Global macro overview for 29/08/2016
August 29, 2016 7:01 amVideo
Latest News
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
Global macro overview for 29/08/2016:
There were quite interesting information regarding the crude oil market shared by mass media over the weekend. The first news is all about Iran again as Iran’s authorities said they would only cooperate in talks to freeze output if other OPEC exporters recognized its right to full regain market share. And the second news is related to the recent Iraq oil output data: they are now producing 3.205 mbpd in August compared to 3.202 mbpd in July, which means they slightly increased the production despite the global supply glut. In conclusion, both news will hardly help to reach an accord at the next OPEC meeting in September.
Let’s now take a look at the Crude Oil technical picture in the 4H time frame. We can clearly see a reversal candlestick formation after the resistance at the level of 48.31 has hold the line. This might be the first clue of a possible reversal at this market, but as long as the level of 46.55 is still providing the support, this reversal is not confirmed yet.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: