The signs are incipient that production is taking a hit and there will be even more intense impacts on the balance sheets of companies and more will struggle to pay their debt which will result in bankruptcies. BP announced 4K jobs cut, Petroleo Brasilerio slashing their spending even more and Petroliam Nasional warned for more tough times.
Read MoreEUR/USD: This pair is trading in a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0517 level and the resistance is 1.0944.
USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 116.31 and the resistance is at 120.46.
GBP/USD: The pair is trading in a support zone of 1.4524-1.4505 on a 4 hour time frame. The next resistance is near 1.04849 and the support is 1.4345.
Saudi Arabia’s foreign reserves are depleting thick and fast and there is no tonic insight and this signifies two major challenges for the country. Firstly, it is the price of oil, which is making the colossal impact on its economy and given that there is no diversification in place and the 80% of the economy is dependent on its oil revenue.
Read MoreThe US non farm payroll data is due on Friday and this will be the first time we have the most significant piece of information released since the Fed hiked the interest rate. The forecast is for 202K while the previous reading was at 211K.
Read MoreEUR/USD: This pair is trading in a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0517 level and the resistance is 1.0944.
USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 116.31 and the resistance is at 120.46.
GBP/USD: The pair is trading in a support zone of 1.4601-1.4564 on a 4 hour time frame. The next resistance is near 1.04942 and the support is 1.4484.
EUR/USD: This pair has pierced the Bollinger Band on a 4 hour time frame. The next support is near the 1.0617 level and the resistance is 1.1085.
USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 118.05 and the resistance is at 120.46.
GBP/USD: The pair has broken its downward wedge pattern towards the downside on a 4 hour time frame. The next resistance is near 1.04942 and the support is 1.4564.
