Tag Archives: oil trading

EURUSD is consolidating

After a strong day yesterday where price broke above short-term resistance of 1.1030 and topped around 1.1090, EURUSD is now consolidating near its highs. This consolidation can also be seen as a bullish flag pattern. So more upside should be expected.Red rectangle – resistanceEURUSD has made no real progress today. Price is right below important horizontal and Fibonacci resistance at 1.11. Support remains at 1.1030 and a pull back below this level would be a bearish sign. Short-term trend remains bullish. If bulls manage to recapture 1.11 then we could see another leg higher towards 1.12. Failure to hold above 1,10 will lead to price falling towards 1.09 and lower.The material has been provided by InstaForex Company – www.instaforex.com…

Oil Prices Hold Steady On Talk Of Further Supply Cuts

Oil prices held steady on Tuesday amid growing expectations of deeper output cuts when OPEC and its allies meet this week. Benchmark Brent crude edged up 0.1 percent to $60.98 a barrel, while U.S. West Texas Intermediate crude futures were up 0.2 percent at $56.08 a barrel. There were reports that Saudi Arabia wants OPEC to deepen oil production cuts in order to anchor oil prices before Saudi Aramco’s initial public offering. The deal reportedly to be discussed by OPEC and other oil producers at a meeting this week would add about 400,000 barrels per day to existing cuts of 1.2 million barrels per day. That said, it remains unclear if there is consensus within the group to achieve a deeper cut. Russian Energy Minister Alexander Novak said today he expected this week’s meeting to be constructive but added Moscow had yet to finalize its position in talks on possible additional supply curbs. OPEC ministers will meet in Vienna on Thursday while the wider OPEC+ group will gather on Friday. Investors also grappled with prospects of fresh global trade disputes after the Trump administration announced plans to reinstate tariffs on metal imports from Brazil and Argentina and…

BTC 12.03.2019 – Broken bearish flag in the overall downward trend

BTC has been trading sideways at the price of $7.292. The overall trend is still bearish and my advice is still to watch for selling opportunities. Downward targets are set at the price of $6.846 and $6.560.Ichimoku Indicator analysis:There is Kijun-Tenkan bear cross on the 4H time-frame, which is good indication for the further downside. I would watch for potential breakout of mini-support at the price of $7.200 to confirm downside continuiation and eventual test of $6.546 and $6.560.Resistance levels are seen at the price of $7.350 and $7.667.The material has been provided by InstaForex Company – www.instaforex.com…

*Amended: Swiss Nov CPI Inflation -0.1% Vs. -0.3% In Oct, Consensus -0.1%

Amended: Swiss Nov CPI Inflation -0.1% Vs. -0.3% In Oct, Consensus -0.1% The material has been provided by InstaForex Company – www.instaforex.com…

Australia Central Bank Holds Key Rate As Expected

Australia’s central bank left its key interest rate unchanged on Tuesday, as policymakers wait to see the impact of previous easing. The board of the Reserve Bank of Australia, governed by Philip Lowe, decided to leave the cash rate unchanged at a record 0.75 percent. The central bank had lowered the rate by 25 basis points in October, which was the third such reduction this year. “Given these effects of lower interest rates and the long and variable lags in the transmission of monetary policy, the Board decided to hold the cash rate steady at this meeting,” the bank said in a statement. The bank repeated that it was reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. The bank reiterated that it is prepared to ease monetary policy further if needed. The bank observed that the lower cash rate has put downward pressure on the exchange rate, which is supporting activity across a range of industries. It has also boosted asset prices, which in time should lead to increased spending, including on residential construction. Marcel Thieliant, an economist at Capital Economics expects…

Control zones USDCHF 12/3/2019

The pair’s fall from yesterday led to the lower limit of the average weekly move. This makes it possible to close all sales opened during the WCZ 1/2 test. The probability of consolidation below the middle course zone is at 30% this week. This allows us to consider the formation of corrective upward movement until Friday.
Sales from current grades are no longer profitable. You need to create a false breakout pattern of yesterday’s low to buy from the middle course zone.
An alternative decline model will be developed if today’s trading closes lower than yesterday. This will indicate a continued decline, the aim of which will be the November low. Sales at or below average speed are not recommended, as the likelihood of a return to the range will increase to 90%.
Daily CZ – daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ – weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ – monthly control zone. The zone, which is a reflection of the average volatility over the past year.
The material…

