UK Elections Countdown Begins

The clock is ticking and all British citizens are awaiting for the big day, the U.K. General Election, which Theresa May calls the most important election the country has faced in her lifetime. This election is expected to strengthen May’s hand in negotiating Britain’s exit from the European Union. Theresa May stated she is will change human rights laws to impose new restrictions on terror suspects and she expects intelligence agencies to start a review of the London Bridge attack.

source: theguardian, CNBC

Australia presented its first quarter gross domestic product at 01:30 GMT and the Australian Bureau of Statistics reported a 0.3 percent rise, thus beating economists’ expectations of a 0.2 percent rise. The Australian dollar and Australian indices both edged higher after this report, with the ASX 200 surging by 0.09 percent. Asian indices traded mixed, with the Nikkei 225 and the Shanghai Composite, both at 0.22 percent low; while the Hang Seng Index added 0.15 percent.

Oil prices continue to drop on the commodity market and investors now await the U.S. Crude Inventories, which is due at 14:30 GMT today and it is expected to fall by 3,464,000 barrels according to analysts. Elsewhere, Japan will communicate its first quarter GDP data later during the day at 23:50 GMT and this could further impact its currency’s trend on the foreign exchange market.

Technical Analysis

USOIL

USOIL

The U.S. West Texas Intermediate crude futures recorded several momentary jumps on the commodity market yesterday as from 15:00 UTC at the $47.18 level to reach the $48.23 level by 19:00 UTC. Today, the asset started rising as from 01:00 UTC to reach $48.14 a barrel by 03:00 UTC. Oil prices however continue to drop on the commodity market as prices are still below $50 a barrel. The Ichimoku Cloud indicator suggests a change in trends for the asset around 20:00 UTC today.

EUR/AUD

EUR/AUD

This currency pair ended yesterday’s session on a negative note at the 1.50053 level by 23:00 UTC. On Wednesday, the Aussie reached a one-month high after better than expected first quarter growth figures. This rising value impacted the EUR/AUD pair which tumbled around 01:00 UTC to reach its lowest for today at the 1.49315 level by 03:00 UTC. It may gain some strength later during the day, use 60 Seconds for this one.

AUD/JPY

AUD/JPY

After recording several pullbacks on the forex market, the asset recorded much volatility on Tuesday as it fluctuated throughout the day. The AUD/JPY pair gained momentum as from 82.110 yen at 01:00 UTC to reach 82.562 yen, the same hour today. By analysing this asset’s graph, it is expected to fluctuate through the rest of today and thus, make use of the Options Builder tool to choose your specific time.

Things to watch on the market

Tip 1

The pound sterling remains in focus and it is recommended to trade on the GBP/USD, EUR/GBP and GBP/RUB pairs, along with the FTSE APR17 index.

 

Tip 2

Consider trading currency pairs such as the AUD/USD, AUD/NZD, and AUD/CHF. The ASX and the ASX F-MAR17 indices can be traded with the Classic Binary Options.

 

Tip 3

Currency pairs such as the EUR/JPY, GBP/JPY and AUD/JPY can be traded today, along with Japan’s Nikkei 225 index. Oil futures can be traded once they are available on our platform.