WTI agency over $60, API information in focus
WTI is ticking larger following upbeat API information in a single day which revealed a draw of -3.608 million barrels.
OPEC additionally raised its forecast for international oil demand progress in 2021 to five.95 million bpd up from 5.89 million bpd.
US Greenback dropped to a 3 week low following upbeat US inflation information & a powerful bond public sale.
Rising covid instances in Europe & tighter lockdowns proceed to hang-out oil
EIA official stock information is due later, expects -2.154 million draw versus -3.522 million prior.
The place subsequent for WTI crude oil?
In the beginning of the week, WTI crude oil pushed above its descending trendline courting again to early March.
It additionally rose above its 20 & 50 EMA on the 4 hour chart.
The value had been buying and selling inside a decent vary of 59.50 – 60.70 over the previous 10 days with little directional energy.
On the time of writing the worth is trying to breakout above the higher band at 60.70. Past right here the patrons may acquire traction. The RSI is supportive of additional good points.
Resistance may be seen a 62.15 March 29 excessive and the very best degree seen since mid March.
On the flip facet sturdy assist may be seen at 60.00, the confluence of the 20 & 50 EMA. A break by way of this degree may see 59.50 the decrease band of the horizontal channel examined opening the door to the descending trendline assist at 59.25 come into play. Past right here 58.50 may additionally supply some assist.
EUR/USD at month-to-month excessive, consideration on Lagarde & Powell
EUR/USD is extending good points for a 3rd straight session, buying and selling at its highest degree in a month.
The US Greenback hit a 3 week low on easing inflation fears, downbeat yields and vaccine considerations after US authorities name for a pause in the usage of J&J’s covid vaccine.
ECB’s Lagarde and Fed Powell are each as a result of converse later
The place subsequent for EUR/USD?
EUR/USD has pushed again over its 200 day EMA and 50 day EMA which mixed with a bullish MACD suggests that there’s extra room for additional upside.
The pair has additionally damaged above resistance at 1.1950 excessive March 24 and is wanting in the direction of 1.20 spherical quantity and excessive March 12. A transfer past right here may see the patrons acquire traction, eyeing a transfer in the direction of 1.2130 the March excessive.
On the draw back, instant assist may be seen at 50 EMA 1.1935 at transfer under right here may negate the present uptrend. This might open the door to the important thing 200 EMA assist at 1.1840.
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