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Brent has been trading near the resistance at 73.20. It needs positive economic data to break above the resistance and go further up. 50-day MA (74.40) will be the next resistance level for the price. If the economic data isn’t supportive for the oil market, prices will turn around. The support is at 71.80. The next one is at 70.40 (200-day MA).
WTI has been rising as well. In case of the encouraging data, the price will go up to the resistance at 67.10. The next resistance is at 68.50 (100-day MA). If the data is negative for the oil prices, WTI will go down. The first support is at 64.85 (200-day MA). The next one is at 62.80.
Traders should also follow comments on the situation around the Iranian oil export share. Earlier Saudi Arabia offered to share quotas among OPEC countries of those members who can’t produce enough to support the bigger spare capacity (up to date, it’s Iran). Iran is against such a proposal. Let’s see whether OPEC members are able to come to an agreement.
If members agree to share quotas, a risk of a tight support will ease and as a result, prices will go down. Otherwise, the oil market has chances to rise.
Talks between the US and Mexico were postponed until Wednesday. Any agreement on the deal will pull the Canadian dollar and Mexican peso up. Otherwise, the USD will strengthen.
Up to now, the USD/CAD pair has been moving up. The resistance is at 1.3095 (the pivot point). In case of the agreement, the pair will break the support at 1.3016. The next one will lie at 1.2970 (100-day MA).
The USD is strengthening against the Mexican peso as well. However, the resistance at 19.02 is too strong (200-day MA). Moreover, 50-day MA has crossed 100-day MA upside down, that is a negative signal for the pair. The support is at 18.85. The next one is at 18.4850.
That’s all for today! Follow market news with FBS!
The Canadian dollar has chances to keep trading at good levels. According to the recent statement of the Bank of Canada, the country’s economic data are in line with the forecasts.
The main focus today is on the UK retail sales, which are expected to fall by 0…
In August, UK consumer prices jumped by 2…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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