WTI Oil bounces from the key support!

Tomasz Wisniewski Axiory Global Ltd.

Just a quick update for all the traders watching Oil. Today can be a crucial day for potential buyers. There is a chance that their prays were finally listened. As you can see on the daily chart, Crude is now drawing a hammer candlestick pattern. Hammer is a strong bullish reversal formation, in this case, promoting a start of a new up wave.

Current hammer on Oil has a very important meaning. The long tail, shows us another test of the 51.3 USD/bbl. support (pink). That was the second test in October. Price was trying to get lower since June without a success. This indicates, that this area is a real stronghold for the demand and that they will protect it at all costs. Long tail in today’s hammer is indicating a rejection of lower prices and willingness to go up. What is significant here is that this hammer is being build after two shooting stars. Apparently, sellers are very weak at the moment and their inability to use shooting stars in their favor shows that.

Do not get too optimistic though. The day has not ended yet. Signal from a daily candle is active only, when the day is over. Still a lot can happen till midnight but in case the hammer will hold, we will get a very promising bullish signal.

Author

Tomasz Wisniewski

Axiory Global Ltd.

Tomasz was born in Warsaw, Poland on 25th October, 1985.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.