WTI Extends Decline As Crude Stocks Increase Sharply

Fawad Razaqzada

Undoubtedly, a growing number of people – myself included – are no longer expecting the current oil market imbalance to correct itself as fast as it had appeared to be the case up until a week ago. Several things have changed in recent days, not least for example the International Energy Agency’s (IEA) latest outlook with the oil forecaster no longer envisaging strong demand growth in 2016. more…

GBPUSD Trading Near Resistance; Downtrend Continuation May Be Near

Gregor Horvat

Pound has moved higher last week, more than we anticipated but still with potential corrective structure. We see three legs from the lows with wave (c) now trading near resistance. Usually corrections of second waves will retrace for nearly 50-61.8% compared to previous five wave move which in our case is very near so bearish turn may follow in sessions ahead. At the same time we also see cable at resistance of the previous swing low from Sep 16th. Technically speaking bears can cause a turning point soon, but downtrend continuation will be confirmed only when price goes beneath 1.5244. more…

EUR/GBP Is On A Bullish Path

Ville Vainio

EUR/GBP is on a bullish path and is nearing new mid term highs soon. After we have concluded this large corrective phase, larger reversal is expected. My preferred wave count is looking for a small degree 5 wave structure to be completed before larger reversal can occur. We have been on a corrective phase since march of 2015 and are nearing the end of this large structure. more…

Crude Oil Prices Gushing Higher

Fawad Razaqzada

WTI crude oil prices surged higher at the start of the week before falling slightly on Wednesday on the back the latest weekly EIA crude oil stocks data which showed a surprise build of 3.1 million barrels for the week ending October 2. But speculators have been quick to dismiss that small but noticeable rise on seasonal factors, as after all the end of the summer driving season more…

GBP/USD: Bulls Get A Day In The Sun On M&A Speculation, Economic Data

Matt Weller

The big news in global markets Wednesday was Anheuser-Busch InBev’s higher buyout offer to SABMiller. After the British-domiciled SABMiller turned down offers of £38 and £40 per share earlier, AB InBev raised its latest proposal to £42.15/share for a total value of $104B. If accepted and approved by anti-trust regulators (a big risk to any potential merger), the deal would create an international behemoth responsible for about one-third of global beer supply. more…

USDJPY: Bearish Pennant In Progress

Nenad Kerkez

USD has recovered to some extent after bad NFP result mostly by rising of US yields and general USD sentiment. Technically we can spot a huge bearish pennant on H4 chart with a clear range in between. Adding to that we can see that MACD is going sideways and histograms are very small which indicates that the pair is stuck in a range with no momentum. more…

USDCAD Can Still Be In A Corrective Phase

Gregor Horvat

USDCAD is turning sharply down from recent highs, which could be start of a new bearish cycle. However, we will always try to label the count so that we will stay with a trend. As such, we adjusted the labeling to a flat in wave 4) which can still drop nearly 300 pips before market can be looking for a support. At the moment we are tracking sub-wave C to 1.2950. Ideally more…

EURUSD: Outlook Remains Unchanged

Ville Vainio

Lower than expected NFP figures did not change the outlook for EURUSD. After a very complex sideways correction EURUSD is continuing the larger downwards trend. This next move down should be 3rd of a 3rd wave and the most powerful in the 5 wave sequence. I am expecting a similar and more powerful decline that we got from the high at 1.1713 to low of 1.10865. more…

Volatile Day For Crude And Canadian Dollar

Fawad Razaqzada

Crude oil and crude-related assets like the Canadian dollar have had a volatile session Thursday. Oil prices were initially higher and were on course to finish in the black for the third consecutive session. Sentiment in the oil market was improved on increased geopolitical risks arising from Russia’s military intervention in Syria and worries about supply outages in the US due to the developing Hurricane Joaquin. In addition, risk sentiment had improved more…

Better trader, better profits.