
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!
2019-11-11 • Updated
WTI Oil is facing a strong support zone around the Fibonacci level of 65% at 62.21. The short-term picture remains bullish despite the corrective phase which it has been following during the last few days. A rebound over there should help to resume the bullish bias towards the first target at 66.38, ahead of the critical Fibonacci zone of -23.6% at 67.90. To the downside, a break below 62.21 should expose the 59.96 level.
RSI indicator stays in the negative territory, although we can expect a neutral tone.
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!
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!
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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