Daily Forecast - 28 August 2014
WTI Crude October contract
WTI Crude has held a range of 9260/50 to 9435/45 now for over a week & yesterday we held within Tuesday's range. Trade the range while we wait for a breakout. Holding above 9375/80 is more positive for today but we need to beat 9400/9405 to test strong resistance at 9445/50. This held yesterday as expected but on a break higher today look for a move towards 9505/15. If we continue higher this week look for a target of 9560/65 for a selling opportunity. Exit longs & try shorts with stops above 9600.
Below 9360 keeps the market under pressure for the 2 day low at 9335 then better support at 9300/9295. Failure here however risks a retest of the low last week at 9265/55. Try longs but be aware that a break lower this week targets longer term trend line support at 9190/80 for the next buying opportunity. We would need at least a weekly close below here to signal further weakness.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.