Wed, Mar 03, 2021 @ 13:51 GMT
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USD Edged Lower As Vaccination Roll Out Continues

The USD tended to edge lower against a number of its counterparts, while US stock markets sent out mixed messages at yesterday’s session. At the same time commodity currencies tended to gain against the USD benefited by the improved market sentiment. It should be noted that US President Biden...

WTI Futures Test Bearish Forces After Knock Off Yearly Top

WTI oil futures’ recent bounce at 59.41 is tackling the curbing 100-period simple moving average (SMA) at 60.28, coupled with the Ichimoku cloud’s lower frontier. The SMAs are preserving the pair’s bullish bias in spite of the diminished upward slopes of the 50- and 100-period SMAs. The bearish tone of...

Fed’s Powell Moves The Markets Once Again

US stock markets were on the rise yesterday, with the Dow Jones reaching new record highs, as Powell reiterated his dovish message. The Fed's Chairman once again pledged that the bank is to maintain an accommodative stance with a loose monetary policy, this time before the House of Representatives...

WTI Oil Futures Reach 2019 Border, Bullish Overall

WTI oil futures for April delivery have fully healed the pandemic damage, looking for fresh highs above the 63.00 level. The momentum indicators cannot doubt the case of another bullish wave as the upward direction in the red Tenkna-sen line continues above the blue Kijun-sen without interruption. Moreover, the MACD...

WTI Crude Oil Pulls Back From A New 13-Month High

Oil prices surged higher intraday on Tuesday. Prices tested a new 13-month high of 62.96 in the early Asian trading session. However, since then, oil prices gradually drifted back lower. The test of support near 60.87 confirms that prices are well supported at this level. However, for the short term, oil...

There’s No Such Thing As Inflation, It’s Just An Illusion, Or Is It?

The major US indices erased earlier losses and the long-maturity treasury yields reached a delightful moment of release after the Federal Reserve (Fed) Chair Jerome Powell told the US policymakers that the monetary policy will remain unchanged until substantial progress is made in the US jobs market, and more...

WTI Futures Ease Below 13-Month High Around 67.00

WTI crude oil futures have advanced considerably touching a 13-month high of 62.98 before moving marginally lower from this peak. The negatively aligned Tenkan- and Kijun-sen lines serve as a testament to the negative short-term momentum that is in place. The RSI and the MACD indicators are signaling a...

European Open: New Highs For WTI, UK Jobs And Powell Up Next

News flow begins to pick up today, with UK employment data, Powell's testimony and RBNZ's first meeting of the year in focus. Asian futures: Australia's ASX 200 futures +1.1% at 6,787 Japan's Nikkei 225 closed due to a bank holiday Hong Kong's Heng Seng futures +2.6% at 30,850 FTSE 100...

Commodities And Cryptos: Oil Surges, Gold’s Back, Bitcoin’s Wild Ride

Oil Crude prices continue to ride the reflation trade and herd immunity hopes. The return to normalcy for large parts of Asia and the US are providing a strong case for an even stronger pickup in crude demand in the second quarter. The reflation trade is driving dollar weakness and...

Asian Open: Copper Sends Commodity FX To New Highs

AUD and NZD pairs rallied into the weekly close on Friday as commodities and, in particular copper, pushed aggressively higher. Commodities chalked up another broad rise last week, with the CRB index (commodities index) rising for a fourth consecutive week and closing at its highest level since November 2018. The...

Asian Open: US Data – All On The Rise

A slew of US data overnight saw inflationary inputs, unemployment and housing permits rise in tandem. Welcome to 2021! A slew of US data overnight saw inflationary inputs, unemployment and housing permits rise in tandem. Welcome to 2021! Jobless claims rose by 861k, which is 96k more than the 765k...

WTI Crude Oil Back To $60

West Texas Crude Oil dipped back under $60 a barrel as traders took profits ahead of PMI data after what continues to be a wild ride! There have been many reasons to be bullish the black gold. The American Petroleum Institute has shown weeks of draws to begin 2021....

WTI Futures Maintain Solid Incline, Bulls Overpower

WTI oil futures keep their steady climb, extending above the 60 psychological hurdle. The upward sloping Ichimoku lines are nourishing positive price action, while the climbing simple moving averages (SMAs) are defending the bullish structure. The short-term oscillators are further validating improvements in the price. The MACD is growing above...

WTI Crude Oil Inches Higher But Likely To Close Flat

WTI crude oil is showing signs of losing its bullish momentum. Price action is seen struggling to get a foothold above 60.00. This has led to price action being rejected over the past three trading sessions. For the moment, the overall bias remains firmly to the upside. But this could change...

Asian Open: Firmer Asian GDP And Vaccine Rollouts Buoy Sentiment

The global vaccine rollout and stronger GDP across Asia retained a positive tone for equity markets, sending the yen lower and the Nikkei to a 30-year high. Japan's GDP (growth domestic product) surprised to the upside in Q4 on Monday, rising 12.7% versus 9.5% forecast, up from 22.9% prior. This...

Stocks Hit Fresh Records As Dollar Pulls Back, Oil Breaks $60

Global stocks surge to fresh highs as no end to euphoria, but quieter day expected Dollar jolts back down, pound and aussie roar ahead on vaccine boost WTI oil smashes above $60 a barrel to new post-pandemic high No stopping the bulls The stimulus and vaccine-led euphoria continued to bolster...

Oil Advances To A New Eleven-Month High

WTI Crude oil prices resumed the bullish momentum following three days of subdued trading. Prices settled at 59.55 on Friday, marking a new 11-month high. The rebound comes after oil prices briefly fell to the support area near 57.35. This potentially cements the 57.35 level as a strong support area...

CAD Weakens As Oil Prices Retreat

The Canadian Dollar retreated against the USD yesterday after reaching an almost three weeks high, given also that WTI prices slid lower yesterday. Recent comments made by US President Biden about China, where he stated that the US must raise its game in the face of the challenge from...

WTI Crude Oil Rally Takes A Pause

The recent pace of strong gains in the WTI crude oil market is seen to be slowing with prices likely to close flat for a second consecutive day. This could potentially see the onset of a short term correction in the markets. The initial support level near 57.35 is likely...

Oil Price Grinds Higher To A New 13-Month High

WTI crude oil prices continue to maintain a strong bullish moment. Price action rose to fresh highs of 58.73. This makes price action likely to test the unfilled gap from January 20 last year at 59.47. However, with price now trading below the trend line, this could act as a potential resistance for...

WTI Futures Posts Bearish Doji After 1-Year High

WTI crude oil futures created a fresh, more than one-year high at 58.88 during yesterday’s session, posting a bearish doji candle which indicates a possible downside correction in the near-term. The technical indicators are confirming a likely bearish move as the RSI is standing in the overbought zone, with a...

Oil Price Retreated as Gasoline Inventory Jumped Unexpectedly

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -11.17 mmb to 1313.63 mmb in the week ended February 5. Crude oil inventory sank -6.65 mmb (consensus: +0.99 mmb) to 469.01 mmb. Stockpile decreased in 4 out...

Oil Rally Continues, Gold Edges Higher

Oil markets rally, now seriously overbought Oil's upward momentum remained undiminished on global recovery hopes. Investors sent Brent crude 0.80% through USD61.20 a barrel. WTI rose 0.55% to USD58.40 a barrel. Asia markets have been quiet and profit-taking has pushed bot contracts 25 cents lower in a non-descript session. Brent crude's...

WTI Crude Oil Breaks From A 6-Day Winning Streak

WTI crude oil prices are pushing lower following a six-day winning streak. Price action rose to a 13-month high prior to the pullback. But for the moment, the declines are likely supported near the 57.35 level of support. If price action loses this support, then we expect to see further...

USD Remains Weak As Recovery Doubts Seem To Persist

USD's retreat continued yesterday against a number of its counterparts, as the doubts and worries for the recovery of the US economy seem to persist. On the other hand, it should be noted that US stock markets were on the rise, reaching record highs fuelled by market expectations for...

WTI Oil Outlook: Oil Price Climbs To 13-Month High, Lifted By Demand Recovery Optimism And Production Cuts

WTI oil rose above $58 per barrel on Tuesday, hitting the highest in 13 months and establishing in the zone where it traded before the pandemic. Oil price rises for the seventh straight day, with last week's rally being the biggest since the last week of March. Fresh risk appetite in...

WTI Futures’ Compass Points North, Bias Optimistic

WTI oil futures maintain a bullish tone but appear to be mildly faltering just shy of a resistance belt of 58.75-59.01, after the commodity's recent rally above the 53.92 ceiling of a consolidation phase. The bolstering Ichimoku lines are feeding the ascent, while the simple moving averages (SMAs) are...

Asian Open: A Cautiously Positive Start To The Week

Indices pushed to fresh highs on low volatility and a weaker dollar provided additional support for commodity prices, AUD, NZD and CAD pairs. Overnight trade provided a positive tone overall, although volatility wasn't exactly wild with excitement. The Australian and New Zealand dollar are the strongest majors this week, the...

Weak US Dollar Sends Oil And Gold Higher

Brent crude closes in on USD 60.00 a barrel On Friday, a weaker US dollar prompted more oil buying on Wall Street with Brent crude rising to within a hairsbreadth of USD60.00 a barrel. With the Biden stimulus controlling the narrative on economic recovery, high OPEC+ compliance, and a weaker...

WTI Oil Outlook: Improved Sentiment Lifts Oil Price To One-Year High

WTI oil cracked $57 barrier and hit new one-year high on Friday, lifted by hopes that economic recovery will accelerate and boost demand, while OPEC and its allies are expected to maintain supply curbs. Oil price rallies for the fifth straight day and is on track for the biggest weekly...