LMFX PAMM


Crude Oil Price Recovery Could Be Capped Vs US Dollar

Crude Oil Price Recovery Could Be Capped Vs US Dollar

  • – Crude oil price recovered after trading below the $63.50 against the US Dollar.
  • – There are two bearish trend lines formed with resistance at $65.10 and $65.65 on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending June 15, 2018 was released.
  • – As per the report, there was a decline in the crude oil inventories by 3.016 million barrels.

 

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock report for the week ending June 15, 2018 was released. The market was positioned for a drop in the crude oil inventories by roughly 1.20 million barrels.

 

However, the actual result was better as there was a decline in the crude oil inventories by 3.016 million barrels. It was a positive outcome and had an upside impact on oil prices.

 

The price moved above the $64.50 level, but it seems like it is approaching a couple of important hurdles below the $65.60 level.

 

Oil Price Technical Analysis

There was a sharp drop in crude oil price from well above $66.00 against the US Dollar. The price declined heavily and broke the $65.00 and $64.00 support levels. There was also a close below the $65.00 level and the 100 hourly simple moving average.

 

Oil Price Technical Analysis

 

The price traded as low as $63.35 before a fresh recovery was initiated. The price jumped above the $64.50 resistance and the 50% Fib retracement level of the last decline from the $67.00 high to $63.35 low.

 

However, there are many barriers above the $65.00 level. There are two bearish trend lines formed with resistance at $65.10 and $65.65 on the hourly chart. Oil price was already rejected once from $65.60 and the 61.8% Fib retracement level of the last decline from the $67.00 high to $63.35 low.

 

Therefore, if the price continues to move higher, it could face a strong barrier near the $65.50-60 zone. As long as it the price is below this, it could move down once again below the $64.50 level. On the flip side, above $65.60, the price may move towards the $66.00 level in the near term.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Crude Oil Price is Back in Downtrend Vs US Dollar?

Crude Oil Price is Back in Downtrend Vs US Dollar?

  • – Crude oil price started a downside move from well above $68.00 against the US Dollar.
  • – There is a crucial declining channel in place with resistance near $65.25 on the hourly chart.
  • – Recently in China, the Caixin Services PMI for May 2018 was released.
  • – The outcome was around the market forecast as there was no change from the last reading of 52.9.

 

China’s Caixin Services PMI

Recently in China, the Caixin Services PMI for May 2018 was released. The market was positioned for a no change from the last reading of 52.9 in May 2018.

 

The actual result was around the market forecast as there was no change from the last reading of 52.9. Moreover, China’s Composite Output Index also was unchanged from April’s reading of 52.3.

 

Overall, the outcome was neutral and it seems like crude oil price current recovery may be capped near $65.25 and $65.50.

 

Oil Price Technical Analysis

After a decent upside move, crude oil price formed a short-term top near the $68.40 level against the US Dollar. The price started a downside move and broke a few important supports such as $68.00, $67.40 and $66.00.

 

Oil Price Technical Analysis

 

The price settled below the $66.00 support and the 100 hourly simple moving average. It is also following a crucial declining channel with resistance near $65.25 on the hourly chart. The recent low was $64.52 from where the price started an upside correction.

 

The price has moved above the 23.6% Fib retracement level of the last decline from the $65.97 high to $64.52 low. However, there is a major hurdle on the upside near $65.25, channel, and the $65.50 barrier.

 

Moreover, the 50% Fib retracement level of the last decline from the $65.97 high to $64.52 low is also near $65.25 to act as a key resistance. If there is an upside break above the $65.25 level and $65.50, there is a chance of a recovery towards $66.00. On the other hand, if the price fails to move higher, it could resume its downtrend and it may perhaps break the last low of $64.52 to extend its decline.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Gold Price Approaching Next Break Vs US Dollar

Gold Price Approaching Next Break Vs US Dollar

  • – Gold price is trading nicely above the $1,300 support level with a positive angle against the US Dollar.
  • – There is a contracting triangle forming with support at $1,300 on the hourly chart of gold versus the USD.
  • – Recently in China, the Manufacturing Purchasing Managers Index (PMI) for May 2018 was released by the China Federation of Logistics and Purchasing (CFLP).
  • – The outcome was above the forecast of 51.3 as there was a rise in the PMI to 51.9.

China’s Manufacturing Purchasing Managers Index

Recently in China, the Manufacturing Purchasing Managers Index (PMI) for May 2018 was released by the China Federation of Logistics and Purchasing (CFLP). The market was looking for a decline in the PMI from the last reading of 51.4 to 51.3.

