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Forex News Analysis by LiteForex

This is a discussion on Forex News Analysis by LiteForex within the Analytics and News forums, part of the Trading Forum category; LiteForex: Brent Crude Oil: the upward correction can begin Current trend In the beginning of the week Brent price grew ...

          
   
  1. #531
    Member MikhailLF's Avatar
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    LiteForex: Brent Crude Oil: the upward correction can begin

    Current trend

    In the beginning of the week Brent price grew to the level of 64.00 but now returned to the area of 62.50 (Murray [0/8]). The market is under pressure of US shale oil producers, which can decrease in the nearest future due to the fall of oil prices to the levels, less profitable for production expanding (the area of 60.0064.00). The possible decrease of shale oil sector activity is confirmed by recent Baker Hughes report. In the USA the oil rig number significantly increased (by 26 to 791) but in Canada, it is going down (by 13 to 221). US number can possibly decrease this week, which will cause the correction of the instrument.

    Support and resistance

    The technical picture reflects the possibility of growth. The price is near the strong support level of 62.50 on the border of Murray ([0/8]) range. If the price is set below it, the instrument can decrease to the levels of 60.93 (Murray [1/8], Fibonacci correction 38.2%) and 59.37 (Murray [2/8]). However, as Stochastic has reversed in the oversold area, the correction to the levels of 64.06 (Murray [1/8]) and 65.62 (Murray [2/8]) is possible.
    Resistance levels: 64.06, 65.62, 67.12.
    Support levels: 62.50, 60.93, 59.37.

    Trading tips

    Long positions can be opened at the level of 63.28 with the targets at 64.06, 65.62 and stop loss at around 62.20.
    Short positions can be opened at the level of 62.00 with the targets at 60.93, 59.37 and stop loss at around 62.50.


  2. #532
    Member MikhailLF's Avatar
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    LiteForex: EUR/USD: waiting for statistics

    Current trend

    This week the pair was growing and increased by 0.98%, reached the level of 1.2390.
    Today the investors are waiting for a block of US statistics to be published, the key one is January CPI release, which is expected to be mixed and can cause great volatility in the market. The MoM index is expected to grow from 0.2% to 0.3%, but the YoY one is supposed to decrease below the target level, from 2.1% to 1.9%, moreover, the core index can decrease from 1.8% to 1.7%. Earlier a number of FOMC members expressed concern about the insufficient inflation growth, which can lead to a slowing of interest rate growth. The recent correction of US stock market also affects the regulator negatively. However, the new head of Fed is optimistic: on Thursday, he stated that the regulator would monitor the situation but would keep the slight tightening of the monetary policy trend, as the slight normalization of the interest rate policy and a balance was developing.
    Today the USD can be under pressure due to Q4 EU GDP release (the growth from 2.6% to 2.7% is expected) and US January Retail Sales data (can decrease from 0.4% to 0.2%).

    Support and resistance

    The price is around 1.2330 (Murray [5/8], the middle line of Bollinger Bands). The further growth of the price, confirmed by Stochastic, which is pointed upwards, can develop to the levels of 1.2450 (Murray [6/8]) and 1.2500. The breakdown of 1.2330 will let the price return to last week lows at the area of 1.2200 (Murray [4/8]).
    Resistance levels: 1.2300, 1.2450, 1.2500.
    Support levels: 1.2330, 1.2270, 1.2200.

    Trading tips

    Long positions can be opened above the level of 1.2300 with the targets at 1.2450, 1.2500 and stop loss at 1.2260.
    Short positions can be opened after the price is set below the level of 1.2330 with the targets at 1.2270, 1.2200 and stop loss at around 1.2360.



  3. #533
    Member MikhailLF's Avatar
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    LiteForex: XAG/USD: Murrey analysis

    On D1 chart, the price tests the bottom of the Murray channel at the level of 16.79 ([3/8]), strengthened by the descending middle line of Bollinger Bands. Its breakout and the continuation of the increase to the levels of 17.18 ([4/8]) and 17.57 ([5/8], upper Bollinger Bands) are possible, but a rollback to 16.40 ([2/8]), 16.00 ([1/8]) and 15.62 ([0/8]) marks is possible as well.
    It should be noted that the indicators do not give a clear signal. Stochastic is close to the overbought zone, which is fraught with a reverse, and MACD histogram can go to the positive zone and form a buy signal in the near future.

    Support and resistance

    Support levels: 16.40 ([2/8]), 16.00 ([1/8]), 15.62 ([0/8]).
    Resistance levels: 16.79 ([3/8], the middle line of Bollinger Bands), 17.18 ([4/8]), 17.57 ([5/8], the upper line of Bollinger Bands).

    Trading tips

    In this situation, buy positions should be opened only when the instrument is consolidated above the 16.79 mark from the level of 16.95 with targets of 17.18 and 17.57 and the stop-loss at 16.80. Short positions may be opened from the level of 16.65 with targets at 16.40, 16.00 and stop-loss at 16.78.


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