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President Trump formally announces beginning of process to terminate Hong Kong's special treatment status. Announces US will terminate relationship with the World Health Organization.

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  • "US Dollar, Nasdaq, Chinese Yuan React to Trump-China Presser" -via @DailyFX President Trump formally announces the United States will revoke Hong Kong’s preferential treatment amid escalating China tension. Where might $USD, $NDX, $CNH head next? Link: https://www.dailyfx.com/forex/market_alert/2020/05/29/usd-cnh-ndx-price-us-dollar-chinese-yuan-nasdaq-china-tension-trump-press-conference.html
  • The trio of central banks overseeing the commodity currencies have already cut their main rates to all-time lows. Get your market update from @CVecchioFX here: https://t.co/OSUXrN5P3j https://t.co/kYe8QpfX0K
  • Euro Breakout or Fake-Out? EUR/USD, EUR/JPY Surge to Fresh Highs https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/05/29/Euro-Breakout-or-Fake-Out-EUR-USD-EUR-JPY-Surge-JS-Euro-to-US-Dollar.html https://t.co/LHfiPGsEW4
  • Even the Hong Kong Dollar is up after that press conference...
  • Eminis treating that press conference like 'that was it?' Market seemed to have fully accounted for the HK special status situation
  • Trump: - Hong Kong is no longer sufficiently autonomous - Beginning the process to eliminate special treatments given to Hong Kong $SPX
  • Trump: - Taking action to protect the U.S. financial system and directing working group to study the differing practices of Chinese companies listed on U.S. exchanges $DXY $NDX
  • President Trump is listing out his accusations for China. Normally, would consider this lead up to sanctions, but he doesn't always follow that playbook
  • President Trump says investment firms should not be subjecting their clients to investing in Chinese companies that do not play by the same rules $FXI
  • Quite the strong language here, #SP500, #DowJones turning lower as #USD rises after brief 'risk-on' spike on reports Trump is not planning to quit the phase-one deal with China. Trump also said the US is 'terminating relationship' with the #WHO https://t.co/nc9wFepYyZ
Crude Closes on the Lows and Reaches Initial Objective

Crude Closes on the Lows and Reaches Initial Objective

2013-02-21 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Closes on the Lows and Reaches Initial Objective

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: “Crude confirmed last Wednesday’s “outside day (2/13) reversal” by breaking below the recent range. COT data reveals a sentiment extreme as well. Focus shifts to bearish targets, which are determined by extending the width of the recent range by the range low (breakout level) and Fibonacci multiples of the range low. The math reveals objective on the chart. The most significant is probably the 2.618 target, which is within 20 cents of the 61.8% retracement of the rally from 8404.” The close on the lows keeps me bearish despite the first Fibonacci target being reached.

Commodity Trading Strategy: Short, targeting 8970.

LEVELS: 9031 9151 9264 9358 9425 9526

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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