Global macro overview for 30/06/2016
June 30, 2016 6:44 amVideo
Latest News
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- 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
Global macro overview for 30/06/2016:
The crude oil inventories data revealed a deeper drain in stockpiles than anticipated. The indicator plunged by 4100k barrels, compared to an estimate of -2500k, way below the last week figure of -917k only. US crude oil stockpiles have declined for six straight weeks, with the recent one being the largest so far. This situation could lead to tightening the domestic supply, which might send crude oil prices higher as a result. Moreover, the local shale producers might enter the market if the price jumps above $50 to prevent it from rallying even further.
Let’s now take a look at the crude oil technical picture on the 4H time frame. The price rallied after yesterday’s data, but it was capped at the dashed trend line resistance around the level of 50 dollars. This recent high might be another lower high in the sequence, but a confirmation will come with the level of 45.81 violation. For now, the market is trading in a down-sloping congestion zone between the levels of 45.81 – 50.55.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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