Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
Crude Oil (WTI) looking to test the $66 zone
2019-11-11 • Updated
Crude Oil has been trading in a strong bullish bias during this week and it managed to break above the 63.00 milestone. Above it, we’re seeing a bullish formation that could confirm our current forecast of a cycle duplication towards the Fibonacci extension level of 100% at 66.15. Around that area, we could expect some declines to take place in order to reach the 200 SMA at H1 chart.
RSI indicator is off from the overbought levels, favoring to the pullbacks in the short-term.
Why brothers? If you put an oil chart on the S&P500 chart, you will find out that these assets have a strong correlation…
Besides US Retail Sales data, Australian Unemployment Rate and New Zealand GDP this week will bring us Quadruple Witching – one of the four most important days of a year for futures and options!
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?