 

The actual result was above the forecast of 51.3 as there was a rise in the PMI to 51.9. Looking at the official non-manufacturing PMI, the market was looking for no change from the last reading of 54.8. However, the result was positive as there was a rise in the PMI to 54.9.

 

Gold price is currently trading with a positive bias and it seems like it could break the $1,305 resistance for further gains.

 

Gold Price Technical Analysis

After trading towards the $1,292 level, gold price found support against the US Dollar. The price started an upside move and traded above the $1,300 resistance level. There was also a close above $1,300 and the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

The price recently traded towards the $1,305 level where it faced sellers. A high was formed at $1,304 and the price corrected below the 23.6% Fib retracement level of the last wave from the $1,295 low to $1,304 high.

 

However, the downside move was protected by the $1,300 support and the 100 hourly SMA. Moreover, the 38.2% Fib retracement level of the last wave from the $1,295 low to $1,304 high also acted as a support.

 

It seems like there is a contracting triangle forming with support at $1,300 on the hourly chart of gold versus the USD. The price may soon make the next move either above $1,305 or below $1,300 in the near term.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Crude Oil Price Approaching Crucial Support Vs US Dollar

Crude Oil Price Approaching Crucial Support Vs US Dollar

  • – Crude oil price traded as high as $72.83 before correcting lower against the US Dollar.
  • – There is a crucial bullish trend line formed with support near $71.60 on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 18, 2018 was released.
  • – As per the report, there was a drop in the crude oil inventories by 1.300 million barrels.

 

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 18, 2018 was released. The market was positioned for a decline in the crude oil inventories by around 0.80 million barrels.

 

However, the actual result was positive as there was a drop in the crude oil inventories by 1.300 million barrels. Looking at the gasoline stockpiles, there was a rise in inventories by around 980,000 barrels, and inventories of distillates saw a draw of 1.3 million barrels.

 

There was a downside move in crude oil price, but it seems like the price is approaching a crucial support above $71.40-50.

 

Oil Price Technical Analysis

There were further gains in crude oil price above the $70.00 level against the US Dollar. The price traded above the $71.00 and $72.00 resistance levels. The upside move was positive as the price traded close to the $73.00 level and formed a high near $72.83.

 

Oil Price Technical Analysis

 

A downside correction was initiated recently and the price moved below the 50% Fib retracement level of the last wave from the $71.27 low to $72.83 high. Sellers even managed to push the price below the $72.00 support area and the 100 hourly simple moving average.

 

At the moment, the price is trading just below the 61.8% Fib retracement level of the last wave from the $71.27 low to $72.83 high. On the downside, there is a crucial bullish trend line formed with support near $71.60 on the hourly chart.

 

Therefore, if the price corrects lower, it is likely to find support near the $71.60 and $71.50 levels. Should there be a downside break below $71.50, the price could correct further towards the $71.00 level.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Gold Price Could Correct Lower Vs US Dollar

Gold Price Could Correct Lower Vs US Dollar

  • – Gold price is currently correcting lower and is trading below the $1,318 support against the US Dollar.
  • – There was a break below a short-term contracting triangle pattern with support at $1,317 on the hourly chart of gold versus the USD.
  • – Recently in China, the Retail Sales report for March 2018 was released by the National Bureau of Statistics of China.
  • – The outcome was below the forecast of +10% as there was a rise in sales by 9.4%.

China’s Retail Sales

Recently in China, the Retail Sales report for March 2018 was released by the National Bureau of Statistics of China. The market was looking for a rise in sales by 10% in March 2018 compared with the same month a year ago.

 

The actual result was below the forecast of +10% as there was a rise in sales by 9.4%. Looking at the Industrial production, there was a rise by 7% in the production, more than the forecast of +6.3%. On the other hand, the Fixed Asset Investment came in at 7%, less than the forecast of 7.4%.

 

At the moment, Gold price is trading in a bearish zone and it could continue to decline towards the $1,310 and $1,305 support levels.

 

Gold Price Technical Analysis

There was a decent upside move above the $1,320 level in gold price against the US Dollar. The price traded as high as $1,325 before starting a downside correction. It declined and traded below the $1,320 support level to start a downside correction.

 

Gold Price Technical Analysis

 

The price traded below the 50% Fib retracement level of the last wave from the $1,304 low to $1,325 high. More importantly, there was a break below a short-term contracting triangle pattern with support at $1,317 on the hourly chart of gold versus the USD.

 

Sellers pushed the price below $1,315 and the 100 hourly simple moving average. It seems like the price may decline further and it could even break the 61.8% Fib retracement level of the last wave from the $1,304 low to $1,325 high.

