Crude Oil at Monthly Highs, AUDUSD Under Pressure

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

Crude Oil at Monthly Highs, AUDUSD Under Pressure

November 28, 2019

Asian stock indices finished higher today after President Trump’s comments that the two superpowers are close to signing a trade deal. The Hang Seng index is 0.15% higher at 26,954. Nikkei 225 ended 0.28% higher at 23,437. The Singapore FTSE Straits Times Index ended 0.24% higher at 3,215, while the Shanghai Composite is 0.13% lower at 2,903. The ASX 200 in Australia added 0.93% at 6,850, making fresh record high. 

European indices started the day higher mirroring Wall Street, DAX trading 0.50% higher at 13,302, CAC40 is 0.27 per cent higher at 5,945, while the FTSE MIB in Milan is 0.32 per cent higher at 23,622. In London, FTSE 100 is trading 0.47% higher at 7,438. 

In commodities, crude oil reaches monthly highs and trades 0.05 per cent higher at $58.44 as OPEC may cut crude oil output until June 2020. Brent oil is trading 0.21% higher at $63.34 per barrel as crude oil world demand will be affected by the global growth slowdown. Gold trades slightly higher at 1,458, as the short term momentum is bearish now after the gold price trades below the 50 and 100-day moving average. On the upside, resistance stands at 1,555.13 YTD high, while support is at 1,448 the recent low.       

monthly highs
BTCUSD Daily Chart

In cryptocurrencies, Bitcoin (BTCUSD) trades lower today at 6,877, hitting the daily low at 6,836 and the daily high at 7,182. BTCUSD momentum is bearish now as the cryptocurrency trades below the 50 and 200-day moving averages. First support for bitcoin stands now at $6,510 recent low, while the next support stands at 6,000 round figure.

On the upside, resistance stands at 9,925 recent high and then at 10,000 round figure. Ethereum – ETHUSD trades higher at 141.24 with capitalisation now to 15.62 billion, immediate resistance for Ethereum stands at 200 recent high while the support stands at 139.71 daily low, Litecoin also trades lower at 44.74. The crypto market capitalization stands at $190.53 billion.

In the Lookout: Australia Construction work fell by 0.4% in the quarter topping expectations of -1.0%.

New Zealand Trade Balance (MoM) came in at $-1013M, beating expectations of $-1621M in October. 

The central bank of China (PBOC) set the Yuan rate (USDCNH) at 7.0349 versus yesterday’s settlement at 7.0344.


Trading Perspective: In fx markets, USD index trades 0.05 per cent higher at 98.31, the AUDUSD trades 0.04 per cent lower at 0.6785, while NZDUSD trades 0.01% higher at 0.6428. USDCHF is 0.06% higher at 0.9977.

GBPUSD trades 0.18% higher at 1.2891 as we are getting closer to the general election and to the Brexit deadline on January 31st, 2020. Support for the pair now stands at 1.2578 recent low which if broken, might accelerate the slide further towards 1.20. On the upside, immediate resistance will be met at 1.3010 recent high, while more offers will emerge at 1.3050 round figure.

In Pound futures contracts markets, open interest decreased by 2,500 contracts, while the volume decreased by around 3.000 contracts.

EURUSD trades 0.01% higher at 1.1014 as the pair’s momentum has turned neutral for the short term. The first resistance for the euro stands at 1.1172 recent high. On the downside, the first support stands at 1.1006 today’s low and then at 1.1003.

In euro futures markets, open interest increased by 59 contracts, and the volume decreased by around 24.300 futures contracts.

monthly highs
EURUSD Daily Chart

USDJPY is trading 0.08% higher at 109.12, having hit the daily low at 109.00 and the daily high at 109.19. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, resistance for the USDJPY now stands at 109.06 recent high.

In Yen futures markets, open interest increased by 2,400 contracts, and volume increased by around 24,000 futures contracts.

USDCAD is trading 0.02% lower at 1.3268. The pair will find support at 1.3017 the yearly low while extra support stands at 1.30 round figure. On the upside, resistance will be met at the 1.3356 high from September 3rd before an attempt to 1.3450 high from 31st May.  

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