Tuesday, November 28, 2023
  • Home
  • About Us
  • Advertise
  • Contact Us
  • Login
  • Register
MYFOREX Analyst
No Result
View All Result
Forex Training
Open Account
  • Global Financial News
  • Analyst Guide
    • FX Analyst pieces
    • Scrum session
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
  • Global Financial News
  • Analyst Guide
    • FX Analyst pieces
    • Scrum session
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
MYFOREX Analyst
Home Global Financial News

Crude Oil Holds the High Ground as US Jobs Data

fxanalyst by fxanalyst
July 9, 2023
in Global Financial News
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Crude Oil, EIA, API, Federal Reserve, Non-farm Payrolls, AUD, CAD, NZD, Gold – Talking Points

  • Crude oil has been buoyed by shrinking stockpiles and solid US data
  • The extent of Fed hawkishness has been reappraised by the market
  • If today’s US non-farm payrolls beat estimates, will WTI break higher?

Recommended by Daniel McCarthy

Get Your Free Oil Forecast

Crude oil is bumping up against the top end of the recent range going into Friday’s session as robust US data lifted the outlook for economic activity in the world’s largest economy.

Stockpiles of crude reported by the US Energy Information Agency (IEA) revealed a drop of 1.508 million barrels for the week ended June 30th against 983k barrels anticipated and 9.603 fewer barrels in the prior week.

Earlier in the week, the American Petroleum Institute (API) inventory report showed a decrease of 4.382 million barrels for the same week. The shrinking reserves may hint toward a US economy continuing to thrive in the face of the Federal Reserve’s tightening measures.

Compounding this perspective was the ADP National Employment Report that showed 497k non-farm private jobs were added in June, well above estimates of 228k.

Later today, the market will be focussing on the US Bureau of Labour Statistics non-farm payroll figures. A Bloomberg survey of economists estimates that 230k jobs were added last month.

All this positive news saw Treasury yields marching higher again with the benchmark 10-year bond trading back above 4%.

The vigour in the labour market lifted the prospect of a more hawkish Fed at their meeting on the 26th of July. Wall Street finished lower in its cash session and APAC equity indices followed the lead with a sea of red across the region.

The growth-linked currencies of AUD, CAD and NZD are struggling going into the end of the week. Spot gold is also eyeing a 4-month low, trading near US$ 1,910 at the time of going to print.

After US non-farm payrolls data, ECB President Christine Lagarde will be speaking.

The full economic calendar can be viewed here.

Recommended by Daniel McCarthy

How to Trade AUD/USD

WTI CRUDE OIL TECHNICAL ANALYSIS

WTI crude continues to see range trading conditions with the price contained within 66.80 – 75.06 for more than 2 months. More broadly, it has traded between 63.64 and 83.53 since last November.

With this in mind, previous highs and lows might provide resistance and support respectively.

On the downside, support may lie at 67.03, 66.82, 66.80, 64.36, 63.64 or at the November 2021 low of 62.43.

On the topside, resistance could be at 72.72, 73.28, 75.06, 76.92 and 79.18 ahead of a cluster of breakpoints and prior peaks in the 82.50 – 83.50 area.

image1.png

Chart created in TradingView

— Written by Daniel McCarthy, Strategist for DailyFX.com

Please contact Daniel via @DanMcCarthyFX on Twitter

Previous Post

Markets Q3 Outlook: Gold, US Dollar, Nasdaq 100, Crude Oil,

Next Post

AUD/CAD Short, GBP/USD Long, NZD/JPY Short and CAD/CHF Long for

Related Posts

XAG/USD on the Rise, Sustaining Upward Momentum for TVC:SILVER by

November 28, 2023

OPEC+ summit anticipation affects oil prices ahead of Thursday meeting

November 28, 2023

NVDA Pullback

November 28, 2023

Crude oil settles lower ahead of OPEC+ meeting By Investing

November 28, 2023

Gold Prices Defy Pivotal Technical Resistance, AUD/USD Attempts Bullish Breakout

November 28, 2023

Oil falls, Brent settles below $80 ahead of OPEC+ meeting

November 28, 2023
Next Post

AUD/CAD Short, GBP/USD Long, NZD/JPY Short and CAD/CHF Long for

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Economic News

  • Market News
  • Nigerian Financial News
  • Socio economical
  • Technological News
  • Political

Educational Materials

  • Videos
  • PDF
  • Analysis
  • Review sessions

Analyst Guide

  • Expert Advisors
  • FX Analyst pieces
  • Swing Trading sessions
  • Scrum session

Quick Link

  • Expert Advisors
  • Market Analysis
  • About us
  • Advertise with us
  • Contact us
Open Trading Account

© 2022 Myfxanalyst.com by MA Digitals.

Risk Warning

The information and materials submitted by myfxanalyst.com are exclusively for informative/educational purposes, and may not be considered recommendations for buying, selling or keeping financial instruments. Financial Instruments are leveraged instruments that carry a high degree of risk

No Result
View All Result
  • Login
  • Sign Up
  • Home
  • Global Financial News
  • Economic News
  • Analyst Guide/Insights
    • FX Analyst pieces
    • Scrum session
    • Swing Trading sessions
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
    • Combination of Templates
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
  • Explore
    • About Us
    • Advertise
    • Contact Us
Forex Training

© 2022 Myfxanalyst.com Design by MA Digitals

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In