Comprehensive analysis of movement options of #USDX vs EUR/USD vs GBP/USD vs USD/JPY (H4) for December 3

This week is the first week of winter. Now, here’s a comprehensive analysis of movement options of #USDX, EUR/USD, GBP/USD and USD/JPY (H4) for December 3, 2019 on the Minuette operational scale forks.
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The development of the #USDX (US dollar index) movement for December 3, 2019 will be determined by the development and direction of the breakdown of the 1/2 Median Line channel (98.25 – 98.15 – 98.07) of the Minuette operational scale forks. The details of the options for this movement is presented on the animated chart.
The breakdown of the lower boundary of the 1/2 Median Line Minuette channel (support level of 98.07) is the continuation of the downward movement of #USDX to the equilibrium zone (98.00 – 97.82 – 97.65) of the Minuette operational scale forks.
On the contrary, the breakdown of the resistance level of 98.25 on the upper boundary of the 1/2 Median Line channel of the Minuette operational scale forks will make it relevant to resume the upward movement of the dollar index to the equilibrium zone (98.47 – 98.82 – 99.15) of the Minute operational scale forks.
Details of the movement options of #USDX are presented on the animated chart.
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Australia Rate Decision On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The central bank is widely expected to keep its benchmark lending rate unchanged at the record low 0.75 percent. Australia also will see Q3 numbers for current account; in the three months prior, the current account surplus was A$5.9 billion. Japan will provide November numbers for monetary base; in October, the base was up 3.1 percent on year. Thailand will release November numbers for consumer and producer prices. In October, overall consumer prices were down 0.16 percent on month and up 0.7 percent on year, while core CPI rose 0.04 percent on month and 0.4 percent on year. Producer prices fell 0.4 percent on month and 2.5 percent on year. The material has been provided by InstaForex Company – www.instaforex.com…

Crude Oil Prices Regain Ground After Last Friday's Sell-Off

Following the substantial decrease seen last Friday, the price of crude oil regained some ground during the trading day on Monday. Crude oil for February delivery climbed $0.79 or 1.4 percent to $55.96 a barrel after plummeting $2.94 or 5.1 percent to $55.17 a barrel in the previous session. The rebound by oil prices came amid reports Saudi Arabia wants OPEC to deepen oil production cuts in order to anchor oil prices before Saudi Aramco’s initial public offering. The deal reportedly to be discussed by OPEC and other oil producers at a meeting this week would add about 400,000 barrels per day to existing cuts of 1.2 million barrels per day. Oil prices also benefited from upbeat Chinese manufacturing data, which helped alleviate concerns about the impact of the ongoing U.S.-China trade dispute. Survey data from IHS Markit showed Chinese manufacturing activity expanded at a moderate pace in November, with growth reaching its strongest level since December 2016. The Caixin manufacturing Purchasing Managers’ Index rose slightly to 51.8 from 51.7 in October, signaling an improvement for the fourth consecutive month. However, buying interest was held in check by a separate report from the Institute for Supply Management showing a…

Euro Spikes Up Amid ECB Lagarde's Testimony

The euro appreciated against its most major counterparts in early New York deals on Monday, after European Central Bank President Christine Lagarde said that the central remained resolute in its commitment to deliver on its price stability mandate. Speaking before the European Parliament’s economic affairs committee, Lagarde said that the Governing Council’s decisions in September showed that it was alert to the potential side effects of monetary policy. The review of the ECB’s monetary policy strategy will start in the near future, the ECB chief told. The strategy review will be guided by two principles – thorough analysis and an open mind. Neverthless, Eurozone growth remained weak mainly due to the impact of global factors and there are signs of that the slowdown in manufacturing is spreading to other sectors, Lagarde added. Inflation remained subdued and price growth expectations are at or close to historical lows, she said. Final data from IHS Markit showed that the euro area manufacturing sector continued to contract in November but the pace of declined slowed from October. The factory Purchasing Managers’ Index improved to 46.9 in November from 45.9 in October and above the flash 46.6. Separate data showed that German PMI rose…