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Daily Outlook of USOILCrude Oil 4 Hour cycle is bullish against 2/11/2016 (26.05) low and 1-hour cycle is bullish against 6/21/2017 low (42.05). Oil has ended cycle from 8/1/2016 low (39.19) and currently correcting that cycle in 3, 7, or 11 swing in wave IV. As far as bounces fail below 70.44 high, expect Oil to extend lower 1 more leg before the rally resumes. We favor the downside in shorter time frame while pivot at 71.14 high stays intact. Sell USOIL Pending Order @69.40/75 Target: 68.00 Stop Loss: 70.00 Good Luck
FX:USOIL
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Daily Outlook of USOILUSOIL the pair traded in bullish trend , After API surprised markets with a 1.1-million-barrel build in crude oil inventories yesterday, the EIA reinforced the mood by reporting a 2.2-million-barrel build for the week to April 20,The effect of EIA’s latest inventory report on oil prices would be interesting to watch; API’s figures seemed to remind market players that not all fundamentals are bullish for oil, with U.S. oil production continuing to be the main headwind for OPEC’s plans to push up prices higher. In addition to fundamentals, there has been a shift in geopolitical sentiment after France’s president Emmanuel Macron yesterday called for a new Iran deal, Oil prices were rising steadily at the start of trading on Tuesday, but quickly went into reverse after the comments from Macron and Trump. At the start of a meeting, Trump called the Iran deal “terrible,” “insane,” and “ridiculous.” President Trump will announce his decision about the Iran deal on May 12. As technically the pair trading in under trend range with the strong and support resistance, we can see a short fall to test 66.50/66.10 before going to rally to wards 70.00.
FOREXCOM:USOIL
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Daily Outlook of EURUSDEURUSD the pair overall still bullish trend, the pair trade in large range bound between 1.22 to 1.2450 last week but the overall theme of the week was that of dollar strength. earlier the dollar weakening all across the board Due to the decision of the US administration to impose tariffs on various Chinese goods.This has led to some choppy trading in the pair as the euro moved lower and back to the lows of the range just a week after pushing to the highs of the range. The euro edged higher on Friday, with EUR/USD rising 0.16% to 1.2319 to end the week 0.28% lower.Investors will also be awaiting Wednesday’s euro zone inflation data, which is expected to show that a recent slide in consumer prices has come to an end. A pickup in inflation would bolster expectations for an end to European Central Bank stimulus later this year. Technically the pair made a strong support at 1.2283 with the double bottom pattern on daily candle,currently the pair trade below 4hr resistance 1.2240, if break we can see short term buying to test earlier Resistance around 1.2360/80. we can see one pullback from 1.2360/75 , Ultimately, I think that a pullback at this point offers a buying opportunity as we continue to see bullish pressure. Long Around 1.23010/1.2290 target : 1.2380/1.2440
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Daily Outlook of AUD/USDAUD/USD A hotter-than-expected Chinese industrial production figure is good news for the Aussie dollar, a proxy for China.The data, though positive, is likely being taken by trades with a pinch of salt, given the Lunar New Year holidays usually distorts the economic numbers. Also, mild risk aversion as represented by a 0.20 percent decline in the S&P 500 futures could be capping the upside in the AUD/USD pair. As technically the pair trading on daily daily support with double bottom chart pattern, we can see first target 0.7930/50, if break then it can be test near 0.8000.
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Daily outlook of USOIL USOIL the pair drop more than 8% on Friday , Strong production data reported this week by the Department of Energy, was likely the catalyst for the selloff although the general risk off trade also played a role, overall global demand is as strong as it has been in at least eight years,Data from China General Administration of Customs showed that China’s oil imports in January were the most in the world since 2010. technically currently the pair trading below the strong resistance level with downtrend pressure, we can see one more fall in the pair to test 56.10 level.
FX:USOIL
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Daily Outlook of USD/JPYUSD/JPY the pair is overall still under pressure with Japanese Yen outperforming against its major counterparts, but recent price action highlights the risk for a larger rebound in the exchange rate as the pair fails to test the 2018-low (108.28).Fresh comments from Fed officials have done little to alter the near-term outlook for USD/JPY as Dallas Fed President Robert Kaplan wishes to normalize monetary policy ‘in a patient and balanced manner,’ while Atlanta Fed President Raphael Bostic sees ‘a slow gradual pace of raising interest rates’ as the central bank looks for signs of stronger inflation. As technically the pair trading in range bound with the support 109.00 and resistance on 110.10 , that breaking the mentioned support will push the price to resume its bearish track that its next target located at 107.28, while breaching the resistance represents the key to start recovery attempts that target 111.00 followed by 111.88 levels initially. We can see one more leg down.
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Daily Outlook of USOILUSOIL the pair rally after the news that a pipeline in Libya exploded, knocking a sizable portion of supply offline. Prices remained elevated, as the issue will reduce production by nearly 100K barrels of oil a day. on the otherside ,technically the pair look strong, we can see soon 60.50/61.60, but currently the pair pause on touch at $60.00 barrel, on daily time frame chats made double top under the trend range,on1hr time frame MACD is not supporting overall we don't buying this area, we can see one leg down towards 59.10/58.60 before going another high.
TVC:USOIL
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Daily Outlook of GBP/USDGBPUSD the pair early gain yesterday after reports surfaced that an initial Brexit deal between the UK and EU was close to being reached but it reversed course after this confirmation that no deal had been reached yet. The losses may be limited for the time being, however, as both May and Juncker were optimistic that an impending agreement was still likely.As technically the pair tend is still looking bullish but for further confirmation the pair need to break daily strong resistance around 1.3550 to retest 1.3650. The current chart patterns shows before going to rally , still there is one more leg down towards to test support around 1.3350/1.3315.
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Daily Outlook of NZDUSDNZDUSD the pair fall again after there was no hawkish statement in emollient parliamentary testimony, The pair shows sideways trading since morning keeping its stability above 0.6900 level, As technically the pair trading above support zone 0.6852 with the double bottom candle pattern on Daily time frame, we can see rally to test 0.6980/0.7710, Longer-term though, I still favor the downside unless of course something changes fundamentally. Over the next couple of days, it could be volatile, but I do think that it’s only a matter of time before the sellers take over. Short term Bullish .
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