USOIL, daily Oil prices are on the rise after Saudi Arabia and Russia announced supply cuts for August. Saudi Arabia extended its voluntary production cut of one million barrels per day (bpd) for another month, while Russia announced it would reduce its oil exports by 500,000 bpd in August. Both countries are trying to prop…
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GBPUSD, daily The negative Claimant change on the 13th as well as the decline in unemployment figures in the United Kingdom had a positive effect on the quid against the dollar while the pausing of the Fed on the 14th had also contributed to the gains seen on the daily chart of the cable pair.…
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Across the page on the daily timeframe, support at $1,919 appears to be hanging by a thread. This level is key. Clearance of this base would technically hand the baton to sellers to run for support from $1,866, which shares chart space with the 200-day simple moving average (red – $1,850). Technicians will also note…
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AUDUSD The Australian dollar had performed an uptick following the unexpected rise of the interest rate from RBA. This reaction might be temporary, though now Aussie is of the few currencies, gaining higher yields in real-time. Considering the position of AUDUSD at the intermediate-term resistance area, it may pull back as shown on the chart,…
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EURUSD, daily This will likely be a rather volatile week for the pair since there is major data related to EUR and USD in 3 consecutive days this week with the peak on Friday where the “king” of publications the NFP is set to be released. FOMC minutes last week confirmed that the main objective…
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Short-Term Support Breach? While the bigger picture (daily chart) displays room to push lower, H1 support at $1,945 is vulnerable. Overhead resistance at $1,955 remains on the radar, but the zone surrounding the base (often recommended to draw support/resistance as a zone rather than a defined price point) has been tested. Therefore, a decisive H1…
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On the technical side the price on the fiber chart has found resistance on the upper band of the Bollinger bands and has since corrected to the downside. The 50 SMA has crossed above the 100 SMA indicating the bull movement is still strong while the Stochastic oscillator is not indicating any overbought or oversold…
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ATH Likely to be Challenged Technically, limited resistance is evident on the weekly timeframe, following the breach of resistance from $1,988. This paves the way for a run at the ATH of $2,070. You may recall that I highlighted the daily timeframe’s price action in the Weekly Market Briefing, paying specific attention to a clear-cut…
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Economic Data for the Week Ahead: Monday 3 April US ISM Manufacturing PMI for March at 3:00 pm GMT+1 Markets welcome the latest manufacturing PMI data from the US, expected to marginally tick lower to 47.1 in March from February’s 47.7 figure. However, the forecast range resides between 48.0 and 44.4. Tuesday 4 April Reserve…
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On the technical side the price on the fiber chart has found resistance on the upper band of the Bollinger bands last Thursday “forcing” it to correct around the $1.07600 area which is trading at the time of this report. The Bollinger bands are expanding indicating volatility build up which is expected to peak for…
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