WTI OIL – weak tone on surprise oil stocks rise; OPEC meeting in focus
WTI oil stands at the back foot on Wednesday but holding above previous day’s low at $57.41. Oil price remains under pressure on concerns whether major oil exporters will reach a deal about extending current output cut beyond March 2018.…
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AUDUSD – rising downside risk as 10SMA support gives way; falling trendline continues to cap
The Aussie dollar maintains negative near-term bias following repeated upside rejections and holding in red for the fourth consecutive day.
Falling bear-trendline which limited recovery phase, continues to cap descend from correction high…
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Cable broke above 1.3415 target
Fresh bullish acceleration in early European trading surged through target at 1.3415 (Fibo 61.8% of 1.3655/1.3026 descend) and generated strong signal of bullish continuation after the price was congested in past few sessions.
Fresh rally…
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EURUSD – recovery needs lift above daily cloud for confirmation; EU data eyed for fresh signal
The Euro bounced on Wednesday after two-day pullback found ground at 1.1826, contained by strong support, provided by daily cloud base and reinforced by rising 10SMA.
Fresh rally eyes pivotal barrier at 1.1877 (daily cloud base) break of…
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GBPUSD – penetration of daily cloud signals extended correction
Cable remains under pressure in the American session and cracked daily cloud top which marks solid support at 1.3276.
Weakening near-term studies favor firm break through cloud top (cloud is spanned between 1.3276 and 1.3214) and test of…
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SPOT GOLD – eventual break into daily cloud signals further upside
Spot Gold price maintains firm tone on Tuesday and holding near fresh high at $1299 (the highest since mid-October).
The yellow metal’s price eventually broke into thickening daily cloud (spanned between $1289 and $1309) after cloud base…
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WTI OIL extends pullback from $59.02; markets focus key event – OPEC policy meeting
WTI oil price fell further on Tuesday, in extension of Monday’s over 1% losses on pullback from recovery peak at $59.02.
Pullback on oversold daily techs could extend further to test solid supports at $57.17 (rising 10SMA) and $56.65…
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COPPER – extended bears tested critical support provided by daily cloud base
Copper extends steep pullback from $3.1750 high (double upside rejection) and tested key support at $3.0642 (daily cloud base).
Bears were so far unable to break below cloud base after Tuesday’s strong bearish acceleration surged into thick…
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AUDUSD – near-term bias turns lower after repeated upside rejections
The Aussie dollar stands at the back foot on Tuesday following previous day’s strong upside rejection and repeated close below trendline resistance.
Fresh weakness is pressuring 10SMA support (0.7592) the lower boundary of near-term…
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USDJPY – strong hesitation at 111.02 Fibo support could result in extended consolidation
The pair shows strong hesitation at 111.02 support (50% of 107.31/114.73 rally) which was repeatedly cracked (dips to 110.83/92 on Mon/Tue) but so far without clear break lower.
Near-term action may hold in extended consolidation above…
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