EUR/USD captured headlines today as it printed a fresh 2.5 year high on the heels of Yellen cautiously looking at inflation. We have been bullish EUR/USD since May 22 targeting a retest of the 1.16 highs. Now that we have arrived, what’s next? Is this new 30 month high a fresh breakout or a fake out to draw the bulls in? The model we are following shows the shorter term trend may be nearing the end of this upward trend. Multiple models are pointing to a sell off towards 1.1250-1.1400. From there, ...
On Wednesday, after the EIA released the data that Crude Inventories declined by 4.73m barrels and that Saudi was delivering less crude, holding true to their comittment may act as a force for higher prices. Of course, as we continue to see in Friday’s Baker Hughes data, UUS production continues to push higher and acts as a road block for a significant price recovery. However, as we see increased gasoline demand (+2.1% YoY), a weaker USD and an overall supportive report from the EIA, it’s worth ...
USD/JPY had just forced an upside trendline break and the previous significant high – May 10’s 114.37 – was within striking distance. The Dollar got there alright, breaking in to the 114.40s on July 11, but victory was partial. It only managed to top that summit intraday, still hasn’t managed a higher daily close and has now retreated below. That channel neatly captures all the trading action from June 14’s low to the present day, but it may also offer something of a false positive. ...
Crude oil can be effected by political tensions and people's views on the economy; it is a very volatile market and can easily move 200 to 400 points a day. It is as such one of the more volatile markets out there.
Safe to say that OPEC gatherings are about to get a shade more uncomfortable. On Monday, rumors leaked that Saudi was likely to ask that Libya and Nigeria to cut production as their increased production was overshadowing the intended positive effect of Saudi’s cuts. However, reports from Bloomberg have stated that Saudi Arabia itself is reporting to OPEC officials that they pumped 10.07 million bpd in June up from 9.88m in May and exceeding their limit for the first time since the production curb ...
Go to Profile
Mark as Read