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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 analitics. WTI Crude Oil: general analysis Current trend Today the oil price is trying to grow from the level ...

          
   
  1. #581
    Senior Member MikhailLF's Avatar
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    LiteForex analitics. WTI Crude Oil: general analysis

    Current trend

    Today the oil price is trying to grow from the level of 70.31, where it was corrected to on Friday after the Energy Minister of UAE Suhail Al Mazrouei noted that OPEC represented by UAE, Kuwait, and Saudi Arabia can balance the restriction of Iranian “black gold” supply. The decrease of supply in the market after the implementation of US sanctions against Iran is now estimated within the range of 0.5–1.5 million barrel per day.
    The market ignored Baker Hughes Rig Count release, which increased from 834 to 844 units last week. As the prices have significantly increased, the strengthening of American shale oil production is not surprising.
    Iranian authorities are trying to keep its share of oil market: Iranian Foreign Minister Javad Zarif has visited China. The experts suppose the parties to negotiate upon the supplies after US sanctions implementation.

    Support and resistance

    The price strengthens at the level of 70.31 (Murray [+1/8]). Stochastic, reversing in the oversold area, restricts the growth. The consolidation of the price below the level of 70.31 will let it fall to the levels of 69.53 (Murray [5/8], H4) and 68.75 (Murray [8/8], the middle line of Bollinger Bands). If the price cannot consolidate above the level of 71.10 (Murray [7/8], H4) the growth to the levels of 71.87 (Murray [+2/8]) and 72.65 (Murray [+1/8], H4) is possible.
    Resistance levels: 71.10, 71.87, 72.65.
    Support levels: 70.30, 69.53, 68.75.

    Trading tips

    Short positions can be opened below the level of 70.31 with the targets at 69.53, 68.75 and stop loss near the level of 70.60.
    Long positions can be opened above the level of 71.10 with the targets at 71.87, 72.65 and stop loss 70.80.
    Implementation period: 5–7 days.


  2. #582
    Senior Member MikhailLF's Avatar
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    LiteForex analitics. GBP/USD: general analysis

    Current trend

    Since the beginning of the month, the pair trades within the sideways channel 1.3610–1.3458 (Murray [6/8]–[1/8], Н4).
    UK employment statistic was mixed. The unemployment level stays record low –4.2%. Average Earning Including Bonus has grown by 2.9% during the last 2 months, which has exceeded the inflation growth of the period (2.7%). On the other hand, the growth rate of Average Earnings Excluding Bonus decreased from 2.8% to 2.6%.
    British economy is slowing after significant growth, which the Deputy Governor of the BoE Ben Broadbent confirmed in his interview for Daily Telegraph and due to the unclear situation about Brexit. Until the Summer EU Summit, UK must publish its plan of the relations with EU development during the transitional period. However, the British governing parties are not able to agree. On Tuesday, the Scottish Parliament rejected London Brexit low, as it restricts the rights of local parliamentarians.

    Support and resistance

    The price is tending to the lower border of the channel, but the fall is possible after consolidation below the level of 1.3427 (Murray [–2/8]), and the “bearish” targets will be at 1.3310 (the lower border of Bollinger Bands) and 1.3200. After the breakout of 1.3550 (Murray [–1/8]) the correction to the level of 1.3671 (Murray [0/8], the middle line of Bollinger Bands) is possible. The indicators reflect the fall. Bollinger Bands and Stochastic are pointed downwards. MACD histogram is stable in the negative zone.
    Resistance levels: 1.3550, 1.3671.
    Support levels: 1.3427, 1.3310, 1.3200.

    Trading tips

    Short positions can be opened below the level of 1.3427 with the targets at 1.3310, 1.3200 and stop loss 1.3470.
    Long positions can be opened above the level of 1.3550 with the target at 1.3671 and stop loss around 1.3510.
    Implementation period: 5–7 days.


