AUDUSD is trading at 0.6774; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6820 and then resume moving downwards to reach 0.6555. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6845. In this case, the pair may continue growing towards 0.6965.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is trading at 0.6456; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6495 and then resume moving downwards to reach 0.6275. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6605. In this case, the pair may continue growing towards 0.6695.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is trading at 1.3279; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.3250 and then resume moving upwards to reach 1.3425. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 1.3155. In this case, the pair may continue falling towards 1.3065.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Limassol, Cyprus, Aug. 8, 2019 — As a part of strategic development plans and international expansion, Robomarkets / RoboForex group is pleased to announce receipt of the license that allows providing services on Forex and CFD markets from Malaysia. RoboMarkets Asia Ltd has received the Malaysian license from the Labuan FSA and opened a regional headquarters in Labuan.
RoboMarkets Asia Ltd has received the license No. MB/19/0034 from the Labuan (Malaysia) financial regulator. The Company’s headquarters is located in the very heart of the Financial Park complex in Labuan. In addition to that, a marketing office, which is located in Shah Alam, has been already opened to clients.
RoboMarkets is constantly working on the improvement of trading conditions and committed to perfecting the quality of services provided to clients. The Company is very proud of a new milestone in its development and emphasizes the brand’s commitment to operating in accordance with the highest standards of the industry.
Rostyslav Prus, CEO at RoboMarkets Asia Ltd: “Malaysia is one of the most dynamically developing countries in South-East Asia with a population of many millions. It’s a country that offers a lot of advantages for brokerage activities and it is backed by sound economic fundamentals with promising prospects. The goal of RoboMarkets Asia is to provide quality financial services for Asian traders to enter the global FX and CFD markets and do our best to deliver excellent trading experience to our clients”.
RoboMarkets / RoboForex group is an alliance, which includes:
RoboForex Ltd, an international broker regulated by the IFSC, license No. IFSC/60/271/TS.
RoboMarkets Ltd, a European broker, with CySEC license No. 191/13.
“RoboMarkets” LLC with license No. 15 of the National Bank of the Republic of Belarus.
RoboMarkets Asia Ltd with license No. MB/19/0034 issued by the Labuan FSA.
The US dollar has struck a far more subdued tone this week following the sharp decline last week in response to news of fresh US trade tariffs on China. The dollar was knocked heavily lower in the wake of Trump’s announcement and though has since stabilized, is yet to post a proper recovery. USD index trades 97.34 last, still sitting above the 97.11 level for now.
EUR Rallies on USD Weakness
EURUSD has benefited from the softer USD tone today with price moving higher again. However, for now, price is failing to break above the 1.1217 level which has capped price action all week. Recent data weakness has weighed on EUR sentiment, keeping the outlook skewed to the downside in the near term.
GBP Still Near Support
GBPUSD trades in the green over the early European session on Thursday. However, price remains glued to the lower trend line of the large falling wedge pattern which has framed price action over the last year.The 1.2073 support remains intact for now, though the outlook remains bearish given ongoing Brexit concerns.
Risk Recovery Stalling
Risk assets continue to grind higher along the recovery path following the equities dump on Monday. However, momentum is beginning to wane and SPX500 is stalling as it retests the broken 2890.56 level.While the index has recovered strongly off Monday’s lows, the outlook remains peppered with downside risks given the ongoing fears over the prospect of US/China trade talks breaking down.
Safe Haven Inflows Remain
Safe havens have had a more muted day today with JPY slightly firmer against USD while XAU has been a little weaker. Given the ongoing risk-averse tone, the outlook remains bullish for both gold and JPY in the near term. USDJPY trades 106.12 last, with price remaining supported by the 106.55 level for now. XAUUSD trades 1496.62 last, with price having softened a little from yesterday’s highs. The 1522.75 level is the next topside market to watch.
Crude Down on EIA Surplus
Oil prices remain pressured this morning. The latest EIA report yesterday contradicted earlier reports from the API as a crude surplus was reported in the US last week. This reading put an end to nearly two month’s worth of inventory drawdowns and saw heavy selling in crude. Oil has been under pressure from the escalation in trade war tensions between the US and China, with crude testing the 50.80 level yesterday, which has so far held as support.
High Betas Holding On
USDCAD continues to fight for higher ground though the rally has run into resistance at the 1.3300 level for now. Weaker oil prices and trade war concerns are keeping CAD pressured though expectations for further Fed easing are weighing on USD also.
AUDUSD has been higher again today, extending the recovery rally from the collapse below the .6761 level. Price has since broken back above the level and is now eyeing a retest of the .6830 level next. The surprise .50% cut by the RBNZ earlier in the week caused a large shift higher in AUDNZD which is still supporting AUD today.
