CL/WTI: Short Review & Middle Term Forecast

After the depressed period we have an upward trend again and preconditions for further growth, given the long-term perspectives for increasing demand.

Technical Analysis
02 Agu 2017
CL/WTI: Short Review & Middle Term Forecast

Between May and the end of June the market was depressed. Oil fell in price from $51 to $42. It seemed that the falling of oil prices is unstoppable. The oversupply of crude oil, the increase of oil extraction volumes even amid OPEC countries and the growth of oil reserves in the United States created a desperate situation, whereby market participants were unable to control the market and achieve a balance between demand and supply.

However, in July oil began to recover due to the reduction of oil stocks in the United States and the reduction of drilling activity. In addition, the oil recovered in price amid the long-term forecasts which show perspectives for growth in the demand for oil, although some analysts disagree with that. Nevertheless, given the recent data such as the index of business activity in China from Caixin, which marks the increasing of business activity, there are good preconditions for an increasing demand for raw materials in China. The decreasing in oil reserves in the United States will ease the pressure on the oil market for the next few months.

In the near future the market will focus on the upcoming OPEC meeting, which will take place on August 7-8. The volatility over the past few months has remained very high, but it's decreasing. We can expect for sure a continuation of the rates in the frames of the current uptrend. After the price correction, prices may recover to the level of 50-51 dollars. The Stochastic oscillator also indicates a good time to open the deals to BUY on the trend.

SuperForex
USD/CAD Technical Analysis & Daily Chart

Technical Analysis

USD/CAD Technical Analysis & Daily Chart

After significant decreases over the last several days, the USD/CAD appears to still be moving in a bearish manner, but there are hints at a trend reversal.

SuperForex
01 Agu 2017
GBP/JPY Technical Outlook

Technical Analysis

GBP/JPY Technical Outlook

A decrease is expected after the manufacturing PMI data.

SuperForex
01 Agu 2017
GBP/CAD Technical Outlook Ahead of the BOE Official Rate

Technical Analysis

GBP/CAD Technical Outlook Ahead of the BOE Official Rate

The GBP/CAD is inside a price channel and the correction is expected before a further decline.

SuperForex
31 Jul 2017