Crude Oil Remains Supported on OPEC
The price of crude oil continues to find support from growing expectations that the ongoing productions cuts from the OPEC and some allies outside of the cartel are helping to rebalance the market. The ongoing situation in Venezuela is providing...
WTI Oil Futures in Bullish Action But Confined to Narrow Range
WTI oil futures jumped to a new one-and-a-half-month high of 57.43 earlier on Tuesday, remaining above the 23.6% Fibonacci retracement level of the upward movement from 51.60 to 57.85 around 56.37 and the 57.16 strong support level. The price has...
EURUSD Approaching Corrective Target
The euro has continued to advance against the US dollar during the European trading session, with the pair approaching its initial corrective target. If buyers force price above the 1.1290 level, further upside towards the 1.1325 resistance level still remain...
Elliott Wave View: EUR/JPY Should Extend Lower
EURJPY has ended the cycle from Jan 3, 2019 low at 127.5. We label this rally from Jan 3 to March 1, 2019 as wave ((X)). This means the pair is in the initial stage of turning lower and eventually...
GBPUSD – Pound Rises Further on Short Covering
Cable ticked higher and pressures 1.31 barrier in early US trading on Monday, as traders took profits from short positions and re-positioning for fresh weakness in anticipation of another defeat of UK PM May on tomorrow’s important parliamentary vote on...
WTI OIL Outlook: WTI Oil Price Stands at the Front Foot on Comments from Saudi Arabia
WTI oil price extended higher on Monday, bouncing from dangerous territory after spiking to $54.51 on Friday after weak Chinese data. Downbeat US NFP data which pushed dollar lower, helped oil’s recovery, with the latest news that OPEC and other...
USD/JPY Outlook: Bears on Hold above 20SMA, But Converged MA’s Mark Strong Obstacle
The pair consolidates above rising 20SMA (currently at 111.04) which prevented deeper fall after dollar accelerated lower on downbeat US NFP data on Friday. Dip was contained by broken Fibo 61.8% support (110.74) and today’s recovery attempts are underpinned by...
EUR/AUD 4H Chart: Buy Signals Today
The common European currency depreciated about 1.14% against the Australian Dollar during the last week. However, the currency pair revealed a new junior ascending channel pattern during this period. The exchange rate was stranded between SMAs during the first part...
GBP/USD And EUR/GBP: Pound Extending Losses
GBP/USD declined heavily this past week and broke the key 1.3100 support area. EUR/GBP gained traction and broke the 0.8580 and 0.8600 resistance levels to move into a positive zone. Important Takeaways for GBP/USD and EUR/GBP The British Pound faced...
USD/CAD Outlook: Canadian Dollar Rebounds after Downbeat US and Strong Canada’s Jobs Data
The pair fell some 50 pips in an immediate reaction on US NFP surprise and upbeat Canada’s employment figures. Data on Friday showed that US job growth reached levels close to stall, as the economy created only 20K new jobs...
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