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October 14, 2024

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Oil and Natural Gas: New Targets and Prices for this Week

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Oil and Natural Gas: New Targets and Prices for this Week

  • At the opening of this week’s session, the oil price was under pressure, and we saw a bearish gap between $75.56 and $75.00
  • On Friday, the price of natural gas was under a lot of pressure in the $2.94 zone

Oil chart analysis

At the opening of this week’s session, the oil price was under pressure, and we saw a bearish gap between $75.56 and $75.00. We did not stop there but continued to pull down to the $74.10 level. After that, we managed to initiate a recovery that did not last long, and we find resistance at the $74.85 level. An additional break in the EMA 50 moving average in that zone had the effect of oil starting a retreat back to the $74.10 level.

Currently, the price is under pressure in the EU session, and we expect to see a further retreat and fall to a new daily low. We hope for support in the EMA 200 moving average in the zone of $73.50 levels. Potential lower targets are $73.00 and $72.50 levels. For a bullish option, we need a positive consolidation of the oil price above the $75.00 level. There, we expect to find support in the EMA 50 moving average. After that, the price has a chance to close this morning’s gap.

 

Natural gas chart analysis

On Friday, the price of natural gas was under a lot of pressure in the $2.94 zone. After losing the previous momentum, we saw the initiation of a bearish consolidation below the EMA 200 moving average. That strengthened the bearish momentum, and by the end of the market closing, the price dropped to the $2.84 level. During this morning’s Asian trading session, natural gas remained in the support zone without the strength to move above the $2.85 level.

The current picture is unfavorable for the price, and we can expect to start a new pullback to a new low. Potential lower targets are $2.82 and $2.80 levels. For a bullish option, we need a positive consolidation above the daily open level of $2.85. After stabilizing there, we can hope for a new positive consolidation and further recovery. Potential higher targets are $2.86 and $2.88 levels.

 

The post Oil and Natural Gas: New Targets and Prices for this Week appeared first on FinanceBrokerage.

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Economy

The dollar index is in a good position to remain bullish

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The dollar index is in a good position to remain bullish

  • Last week, we saw the dollar index rise to 103.18, a new October high

Dollar index chart analysis

Last week, we saw the dollar index rise to 103.18, a new October high. Friday was marked by consolidation in the 102.80-103.00 range. While we were consolidating, the EMA 50 moving average approached us. This influenced us to see a bullish impulse up to 103.10 levels on Monday at the start of the Asian session. The dollar index continues to maintain above the 103.00 level for the rest of the day.

We do not rule out a pullback to the daily open level where we would test the EMA 50 moving average. There is a good chance that we will see a bullish consolidation in the US session and test this morning’s high. Potential higher targets are 103.10 and 103.20 levels.

 

The index sits at 103.00 in anticipation of a new bullish impulse

For a bearish option, the dollar index would have to close below the EMA 50 moving average and the daily open level. This moves us to a new daily low, and we will be under pressure to start a further pullback. The critical level is 102.80, and a pull below will further strengthen the bearish momentum. Potential lower targets are 102.70 and 102.60 levels. The EMA 200 moving average is far away at the 102.30 level.

On Monday and Tuesday, we don’t have that much significant economic news, but that’s why many geopolitical events could affect the movement of the dollar index. For Wednesday, we highlight the British CPI; forecasts announce a drop in inflation from 2.20% to 1.90%. Thursday is full of important economic news. We are starting from the Eurozone CPI, and a decrease in inflation is forecast here. After that, the European Central Bank will announce the future interest rate at the start of the US session. Expectations are that we could see a reduction in the interest rate from 3.65% to 3.40%. From the US news, we highlight Core Retail Sales, Initial Jobless Claims, the Philadelphia Fed Manufacturing Index, and Retail Sales.

 

The post The dollar index is in a good position to remain bullish appeared first on FinanceBrokerage.

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Economy

EURUSD and GBPUSD: EURUSD stabilizes before the ECB report

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EURUSD and GBPUSD: EURUSD stabilizes before the ECB report

  • During this morning’s Asian trading session, EURUSD made a retreat to the 1.09154 level
  • During this morning’s Asian trading session, GBPUSD was under pressure to a new low of 1.30400

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD made a retreat to the 1.09154 level. After receiving new support at that level, the pair starts with bullish consolidation up to the 1.09320 level. We are on our way to return to the weekly open level and climb to the positive side. If we can do that, the chances of seeing further progress with the help of the EMA 50 moving average increase.

Potential higher targets are 1.09500 and 1.09600 levels. For a bearish option, we need a negative consolidation and pullback of EURUSD to the 1.09200 support zone. This time, we expect the euro to take a step lower to a new daily low. Potential lower targets are 1.09150 and 1.09100 levels. We also do not rule out testing last week’s low at the 1.09000 level.

