US Crude Oil Inventories: During the week ended Mar. 17, oil prices declined to their lowest since late November, after US crude stocks reached a record high of 5 million barrels. The Sharp gain was in contrast to analysts’ forecast of a 1.9 million increase. An agreement between the Organization of the Petroleum Exporting Countries and some non-OPEC producers to reduce output by 1.8 million barrels per day (bpd) in the first half of 2017 has done little to reduce bulging global oil stockpiles.
USD
Us Crude Oil Inventories
- EURUSD
Update: Again, the pair is traded below the level of 1.0800 so as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.0730 during the day. We could now say that the level of 1.0800 is a strong resistance level that can help the USD to gain value against the EURO
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0800 ▪-1.0900 ▪ 1.0950 |
▪ 1.0650 ▪-1.0600 ▪ 1.0500 |
Will the level of 1.0800 remain solid |
- GBPUSD
The level of 1.2600 (which was our target) was hit. Congratulations on this! As could be seen on the chart that the pair is about to form a head and shoulders pattern (that its second shoulder is around 1.2400) so a pullback is expected around this level so the head and shoulders pattern is successfully formed. If the assumption of forming a head and shoulders pattern is true, then the pair may stop falling around 1.2400 (when we say around a certain level this does not mean a specific price but it is an area of support)
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2500 ▪-1.2600 ▪ — |
▪ 1.2400 ▪ 1.2040 ▪ 1.2000 |
We remain bullish as long as the pair is traded above the level of 1.2400 |
- GOLD
Update: The way is widely open for the pair to reach the level of 1240. As could be seen on the chart above that the Gold managed to break through the level of $1250 and it reached the level of 1260 which is a very strong resistance level. Having the pair traded below the level of 1260 does suggest more downward movement during the week that it may reach the level of 1250 (again) as a first targeting that could be followed by 1240.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1260 ▪ 1250 ▪ — |
▪ 1220 ▪ 1190 ▪ 1180 |
We remain bearish as long as the pair is traded below the level of 1260. |
- AUDUSD
Update: The pair managed to rebound strongly around the level of 0.7600. Therefore, we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 0.7700 during the day. The pair managed to reach the level of 0.7600 (as we expected last week) which is, by the way, a very strong support area. We also find a good catch around this level that we may go long targeting the level of 0.7700 during the week. Otherwise, if the level of 0.7600 is broken by a daily close (below it) we go short targeting the level of 0.7500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7720 ▪ 0.7800 ▪– |
▪ 0.7410 ▪ 0.7400 ▪ 0.7600 |
We remain bullish as long as the pair is traded below the level of 0.7600 |
- GBPJPY
The pair managed to break through the level of 138 so it may continue going down to reach the level of 137 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142 ▪ 142.70 ▪ — |
▪ 138.70 ▪ 138 ▪ 137 |
We remain bearish as long as the pair is traded below the level of 138 |
