Forex Market Commentary
Markets round the globe on standby by as traders watch for Fed comments and the next direction of the all important USD. Whilst markets have one opinion on where rates should be the Fed has other ideas considering economic data and policy making. Should market prices be set by the Fed or should rates be determined by the market becomes the perennial questions as viewpoints begin to stretch at this important year. The U.S. Commerce Department is scheduled to issue its first snapshot of Q1 GDP on Wednesday at 8:30 a.m. Even though the Us economy grew at a very slow pace in Q1 growth is expected to pick up given that we are now over the shock drop in oil prices and Dollar increases in tandem. stock analysts predict further growth in US stocks and increased dividends as a result of the Fed not making an anticipated move in September this year.
Today's article on Reuters highlights the time lag involved between price movement and physical demand. Now that prices are lower than last year Asian demand for crude oil is booming.
http://www.reuters.com/article/2015/04/28/us-saudi-oil-china-idUSKBN0NJ17F20150428
Please note that technical data should only be used as a guide but be aware that it is the fundamental data which becomes the trigger that pushes prices into equilibrium of demand and supply.
Today's article on Reuters highlights the time lag involved between price movement and physical demand. Now that prices are lower than last year Asian demand for crude oil is booming.
http://www.reuters.com/article/2015/04/28/us-saudi-oil-china-idUSKBN0NJ17F20150428
Please note that technical data should only be used as a guide but be aware that it is the fundamental data which becomes the trigger that pushes prices into equilibrium of demand and supply.
Always look to support and resistance band lines as the key to understanding in the long and short term where prices are converging. Professional technical traders use 50 day and 200 day medium and slow moving averages as fundamental cornerstones for interpreting the direction of price action.
USDX
96.171 +0.063 +0.08%
Support 95.471 Resistance 95.471
EUR
1.096350 -0.000785 -0.07%
Support 1.08190 Resistance 1.10810
Crude Oil
56.91 -0.15 -0.26%
Support 55.23 Resistance 58.75
Gold
1211.070 +1.170 +0.10%
Support 1,193 Resistance 1,225
Pieter Bergli - DeLoren Trust Holdings
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