{"id":98253,"date":"2016-11-17T06:47:51","date_gmt":"2016-11-17T11:47:51","guid":{"rendered":"http:\/\/countingpips.com\/?p=98253"},"modified":"2016-11-17T06:47:51","modified_gmt":"2016-11-17T11:47:51","slug":"oil-weakens-on-inventory-surplus","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/11\/oil-weakens-on-inventory-surplus\/","title":{"rendered":"Oil weakens on inventory surplus"},"content":{"rendered":"
November 17, 2016<\/div>
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Article by ForexTime<\/a><\/p>\n

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Oil market as predicted yesterday continue to show signs of weakness, as US Crude Oil Inventories continued to show surpluses in the marketplace. This has been a target squarely on the back of oil bulls who have been looking to finally drive oil higher. It feels that the only way we are going to see a deficit of oil is if OPEC actually intervenes and is able to push down the production levels of oil. Russia also continues to be a strong voice in the oil market, how much can be believed is slightly debatable as they are not an official member of OPEC but have been working with OPEC to get some benefits. Regardless of today I would expect markets to continue to remain bullish in the long given the recent boost from Trump that is expected when he announces his promise to get America working again.<\/p>\n

Chart wise, oil continues to be a slightly mixed bag with the markets playing off news, but also the movements around oil surpluses and deficits in the US. This will continue to be the main theme for some time, but the technical patterns continue to remain strong. Resistance can be found at 46.19 and has been very strong as of late, with today’s movements failing to close out above this key area. Support levels on the way down can be found at 44.90 and 43.47 and are likely to come under further pressure in the coming days, especially if the US dollar continues to strengthen.<\/p>\n

The New Zealand economy has been going through some rocky times at present (no pun intended), but the employment situation has been improving to say the least as ANZ job advertisements were slightly up to +0.6% on the previous month, showing that there was still room for growth in the labour market. For the most part there is a lot uncertainty around the New Zealand economy after the recent earth quakes and this might put more pressure on the Reserve Bank of New Zealand to cut interest rates sooner and faster than previously expected to help businesses and home owners who are struggling. Even though banks have not been carrying over the most recent cut on their own interest rates.<\/p>\n

The NZDUSD is looking very bearish at present as the USD bulls have so far been quite strong, but also the NZD has come under immense pressure in the wake of recent natural events. So far the NZDUSD has dipped sharply and the 0.70 psychological level is ever present in traders’ minds and has been holding back further lows. Support at 0.7032 lead to some buying today, but it’s unlikely to be sustained given the bleak outlook in the face of what has happened. Any pull back higher on the charts is likely to find resistance at 0.7113, which has been acting as a strong level in recent times.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime Oil market as predicted yesterday continue to show signs of weakness, as US Crude Oil Inventories continued to show surpluses in the marketplace. This has been a target squarely on the back of oil bulls who have been looking to finally drive oil higher. It feels that the only way we are […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-98253","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=98253"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98253\/revisions"}],"predecessor-version":[{"id":98265,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98253\/revisions\/98265"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=98253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=98253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=98253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}