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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.
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...
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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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.
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!
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...
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.
Crude oil drops again with WTI below $90
US crude oil prices could be heading towards low- to mid-$80s.
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.
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.
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.
Crude oil off lows after slump
The focus for oil and other investors will turn to the latest Chinese and US data...
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.
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.
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
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.
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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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.
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.
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.
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.
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.