Tradepedia’s Founder and CEO Avramis Despotis on CNBC

Tradepedia’s Founder and CEO Avramis Despotis on CNBC

Posted on Monday, July 2 2018 at 2:53 pm GMT+0000

discussing the technical outlook for Oil, Gold, Dollar, EURUSD, USDJPY and Dax




As you can see, the market is in a clear uptrend, although there were some fundamentals affecting oil prices, but the picture is obviously Bullish. The last corrective wave ended and prices broke the 73.00 barrier, with first target outlined at 79.00 and then we will see later if the market will continue to rise over time.

Oil might reach pre-2009 crisis highs, it has reached these levels before and there is no reason why it should not return back to them. The market is in a clear uptrend and there is no reason for us to worry about that bullish bias unless we see a drop below 68.00. It’s only there where we will reassess our view but now the trend is strongly bullish.

Dollar Index

A raising index reflects a strong dollar so we see clearly that the dollar is strong, but in the past few days we witnessed some kind of a consolidative move and the next directional move has become somehow unclear, but we can understand it by looking at individual components such as the EURUSD and USDJPY. If I have to choose a trend for the dollar index I would say it’s Bullish because basically we are still in an uptrend but if the index drops below 93.80 this trend will stop at least temporarily. Mainly this lack in trending direction is due to the weakness revealed by the individual components such as the GBPUSD, EURUSD and USDJPY, for example sterling or yen weakness.


the Gold on the long-term charts is still mixed. The monthly path is bullish while the weekly is bearish. It is also bearish on the daily charts targeting the $1237 level. So, in the long-term gold is not clear, and we prefer taking quick trades and taking profit at $1238.


The pair is in an uptrend, if it managed to break the 111.40 then it should be moving towards 113.40 in the coming days.


The market completed a Bearish reversal after breaking below 12540 and reached the first target at 12148 and the next target is outlined at 11516 points. Certainly, the US indices will follow a similar path, but I believe technically and even in terms of fundamentals it seems that Europe is weaker than the US and expect the downtrend of the European markets to be stronger than that of the US markets.


The Euro is clearly resisting the political pressure, mainly because all the fundamentals were priced in the markets and we witnessed a decline from 1.2500 to 1.1500 within two months and the markets can consolidate for while and absorb the new levels. As long as the price remains below 1.1850, it has room to reach 1.1300 and even lower levels.