xysoom
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Joined: 26 May 2020
Location: China
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| Posted: 01 July 2020 at 22:05 | IP Logged
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Crude Oil Price Breakout Eyed, Will the Canadian Dollar
Capitulate Up£¿
Growth-oriented crude oil prices climbed to a 10-week
high as market sentiment broadly improved over the past
24 hours. The Dow Jones and S&P 500 closed +1.52% and
+1.67% respectively as my Wall Street index attempted to
make upside progress after idling for the better part of
the past 3 weeks. The Canadian Dollar ¨C which can at
times be sensitive to swings in crude oil ¨C struggled to
capitalize on gains in the commodity.To get more news
about
W
ikiFX, you can visit wikifx news official website.
¡¡¡¡Recommended by Daniel Dubrovsky
¡¡¡¡What is the road ahead for Crude Oil£¿
¡¡¡¡Get My Guide
¡¡¡¡The upbeat tone in financial markets showed that
investors shrugged off recent doubts over the potential
viability of a coronavirus vaccine in the works from
Moderna. Instead, traders may seem to be looking forward
to a gradual easing in lockdown measures that should help
restart economic growth. This may also explain why oil is
now spending more time moving in tandem with global
equities as of late.
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¡¡¡¡Still, challenges may be ahead. Minutes from the FOMC
meeting showed that policymakers see ¡®extraordinary
uncertainty¡¯ and ¡®considerable risks¡¯ in the medium
term. A few Fed officials also saw a ¡®substantial
likelihood¡¯ of more Covid-19 waves. Meanwhile an
oversight bill sent US-listed Chinese stocks dropping as
tensions between the worlds largest economies seem to be
heating up.
¡¡¡¡Develop the discipline and objectivity you need to
improve your approach to trading consistently
¡¡¡¡Thursdays Asia Pacific Trading Session
¡¡¡¡With that in mind, Asia Pacific equities could echo
the upbeat tone from the Wall Street trading session.
This could bolster crude oil prices as the Canadian
Dollar pressures resistance against an average of its
major peers. Rising equities may also support the
sentiment-linked Australian Dollar. AUD/USD will also be
eyeing commentary from RBA Governor Philip Lowe.
¡¡¡¡Crude Oil Technical Analysis
¡¡¡¡On a daily chart, WTI crude oil prices have broken
above ¡®outer¡¯ resistance from the beginning of this
year. Follow-through at this point is absent. Rising
support from Aprils bottom is also guiding the commodity
higher ¨C blue line. This has ultimately exposed former
lows from August 2016 which could stand in the way as new
resistance. A turn lower places the focus on resistance-
turn-support at 29.11.
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Topic: Crude Oil Price Breakout Eyed, Will the C
