Oil prices managed to recover from sharp losses yesterday, but still remain in the red for the week. At the start of today’s session, prices were a little weaker as speculators made a more sober assessment of yesterday’s oil report. At first sight, the EIA’s weekly crude stocks data appeared bullish.
Some breakout setups with forthcoming trending weekly pivots are in place for the week in the euro, pound, crude oil, gold by pivot and range math, and the Aussie by daily narrowed range breaking higher. Going long the Aussie, crude and gold today (Friday) are weekly-expiration, daily candlestick trade ideas.
Crude oil prices have bounced off their worst levels amid profit-taking after falling for the third consecutive day. Oil prices have given back a significant chunk of their gains made over the past couple of weeks.
The Cycle Projection Oscillator (CPO) is a technical tool that employs proprietary statistical techniques and complex algorithms to filter multiple cycles from historical data, combines them to obtain cyclical information from price data and then gives a graphical representation of their productive behavior. Other proprietary frequency domain techniques then are employed to obtain the cycles embedded in the price.
Market optimism over a “soft Brexit” outcome sharply deteriorated on Wednesday, after the European Union published a draft withdrawal agreement calling for Northern Ireland to stay in the customs union.
Fed Chair Jerome Powell shook the markets by stating the obvious. Powel said that ”every participant in the FOMC submits a projection of what they feel is going to happen to the economy and also their projection for appropriate monetary policy.