US crude oil inventories decreased by 4.9 million barrels from the previous week more than expected, which supported the current rally albeit OPEC meeting tomorrow may disappoint oil market if it failed to cut production more than the markets expects, if it preferred to extend the cut agreement only I think prices would drop sharply as usual during past meetings....
US oil broke the ascending trend line but it need to stabilize under 56.30 level to gain more downward momentum, sell on the weekly close under that level. stop loss and target are shown on the chart.
DXY is about to bounce from fibo 61.8% (upside move started on 25 June and ended on 1 OCT) so would it resume its upside trend on 25 oct?) watch for a bullish candlestick near to fibo level this month to buy.
although the FED is expected to cut rates on 30 Oct from 2.00% to 1.75% specially after the weak performance of the manufacturer, service and the retail...
EURUSD faced a strong resistance at Fibo 50% and still inside the descending channel and under MA 200
on the other hand, the dollar index is bouncing from Fibo 61.8% and the ascending trendline (the yellow line)
long term investor should place their stop loss above 1.11
Target1 should be placed at 1.09
- RBNZ likely to hold rates this meeting (Wednesday 2:00 am GMT)
- The unemployment rate fell to 3.9% in Q2, wages picked up to 2.2% y/y
- consumer spending increased to 39273 Million in Q2 reaching an all time high.
-futures markets are currently pricing two more 25-bps cuts over the next 12 months so any upside momentum could be short lived, i will not hold any...
the pair took its cue from BOJ and FED decisions this week, as we can see on the chart the pair is consolidating above the support level 105.00 CFTC shows that the opened speculators positions at the bearish range and there is a big difference between the price and the money flows, I think BOJ may intervene in the markets in couple of months, I would prefer buying...
Sell AUDUSD from current levels
Target and Stop Loss are shown on the chart
RBA is cutting rates this year
Labor data is due to be released on Thursday, if it came below the expectation the pair would fall sharply.
GBPUSD failed to break the descending trend line and broke the ascending trend line which supports the bearish scenario targeting 1.20 then 1.19 in the coming days
stop loss should be placed at 1.22