Oil Price Forecast: RSI on Cusp of Flashing Buy-Signal...

Oil Talking Points Crude snaps back from a fresh yearly-low ($49.44) as Reuters reports that Russia and Saudi Arabia are in discussion to curb production, and recent developments may foster a larger rebound in oil prices as the Relative Strength Index (RSI) appears to be on the cusp of flashing a textbook buy-signal. Oil Price Forecast: RSI on Cusp of Flashing Buy-Signal It seems as though the Organization of the Petroleum Exporting Countries (OPEC) and its allies will make a major announcement at the next meeting on December 6 in response to the sharp selloff in crude oil prices, and the group may retain a proactive approach in rebalancing the energy market amid the weakening outlook for global demand. Fresh updates from the U.S. Energy Administration (EIA) showed crude inventories climbing another 3577K in week ending November 23 amid projections for a 1000K expansion, and oil remains vulnerable going into 2019 especially as the U.S. and China, the two largest consumers of crude, struggle to reach a trade agreement ahead of theArticle source:...

AUD/USD Rate Clings to Bullish Series Ahead of G20 Summit...

Australian Dollar Talking Points AUD/USD carves a series of higher highs lows ahead of the Group of 20 (G20) Summit as Fed Chairman Jerome Powell adopts a less-hawkish tone, but key developments coming out of the global economy may rattle the recent advance in the exchange rate as the U.S. and China, Australia’s largest trading partner, struggle to reach an agreement. AUD/USD Rate Clings to Bullish Series Ahead of G20 Summit Attention turns to the G20 Summit as White House economic advisor Larry Kudlow indicates that the Trump administration sees a ‘good possibility that a deal can be made,’ but failure to de-escalate the threat of a trade war may sap the appeal of the Australian dollar as it dampens the growth outlook for the Asia/Pacific region. Even though China’s Purchasing Managers Index (PMI) for manufacturing is anticipated to hold steady at 50.2 in November, the gauge for service-based activity is expected to downtick to 53.8 from 53.9 the month prior, which would mark the lowest reading since September 2016. Signs of slowerArticle source:...

USD Prices Mostly Resilient on FOMC Minutes, AUD/USD May Fall Next...

Asia Pacific Market Open – FOMC Minutes, USD, SP 500, AUD/USD SP 500 halts near-term uptrend as resistance held ahead of the G20 Leaders’ Summit FOMC minutes fail to offer meaningful weakness to USD after yesterday’s Powell talk AUD/USD struggling to push above trend line, may reverse near-term uptrend ahead Just getting started trading? See our beginners’ guide for FX traders to learn how you can apply this in your strategy! The SP 500 halted a 3-day winning streak on Thursday as it was tamed by a falling resistance line from October. Towards the end of the US trading session, equities gave up some of their gains which stemmed from hopes of a US China trade deal at this weekend’s G20 Leaders’ Summit in Argentina. Earlier in the day, President Donald Trump said that he is close to doing something with China. The last minute selloff might have reflected doubts about a resolution between the world’s largest economies given conflicting signals out of the White House in recent weeks. On the sidelines, within an hour of Trump advocating for a meeting between him and Russia’sArticle source:...

Crude Oil Price Outlook: WTI Catches Support at $50- Can It Hold?...

Updated weekly technicals on Crude Oil (WTI) – Risk for further losse sub-55.21 Check out our 4Q projections in our Free DailyFX Crude Oil Trading Forecasts Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. Crude oil has plummeted a staggering 33% from the yearly highs registered just last month with prices poised to snap a seven-week losing streak after rebounding from nearby confluence support. Here are the key targets invalidation levels that matter on the Crude Oil (WTI)weekly chart heading into the close of the month. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more. New to Oil Trading? Get started with this Free How to Trade Crude Oil Beginners Guide Crude Oil Weekly Price Chart (WTI) Notes: Earlier this month our ‘bottom line’ highlighted that crudeArticle source:...

Gold Price Outlook Mired by Failed Attempt to Test Monthly-High...

Gold Talking Points Gold appears to have marked a failed run at the monthly-high ($1237) as it snaps the range-bound price action from the previous week, and the precious metal may exhibit a more bearish behavior over the coming days as it initiates a series of lower lows. Gold Price Outlook Mired by Failed Attempt to Test Monthly-High It seems as though the recent rebound in gold will continue to unravel as the Federal Reserve is still expected to deliver a 25bp rate-hike in December, and rising interest rates may continue to sap the appeal of bullion as the central bank appears to be on track to carry the hiking-cycle into 2019. Even though Chairman Jerome Powell warns that the federal funds rate is ‘just below the broad range of estimates of the level that would be neutral for the economy,’ the fresh comments suggest the central bank will continue to normalize monetary policy over the coming months as ‘interest rates are still low by historical standards.’ The FederalArticle source:...

USD/JPY Strength Fizzles as Fed Chairman Powell Softens Hawkish Tone...

Japanese Yen Talking Points USD/JPY quickly pulls back from a fresh weekly-high (114.04) as Federal Reserve Chairman Jerome Powellwarns that the benchmark interest rate is ‘just below the broad range of estimates of the level that would be neutral for the economy,’ and the exchange rate may continue to consolidate over the remainder of the month as it marks another failed attempt to test the 2018-high (114.55). USD/JPY Strength Fizzles as Fed Chairman Powell Softens Hawkish Tone Chairman Powell appears to be adopting a less-hawkish tone ahead of 2019 as ‘sustained declines in equity prices can put downward pressure on spending and confidence,’ and the comments infer that the Federal Open Market Committee (FOMC) is nearing the end of the hiking-cycle as the central bank head notes that ‘the economic effects of our gradual rate increases are uncertain.’ With that said, updates to the core Personal Consumption Expenditure (PCE) may also produce headwinds for the U.S. dollar as the Fed’s preferred gauge for inflation is expected to narrow to 1.9% from 2.0% per annum in September, and signs of limitedArticle source:...