Daily Forecast - 17 January 2014
WTI Crude February contract
WTI Crude unable to beat strong resistance at 9475/85 as we topped almost exactly here at 9464 for the second day & being overbought short term drifted lower towards 9350/40 as predicted. We bottomed almost exactly here at 9360 but a break below 9340 targets 9305/00 & possibly 9270/65 for a buying opportunity with stops below 9240.
Immediate resistance at 9475/85 could hold a move higher again today but any shorts need stops above 9525 for a target of 9590/00. Exit longs & try shorts from here up to 9625.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
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Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.