The recent rally in the price of oil appears to have stalled ahead of the record high ($147.27) as the rapid rise dampens the outlook for consumption. However, recent data prints coming out of the US suggest demand will remain robust in 2022 amid a downward trend in crude inventories. Weekly Brent Crude Oil price is located above Ichimoku cloud in the bullish area of the chart. The bullish triangle pattern was formed with 133 resistance ...
The Euro suffered punishing losses in the first quarter of 2022. The currency is on pace to shed almost 3 percent against an average of its major counterparts, marking the worst three-month performance in 7 years. Daily price is on primary bearish market condition located below Ichimoku cloud by trying to break 1.0874 support level to below for the bearish trend to be continuing with 1.0805 as a nearest possible target. Alternatively, ...
Trading the News: U.S. Gross Domestic Product (GDP) Updates to the U.S. Gross Domestic Product (GDP) report may curb the recent weakness in EUR/USD as the growth rate is anticipated to slow to an annualized 2.0% from 2.9%. Bear in mind, market participants may put greater emphasis on the core Personal Consumption Expenditure (PCE), the Fed’s preferred gauge for inflation, as the reading is projected to increase 2.6% during the first three-months ...
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