Crude Oil Futures: Scope for further retracements

Pablo Piovano FXStreet

CME Group’s flash prints for crude oil futures markets noted traders increased their open interest positions for the fifth consecutive session on Thursday, now by around 26.8K contracts. On the other hand, volume went down for the third session in a row, this time by around 212.5K contracts.

WTI now looks to the 55-day SMA near $39.50/bbl

Prices of the WTI kept correcting lower on Thursday following monthly peaks just above the $43.00 mark per barrel on Wednesday. Rising open interest coupled with the negative price action supports further losses at least in the very near-term with the potential target in the $39.50 zone per barrel, where sits the 55-day SMA.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.