Daily Technical Analysis by FxGrow - page 58
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FxGrow Daily Technical Analysis – 25th Oct, 2016
By FxGrow Research & Analysis Team
Oil Price Remains Up Ahead of US Crude Inventories
Crude oil prices are hanging strongly at $50 handle although market has doubt about an OPEC deal. Iraqi oil minister's comments were the headline of the story for investors as they worry about difficulties for an OPEC deal is harder to put together than the Saudi's and Russian are suggesting. At the meeting held in Algeria at the end of September, the OPEC nations agreed to introduce a ceiling on OPEC’s total output of around 32.5-33.0m barrels per day, which would imply a production cut from the current level. As a result, OPEC took a major step toward acting as a cartel once again.
Trend : Bullish
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 26th Oct, 2016
By FxGrow Research & Analysis Team
AUD/USD HIKES IN RESPONSE TO POSITIVE CPI DATA
The AUD/USD kept it's strong tone and extended gains since Monday lead by upbeat Australian CPI report 0.7% q/q and negative US consumer confidence 98.6 yesterday. As a result, the pair rallied from 0.7628 and scored a high at 0.7708, currently trading at 0.7697 intraday. the Australian Dollar strengthen on stronger data giving signs that the Reserve Bank of Australia is not going to cut rates on their next meeting. The pair awaits tomorrow's US data and next week RBA meeting which will either strengthen the US dollar or the Aussie will stay bullish depending on the outcome.
Trend: bullish
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 27th Oct, 2016
By FxGrow Research & Analysis Team
GOLD REMAINS UNDER PRESSURE ALTHOUGH IT IS TRADING SHORT-TERM UPSWING
Although we have witnessed a slight increase in gold spot price, it's remains under pressure by US dollar control. XAUUSD rallied on Tuesday from 1262.11 low and clocked a high 1276.7 after negative US consumer confidence. On yesterday trading sessions, gold couldn't keep it's short upswing gains but decreased again to touch 1264.69 from below as US dollar index peeked to 99.09. Today US dollar index sank to 98.61 and gold took a slight break rising to 1269.04 intraday, near it's daily pivot but still under pressure awaiting further central banks decision in the coming period.
Trend: bearish
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.