FOREXYARD: Forex News Blog | |
| Crude Oil Trades Near $87 a Barrel Posted: 01 Dec 2010 11:20 PM PST
Crude oil traded near the highest in almost three weeks after greater-than-forecast growth in U.S. private employment bolstered optimism fuel demand will increase in the world's biggest crude-consuming nation. However, there is much technical data that supports a bearish move for today as described below. Forex traders involved with commodities like this can take advantage of this knowledge by going short on Crude Oil now, and at a great entry price! • Below is the daily chart for crude oil by ForexYard. • The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and Williams Percent Range. • Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction. • Point 2: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure. • Point 3: The Williams Percent Range has peaked near at the 0 marker, which means that there may actually be a strong level of downward pressure. Crude Oil Daily Chart |
| Euro Rallies but Gains May Not Hold Posted: 01 Dec 2010 07:58 PM PST
Yesterday had traders buying risk as the European debt crisis took a backseat with equities and crude oil rallying. Those expecting a euro recovery will be following ECB President Trichet when he speaks following the ECB interest rate announcement. Some traders are looking for an increase in bond purchases by the ECB which would be euro positive. Today's Market Events: EUR – Minimum Bid Rate – 12:45 GMT Expectations: 1.00%. Previous: 1.00%. EUR – ECB Press Conference – 13:30 GMT ECB President Jean-Claude Trichet is due to explain ECB monetary policy. He will surely address the European debt crisis as well. Speculations are for an announcement of an ECB bond buying program. Should this occur it should be a positive for both the euro and equities. USD – Weekly Unemployment Change Expectations: 425k Previous: 407k. Support and resistance for the EUR/USD come in at 1.2960 and 1.3310. The daily chart shows the AUD/USD tested but failed to breach the daily chart's bullish trend that begins in early June of this year. This may be a good spot for traders to go long with a protective stop underneath the trend line. Tuesday's gold trading ended with a shaved head candlestick which signals potential bullishness in the commodity. This is in contrast to the head and shoulders pattern that appears on the daily chart. The chart pattern signals a potential reversal. Forex traders should remain long on gold until a close below the neckline signals confirmation of the head and shoulders pattern. |
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