Ready for the OPEC Meeting

All eyes set on the Organization of the Petroleum Exporting Countries (OPEC), which is expected to extend an agreement to cut production by 1.8 million barrels a day for another nine months in its meeting in Vienna today. Despite a fall of 4.43 million barrels in crude oil inventories, according to yesterday’s report, crude futures settled lower overnight. Prices, however, gained enough strength in today’s session.

source: CNBC, Investing.com

The Pound Sterling can experience change in trends today as U.K. is about to report its Quarterly and yearly Gross Domestic Product data for its first quarter at 08:30 GMT which may affect U.K. assets. The Reserve Bank of Australia’s assistant, Guy Debelle, will speak at 08:00 GMT and his comments may influence the Australian Dollar.

Indices perform well on the Wall Street today, with the S&P 500 at 0.25 percent up, the Nasdaq higher by 0.4 percent, while the Dow Jones Industrial Average rose by 75 points as the Federal Reserve tries to trim its balance sheet by $4.5 trillion in a bid to reduce rate hikes. Meanwhile, South Korea’s central bank kept its interest rates steady at 1.25 percent today as it shows optimism for economic growth given the formulation of multi-million dollar fiscal stimulus measures by a new administration.

Technical Analysis

EUR/USD

EUR/USD

On Wednesday, after losing value on the forex market, the EUR/USD pair recorded several momentary jumps as from 16:00 UTC at the 1.11742 level to close this bullish trend by 20:00 UTC at the 1.12166 level. In today’s early trading hours, it was seen much volatile, thus making it difficult to decipher its trend. It is thus advisable to make use of the 60-Seconds tool to trade the EUR/USD pair today.

USD/JPY

USD/JPY

Yesterday, this currency pair recorded a huge set of pullbacks as from 16:00 UTC at 112.041 yen to reach 111.486 yen by 20:00 UTC. The USD/JPY pair was seen trading up by 0.14 percent around the 111.649 level, and later adopted a much volatile trend. Since the yen held weaker today, it may affect this asset further. It may rise through 09:00 UTC today and gradually consolidate.

UKOIL

UKOIL

Brent crude gained value in Asian trade today ahead of OPEC’S meeting in Vienna as the commodity traded at $54.47 a barrel at 01:00 UTC, its highest level since Wednesday afternoon. Brent crude futures could rise further through 11:00 UTC today according to the Ichimoku Cloud indicator, and could fluctuate afterwards, depending on the results of the meeting, consider this asset for the Long-Term tool today.

Things to watch on the market

Tip 1

Traders should consider trading the BRENT CRUDE OIL-APR16, the Light Sweet Crude, and the Gold vs Oil pair Thursday. The FTSE 100 index can also be traded with any tool available on the trading platform.

 

Tip 2

Assets that are most likely to be affected with U.K. events today are the EUR/GBP, GBP/USD and the GBP/JPY pairs, along with the DAX vs FTSE 100 pair. Also consider the AUD/USD and the AUD/JPY pairs.

 

Tip 3

Investors could consider Wall Street indices, along with the Kospi index for today.