Oil bulls jump on OPEC report

12 July, 2017

Oil markets saw some life injected back into them today as OPEC members hit 97% compliance in cuts set out by the organisation. The result of this was a bullish rebound as the market still perceives OPEC to have some control over oil markets. Further adding to this was the API private oil inventory data which showed a drawdown of -8.13M barrels, which is a nice indicator as supply issues have been a problem in the past. The real public inventory data is due out tomorrow from the Department of Energy in the US and expectations will be high to see some sort of drawdown based on the API figures.

On the charts the rebound has pushed up through resistance at 45.69 and it will be interesting to see if the candle closes above or falls back. If we do a see a drawdown tomorrow which is bigger than expected then I would expect the market to target resistance at 47.16 as a result. This area though is a lot more robust and the market will be keen to see if there is potential to move higher from here, or if we need further data in the future to continue. If we see supply being built back up then support at 43.77 and 41.85 as likely targets for traders. However, candles recently have shown very long tails which leads me to believe that the bulls are looking assert their control and stop bearish movements any further.

The New Zealand dollar has been a star as of late when it comes to economic performance and the likeability of the currency for traders. After recent positive data from a monetary perspective and a fiscal one the NZDUSD has been somewhat bullish as of late. And the week coming should see further interest as Chinese data as well as business PMI and CPI are due out on Wednesday. All of which has the ability to push the NZD higher in the event they are very positive.

For the NZDUSD traders the market has been one of interest, with strong waves on the daily chart showing less and less appetite for large bullish movements any higher than the previous wave. So far the NZDUSD has hit resistance at 0.7345 and has looked to trend lower as this looks like the upper limit of the bullish wave. It has also paused as of today on support at 0.7200, but the market is looking it could turn so the potential to move lower is looking all the more likely and a test of support at 0.7120 looks to be on the cards.В 

Source link  
USD and Oil in focus

The USD lifted again against all majors, as US retail sales m/m came in strong at 0.5%, in line with expectations. At the same time the previous month was...

Investors in cautious mode

Global equity and foreign exchange markets were relatively quiet on Wednesday as the U.S. financial markets were closed in observance of Independence Day...

Recession fears rise as trade war heats up

It has been an interesting first half for 2018. Economic fundamentals and politics took center stage as both fought for market influence.

Relentless rout for emerging currencies

While the speed of selling has slowed down compared to the early part of the week, emerging market currencies have continued to show...

Yuan weakness accelerates

Concerns over the possibility of an upcoming trade war are expected to remain front and center of investor focus once again today. Although the trading atmosphere is not quite as negative...

Lira jumps higher on Erdogan victory

All eyes are on the Turkish Lira this morning with the currency rallying sharply in early trade today, following the news that Turkish President Recep Tayyip Erdogan...

Trade war fears ease, but for how long

Global stocks have bounced back to life after China's central bank calmed markets by urging investors to stay calm and rational. While this move by...

Oil slips further ahead of OPEC meeting

Oil markets have suffered another blow today as US oil inventories showed an increase of 2.07M barrels (-2.1M exp), while at the same time US gasoline...

Trade war fears to dominate market

After imposing tariffs on steel and aluminum imports on its closest allies, the U.S. will be facing enormous criticism at the G7 summit on Friday in Quebec...

In the past 24 hours Bitcoin has lost -0.38% and reached $7303.06. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.1166% and is now at $1.1665. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 7.58% and is now at $475.394. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Forex Market Analysis

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
4FIBO GroupFIBO Group79%