The US Department of Energy has revised its forecast for US crude oil production slightly downwards for this year and next, Commerzbank’s commodity strategist Carsten Fritsch notes. OPEC+ may have some scope to increase production “It now expects an increase of 300 thousand barrels per day for 2024 and 460 thousand barrels per day for 2025. Production from September…
2024.08.09 2024.08.09 EURUSD: Elliott wave analysis and forecast for 09.08.24 – 16.08.24 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ The article covers the following subjects: Highlights and key points Main scenario: consider long positions from corrections above the level of 1.0771 with a growth target of 1.1141 – 1.1273. A buy signal: after the price returns above 1.0771. Stop Loss: below 1.0740, Take Profit:…
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you…
Following the slump at the beginning of the week, the price of Gold has risen again to almost $2,430 per troy ounce, Commerzbank’s commodity strategist Barbara Lambrecht notes. Gold is set to remain in demand “The Gold price was unable to benefit from the turbulence at the start of the week. On the contrary, the Gold price was even…
2024.08.09 2024.08.09 Franc Set for Landing. Forecast as of 09.08.2024 Dmitri Demidenkohttps://www.litefinance.org/blog/authors/dmitri-demidenko/ Mass closing of carry trades pushed the USDCHF pair 7% down from July peaks. The Swiss franc copied the Japanese yen, albeit on a smaller scale. Let’s discuss it and make a trading plan. The article covers the following subjects: Highlights and key points The USDCHF’s collapse…
Risk sentiment was one of the main driving forces for price action for the most part of the week, although there were still instances when some asset classes and major currencies veered away from the pack. For one, central bank events and top-tier economic updates highlighted divergences in interest rate expectations, spurring gains for currencies with more hawkish…
Crude oil futures are settling the day and $76.84 that is up $0.65 or 0.85%. For the trading week, the prices closing up $3.32 or 4.51%. The gain this week comes after four straight weeks of declines. The low price it this week reached $71.67 which was the lowest level since February 5. The price is also closing higher…
The main economic data release overnight was the latest CPI report from China for July, MUFG FX analyst Lee Hardman notes. USD/CNY rises back towards the 7.1800 level “The report revealed that headline inflation picked up modestly by 0.3 points to 0.5% in July. The core measure on inflation fell to 0.4% in July from 0.6% in May-June. The…
2024.08.09 2024.08.09 GBPUSD: Elliott wave analysis and forecast for 09.08.24 – 16.08.24 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ The article covers the following subjects: Highlights and key points Main scenario: consider long positions from corrections above the level of 1.2660 with a growth target of 1.3250 – 1.3740. A buy signal: after the price returns above 1.2660. Stop Loss: below 1.2630, Take Profit:…
After a Monday meltdown, risk-on currencies like the AUD & CAD were able to take the top spot thanks to positive U.S. surprises and net positive individual themes.