WTI Oil in Focus This Week
- Daily Analysis, Daily Report, Recent Posts, Technical Analysis, Trending Now
- April 20, 2024
Charts: Trading View (Italics: Previous Analysis) EUR/USD: Although finishing the session muted, EUR/USD displayed interesting price action on Tuesday. A meaningful ‘stop-run’ formed beneath $1.07 and shook hands with neighbouring H1 support between $1.0650 and $1.0671 (composed of 1.618% and 1.272% Fibonacci projections). Current movement is attempting to reclaim $1.07+ status, a move that could
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s shared currency remains rooted within a primary bear trend (weekly scale), in addition to price shaking hands with the lower side of a heavy-duty weekly Quasimodo support-turned resistance at $1.0778. 2nd January low at $1.0340 (2017) appears a reasonable downside objective should sellers take the wheel. While
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View (Italics: Previous Analysis) U.S. Dollar Index (Daily Timeframe): Snapping a decisive two-week decline, dollar bulls surfaced last week and added 0.5 per cent. The 50-day simple moving average—circling 101.65—served as dynamic support in recent trading, with resistance demanding attention at 102.95. Space south of the current SMA brings light to resistance-turned support
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s single currency staged an impressive rebound against its US counterpart on Thursday. US equities also rose, with the US Dollar Index (USDX) exploring lower territory, consequently underpinning the EUR/USD (0.9 per cent). Technically, we’re at an interesting juncture on the higher timeframes. In a market decisively trending
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: The US Dollar Index (USDX) extended recovery gains Wednesday, underpinned on rising US Treasury yields and upbeat US economic data. EUR/USD consequently spun lower and erased 0.8 per cent. Wednesday’s technical briefing noted the following in regards to weekly trend and structure: Technically, sellers making a show should
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Despite hotter-than expected annual eurozone inflation, EUR/USD rotated southbound on Tuesday as higher US Treasury yields boosted the greenback’s appeal alongside safe-haven demand. Technically, sellers making a show should not surprise. In a market decisively trending lower since 2021, weekly Quasimodo support-turned resistance at $1.0778 was tested, a
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s single currency wrapped up higher against its US counterpart on Monday, adding 0.4 per cent by the close of European trading. In what was a somewhat quiet session—US banks closed in observance of Memorial Day—price action on the weekly timeframe, however, shook hands with Quasimodo support-turned resistance
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View (Italics: Previous Analysis) US Dollar Index (Daily Timeframe): Extending the prior week’s retracement, the US dollar, by way of the US Dollar Index (USDX), finished another week in the red, erasing 1.4 per cent. Month to date, the buck is 1.5 per cent lower. Recent technical studies, as you can see, unmasks
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s shared currency eked out modest gains against the US dollar Thursday, clipping a portion of Wednesday’s 0.5 per cent downside move. Technically, buyers and sellers continue to square off a touch north of the $1.0638 pandemic low (March 2020) on the daily timeframe, demonstrating scope to connect
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Technical Outlook: Having seen daily price remain north of the $1.0638 pandemic low (March 2020), in addition to the weekly timeframe demonstrating scope to approach Quasimodo support-turned resistance at $1.0778, H1 Quasimodo resistance-turned support at $1.0631 could be an area the charts observe buyers display interest from, if
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