 

On the downside, the next major supports are near the $1,310 and $1,305 levels. Below this last, the price could even test the $1,300 handle.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Crude Oil Price Bounced Back Sharply Vs US Dollar

Crude Oil Price Bounced Back Sharply Vs US Dollar

  • – Crude oil price surged higher after a sharp dip towards the $67.50 level against the US Dollar.
  • – There is a major ascending channel forming with support at $68.30 on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 04, 2018 was released.
  • – As per the report, there was a decline in the crude oil inventories by 1.850 million barrels.

 

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock figure for the week ending May 04, 2018 was released. The market was positioned for a minor rise in the crude oil inventories by roughly 1 million barrels.

 

However, the actual result was better as there was no rise in inventories, instead, there was a decline in the crude oil inventories by 1.850 million barrels. Looking at the gasoline stockpiles, there was a drop of around 2.1 million barrels, and inventories of distillates declined 6.7 million barrels.

 

There was a sharp bounce noted in crude oil price from the $68.00 support and the price moved back above the $70.00 level.

 

Oil Price Technical Analysis

There was a sharp downside move in crude oil price recently from the $70.70 swing high against the US Dollar. The price declined heavily and traded below the $70.00, $69.00 and $68.00 levels. It traded close to the $67.50 level before buyers appeared.

 

Oil Price Technical Analysis

 

A low was formed at $67.55, and the price bounced back sharply above the 100 hourly simple moving average. It successfully broke the 76.4% Fib retracement level of the last decline from the $70.72 high to $67.55 low.

 

This means the price could continue to move higher and it may soon break the $70.72 high. Above the mentioned level, the price may even test the 1.236 Fib extension of the last decline from the $70.72 high to $67.55 low.

 

At the moment, it seems like there is a major ascending channel forming with support at $68.30 on the hourly chart. As long as the price is following the channel and the 100 hourly SMA, it remains supported for more gains above the $70.50 level.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Gold Price Approaching Crucial Break Vs US Dollar

Gold Price Approaching Crucial Break Vs US Dollar

  • – Gold price is slowly moving higher and is currently trading above the $1,310 support against the US Dollar.
  • – There is a crucial contracting triangle pattern forming with resistance at $1,318 on the hourly chart of gold versus the USD.
  • – Recently in China, the Trade Balance report for April 2018 was released by the General Administration of Customs of the People’s Republic of China.
  • – The outcome was above the forecast of $24.70B as there was a trade surplus of $28.8B.

China’s Trade Balance

Recently in China, the Trade Balance report for April 2018 was released by the General Administration of Customs of the People’s Republic of China. The market was looking for a trade balance of $24.70B, compared with the last deficit of $-4.98B.

 

The actual result was above the forecast of $24.70B as there was a trade surplus of $28.8B. Imports of goods and services in April 2018 increased 21.5%, more than the forecast of +16%. Exports of goods and services in April 2018 increased 12.9%, more than the forecast of +6.3%.

 

It seems like Gold price may extend gains and it could even break the $1,318 and $1,320 resistance levels for more gains.

 

Gold Price Technical Analysis

After trading towards the $1,300 support area, gold price started an upside move against the US Dollar. The price formed a low at $1,301 and started an upside move. It slowly moved higher and broke the $1,305 and $1,310 resistance levels.

 

Gold Price Technical Analysis

 

The price also moved above the 50% Fib retracement level of the last decline from the $1,325 high to $1,301 low. Moreover, there was a close above the $1,310 resistance and 100 hourly simple moving average.

 

At the moment, it seems like there is a crucial contracting triangle pattern forming with resistance at $1,318 on the hourly chart of gold versus the USD. The price may soon make the next move either above $1,318 or below $1,310.

 

As long as the price is above the 100 hourly SMA, the chances of an upside break above $1,318 are high. The next resistance in the mentioned scenario is around the $1,325 level.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Crude Oil Price Could Decline Further Vs US Dollar

Crude Oil Price Could Decline Further Vs US Dollar

  • – Crude oil price started a downside move after trading above the $69.00 level against the US Dollar.
  • – The price is currently attempting a close below a major bullish trend line at $67.60 on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending April 20, 2018 was released.
  • – As per the report, there was a rise in the crude oil inventories by 1.099 million barrels.

 

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock report for the week ending April 20, 2018 was released. The market was positioned for a decline in the crude oil inventories by roughly 0.5 million barrels.

 

However, the actual result was on the negative side as there was a rise in the crude oil inventories by 1.099 million barrels. Looking at the gasoline stockpiles there was a decline of 2.7 million barrels and inventories of distillates fell 1.9 million barrels.

 

Overall, crude oil price remains at a risk of more losses if fails to hold an important support area near $67.60-50.

