30.07.2021 05:54 Forex Analysis & Reviews: Trading Signal for USD/CAD for July 30, 2021: Buy above 1.2430
Technical Analysis of WTI
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Fundamental OPEC+ meeting last week was concluded with the following results: The cartel gradually increased the oil supply by 1mln bpd over the course of the three months ahead; Saudi Arabia is putting back to supply its 1mln bpd that it previously voluntarily cut. The decision was rather unexpecte...
Since the lows of the pandemic in March 2020, the price of West Texas Intermediate (WTI) crude oil - an international benchmark - has risen more than 500%. However, the price of WTI crude oil is now trading at historical resistance where buyers have struggled to break through before. This opens the...
This week, risk assets in currencies and commodities have tumbled lower with the New Zealand dollar, Australian dollar and WTI crude oil leading the way lower. So far, equity markets haven’t followed through but investors are very cautious at these multi-year highs. The tech sector could be in part...
The price of West Texas Intermediate (WTI) crude oil has surged higher more than 500% since the lows of the pandemic in March 2020. Demand for crude oil has rapidly increased as countries roll out the coronavirus vaccine and get their economies moving once again. Oil prices received a further boost...
After reaching $63, WTI oil bounced downwards. Partly, that was due to the news that the US oil reserves turned to be more than expected - that's still the echo of the virus preparations that made many oil producers stockpile oil in case of an emergency deficit. However, as the demand is picking up,...
Ichimoku Kinko Hyo NZD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook. Fibonacci Levels XAG/USD: Silver continuous to stand below the 38.2% retracement area. The bearish pressure is growing. EU Market Vi...
Ichimoku Kinko Hyo EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook. Fibonacci Levels XAG/USD: Silver shows some significant moves higher. Now it is trading between the 23.6% and 38.2% retracement area....
Short term The short-term view of the WTI oil price performance gives a perfect picture of an upward march. Crossing $50 per barrel in the first week of January, it went straight to $52, made a brief correction, and reached $54 just a while ago. Does it suggest further upside? Yes. But it also sugge...
Looking at the hourly chart of the WTI oil price below, one may come to only one conclusion: the price of this asset is far from being stable. Well, for trading purposes, it’s rather good news. What are the prospects though? The prospects are pretty much the same as what the headlines say most of th...
Technical We have seen WTI oil price drop to $35 right before the weekend breaking through local support levels. Today, it almost touched $34 bouncing back up to $34.5. On the daily chart, these levels correspond to June lows and the pre-final-fall zone of March. Which factors are affecting the oil...
In May-June, WTI oil price was rising almost non-stop. In July, we have an obvious consolidation. The level of $41 per barrel so far serves as an iron wall for bullish intentions. What is the likely scenario ahead? OPEC+ is having a meeting this week. They are going to discuss the possibility of loo...
Relevance up to 08:00 2020-07-11 UTC+2 Crude oil fell after a key Libyan oil field resumed production. It threatens to release barrels of oil into the market where demand is already low. Thus, due to this, oil futures in the US fell 3%.The Mesla and Sarir oil fields in eastern Libya resumed produc....
Relevance up to 05:00 2020-07-11 UTC+2 AUD/USD The Australian dollar is losing interest in growth every day. The price spent the whole week in a sideways direction, it closed Thursday with a black candle of 16 points. This nature of the price significantly reduces the probability of forming a tr....
On Wednesday, when the WTI oil price stopped at $40 we advised that it would go further down to the area of $37.5. Eventually, it happened exactly as foreseen – the price is currently at $37.5 although we did not expect it to go down as fast as it did. Now, it makes sense to a closer technical look ...
Currently, we have the following layout. In the oil market, there is relative silence and neutral mood. Globally, investors are cautious about the second-wave virus hit. Together, these factors make the oil price hang in the channel between $35 and 40$ like in limbo. Therefore, it is unlikely that i...
After spending the entire April in the depths below $20, WTI oil made a straight-line recovery in May. Eventually, it reached $40 on June 8 after which it went into a first serious downward retrace. Currently, it is at $40 again, and the question is how the situation will evolve. Fundamentally, the ...
If the stock market observers are discussing whether it will be an L or U-shape recovery, the oil market definitely looks like a V. $33 marks now the local resistance level, which hasn’t seen the WTI price since the beginning of March, when the epic plunge started. Very likely, the price will go int...