- Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
- In reaction to the EIA data, oil lost almost $1 in a few minutes. Oil inventories rose to 5.7M versus 2.43M in the week to November 2 which was seen as very bearish by the market.
- Oil is now continuing its descent reaching the 61.00 figure. While some consolidation up towards 62.00 can take place the momentum remains clearly to the downside.
-636772037639206334.png)
Main Trend: Bearish
Resistance 1: 61.81 April 6 low
Resistance 2: 63.00 figure
Resistance 3: 63.59 June 18 low
Resistance 4: 64.00 figure
Support 1: 61.00 figure
Support 2: 59.95 March 8 low
Support 3: 58.07 February 9 low
Support 4: 55.82 December 7, 2017
Additional key levels at a glance:
GBP/USD
Overview:
Last Price: 1.3134
Daily change: 37 pips
Daily change: 0.283%
Daily Open: 1.3097
Trends:
Daily SMA20: 1.2998
Daily SMA50: 1.3029
Daily SMA100: 1.3039
Daily SMA200: 1.3419
Levels:
Daily High: 1.31
Daily Low: 1.3021
Weekly High: 1.3042
Weekly Low: 1.2696
Monthly High: 1.326
Monthly Low: 1.2696
Daily Fibonacci 38.2%: 1.307
Daily Fibonacci 61.8%: 1.3051
Daily Pivot Point S1: 1.3045
Daily Pivot Point S2: 1.2993
Daily Pivot Point S3: 1.2966
Daily Pivot Point R1: 1.3125
Daily Pivot Point R2: 1.3152
Daily Pivot Point R3: 1.3204
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.