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Technical Tuesday: Nasdaq, WTI, GOLD and USD/CNH

In this week’s edition, we are getting technical on the Nasdaq, WTI, gold and USD/CNH.

Energy

WTI crude oil: When prices can’t rally on good news…

Oil traders have now had two chances to bid up oil on better-than-expected news this week, and on both occasions, crude was trading much lower in just a handful of hours...

Research

European Open: USD/JPY taps 144, Oil breaks lower, BOC in focus

It’s been a relatively lively session for traders overnight which saw USD/JPY steam ahead above 144 and WTI hit a new cycle low. Next up we have the BOC meeting.

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Research

European Open: $90 remains a pivotal level for WTI, RBA hike by 50bp

Whilst OPEC helped WTI rise to $90 yesterday, its price action appears corrective – which could leave the potential for a break to new cycle lows.

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September 6, 2022 06:53 AM
Currency prices

Canadian GDP weaker than expected. USD/CAD following oil on shorter timeframes

Will the GDP data matter come the BOC’s interest rate decision meeting next week? It may depend on whether USD/CAD continues to follow the price of oil!

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August 31, 2022 08:23 PM
Oil extraction

Crude oil: WTI reversing yesterday’s surge, OPEC+ on tap next week

With most producers already operating at or above capacity and growing signs that the global economy may be slowing, some reduction of supply is looking increasingly likely in the coming months...

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August 30, 2022 03:42 PM
Oil rig on an grey day

Crude Oil continues bounce on OPEC comments

Comments from OPEC+ officials regarding possible supply cuts are currently outweighing fears of a recession. As a result, the price of WTI Crude Oil is moving higher.

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August 23, 2022 08:22 PM
Oil rig on an grey day

Crude oil drops again with WTI below $90

US crude oil prices could be heading towards low- to mid-$80s.

Oil rig in the sea

WTI lower, but it has little to do with the upcoming OPEC+ meeting

With negative manufacturing data beginning in China and continuing throughout the US session, WTI Crude Oil has been trading lower, down nearly 5% on Monday.

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August 1, 2022 08:04 PM
Research

European Open: Are geopolitical tensions set to push oil prices higher again?

With oil prices having fallen over 20% from their highs and Russia set to close gap supplies once more, we see the potential for oil to hit bid again.

Research

European Open: A slight risk-off vibe is apparent, WTI below 200-day eMA

We begin the week with a slight risk-off vibe, with ongoing concerns that the US is heading towards a recession.

Oil extraction

Crude oil off lows after slump

The focus for oil and other investors will turn to the latest Chinese and US data...

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July 14, 2022 05:06 PM

Oil takes a hit as recession and Covid fears loom

The German ZEW and the continued on again/off again lockdowns in China are contributing to fears of a global slowdown or recession.

Research

European Open: WTI in focus for the US and Canada’s employment reports

There’s not a huge amount of data today, which puts the US nonfarm payroll and Canadian employment report into focus as the main calendar event.

Oil rig on an grey day

Crude oil plunges as recession fears intensify

WTI has plunged about $10 from the highs to fall below $100 and was still going lower at the time of writing

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July 5, 2022 04:31 PM
Research

European Open: Gold remains rangebound, $112 pivotal for WTI

Gold remains stuck in a choppy range which makes it more appealing for range-trading strategies, whilst WTI has risen to a 5-day high and probes a key resistance zone.

Oil rig on an grey day

OPEC preview: Will OPEC+ increase output in August?

When OPEC+ meets later this week, it is unlikely to increase output more than the expected 648,000 bpd.

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June 27, 2022 08:39 PM

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Research

The Fed’s mention of a recession weighs on oil prices

With global growth downwardly revised and the Fed being more open of a recession, lower oil prices and its impact on inflation expectations is a key theme to watch.

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June 23, 2022 03:13 AM
Research

European Open: Sentiment falters ahead of the open

US futures and Asian indices partially handed back some of yesterday’s gains and oil touched a 1-month low as yesterday’s optimism shows early signs of petering out.

Market chart

European Open: Asia lower, Oversold markets cautiously retrace

Of course, we’ll have to find out if yesterday’s sell off really is ‘oversold’, but the overnight rise for index futures and commodity FX appear to be corrective in nature.

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June 14, 2022 06:40 AM

European Open: ECB and the euro in focus, WTI bulls eye $124

The conclusion of today’s ECB meeting is the only game in town today, which has seen the yen and euro rise against the dollar just hours ahead of it.

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June 9, 2022 05:59 AM

European Open: WTI finds demand around $117, futures mixed

The yen continued to weaken overnight and WTI is back at around $120 after a solid rebound from $117 yesterday.

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June 8, 2022 06:57 AM
Research
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June 7, 2022 03:50 AM