FXStreet (Mumbai) – The major US equity index futures in the US dropped tracking the risk-off in Europe on account of the slide in the oil prices.

At the time of writing, the Dow futures were indicating the index is likely to open 123 points or 0.80% lower. S&P 500 futures and Nasdaq futures were also down 0.80%.

The oil rout and worries about a China slowdown continue to roil global markets. Moreover, oil remains at the center stage. Oil-services provider Schlumberger Ltd. fell 2% in premarket trading. Shares in Exxon Mobil Corp. dropped 3% after posting its fifth-straight quarterly profit decline.

The major US equity index futures in the US dropped tracking the risk-off in Europe on account of the slide in the oil prices.

(Market News Provided by FXstreet)

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FXStreet (Edinburgh) – Eric Theoret, Currency Strategist at Scotiabank, noted the outlook on the pair remains neutral-bearish in the near-term.

Key Quotes

“Bearish signals continue to moderate as we note USDCAD’s failure to re-test last Thursday’s lows near 1.3950”.

USDCAD has yet to reach its 50 day MA (1.3891), and there appears to be sizeable support between 1.3950 and 1.3980”.

“Resistance is expected between 1.4100 and 1.4150”.

Eric Theoret, Currency Strategist at Scotiabank, noted the outlook on the pair remains neutral-bearish in the near-term…

(Market News Provided by FXstreet)

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Overview: Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1.130.25 in a high volume. An intraday short-term trend is upward. So, selling looks very risky. In the daily time frame, I found demand in …

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FXStreet (Mumbai) – The GBP/USD pair ran into offers around Monday’s high of 1.4445 levels and fell back below 1.44, marking a double top formation on the intraday technical charts.

Risk off weighs

The major equity index futures in the US point to worsening of the risk aversion ahead. Even the major European indices are now down 2%. Consequently, the British Pound failed to take out Monday’s high and fell back to trade around 1.4380 levels.

The EU/UK draft deal led to a short-term bullish move, however, the focus is back on the broader market sentiment. Apart from the stock market sentiment, the pair could influence by Fed George’s comments.

GBP/USD Technical Levels

A break above the immediate resistance at 1.4445 (previous day’s high) would open doors for a rise to 1.4476 (strong resistance on the hourly chart), which if taken out could see the pair test 4516 (23.6% of 1.5930-1.4079). On the other hand, the pair could find immediate support at 1.4351 (23.6% of 1.5230-1.4079) could see the pair drop to 1.4324 (5-DMA). A break lower would expose 1.4292 (10-DMA).

The GBP/USD pair ran into offers around Monday’s high of 1.4445 levels and fell back below 1.44, marking a double top formation on the intraday technical charts.

(Market News Provided by FXstreet)

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