💹 COMMODITIES Trading LIVE Technical Analysis TODAY 💹 ( MCX Crude Oil Trading 29 08 2019 ) 💹


on the Wednesday the report from the US
Department of Energy was in the spotlight as neither Washington nor
Beijing commented on developments in their trade confrontation in the
meantime the Energy Information administration’s data showed a decline
of 10 million barrels in the US oil stockpiles while the market expected
stocks to lower only by 2 million however statistics looked inconsistent
on the one hand the contraction of oil reserves was 5 times bigger than
expected it’s a positive signal on the other hand the report also pointed at a
significant decrease in imports which may be a one-time occurrence once the
report was released oil traders fixed their profits and the quote corrected
downwards today oil keeps on falling nevertheless it’s still trading sideways
between fifty nine point forty and sixty point twenty amid uncertainty regarding
the global economy’s prospects and further oil demand these days the
us-china trade talks are the main market driver only related news can trigger a
major movement and form oil trend yesterday the Russian currency was quite
weak the dollar ruble pair had a minor correction this morning and then
approached its August high so fide has not managed to pass the resistance level
at 67 points today the situation is not favorable for the ruble the pair may
attempt to break above 67 points again however it’s difficult to forecast the
results as the important macroeconomic releases from the United States are do
you the donor ruble PEZ movement depends on this data so it will either
consolidate above 67 or return to 65 market players should prepare for high
volatility the upcoming GDP and real estate market data from the US may have
a major impact on the greenback’s dynamic on Wednesday statistical data
from the US and Europe strengthened the US dollar against its rivals the GDP is
anticipated to rise by 2% in the second quarter
if the gdp date is better than expected the greenback will grow lowering chances
of major rate caused by the Fed otherwise weak data will put the
American currency under pressure we keep on following development
in the market stay with us you

1 thought on “💹 COMMODITIES Trading LIVE Technical Analysis TODAY 💹 ( MCX Crude Oil Trading 29 08 2019 ) 💹

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    On Wednesday, the report from the US Department of Energy was in the spotlight as neither Washington nor Beijing commented on developments in their trade confrontation.

    In the meantime, the Energy Information Administration’s data showed a decline of 10 million barrels in the US oil stockpiles, while the market expected stocks to lower only by 2 million. However, statistics look inconsistent. On the one hand, the contraction of oil reserves was 5 times bigger than expected. It is a positive signal. On the other hand, the report also pointed at a significant decrease in imports which may be a one-time occurrence.

    Once the report was released, oil traders fixed their profits, and the quote corrected downwards. Today oil keeps on falling. Nevertheless, it is still trading sideways between 59.40 and 60.20 amid uncertainty regarding the global economy’s prospects and further oil demand.

    These days, the US-China trade talks are the main market driver. Only related news can trigger a major movement and form oil trend.

    Yesterday, the Russian currency was quite weak. The dollar/ruble pair had a minor correction this morning and then approached its August high. So far, it has not managed to pass the resistance level at 67.

    Today the situation is not favorable for the ruble. The pair may attempt to break above 67 again. However, it is difficult to forecast the result as the important macroeconomic releases from the United States are due.

    The dollar/ruble pair’s movement depends on this data, so it will either consolidate above 67 or return to 65.

    Market players should prepare for high volatility. The upcoming GDP and real estate market data from the US may have a major impact on the greenback’s dynamic. On Wednesday, statistical data from the United States and Europe strengthened the US dollar against its rivals. The GDP is anticipated to rise by 2% in the second quarter.

    If the GDP data is better-than-expected, the greenback will grow lowering chances of major rate cuts by the Fed. Otherwise, weak data will put the American currency under pressure. We keep on following developments in the market. Stay with us!

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