Daily Forecast - 22 January 2015
Brent Crude February contract
Brent Crude February same levels apply for today with immediate resistance at 4950/60. A break higher today targets resistance at 5060/5080. We should struggle here, but be aware that another break higher could target 5135/45. If we continue higher this week, look for a good selling opportunity at 5220/5230.
Failure to hold above 4855/65 re- targets 4800/4790. If we continue lower today look for a test of good support at 4730/4725. Try longs with stops below 4700. On a break lower however look for the next downside target and support at 4640/4630. Any longs here need a stop below 4590. Be ready to go with a break lower targeting 4560 then last week's low at 4520.
WTI Crude March contract
WTI Crude March support at 4 day lows of 4655/4634 but below here targets 4565 then last week's low at 4478. Obviously a break lower would be negative and signal the resumption of the longer-term Bear trend to target 4420 then 4385/80.
Immediate resistance at 4714/45 but above here we could make it as far as 4820/30. Any further gains in this range trading market meet strong resistance from recent highs at 4920/4940 and any shorts here will need a stop above 4990. A break higher to target 5090. If this does not hold a move higher we could target last week's high at 5170/75. Any further gains offer an excellent selling opportunity at 5245/55 with stops above 5300.
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.