Oil prices reach highest since Nov 2014 on Venezuela, Iran worries
U.S. oil prices rose above $70 a barrel on Monday for the first time since November 2014 and Brent crude climbed to fresh highs, buoyed as a deepening economic crisis in Venezuela threatened the country’s already tumbling oil supply. Read More @ https://www.reuters.com/article/us-global-oil/oil-prices-reach-highest-since-nov-2014-on-venezuela-iran-worries-idUSKBN1I801Z?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
U.S. Oil Prices Hit $70 a Barrel for First Time Since ’14
US crude settled at $70.73 per barrel. It dropped back below $70 later in electronic trading, after Trump said he would announced his decision on the Iran deal on Tuesday afternoon. The recent surge in prices suggests markets are assuming there will be some disruption to Iran’s exports, Shum said. Trump has to decide by May 12 whether to bring back sanctions against the country. Read more @ https://www.nytimes.com/2018/05/07/business/energy-environment/crude-oil-prices.html?partner=rss&emc=rss
WHAT IS THE USD INDEX SAYING?
If you ar trying to Short the USD; WAIT not yet!!! $94 will be a good place to Short the USD. Price is heading for Wave 2. This afternoon President Donald Trump will give an answer to IRAN deal. Expect Volatility.
TODAY’E NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 9.30am – Australia Retail sales – expected to be good. We are cautious BUYING AUD.
- Tentative China Trade Balance. Will move AUD & NZD pairs.
- 11.00am – Inflation expectation – expected to be neutral or weak.
- Tentative China USD-Dominated Trade Balance – expected to be high. We maintain SELL for USDCNH.
- 2.00pm – German – Industrial Prod & Trade Balance – expected to see some improvements. We are cautious of EURO as it touches the RSI Support. Short Term still looks like a sell.
- 3.15pm – FED Chairman Powell expected to speak – volatility expected for OIL & USD.
- Tentative IBD/TIPP Economic Optimism – ISD expected to move upwards.
High Risk Investment Warning:
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