As we can see in the H4 chart, USDCHF is moving inside the “oversold area”. In this case, the pair may break 0/8 and continue growing towards the resistance at 3/8. However, as long as the price is trading below 0/8, the descending tendency may continue to reach the support at -2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards to reach 3/8 from the H4 chart.
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is trading close to the “overbought area”. In this case, the price may rebound from 8/8 and then resume falling to reach the support at 7/8.
In the M15 chart, the pair may the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
An ambiguous technical picture has developed on the EUR/USD currency pair. A trading instrument is consolidating. EUR/USD quotes continue to test local support and resistance levels at 1.11850 and 1.12150. Participants in the financial markets expect additional drivers. We do not rule out further recovery of the single currency. We recommend keeping track of up-to-date information regarding the trade conflict between the USA and China. Positions must be opened from key levels.
Today, the news background is pretty calm. At 15:30 (GMT+3:00), the US will publish a report on the number of initial jobless claims.
Indicators do not provide precise signals, the price has crossed 50 MA.
The MACD histogram is close to 0.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line which points to a bullish sentiment.
Trading recommendations
Support levels: 1.11850, 1.11600, 1.11150
Resistance levels: 1.12150, 1.12450, 1.12800
If the price fixes above 1.12150, expect further growth toward 1.12450-1.12600.
Alternatively, the quotes can decrease toward 1.11600-1.11400.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.21368
Open: 1.21678
% chg. over the last day: +0.23
Day’s range: 1.21451 – 1.21908
52 wk range: 1.2080 – 1.3385
The GBP is still in a lateral movement. There is no defined trend. At the moment, the local support and resistance levels are 1.21300 and 1.21850. Uncertainty around Brexit continues to put pressure on the British currency. Earlier, the government of Boris Johnson reported that Britain did not intend to resume negotiations with the EU on Brexit. We recommend tracking information on this issue. Positions must be opened from key levels.
The Economic News Feed for 08.08.2019 is calm.
The indicators do not provide precise signals, the price crossed 50 MA and 100 MA.
The MACD histogram is close to 0.
The Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.21300, 1.20850, 1.20500
Resistance levels: 1.21850, 1.22500, 1.23000
If the price consolidates above 1.21850, expect further recovery toward 1.22300-1.22500.
Alternatively, the price could reduce toward 1.20850-1.20700.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.32756
Open: 1.33038
% chg. over the last day: +0.26
Day’s range: 1.32720 – 1.33140
52 wk range: 1.2727 – 1.3664
The USD/CAD currency pair stabilized after a rather protracted rally. CAD is currently consolidating. The local support and resistance levels are: 1.32650 and 1.33100, respectively. Support for the Canadian dollar is provided by positive data on business activity from Ivey. We recommend paying attention to the dynamics of oil quotes. Positions must be opened from key levels.
The news background on the Canadian economy is pretty calm today.
Indicators do not give accurate signals: the price is consolidating near 50 MA.
The MACD histogram is located near the 0 mark.
The Stochastic Oscillator is near the oversold zone, the %K line crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.32650, 1.32400, 1.3200
Resistance levels: 1.33100, 1.33400
If the price consolidates above 1.33100, expect further growth toward 1.33400-1.33600.
Alternatively, the quotes can drop toward 1.32400-1.32100.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 106.460
Open: 106.260
% chg. over the last day: -0.35
Day’s range: 106.005 – 106.299
52 wk range: 104.97 – 114.56
The USD/JPY is still in a sideways movement. There is no defined trend. At the moment, the trading instrument is consolidating near the round level of 106,000. The 106.550 mark is a key resistance. USD/JPY quotes hcan correct further after a significant collapse since the beginning of the current month. We recommend that you pay attention to the dynamics of yield on US government bonds. Positions must be opened from key levels.
Japan has recently published an optimistic report on the payment balance.
Indicators do not give accurate signals, the price crossed 50 Ma and 100 MA.
The MACD histogram is close to 0.
The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which points to a bearish sentiment.
Trading recommendations
Support levels: 106.000, 105.550
Resistance levels: 106.550, 107.100, 107.500
If the price consolidates above 106.550, expect a correctiont toward 107.000.
Alternatively, the price could decrease toward 105.600-105.400.
The US dollar is consolidating near local lows against a basket of major currencies. Yesterday, the US dollar index (#DX) closed the trading session with a slight decrease (-0.07%). The trade conflict between Washington and Beijing, as well as the uncertainty concerning Brexit, is still in the spotlight. New Zealand and Australian dollars have been recovering after a sharp collapse the day before. It should be recalled that the RBNZ unexpectedly lowered its key interest rate to a record low of 1.00%.