 

Oil Price Technical Analysis

There were decent gains in crude oil price this past week above the $68.00 level against the US Dollar. The price traded higher and broke a major resistance at $69.00 to climb towards the $69.30-40 zone. Later, the price failed to hold gains above $69.00 and started a downside correction.

 

Oil Price Technical Analysis

 

The price declined and broke the $69.00 and $68.50 support levels. It settled below the $68.00 level and the 100 hourly simple moving average. At the moment, the price is attempting a close below a major bullish trend line at $67.60 on the hourly chart.

 

Once there is a proper close below the trend line and $67.50, there could be more losses in the near term. The next support on the downside could be $67.00, followed by $66.20.

 

On the other hand, if there is an upside correction, buyers could face resistance near the 38.2% Fib retracement level of the last drop from the $69.29 high to $67.42 low. The most important resistance is near $68.40 and the 100 hourly SMA.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Gold Price Remains Supported above $1,338 Vs US Dollar

Gold Price Remains Supported above $1,338 Vs US Dollar

  • – Gold price corrected lower recently after trading as high as $1,365 against the US Dollar.
  • – There is a key bullish trend line forming with support at $1,338 on the hourly chart of gold versus the USD.
  • – Recently in China, the new loans report for March 2018 was released by People’s Bank of China.
  • – The outcome was below the forecast of 1,200.0B as the new loans figure came in at 1,120.0B.

China’s New Loans

Recently in China, the new loans report for March 2018 was released by People’s Bank of China. The market was slated for a reading of 1,120.0B compared with the last reading of 839.3B.

 

The actual result was below the forecast of 1,200.0B as the new loans figure came in at 1,120.0B. However, the result was positive when compared with the last reading of 839.3B. The M2 Money Supply in March 2018 rose 8.2% (YoY), which was less than the forecast of +8.9% and also less than the last +8.8%.

 

Gold price may consolidate in the short term before it makes the next move above the $1,350 level in the near term.

 

Gold Price Technical Analysis

There was a decent upside move in gold price this past week as it moved above the $1,360 level against the US Dollar. The price traded as high as $1,365 before a downside correction was initiated. It declined and traded below the $1,350 level.

 

Gold Price Technical Analysis

 

There was even a spike down below the 100 hourly simple moving average, but the downside move was contained by the $1,332 support. There is also a key bullish trend line forming with current support at $1,338 on the hourly chart of gold versus the USD.

 

The price is now back above the 100 hourly SMA and broke the 38.2% Fib retracement level of the last decline from the $1,365 high to $1,333 low. Buyers need to gather pace above $1,350 and the 50% Fib retracement level of the last decline from the $1,365 high to $1,333 low for further gains.

 

On the downside, the price remains supported above the $1,338 level. A close below $1,338 and $1,335 may open the doors for more losses.

Tags: , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Can Crude Oil Price Break This Vs US Dollar?

Can Crude Oil Price Break This Vs US Dollar?

  • – Crude oil price is moving higher from the $62.00 swing low against the US Dollar.
  • – There was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.
  • – Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration.
  • – As per the agency, the EIA Crude Oil stockpiles fell by -4.617M, whereas the market was looking for a rise of 0.246M.

 

EIA Crude Oil Stockpiles Report

Yesterday in the US, the EIA Crude Oil stockpiles figure (March 30, 2018) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to rise by around 0.246M, a bit less than the last increase of 1.643M.

 

However, the actual result was better than the forecast as the EIA Crude Oil stockpiles fell by -4.617M. Moreover, the Crude stocks at the Cushing, Oklahoma rose by around 3.7M barrels. Lastly, the U.S. crude production increased further and climbed to 10.46 million barrels.

 

The result was positive and helped oil price in gaining momentum above the $63.00 resistance level.

 

Oil Price Technical Analysis

After a substantial decline, Crude oil price found support around the $62.00 level against the US Dollar. The price traded as low as $62.04 and started an upside move. It traded higher and broke the $63.00 resistance to set the pace for more gains.

 

Oil Price Technical Analysis

 

During the upside move, the price broke the 38.2% Fib retracement level of the last decline from the $65.30 high to $62.04 low. Moreover, there was a break above a major bearish trend line with resistance at $63.30 on the hourly chart.

 

At the moment, the price is trading near a major hurdle at $63.70 and the 100 hourly simple moving average. The same level is near the 50% Fib retracement level of the last decline from the $65.30 high to $62.04 low.

 

Therefore, a break above the $63.70 level and the 100 hourly SMA won’t be easy. If buyers succeed in pushing the price above $63.70, there could be more gains above $64.00 in the near term.

Tags: , , , , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Join Our Newsletter:

US & Canadian Traders Welcome Make the trade