 

GBPUSD chart analysis

During this morning’s Asian trading session, GBPUSD was under pressure to a new low of 1.30400. After that, we saw the initiation of a bullish consolidation of the pound back to the daily open level. Here, we hope that EMA 50’s moving average support will stay on the bullish side for continued recovery. Potential higher targets are 1.30800 and 1.30900 levels.

For a bearish option, we need a negative consolidation and a new pullback of GBPUSD down to the support zone. This time, we hope that the pound will not hold and will make an impulse down to a new daily low. Potential lower targets are 1.30300 and 1.30200 levels. Tomorrow’s news on British inflation could determine the next trend of GBPUSD. Expectations are that we will see a drop in inflation, which should signal the Bank of England to continue cutting interest rates.

 

The post EURUSD and GBPUSD: EURUSD stabilizes before the ECB report appeared first on FinanceBrokerage.

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Economy

USDCHF and USDJPY: New Targets and Prices for the New Week

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USDCHF and USDJPY: New Targets and Prices for the New Week

  • On Friday, the USDCHF stabilized at the 0.85600 level
  • For the third day in a row, USDJPY has been in bullish consolidation with the formation of a new high at 149,470

USDCHF chart analysis

On Friday, the USDCHF stabilized at the 0.85600 level. During this morning’s Asian trading session, the pair was driven by bullish consolidation and formed a new daily high at the 0.86000 level. We have support from the EMA 50 moving average and hope for a continuation to the bullish side. In the US session, USDCHF could continue to recover to a new daily higher high. Potential higher targets are 0.86050 and 0.86100 levels.

For a bearish option, we need a negative USDCHF consolidation down to the 0.85800 level. There, the pair will test the EMA 50 moving average before continuing the pullback. In the 0.85700 zone, we encounter the weekly open level. If the bearish momentum strengthens, we will see a drop below to the negative side and the formation of a new low. Potential lower targets are 0.85650 and 0.86000 levels.

 

USDJPY chart analysis

For the third day in a row, USDJPY has been in bullish consolidation with the formation of a new high at 149,470. During this morning’s Asian session, the pair stabilized at 149.20. In the EU trading session, bullish momentum is growing, and USDJPY maintains around the 149.40 level. For now, everything indicates that we are going up and expect a break above the 149.50 level. Potential higher targets are 149.60 and 149.70 levels.

For a bearish option, we need a USDJPY pullback down to the 149.20 support zone. We are close to testing the daily open level. This time, the pair needs to slide below and form a new daily low. Potential lower targets are 149.00 and 148.80 levels. We can expect additional support in the EMA 50 moving average around 149.00.

 

The post USDCHF and USDJPY: New Targets and Prices for the New Week appeared first on FinanceBrokerage.

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Economy

AUDUSD and AUDNZD: New Weekly Targets and Prices

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AUDUSD and AUDNZD: New Weekly Targets and Prices

  • At the market opening this morning, AUDUSD made a bearish gap and started a new pullback
  • During this morning’s Asian trading session, AUDNZD traded in the 1.10400-1.10700 range

AUDUSD chart analysis

At the market opening this morning, AUDUSD made a bearish gap and started a new pullback. We failed to move above 0.67400 and EMA 50 moving average. This led us to initiate a bearish consolidation around the 0.67200 level. If the pair continues this trend, we expect to see a test of 0.67000 and thus test last week’s low. Potential lower targets are 0.66800 and 0.666600 levels.

For a bullish option, the AUDUSD must first stabilize before initiating a bullish consolidation. Then, we hope for a return above the 0.67500 daily open level. With that, we move to the positive side and close this morning’s gap. After that, the AUDUSD has an opportunity to subdue the bullish consolidation and continue the recovery. Potential higher targets are 0.67600 and 0.67800 levels. Additional resistance to our teaching on the bullish side is the EMA 200 moving average in the 0.67800 zone.

 

AUDNZD chart analysis

During this morning’s Asian trading session, AUDNZD traded in the 1.10400-1.10700 range. The pair has solid support, and if it holds there, we could see the initiation of a bullish consolidation above today’s high. This gives us enough momentum to stay on the positive side. Potential higher targets are 1.10700 and 1.10800 levels. Last week’s high is another step to 1.10900.

For a bearish option, we need AUDNZD to fall below the daily open level first. After that, we will see the strengthening of bearish pressure on the pair to continue further retreat towards 1.10300, where the EMA 200 moving average awaits us. This time, we expect a breakout below as well as an increase in bearish momentum. Potential lower targets are 1.10200 and 1.10100 levels.

 

The post AUDUSD and AUDNZD: New Weekly Targets and Prices appeared first on FinanceBrokerage.

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