DaveBrascoFX

DaveBrascoFX

Economic activity in the services sector grew in July for the 26th month in a row — with the Services PMI® registering 56.7 percent — say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®)...

DaveBrascoFX

Oil prices have roller-coastered higher and now lower this morning following OPEC+'s decision to hike output minimally, and also note they have limited capacity for further increases. WTI traded lower overnight after an unexpedctedldy large crude build was reported by API. “The announced increase from OPEC+ equates to a nonevent,” said Stacey Morris, head of...

DaveBrascoFX

As was widely expected, the Federal Reserve raised its policy rate by 75 basis points (bps) at the July meeting, taking the target rate range to 2.25%–2.5%. This is just below the Fed’s estimate for a neutral policy stance in the longer run (2.5%). At the press conference, Chair Jerome Powell said that “modestly restrictive” monetary policy is warranted by the...

DaveBrascoFX

GBP/JPY made a bullish close above the triangle pattern yesterday. However, the pair immediately reverse the bullish situation and turn bearish today. We have a major bearish movement that engulfed 10 days candlesticks. The bearish movement might continue toward the 161.00 support level next. Today Critical level to watch: Support: 161.00 Resistance: 164.00,...

DaveBrascoFX

EUR/JPY breakout below the 137.40 support level with strong bearish momentum today. The pair set to continue the downward movement to target the 134.50 – 135.00 area. Traders will stay cautious for now as the pair formed a lower low and lower high on the chart. In the next bullish bounce, the pair need to print a higher high to cancel the current bearish...

DaveBrascoFX

U.S. shale production U.S. shale production is expected to rise by 143,000 barrels in July to 8.91 million barrels, according to the latest Drilling Productivity Report released on Monday. Shale producers are under high scrutiny this quarter as gasoline prices rise and inflation reaches a four-decade high. Washington is asking for a large number of production...

DaveBrascoFX

New home sales in June fell to the lowest level since April 2020, reflecting declining builder sentiment as construction bottlenecks continue to slow new home building and raise housing costs. Sales of newly built, single-family homes in June fell 8.1% to a 590,000 seasonally adjusted annual rate from a sharply downwardly revised reading in May, according to...

DaveBrascoFX

In my last GBPNZD post on June 19th, I wrote about two key levels that would play a role this month. The first was 1.9400 resistance, and the second was 1.9000 support. At the time of that post, GBPNZD had just broken below the 1.9400 level, so it was logical to assume that area would attract sellers. Sure enough, it did just that between the 24th and 25th of...

DaveBrascoFX

BEIJING: China on Saturday reported its highest number of coronavirus cases since May, with millions in lockdown this weekend as authorities persist with their zero-Covid policy. Using snap lockdowns, long quarantines and mass testing, China is the last major economy still pursuing the goal of eliminating outbreaks, even as the strategy takes a heavy toll on the...

DaveBrascoFX

Oil eased as investors weighed the odds of more supply from the Middle East after a landmark trip to the region by US President Joe Biden. West Texas Intermediate edged lower in early Asian trading, following last week’s drop of almost 7% as investors fretted that a global slowdown may hurt demand and the dollar hit a record. US energy envoy Amos Hochstein said...

DaveBrascoFX

So now, it is not just oil and oil products that trade way above historical averages, natural gas is way above the norm, too. Meanwhile, oil prices plunged on Friday morning as recession fears soared. White House Considers Export Caps to Tame Fuel Prices. According to Bloomberg, the Biden Administration is looking into capping fuel exports out of the US, with...

DaveBrascoFX

BCO breaking 2D High very quickly after Asian Open. Tumoilsin Lybia,uncertainty and mixed participants,long-Term Trend Traders took profits at 127 area that was followed by the Russians announcements to increase the Russian oil production in 2023.And ofcourse the recesion fears of 2023. Technicallyis BCO still in the long area.Yesterday ...

DaveBrascoFX

REASONS TO TRADE OIL LONG( SHORT TO MID-Term) Political Turmoil Could Plague Libya’s Oil Exports All Year Long Bashaga: It’s unlikely that Libya will descend into a full-blown civil war again. Without a unified government, Libya's oil exports will remain unstable in the short-to-midterm. As of the middle of last week, Libya was producing only about...

DaveBrascoFX

It’s an unavoidable reality that your forex trading success or failure will largely depend on your mindset. In other words, if your Forex trading psychology is not right, you aren’t going to make any money! Unfortunately, most traders ignore this important fact or are unaware of how critical having the proper mindset is to Forex trading success. If you do not...

DaveBrascoFX

Natural gas and steel prices are closely intertwined. Sky-high energy costs fueled by Europe’s push to reduce its dependence on Russian gas are beginning to weigh on the steel industry. Steelmakers rely on natural gas for ironmaking in blast furnaces as well as for steelmaking in electric arc furnaces. Steel prices and gas are the primary topics of conversation...

DaveBrascoFX

The American Petroleum Institute (API) reported a small build this week for crude oil of 567,000 barrels. The draw comes even as the Department of Energy released 6 million barrels from the Strategic Petroleum Reserves in Week Ending May 20. U.S. crude inventories have shed some 75 million barrels since the start of 2021 and about 18 million barrels since the...

DaveBrascoFX

First Covid,Now Hizbolla.AGAIN! Geopolitical instability is on the rise in Latin America, and an unlikely player may be partially to blame. Hezbollah, a U.S. designated terrorist organization, has established a strong presence in the region. The organization has turned to illicit activities to bolster its finances. Extreme socioeconomic inequality, weak central...

DaveBrascoFX

Several E.U. member states made it plain that they will veto any E.U. proposal to ban Russian oil (or gas) imports. Removal of oil ban ‘fear factor’ may significantly reduce risk premium in crude oil prices. Lack of clear leadership from Germany makes an effective oil embargo a long shot. A key factor in the upper band of the benchmark crude oil trading ranges...