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Earlier rally in WTI crude oil fizzled out ex-post OPEC+ meeting due to uncertainty over 2024 oil supply cut commitments from members. The strongest commitment came from Saudi Arabia where it will extend its its voluntary 1 million barrels per day supply through Q1 2024 while Angola has decided to go against its newly reduced […]

The post WTI Oil Technical: Positive Elements Intact Ex-post OPEC+ appeared first on Action Forex.

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23/10/2024

Silver Wave Analysis

Silver under bullish pressure Likely to rise to resistance level 36.00 Silver is under bullish pressure after the earlier breakout of the resistance level 32.40 (which has been steadily reversing the price from the middle of May) intersecting with the resistance trendline of the daily up channel from the start of August. The breakout of […]
15/05/2024

EUR/USD – USD/JPY – USD/CAD Technical Analysis Overview ahead of US CPI and Retail Sales

US Consumer Price Index – US CPI The core CPI, which excludes Energy and food products, came in at 3.8% in March, slightly higher than 3.75% in February 2004. The uptick was mainly driven again by a rise in the cost of services. The increase in the cost of the transportation services sector was mainly […]
06/07/2024

The Weekly Bottom Line: Gearing Down

U.S. Highlights This week’s data all flashed signs of an economy slowly gearing down. Both ISM indicators signaled contraction, while revisions to prior month’s payrolls gains and an uptick in the unemployment rate show the labor market continues to cool. All eyes will now be focused on next week’s Consumer Price Index report to see […]