US President Donald Trump supports the decision of the US Treasury to designate China as a currency manipulator. Trump emphasized: “Companies are moving out of China by the thousands, and our country is doing very well. We’re going to see how it all works out. Somebody had to do this with China because they were taking hundreds of billions of dollars a year out of the United States and somebody had to make a stand. So I think our country is doing really well. ” Trump also criticized the Fed again. The US President believes that the Federal Reserve is the problem of the American economy but not China.
The “black gold” prices have been recovering after a significant drop since the beginning of this month. Currently, futures for the WTI crude oil are testing the $52.50 mark per barrel.
Market Indicators
Yesterday, there was a variety of trends in the US stock markets: #SPY (+0.06%), #DIA (-0.02%), #QQQ (+0.54%).
The 10-year US government bonds yield won back part of the losses. At the moment, the indicator is at the level of 1.72-1.72%.
Today, the news feed is calm enough. At 15:30 (GMT+3:00), data on the initial jobless claims will be published in the US.
On Wednesday the 7th of August, trading on the euro closed slightly up. The EURUSD pair rose to 1.1242 on the back of increased demand for safe haven assets. The euro was also pushed upwards by the US dollar index’s decline, which dropped in response to comments made by US President Donald Trump. He called on the US Federal Reserve to lower interest rates as soon as possible to allow the US to be competitive with other countries. By the time trading closed, the euro had dropped to 1.1197. Trader attention has been fixed on the US-China trade conflict, so there’s nothing more to say about yesterday’s movements.
Day’s news (GMT+3):
11:00 Eurozone: ECB economic bulletin.
15:30 Canada: new housing price index (Jun).
15:30 US: initial jobless claims (2 Aug).
Current situation:
Yesterday’s predictions were completely accurate, with the pair creating a false breakout of the trend line followed by a recovery to 1.1212.
At the time of writing, the euro is trading at 1.1206. The wedge formation made it difficult to draw a channel, but I eventually settled with the B-B channel. I expect the euro to drop to the 67th degree at 1.1162. I was very tempted to predict a bounce from 1.1195 with a target of 1.1236, but my mind was changed by the fact that despite an increase in tensions between the US and China, Chinese authorities have confirmed that they are still planning to send a delegation to the US in September to continue trade talks.
An additional factor for consideration is that the 1.1167 and 1.1179 lows are very close to one another. I’m sure that there are some stop levels on long positions a bit further down. The bears may clear them before the pair starts rising again. If safe haven assets start to rise, my prediction will probably fail. I’m waiting for a sharp upwards rebound from the 67th degree.
By Hussein Sayed, Chief Market Strategist (Gulf & MENA), ForexTime
After a 2% slide in US equities early Wednesday, the S&P 500 managed to erase all losses and end up 0.1% higher. Such market reversals have been very rare during the decade-long bull market. As for the reasons for the recovery, there is no one precise reason. For some investors, the S&P 500’s 6.6% drop since July 29 may have looked exaggerated, hence an opportunity to buy bargain stocks. Others point to the steep fall in US Treasury yields which have fallen 22% on the 10-year bonds in just six days, making stocks a better alternative. However, one common factor that all investors seem to agree upon is the expectation of lower interest rates going forward.
Central banks across the globe are rushing to lower interest rates. On Wednesday central banks in New Zealand, Thailand, and India all announce larger-than-expected interest rate cuts. This aggressive approach to monetary policy easing isn’t justified when looking at hard data; however, policymakers seem to be getting prepared for a worsening global economic outlook.
Bets on the Federal Reserve cutting rates by 50 basis points in September are also on the rise. Investors are currently pricing in a 21% chance of a 50 basis point cut in the next meeting. That’s up from 0% last week.
Will lower rates provide a boost to stocks?
In theory, lower interest rates pull down the required rate of return for equities and hence must attract investors to risk assets. However, in the current circumstances, it may not be enough. With no evidence of the trade war abating soon, cheaper credit won’t translate into higher demand from US businesses and consumers. In fact, we may see earnings deteriorating in the next two quarters especially given that the probability of a recession hitting the global economy is now more likely than a month ago.
Presidents Donald Trump and Xi Jinping both know they are playing a very risky game. Trump wants to bring China to its knees as quickly as possible by severely escalating his trade war with Beijing to get a better trade deal. However, the response he has received so far is that China can play a rough game too and still has many tools to use. With this kind of environment, stocks aren’t the best place to park money.
Gold shines as investors seek shelter
Gold prices continued to hold above $1,500 despite the slight recovery in stock markets. With more than $15 trillion in debt trading with a negative yield, there doesn’t seem to be any better alternative to gold. Given that prices have rallied a significant 17% so far this year, expect to see some consolidation now. However, if Trump’s administration considers intervening in the US dollar to bring it down, expect to see another steep rally in the yellow metal price.
Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.
Dollar rise slowed as Evans says more easing may be needed
US stock indexes closed mixed on Wednesday erasing earlier losses as bond yields continued declining. The S&P 500 added 0.1% to 2883.98. The Dow Jones industrial average however slipped 0.1% to 26007.07. Nasdaq composite index gained 0.4% to 7862.83. The dollar strengthening decelerated as Chicago Fed President Charles Evans expressed support for another quarter-point interest rate cut this year. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched up 0.03% to 97.62 but is lower currently. Stock index futures point to higher market openings today
DAX 30 leads European indexes rebound
European stocks rebounded on Wednesday led by travel and leisure stocks. GBP/USD joined EUR/USD’s continued slide yesterday with both pairs rising currently. The Stoxx Europe 600 edged up 0.2%. Germany’s DAX 30 rose 0.7% to 12189.04 despite data showed German industrial output fell at a far steeper pace than expected in June. France’s CAC 40 gained 0.6% and UK’s FTSE 100 added 0.4% to 7198.7.
Shanghai Composite leads Asian indexes gains
Asian stock indices recovered today after China’s central bank set the yuan’s midpoint at its weakest level since 2008. Nikkei managed to end 0.4% higher at 20593.35 with yen slowing its climb against the dollar. Chinese stocks are rising after data showed China’s exports rose unexpectedly in July while People’s Bank of China set the yuan’s reference point at 7.0039 per dollar: the Shanghai Composite Index is up 0.9% and Hong Kong’s Hang Seng Index is 0.5% higher. Australia’s All Ordinaries Index extended its gains 0.8% despite Australian dollar’s resumed climb against the greenback.
Brent falls after surprise US crude inventories build
Brent futures prices are higher today. Prices slumped yesterday after the Energy Information Administration report US crude inventories rose unexpectedly 2.4 million barrels last week, first in 8 weeks while gasoline inventories rose by 4.4 million. October Brent crude tumbled 4.6% to $56.23 a barrel on Wednesday.
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A review of the firm’s quarterly operational and financial results is given in a Raymond James report.
In an Aug. 2 research note, Raymond James analyst John Freeman reported that Noble Energy Inc. (NBL:NYSE) delivered a “strong Q2/19.”
He provided the company’s Q2/19’s numbers and pointed out the highlights.
As for production, Noble produced 348,500 barrels of oil equivalent per day in Q2/19, up 4% quarter over quarter (QOQ), noted Freeman. This quantity exceeded consensus’ expectation by 2% and was in line with Raymond James’ forecast.
As for costs during Q2/19, capex was “a whopping 10% below our estimates due to reduced U.S. onshore well costs,” Freeman highlighted. Capital expenditures amounted to $618 million versus Raymond James $705 million and the Street’s $739 million projections. Q2/19 capex was down 10% from Q1/19.
Regarding well costs, they dropped 15% in the lower 48 states since Q4/18. Noble is beating its well cost estimates in both the Delaware and DJ basins, due to “a sharp increase in completion stages per day (up 50% compared to back half of 2018) and faster drilling times (down to five drilling days per well in the DJ),” Freeman explained.
In light of this cost landscape, he added, Noble decreased its 2019 capital spending guidance, specifically its projected lease operating expenses by 2% and its anticipated depreciation, depletion and amortization costs by 3%, both on a per barrel of oil equivalent basis.
As for finances, the energy company reported an adjusted EBITDA of $589 million, a 5% QOQ increase, Freeman relayed. It was in line with the Street’s projection but below Raymond James’ $600 forecast. Adjusted earnings per share was -$0.10, 11% higher than Q1/19. It exceeded both Raymond James and consensus’ estimates of -$0.11 and -$0.12, respectively.
In his report, Freeman also provided an update on Noble’s Leviathan project. About 88% complete, he wrote, the project is on time and on budget for starting production by year-end 2019. The company anticipates producing about 800 million cubic feet equivalent per day in gross volumes in 2020.
Raymond James has an Outperform rating but no target price on Noble Energy. The oil & gas company’s stock is currently trading at around $21.40 per share.
Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures from Raymond James, Noble Energy Inc., August 2, 2019
ANALYST INFORMATION
Analysts Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination, including quality and performance of research product, the analyst’s success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.
The analyst John Freeman, primarily responsible for the preparation of this research report, attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and (2) that no part of the research analysts compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. In addition, said analyst(s) has not received compensation from any subject company in the last 12 months.
RAYMOND JAMES RELATIONSHIP DISCLOSURES Certain affiliates of the RJ Group expect to receive or intend to seek compensation for investment banking services from all companies under research coverage within the next three months.
Raymond James & Associates, Inc. makes a market in the shares of Noble Energy, Inc.
Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available here.
