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Commodities Brief: Oil higher for 4th day in a row, closes above $93

FXstreet.com (Barcelona) - Oil traded higher for a 4th day in a row, closing up 1.79% at 93.22. At one point oil had traded as high as 93.87 (the 200dma), but was unable to break through and leaked slightly lower to end the day. The “risk on” theme across global markets helped lead commodities higher across the board, with gold, silver, and copper also finishing higher on the day.

According to Chris Caprie of 2nd Skies Forex, “Crude Oil has been on a tear lately, up over $6.50 in the last 6 days of trading with the last two being quite bullish. Checking in on the 4hr charts, the commodity has formed a small inside bar setup. Generally in such strong with trend moves, small inside bars with small rejections in the A Bar (bar prior to inside bar) suggests likely trend continuation.Should price action break above the A bars high, expect a test of $94.50 and 95.75. Intra-day price action support comes in at $92.54 and $91.95 so look for either a pullback or breakout to get with the current uptrend momentum.”

From a longer term technical perspective, the weekly “pennant” pattern which completed last week on a close below 89.80 appears to have failed and now looks like “bear trap.” We won’t know for sure until the US session closes tomorrow, but keep an eye on the 92 level as that will be the determining factor. Often times when a pattern of this length fails (started in June 2012), the corrections can be quite substantial and last for a number of days

Forex Flash: USD/CNH sees higher fixes, delay to widen the band? - RBS

Again, anoter higher CNY fix in Asia today (lower USD/CNY). As RBS FX strategist Greg Gibbs notes, "the CNY fix was raised by 0.15%, for a move of 0.30% this week, and 0.77% since the beginning of the month."
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Forex: EUR/USD – choppy trade continues, ECB meeting on tap next week

The EUR/USD finished the session down 3 pips at 1.3008. The pair had traded as high as 1.3093 early in the US session, before selling off back down near the 1.3000 level and finding firm support. Late in the US session, a headline of out Europe hit the wires which stated the Bundesbank ruled they would not allow sovereign bond purchase using the OMT. However, the headline had little effect, and the pair is well bid during Asia trading up 30 pips at 1.3036.
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