awesome Oscillator indicator has bearish divergence, and the Stochastic Oscillator indicator signals overbought and shows bearish divergence. 

Trading idea:

Sell on a breakout of 104.10.

Stop loss: 107.40.

Target levels: …

The general trend is upward. Downward truncated wave structure ended with the breakthrough of the inclined channel. The Awesome Oscillator indicator has a bullish divergence, and the Stochastic Oscillator indicator signals oversold.

Trading idea:

Buy on a breakout of 1.2900.

Stop loss: 1.2814.

Target levels: 1.2990; 1.3077.

Gold traded above the support level of 1720.00 is considered positive for the continuation of the bullish scenario within which the price is moving, as stability above the mentioned support level will motivate buyers to increase the volume of purchases and pressure the price to return from the rise. This …

The pound against the dollar reached the first target at 1.2070, thus confirming the current bullish path, which is supported by the moving averages below the price within an ascending order. But you should pay attention to the negative signal from the stochastic indicator, which will likely pressure the price …

The EUR/USD pair has continued to move sideways since last week, as it returned to test the resistance level 1.0250 in an attempt to start an ascending path, which is confirmed by the resistance mentioned earlier level. This is under the positive influence of the moving averages, specifically the 50 …

#BA

Workers at the Boeing aircraft manufacturing concern begin a strike on August 1. The workers' main demands are to increase their pension contributions and change several clauses in their labor contracts. This will lead to a partial or, in some cases, complete stoppage of production.

The general trend is …