MARKET BRIEFING – LONDON OPEN 03.03.2016

MARKET BRIEFING – LONDON OPEN 03.03.2016

Postby Atlas CapitalFx » Thu Mar 03, 2016 7:09 am

MORE ON ACFXblog.com









MARKET BRIEFING – LONDON OPEN 03.03.2016




There is a view spreading among traders that the fall in oil prices, which started in the middle of 2014, might have bottomed out as production is slowing down and the demand remains strong.

This morning oil prices continued to show growth as investors are confident that the near future demand for raw materials will increase. The Brent oil reached US$ 37.47 high, and WTI surged to US$ 35.92 last afternoon according to the trading data.

Nevertheless, most analysts do not expect a sharp rise in the oil prices anytime soon, as the supply continues to exceed the demand, and the global stocks of the raw material are increasing with the unsold commodity.

According to estimates, around 1 to 2 million barrels above average demand are currently produced on the daily basis. In addition, some experts believe that the recent attempt of the non-OPEC oil producing countries to freeze the supply will not be able to curb the oversupply in the market.

Yesterday, the US Energy Information Administration announced a 10.4 million barrels increase held in inventory by commercial firms during last week. This is the highest level since April 2015.

The news though did not affect the highly dependent Canadian dollar, which continued to strengthen last afternoon. Australian Dollar has also surged higher and was trading at 0.7323 against the US Dollar this morning, being the pair’s this year high. The US Dollar Index stayed largely unaffected.










EURUSD

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0950

Target 2: 1.0780

Projected range in ATR’s: 0.0083

Daily control level: 1.0896



GBPUSD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4230

Target 2: 1.3925

Projected range in ATR’s: 0.0152

Daily control level: 1.3895



USDJPY

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 114.70

Target 2: 113.50

Projected range in ATR’s: 1.27

Daily control level: 113.15




USDCHF

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0045

Target 2: 0.9880

Projected range in ATR’s: 0.0082

Daily control level: 0.9945




USDCAD

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3545

Target 2: 1.3275

Projected range in ATR’s: 0.0135

Daily control level: 1.3500




AUDUSD


Image


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7375

Target 2: 0.7205

Projected range in ATR’s: 0.0086

Daily control level: 0.7115




GOLD


Image


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1263.00

Target 2: 1215.00

Projected range in ATR’s: 23.79

Daily control level: 1224.45




OIL

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 36.55

Target 2: 32.80

Projected range in ATR’s: 1.87

Daily control level: 33.45








MORE ON ACFXblog.com
Atlas CapitalFx
 
Posts: 678
Joined: Mon Dec 17, 2012 7:53 am

Return to Daily market technical Analysis And outlook By ACFX.com



cron