  3. #583
    Senior Member MikhailLF's Avatar
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    LiteForex analitics. WTI Crude Oil: Murrey analysis

    This week, the price of WTI Crude oil continued to grow and is now testing the 71.87 mark ([6/8]). Its breakout will give the prospect of further growth to the levels of 73.43 ([7/8]) and 75.00 ([8/8]). Technical indicators generally confirm the development of an uptrend: Bollinger Bands are directed upwards, and MACD histogram grows in the positive zone; Stochastic is directed downwards, but it makes a reversal attempt.
    In the price fails to consolidate above 71.87, correction to the mid-range of Bollinger Bands (69.53) or to the mid-range of the Murray trade range (68.75 [4/8]) is possible. But so far this scenario seems less probable.
    Support and resistance
    Support levels: 70.31 ([5/8]), 69.53 ([1/8], H4), 68.75 ([4/8]).
    Resistance levels: 71.87 ([6/8]), 73.43 ([7/8]), 75.00 ([8/8]).

    Trading tips

    Long positions may be opened above the 71.87 mark with targets at 73.43, 75.00 and the stop-loss at 71.20.
    Short positions may be opened from the level of 71.00 with targets at 70.31, 69.53 and the stop-loss at 71.50.
    Implementation time: 5-7 days.


  4. #584
    Senior Member MikhailLF's Avatar
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    LiteForex analitics. GBP/USD: general review

    Current trend

    Last week, the pair was declining, and by now the price has fallen below the level of 1.3427 (Murray [2/8]).
    The current week will be full of important statistics that will allow investors to assess whether the British economy is able to begin recovery or will it continue the slowdown, which was recently talked about by Ben Broadbent, the deputy head of the Bank of England. On Wednesday, April data on inflation will be published. It is expected that the consumer price index will continue to decline and will amount to 2.3%. If the forecast is confirmed, the regulator can further delay the decision to raise the interest rate; however, taking into account the recent growth in wages, the purchasing power of British households will increase. Retail sales index in February promises to grow from 1.1% to 1.4%, and GDP - from 1.2% to 1.3%.
    Positive economic statistics may be offset by the Brexit negotiations. So far, the issues of the Irish border and membership in the customs union remain open and do not have a solution even within the ruling cabinet.

    Support and resistance

    Currently, the instrument is below 1.3427 mark and may continue to decline to levels of 1.3300 (Murray [1/8], the lower border of Bollinger Bands) and 1.3183 (Murray [0/8]). If the price consolidates above 1.3550 mark, growth may continue to 1.3680.
    Technical indicators show decline: Bollinger Bands and Stochastic are pointing down, MACD histogram is stable in the negative zone.
    Support levels: 1.3305, 1.3183.
    Resistance levels: 1.3427, 1.3550, 1.3671.

    Trading tips

    Short positions may be opened from the level of 1.3385 with targets at 1.3305, 1.3183 and stop-loss at 1.3430.
    Long positions may be opened above 1.3550 mark with the target at 1.3671 and stop-loss at 1.3510.
    Implementation time: 5-7 days.


  5. #585
    Senior Member MikhailLF's Avatar
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    LiteForex analitics. XAG/USD: technical analysis

    XAG/USD, D1

    On the daily chart, the instrument is trading in the upper Bollinger band. The price remains just below its moving averages that are horizontal. The RSI is testing from below its longer MA. The Composite is growing, having broken out its longer MA.

    XAG/USD, H4

    On the 4-hour chart, the instrument is trading in the upper Bollinger band. The price remains on the level with its moving averages that are horizontal. The RSI turned down just below the border of the overbought zone. The Composite is falling, having broken down its longer MA.

    Key levels

    Support levels: 16.35 (local lows), 16.05 (March lows), 15.95 (April lows).
    Resistance levels: 16.75 (March highs), 16.95 (local highs), 17.05 (local highs).

    Trading tips

    The price keeps trading in a sideways channel. There is a chance of a downward correction.
    Short positions can be opened from the level of 16.35 with targets at 16.05, 15.95 and stop-loss at 16.55. Validity – 3-5 days.
    Long positions can be opened from the level of 16.75 with targets at 16.95, 17.05 and stop-loss at 16.60. Validity – 3-5 days.


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