14 July, 2015
Current trend
The price for Brent crude oil keeps falling. It was affected by the news that Saudi Arabia has hit a new output record. In June, they pumped out about 10.564 million barrels a day. The head of one of the biggest oil companies stated that they are going to increase the production as long as there is a demand on the markets. According to the statistics, in 2015 demand for oil may rise to 92.61 million barrels. Furthermore, other countries such as Iraq and Nigeria also increased their output further affecting oil prices.
Support and resistance
The nearest resistance level is at 57.03 (1/3 Murray).
The nearest support level is at 57.81 (2/8 Murray).
Trading tips
Open short positions after the breakdown of the level of 57.03 with the target at 56.25 and stop-loss at 57.20.
US stock indices went up on Wednesday after the release of the minutes of the US Fed meeting in January, which was devoted to the US monetary policy. Dow Jones Industrial Average rose by 1.6%, Nasdaq Composite - by 2.2%.
Past week was marked by a two-day speech of Janet Yellen, the head of the US Fed. Mrs. Yellen did not give a straightforward answer regarding the interest rate increase at the US Fed meeting in March...
On Thursday, the price of gold strengthened by 4% and reached its year highs. The price has been growing amid an increase in demand for safe-haven assets, such as gold and the Yen...
Yesterday, US Ministry of Energy announced about unexpected decline of oil and oil products reserves by 754 million barrels over the last week. Spot-price of crude oil Brent has grown over 31.80 USD per barrel...
Over the past 2 weeks the Yen has significantly strengthened its positions against the USD due to the increasing demand for the safe-haven currency. Mixed macro-economic data on the US economy has decreased a chance that the US Fed will tighten monetary policy...
The currency pair is traded at the strong level of 1.0960 –1.1060. In case of maintenance and testing of the level and respective confirmation (for example, a pattern Price Action), we recommend to open long positions. Stop order can be placed below the signal line...
Despite that fact that the data on Non-FarmPayRolls was below the forecast (151 000 against the forecast of 190 000 and 262 000 new jobs in December), the USD has grown against the major currencies. The rise was caused by the other data on the US labor market in January...
While market participants are waiting for the release of NFPR (Non-Farm PayRolls), oil prices are gradually declining since the opening of the trading day and at the beginning of the European session...
API (American Petroleum Institute) report, released this Tuesday, showed that last week US oil stocks rose by 3.8 million barrels. Obviously, it was a bad news for oil prices, as heavy stocks of oil in the USA creates situation when supply outruns demand in the world market...
# | Broker | Review | |
---|---|---|---|
1 | ![]() | easyMarkets | 90% |
2 | ![]() | FXTM | 87% |
3 | ![]() | HYCM | 85% |
4 | ![]() | FxPro | 84% |
5 | ![]() | FIBO Group | 82% |
6 | ![]() | FXCM | 70% |
7 | ![]() | XM | 68% |
8 | ![]() | Fort Financial Services | 67% |
9 | ![]() | Alfa-Forex | 66% |
10 | ![]() | HotForex | 66% |