InvestMacro

By RoboForex

Crude oil prices were successful in getting stabilized Tuesday; most likely, the bears just took a break before new reasons for more activity come up. Brent crude traded around $64.95 Tuesday, with the 3-day low at $63.43 being tested before.

Shale oil companies were reported to be ready for increasing their daily output by raising the performance at each of the working oilrigs. According to EIA, the daily output per rig is going to rise from 635 barrels in March to 673 in April. Overall, shale oil production is expected to rise from 6.823M barrels to 6.954M. The US are relying upon increasing output in Permian Basin, and there are good reasons for that.

According to Baker Hughes report that came out Friday, the rig count in the US increased by 3; still, this report’s details proved to be something to think over: oil rig count decreased by 4, while natural gas rig count added 7 units, which made the overall count positive. Some other details are very important as well, with the number of oil wells in development increasing by 110 and summing up at 7,601. Overall, these data are clearly positive, same as for Baker Hughes report showing growth YoY.

Oil inventories are being released in the US today and tomorrow. A 2-million-barrel growth is expected for crude, with gasoline and distillate inventories probably shrinking.

The market reaction is going to totally depend on the real figures; if those are higher than expected, investors will gain an additional reason for selloff.

Brent mid term trend is a descending one, while in the short term, a triangle pattern has been forming. With the overall trend in mind, one could assume the black gold to break out the support at $63.46 and going down to the descending micro channel supper at $60.75. An uptrend is also possible, with the current resistance being at $65.87, which is fractal; so as long as this fractal gets broken through, the major channel resistance may be both tested and surpassed, which will lead the price to the projection triangle at $68.42.

Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD has expanded the consolidation range downwards and reached the target. Possibly, today the price may be corrected upwards and return to 1.2367. After that, the instrument may continue falling inside the downtrend with the target at 1.2200.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed the descending impulse along with the correction. Today, the price may fall towards 1.3757, break it, and then continue falling with the target at 1.3624.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has finished the descending correctional structure towards 0.9487. Possibly, today the price may grow to reach 0.9540, break it, and then continue moving upwards with the short-term target at 0.9560.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is consolidating at the top. Possibly, today the price may break 106.46 downwards. The target is at 105.91. After that, the instrument may grow to return to 106.46, thus forming another consolidation range between the above-mentioned levels. If later the instrument breaks 57.00 to the upside, the market may continue the correction towards 107.30; if to the downside – fall inside the downtrend to reach 105.04.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading upwards. Possibly, the price may reach 0.7882 and then start another descending wave with the target at 0.7660.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 56.62. Today, the price may fall to reach the downside border at 56.11 and then grow towards 56.62. Later, the market may resume falling with the short-term target at 55.50.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

XAUUSD, “Gold vs US Dollar”

Gold is consolidating around 1320.00. Possibly, today the price may grow to reach 1328.00 and then fall towards 1310.00. Later, the market may start another growth to reach 1320.00 and then resume falling with the target at 1300.00.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

BRENT

Brent has finished the ascending structure. Today, the price may start another decline towards 64.54. After that, the instrument may resume growing to reach 66.11, break it, and then continue moving upwards with the target at 67.85.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

RoboForex Analytical Department

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after reaching the support level, XAUUSD has formed several Hammer and Doji reversal patterns. These patterns indicate that the instrument may have completed the correction and may soon resume moving to the upside.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, after reaching another resistance level, NZDUSD has formed several Shooting Start and Hanging Man reversal patterns there. At the moment, it may be assumed that these candlesticks indicate that the instrument may be corrected for a while before starting a new ascending movement.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

RoboForex Analytical Department

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By Gabriel Ojimadu, Alpari

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD has formed the consolidation range with the Double Top pattern and broken the range to the downside with two descending impulses. Possibly, today the price may grow to reach 1.2330 at least and then continue falling inside the downtrend with the target at 1.2255.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has broken the consolidation range downwards. Today, the price may grow towards 1.3839 and then continue falling with the target at 1.3760.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has broken the top of the first ascending wave. Possibly, today the price may fall to reach 0.9480 and then grow towards the short-term target of the third ascending wave at 0.9599.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has broken the consolidation range upwards and almost formed the five-wave ascending structure. Possibly, today the price fall towards 105.93 and then resume growing to reach 106.46.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading to break the consolidation range downwards. Today, the price may fall to reach 0.7745 and then grow to test 0.7777 from below.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating. If later the instrument breaks 57.00 to the upside, the market may continue growing towards 57.80 or even test 58.38; if to the downside – fall inside the downtrend to reach 55.50. The main downside target is at 54.80.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

XAUUSD, “Gold vs US Dollar”

Gold is forming the descending impulse. Possibly, today the price may reach 1311.00 and then grow toward 1320.00. Later, the market may start another decline to reach 1300.00. Later, the market may start forming a new consolidation range around 1300.00.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

BRENT

Brent has finished the descending structure. Today, the price may start another consolidation range near the lows with a reversal pattern. After breaking the range upwards, the instrument may continue growing towards 64.83. Later, the market may resume falling to reach 64.15.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

RoboForex Analytical Department

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7794; the instrument is moving inside Ichimoku Cloud, which means that it is moving sideways. The markets could indicate that the price may test the upside border of the cloud at 0.7805 and then continue moving downwards to reach 0.7680. However, the scenario that Implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7825. In this case, the pair may continue growing towards 0.7890.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7279; the instrument is moving inside Ichimoku Cloud, which means that it is moving sideways. The markets could indicate that the price may test the downside border of the cloud at 0.7250 and then continue moving upwards to reach 0.7350. However, the scenario that implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 0.7220. In this case, the pair may continue falling towards 0.7155.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2890; the instrument is moving above Ichimoku Cloud, which means that it may continue growing. The markets could indicate that the price may test the upside border of the cloud at 1.2880 and then continue moving upwards to reach 1.3105. However, the scenario that implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 1.2785. In this case, the pair may continue falling towards 1.2590. After breaking the upside border of the Triangle pattern and fixing above 1.2975, the price may resume growing.

Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

RoboForex Analytical Department

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By IFCMarkets

US stock indices recovered on Thursday as President Trump signed orders to impose import tariffs on steel and aluminum but exempted Canada and Mexico. Dow Jones industrial average advanced 0.4% to 24895.21. The S&P 500rose 0.5% to 2738.97. The Nasdaq composite added 0.4% to 7427.95. The dollar accelerated strengthening: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.6% to 90.099. Stock indices futures indicate mixed openings today.

Market Analysis provided by IFCMarkets

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

By Gabriel Ojimadu, Alpari

By Gabriel Ojimadu, Alpari

On Wednesday the 7^th of March, during the European trading session, the US dollar showed some mixed dynamics. It’s currently trading down against the safe havens (yen, franc, gold), while trading up against the other majors (loonie, Aussie, Kiwi, pound).

The euro is on an upwards trend on the hourly timeframe, having recovered to 1.2445. The euro, yen, and Swiss franc have all enjoyed increased demand today in light of Gary Cohn’s resignation from his post as President Trump’s top economic adviser. Cohn had opposed the imposition of steel and aluminium import tariffs.

From its high of 1.2445, the euro has retreated to 1.2398. Due to an increased appetite for risk, the EURUSD pair has suffered at the hands of the EURJPY and EURCHF currency pairs, which are trading down. Also at the forefront of traders’ minds is tomorrow’s press conference with Mario Draghi, which will be held an hour and a half after the ECB meeting. I think that the regulator will avoid taking any drastic measures and that Draghi’s rhetoric will largely mirror that of the previous press conference.

Later in the day, the ADP employment report will be published in the US, as well as trade balance data. Also today, the Bank of Canada will announce its interest rate decision.

At the time of writing, the euro is trading at 1.2408. My target for the US session is 1.2387. There’s a break in the bullish trend on the hourly timeframe, so now is the time to act before the ADP report comes out. Ideally, the euro will drop to 1.2375 (LB).

Most of the euro crosses are currently trading up, so if the dollar declines, the euro will easily hit a new high of 1.2445. It’s essential to take the crosses into account in your trading and to keep an eye on their direction.

European data:

• Eurozone – GDP (Q4): 0.6% QoQ, 2.7% YoY (forecast: 0.6% QoQ, 2.7% YoY, previous: 0.6% QoQ, 2.7% YoY).
• UK – Halifax house prices (Feb): 0.4% MoM, 1.8% YoY (forecast: 0.4% MoM, 1.6% YoY, previous: -0.5% MoM, 2.2% YoY).

Source: https://alpari.com/en/analytics/reviews/market_sessions/24768_07032018/

Learn what really governs the trend of interest rates

By Elliott Wave International

By Monday, Feb. 26, the stock market rally that carried major indexes out of the depths of the recent sell-off came to within 1000 points or so of the DJIA’s Jan. 26 all-time high of 26,616.

The next day, on Feb. 27, a major financial publication published this headline (Forbes):

U.S. Stock Market Surge – ‘The Bull Market Is Back’

Throughout the rally, many other observers expressed the view that the uptrend was back on track.

In stark contrast, after the close on Feb. 26, with the DJIA near 25,700, our Short Term Update showed subscribers this chart and said:

The DJIA gapped higher at today’s open for the third straight day, carrying to 25,690.60 intraday. The index has carried into resistance at 25,520-25,920 (2763-2800 in the S&P) and the subwaves of the rise appear complete or nearly so.

As you know, the very next day, the DJIA closed down nearly 300 points, and since then, the volatility to the downside has persisted. (As I am writing this on Thursday, March 1, a CNBC headline says, “Dow plunges as much as 586 points…”)

Not all Elliott wave forecasts work out like this. Still, what you gain from looking at the market through the Elliott wave prism is a roadmap of sorts. When you can count one price pattern as complete, you know what pattern should come next. That’s how on February 26, our Short Term Update editor knew that the rally off the recent lows was on its last leg. Next, the wave pattern called for a reversal.

This is quite in contrast with many other market opinions you hear. A Feb. 26 Wall Street Journal article described it this way:

How Do Pundits Never Get It Wrong? Call a 40% Chance

Talking heads have learned that forecast covers all outcomes …

Say there is a 40% chance of a market going up or down, and you’ll be “right” either way.

The Elliott wave model employs strict rules and guidelines. And at this market juncture, the implications of what it’s revealing are huge.

If you are prepared to take the next step in educating yourself about the basics of the Wave Principle — access the FREE Online Tutorial from Elliott Wave International.

The Elliott Wave Basic Tutorial is a 10-lesson comprehensive online course with the same content you’d receive in a formal training class — but you can learn at your own pace and review the material as many times as you like!

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