Crude Oil Down after Yesterday’s Spike, AUDUSD Retreats

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

crude oil price

Crude Oil Down after Yesterday’s Spike, AUDUSD Retreats

September 17, 2019

Asian indices finished mixed today as the oil price retreats from yesterday’s high after the drone attack in Saudi Arabia oil facilities will cut 5% of the world oil supply. The Hang Seng is trading 1.14 per cent lower at 26,817, the Shanghai Composite is trading 1.14 per cent lower to 2,996, while in Singapore, the FTSE Straits Times index finished 0.51 per cent lower at 3,187. The ASX 200 in Australia is trading 0.15% higher at 6,663.

European indices are trading mixed today, DAX30 is 0.15 per cent lower to 12,361. CAC40 is 0.05 per cent higher at 5,604, while the FTSE MIB in Milan is 0.40 per cent lower at 21,878. In London, FTSE 100 is trading 0.03% higher at 7,323. The UK is scheduled to leave the EU on October 31.

In commodities markets, crude oil trades 1.21 per cent lower at $62.14 after the drone strikes in Saudi Arabia oil facilities. Brent oil is trading 0.86% lower at $67,10 per barrel as oil world supply will be affected by the drone attacks. Gold trades lower at 1,497 keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,555.13 recent high while support is at 1,473, the 50-day moving average.      

In cryptocurrencies, Bitcoin (BTCUSD) trading lower at 10,199, hitting the daily low at 10,163 and the daily high at 10,331. Bitcoin short term momentum is neutral now as it trapped between the 100 and 50-day moving average. Immediate support for BTC stands now at $9,258 the low from August 29, while next support stands at 9,000. On the upside, strong resistance now stands at 12,315 the high from August 6th, and then at 13,500 round figure. Ethereum (ETHUSD) trades higher at 195,82 with capitalisation now to 21.3 billion, on the upside, the immediate resistance stands at 317 high while the support stands at 136 the low from May 6th, Litecoin (LTCUSD) trades higher at 72.31. The crypto market cap now stands above $265.7 billion.

On the Lookout: New Zealand Westpac Consumer Survey came in at 103.1 below expectations of 104 in 3Q. Australia House Price Index (QoQ) came in at -0.7%, topping forecasts of -1% in 2Q. China House Price Index came in at 8.8% in August from the previous 9.7%. President Trump announced that the US had reached an initial trade agreement regarding tariff barriers with Japan.

The central bank of China set the Yuan rate (USDCNY) at 7.0730 versus yesterday fix at 7.0657.

spike
XAUUSD Daily Chart

Trading Perspective: In forex markets, USD index trades 0.04 per cent lower at 98.60, the Aussie dollar trades 0.43 per cent lower at 0.6835, while Kiwi trades 0.22% higher at 0.6329.

GBPUSD trades 0.05% lower at 1.2418 as we are getting closer to Brexit deadline. Major support now stands at 1.2078 recent low which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2513, the 100-day moving average while more offers will emerge at 1.2738 the 200-day moving average.

In Pound futures markets open interest increased by 2.700 contracts, volume drop by around 121.100 futures contracts.

EURUSD trades 0.12% higher at 1.1012, after the crude oil spike. Immediate resistance for the pair stands at 1.1121 the 50-day moving average and then at 1.1179 the 100-day moving average. On the downside, immediate support stands at 1.0994 today’s low and then at 1.0925 YTD low.

In euro futures markets open interest decreased by 3.700 contracts, volume drop by around 275.000 futures contracts.

USDJPY is trading 0.05% higher at 108.16 having hit the daily low at 108.01 and the daily high at 108.36. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 109.47 the 200-day moving average and then at 112.39 the high from April 2019. 

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USDJPY Daily Chart

USDCAD is trading 0.08 higher at 1.3251, the pair will find immediate support at 1.3017 the YTD low while extra support stands at 1.30 round figure. On the upside, immediate resistance now stands at the 1.3356 high from September 3rd before an attempt to 1.3450, high from 31st May. 

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