- We had a technical signal today at daily chart of near 50% Fib, below 200 EMA, and a Bearish Kangaroo Tail and 3 crows set up. Fundamentally, EUR is still dovish to neutral as no further hint from ECB, and sentiment is neutral to negative as Brexit still shadows the whole Eurozone. Meanwhile, BOC has become very neutral in terms of monetary policy to hold the rate until 2018 as their last comment. Fundamental datas were mixed in Canada, and market sentiment still go with oil from time to time. In terms of oil market, fundamentally we’re still bullish to at least $60 per barrel, but OPEC meeting casts many doubts to whether a output cut can really be reached. However, we still think that price action and fundamentally are on our side, and OPEC meeting is still a month away, we might be able to withhold the short-term negative sentiment if any.
- The catalyst was the price action.
- We’re are in the middle.
- The risk is the OPEC negative comments, the weekend, the BOC comments next week, GDP data and employment data from Canada.
- I’ll manage with fundamental data, commodity market and general sentiment.
- YES, although there are still risks ahead, but i think the odds are better in our favour and the risk is limited as we don’t have any new fresh oil negative news ahead, and BOC comments might not be anything new since they already had the rate decision last week and statement.
SL @ 1.4791
not filled, cancelled