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WTI Crude Oil And Natural Gas Forecast – Wednesday, July 5
WTI Crude Oil The WTI Crude Oil market did very little during the session on Tuesday, as the Americans would have been away for Independence Day celebrations. The $47.50 level above is resistive, as it has been both support and resistance recently. Ultimately, some type of exhaustive candle should be a selling opportunity, as the market will then go looking towards the $45 level after that. The $45 level should be massively supportive, so a bounce from that would not be a surprise. Alternately, if we can break above the $48 level, I think the market could continue to go higher, perhaps reaching towards the $50 level. The market is most certai... -
Finance 0
Sterling Stalls As Data Misses, Bulls Banking On BOE
Shift in Tone by BOE Comments by BOE Governor Mark Carney at last week’s Sintra panel saw strong Sterling demand kick in as markets reacted to the BOE’s perceived shift in sentiment. The BOE governor declared that the debate about raising rates before year end is now “live” among the MPC. The key takeaway from this event was the insight it gives into the bank’s reaction function. The BOE continues to become more intolerant towards sterling weakness which should keep GBP supported. Why does the BOE Want a Stronger Pound? With most central banks looking for a weaker currency it seems there are only two real reasons why the BOE is look... -
Finance 0
In European Union-Japan Trade Deal, Tariff Reduction Unlikely To Be Good For Car Makers In Both Blocs
Lower tariff barriers generally benefit consumers in the form of lower prices. If they don’t increase overall unemployment, they will lead to gains for the economy as a whole. However, they will almost be specific industries that are losers. This is why it is a bit strange to read in a NYT article on a prospective trade deal between the European Union (EU) and Japan: “Among other things, the pact would eliminate a 10 percent duty that the E.U. imposes on Japanese car imports, while removing obstacles that European automakers face in Japan. That would be particularly significant for luxury carmakers like BMW, Mercedes and Toyota... -
Finance 0
Understanding The MACD And RSI Forex Indicators
The Moving MACD (Average Convergence Divergence) and RSI (Relative Strength Index) are two of the most popular indicators for forex traders. These two simple indicators measure the speed and change of price movements of a particular asset, such as a forex pair, commodity or stock index. In the following article, we’ll explore how the RSI and MACD can help with your trading. RSI The RSI is a momentum oscillator that fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it exceeds 70 and oversold when it falls below 30. Forex pairs that have an RSI above 70 are probably overbought, which means they are prone to... -
Finance 0
US High Yield Credit Spreads Low – As They Should Be?
Most people are probably aware that US High Yield credit spreads are trading at the bottom end of the range – almost 1 standard deviation below the long term average. This is a fact. But what is not a fact is whether credit spreads are *too* low… It’s worth examining this issue, because another way of looking at it is to say that there is very little credit risk premium on offer – and most longer term investors prefer to look for larger not smaller risk premiums. I talked about US High Yield credit spreads and the indicators to watch and thoughts on the outlook in the latest weekly report. This article looks at on... -
Finance 0
USDX Elliott Wave View: Correction In Progress
Short term USDX (USD Index) Elliott Wave view suggests the rally to the 97.88 high on 6/20 ended Intermediate wave (X). A decline from there is unfolding as an impulse Elliott Wave structure with extension and ended at the 95.47 low on 6/29. This 5 wave move could be a Minor wave A of an Elliott wave zigzag structure structure, where Minute wave ((i)) ended at 97.17 and Minute wave ((ii)) ended at 97.47. Minute wave ((iii)) ended at 96.15, Minute wave ((iv)) at 96.61 and Minute wave ((v)) of A ended at 95.47. Minor wave B bounce is currently in progress to correct a cycle from the 6/20 peak. The subdivision of Minor wave B is un... -
Finance 0
Dollar Firm As Investors Await Fresh Directional Cues
The US dollar is enjoying a firm today. Yesterday’s two weakest major currencies, the Australian dollar and Swedish krona are the strongest currencies, but little changed on the session. After a strong rebound in the greenback to start the week, it mostly consolidated yesterday. The euro was sold briefly through $1.1320 before finding a bid, while the sterling and yen are extending this week’s declines. Global equities are mixed, with modest gains in Asia and small losses in Europe. Bond yields are mostly firmer. The US confirmed North Korea’s claims that its tested an intercontinental ballistic missile. The US and So... -
Finance 0
EUR/USD: Still On Downwards Course Towards 1.1312
Previous: Yesterday, the single currency closed down against the US dollar for the third session in a row. After falling to 1.1336, trading on the pair levelled out and was trading at around 1.1347 until the end of the session. Activity on the Forex market yesterday was minimal due to there being a national holiday in the US. Day’s news (GMT+3): 10:55 Germany: Markit service PMI (Jun); 11:00 Eurozone: Markit services PMI (Jun); 11:30 UK: Markit services PMI (Jun); 12:00 Eurozone: retail sales (May); 17:00 USA: factory orders (May), IBD/TIPP economic optimism (Jul); 21:00 USA: FOMC minutes. EURUSD rate on the hourly. Source: TradingView. My ... -
Finance 0
USD/JPY Rocks On And Rolls On North Korea News
The Japanese yen is a safe haven currency, and its status is reflected in the most recent troubles, originating from North Korea, Japan’s neighbor. The yen is in demand with every deterioration but then sold off when the short attention span shifts elsewhere. The autocratic regime tested an ICBM and the world is worried. It came in defiance of US efforts to control the rogue country. President Trump tried to pressure China to intervene but North Korea’s leader decided to conduct the test on the eve of America’s Independence Day. The UN Security Council convened in an emergency session. The US and South Korea conducted an emergency dril... -
Finance 0
Brent Crude Flirts With $50 Pricing
Brent crude traded near the critical $50 resistance level on Wednesday morning on signs that the United States may finally be reducing its crude oil production. At 9:45 a.m. HK/SIN Brent crude was trading flat at $49.61 per barrel and WTI futures were trading at $47.05 per barrel, down 0.02 percent. In a statement on Tuesday, Fatih Birol, the chief of the International Energy Agency commented that he expects the global oil market to rebalance in the second half of 2017, assuming there are no surprising production increases by any leading producers, including Libya and Nigeria, countries which are currently exempt from OPEC’s production cuts...
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