Oil Breaks the Roof

DAX crashed a major support and makes the new mid-term lows.

American indices are behaving slightly better as the SP500 and Nasdaq are still defending the major supports.

EURUSD drops making new long-term lows. The pair is probably in a free fall to the support around 1.09.

NZDUSD is in a better position. Here, the price came back above the 38,2% Fibonacci, confirming the false bearish breakout and creating a mid-term buy signal.

Gold broke the crucial horizontal resistance on the 1910 USD/oz and is now aiming at the horizontal resistance on the 1960 USD/oz. The buy signal is on.

The commodity with the strongest buy signal is not the safe haven gold but oil. Brent is currently trading at 112 USD/bbl. Entering with a long position right now is a bit risky though as the price seems a bit stretched, which makes it prone to rapid corrections.

For a look at all of today’s economic events, check out our economic calendar.