FOREXYARD: Forex News Blog | |
- Oil Inventories Decrease by 3.8m Barrels
- Oil Prices Lifted from Severe Cold in US Northeast
- USD/CHF Provides Bearish Signals
- Commodities Reach New Highs Before Pulling Back
| Oil Inventories Decrease by 3.8m Barrels Posted: 08 Dec 2010 08:14 AM PST
Crude Oil Inventory data released by the Energy Information Administration (EIA) today revealed a decline in inventories for the week ending Dec. 3rd. An expectation for a boost to oil prices failed to materialize, however, as the report signaled that the decline remained above average for this time of year. Crude Oil investors sold the commodity ahead of the release on such expectations, pushing the price of oil down to $88 a barrel. Almost an hour after the publication it looks as if the price of Crude Oil is beginning to find some support with the price pushing back towards $88.20 in the immediate short-term. Whether this will continue into the American close is yet to be determined. |
| Oil Prices Lifted from Severe Cold in US Northeast Posted: 08 Dec 2010 04:42 AM PST
The sudden spike above $90 a barrel in Crude Oil on Monday has many investors paying close attention to today’s release of Crude Oil Inventories from the United States. As the winter season begins to pound the American northeast, with colder than expected temperatures and fresh snowfall in New York, the supply side of the heating fuel equation has come under question, lifting oil and natural gas prices higher in trading. If inventories grow in today’s publication we could see the price of Light, Sweet Crude settle back towards $87 a barrel in today’s American trading session. If inventories decline, on the other hand, speculators could take this as a hint that the supply side is more limited than forecast and begin to lift the price of oil higher. |
| USD/CHF Provides Bearish Signals Posted: 07 Dec 2010 11:36 PM PST
The volatile of the USD/CHF pair continues to be affected by the volatile forex market. The last week has seen a lot of bullish strength in the USD/CHF pair. However, as I demonstrated below, it seems that the pair's bullish run may have run out of steam, and a bearish correction could be underway soon. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave. • Below is the 4 hour chart of the USD/CHF currency pair. • The technical indicators used are the Slow Stochastic, Williams Percent Ranges, and Relative Strength Index (RSI). • Point 1: The Slow Stochastic indicates an impending bearish cross, signaling that the next move may be in a downward direction. • Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-bought territory, indicating 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. USD/CHF 4-Hour Chart |
| Commodities Reach New Highs Before Pulling Back Posted: 07 Dec 2010 08:36 PM PST
Gold, silver, and crude oil all reached new highs yesterday before a selloff in commodities pushed prices down and the three commodities finished the day lower. However, this may just be a result of short term profit taking before the next rally. Today's market events are: EUR – German Industrial Production – 11:00 GMT Oil – Weekly Crude Oil Inventories NZD – Official Cash Rate Spot gold prices rose to a new all-time high yesterday before falling lower. The hourly chart shows the price is currently trading near the congestion area of $1,390. This may present an opportunity to enter long with a target at the resistance level of $1,410, followed by the all-time high of $1,431. Forex traders can place a protective stop below the support level of $1,380 for a trade setup that allows for a respectable 2:1 profit to risk ratio. |
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