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  • Crude Oil Price To Continue Higher Vs US Dollar

    Crude Oil Price To Continue Higher Vs US Dollar

    • – Crude oil price made a nice upside move recently and traded above $51.50 against the US Dollar.
    • – There is a crucial bearish trend line forming with resistance near $52.40 on the hourly chart.
    • – Recently in China, the hosing price index for Sep 2017 was released by the National Bureau of Statistics.
    • – The outcome was below the forecast of +8%, as there was an increase of 6.3% in the index.

     

    China’s Hosing Price Index

    Recently in China, the hosing price index for Sep 2017 was released by the National Bureau of Statistics. The market was positioned for an increase of 8% compared with the last increase of 8.3%.

     

    However, the actual result was below the forecast of +8%, as there was an increase of 6.3% in the index. It had a slight negative impact on the market sentiment. Moreover, the recent Canada’s Consumer Price Index (CPI) for Sep 2017 posted a rise of 0.2% compared with the previous month, which was in line with the forecast.

     

    It seems like crude oil price remains supported on the downside and it might look to break the $52.40-50 resistance for more gains.

     

    Oil Price Technical Analysis

    There was a minor dip in oil prices this past week towards the $51.00 support against the US Dollar. The price traded as low as $50.90 and later started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $52.54 high to $50.90 low.

     

    Crude Oil Price Technical Analysis

     

    The upside move was strong since the price was able to break the $51.50 resistance and the 100 hourly simple moving average. There was even a close above the 50% Fib retracement level of the last decline from the $52.54 high to $50.90 low, which is a positive sign.

     

    On the upside, there is a crucial bearish trend line forming with resistance near $52.40 on the hourly chart. At present, the price is trading near the 76.4% Fib retracement level of the last decline from the $52.54 high to $50.90 low.

     

    Therefore, there is a chance of a minor dip before the price makes an attempt to break the $52.40-50 resistance in the near term. Buying dips can be opted as long as the price is above $52.00 and the 100 hourly SMA.

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  • Crude Oil Price To Settle Below $50.00 Vs US Dollar

    Crude Oil Price To Settle Below $50.00 Vs US Dollar

    • – Crude oil price started a new downtrend and already moved below the $50.60 support against the US Dollar.
    • – There are two important bearish trend lines forming with resistance at $50.40 on the hourly chart.
    • – Recently in the US, the EIA Crude Oil stockpiles figure (Sep 29, 2017) was released by the Energy Information Administration.
    • – As per the report, the EIA Crude Oil stockpiles were down -6.023M compared with the forecast of -0.467M.

     

    EIA Crude Oil Stockpiles Report

    Recently in the US, the EIA Crude Oil stockpiles report (Sep 29, 2017) was released by the Energy Information Administration. The market was looking for the EIA Crude Oil stockpiles to be around -0.467M compared with the last reading of -1.846M.

     

    However, the actual result was better than the forecast, as the EIA Crude Oil stockpiles were down -6.023M compared with the forecast of -0.467M. Moreover, the Crude exports were up sharply to 1.98 million bpd, which was a lot higher compared with the previous week’s the 1.5 million bpd record.

     

    It seems like Crude oil price struggle might extend in the short term and the price might attempt a move towards $49.00 in the near term.

     

    Oil Price Technical Analysis

    There were good gains in the past in Crude oil price as it move above the $52.00 level against the US Dollar. Later, the price failed to remain above the $52.50-60 levels and started a downside move trading below $52.00.

     

    Crude Oil Price Technical Analysis

     

    The price declined heavily and moved below the $51.00 handle and the 100 hourly simple moving average. It is a bearish sign since the price even attempted a close below $50.00 once and traded as low as $49.97.

     

    At the moment, the price is correcting higher and trading near the 23.6% Fib retracement level of the last decline from the $50.80 high to $49.97 low. On the upside, there are two important bearish trend lines forming with resistance at $50.40 on the hourly chart.

     

    If the price moves higher, it won’t be easy for buyers to clear the $50.40-50.50 resistance. On the downside, a close below $50.00 might ignite further declines in the near term.

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  • Crude Oil Price May Resume Its Decline Vs US Dollar

    Crude Oil Price May Resume Its Decline Vs US Dollar

    • Crude oil price after trading towards $52.00-52.05 against the US Dollar found sellers and moved down.
    • There was break below a major bullish trend line with support at $51.60 on the hourly chart.
    • Recently in the US, the Baker Hughes Rig Counts posted a reading of 722, up from the last 720.

     

    US Baker Hughes Rig Counts and GDP

    Recently in the US, there were a few important releases like the Baker Hughes Rig Counts and US GDP for Q1 2017. The Baker Hughes Rig Counts was expected to post a rise to 725, but it came in at 722, up from the last 720.

     

    The US Gross Domestic Product preliminary reading for Q1 2017 was above the forecast, as there was a rise of 1.2%, more than the last 0.7%. The report by the US Bureau of Economic Analysis also mentioned that the “price index for gross domestic purchases increased 2.6 percent in the first quarter, compared with an increase of 2.0 percent in the fourth quarter (table 4). The PCE price index increased 2.4 percent, compared with an increase of 2.0 percent“.

     

    Overall, the results were positive, and helped the US Dollar, and pushed oil price below the $51.60-50 support zone.

     

    Crude Oil Price Technical Analysis

    This past week, there were good upsides in crude oil price as it moved above the $51.00 and $51.50 resistance levels against the US Dollar. However, the price was seen struggling above the $52.00 level, and made a short-term top near $52.05.

     

    Crude Oil Price Technical Analysis

     

    The price started a decline and broke a major area at $51.60-50 and the 100 hourly simple moving average. The decline was such that the price even broke the $50 support and traded towards $48.40-20. A low was formed at $48.21 before the price started a recovery and moved above the 23.6% Fib retracement level of the last decline from the $52.04 high to $48.21 low.

     

    At the moment, the price is trading above $49.50, but struggling to trade above a major pivot area at $50.00-50.10. The stated area also coincides with the 50% Fib retracement level of the last decline from the $52.04 high to $48.21 low. So, it won’t be easy for buyers to break it, and price may move down back towards $49.00-49.20 in the near term.

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