Wall Street markets closed with a small rise yesterday with the uncertainty over the results of the US and China presidents’ summit – the two largest economies in the world – and ahead of the release of the US employment report today.
The NASDAQ Composite Index rose by 0.3%, the S&P 500 added 0.2%, the Dow Jones Industrial Average rose by 0.1%.
The US attack on Syria overnight has caused a significant weakening in earlier gains on Asian stock exchanges, and investors flocked to safe assets in the moments after the attack.
In the foreign currency market, the Japanese yen, which is considered a safe haven for investors, rose by 0.2 percent against the US dollar and traded around 110.57 yen per dollar.
The uncertainty in the Middle East usually leads to an increase in oil prices – which is the case today.
WTI crude oil rose by 1.7% to $ 52.56 a barrel and the Brent oil rose by 1.5% to $ 55.7 a barrel.
We are following this opportunity for some days now.
After a move of a rise, there is a price convergence which created a triangle pattern (as seen in 4 hours chart).
Our main tendency is to wait for the Pound to get stronger against the US dollar and to climb above the the upper line of the triangle.
If so, it will be a good signal to buy the pair.