Following up on Sunday’s blog post (read it HERE), crude has now broken below the horizontal support area and the ascending channel’s support (both confluenced at $63.75).
The USD (DXY) has been range bound for months, and mostly this is a product of many cross currents in the markets. Equity market volatility, weakness of fundamental data globally stating to seep in, the FOMC looking to be at the end of their hike cycle, China and US trade war brewing, and the list […]
After a huge move that pushed it from as high as $77 to almost 42 within a 3 month period, crude found a low 1 day before the Christmas break.
The USDCAD rallied to new highs for 2018 as crude oil pushed below the $47 level today.
The USDNOK pullback from the ascending wedge was limited to the 38% Fibonacci retracement which has allowed for a turn to new trend highs.
Crude oil has fallen quite dramatically in the last few weeks and over 28% from the 2018 highs set in October.
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