Yesterday crude fell 63 cents, reaching $53.60 per barrel, after recording maximums in this year at $54.83. We should remember that since the minimum at $32.40, the level lower in 2008, crude oil has picked up slowly. However, crude oil traded well below the highs recorded in the area of $147 during the month of July 2008. The global economic crisis has hurt demand for this commodity, and inventories are on the rise while the price of crude oil falls. However, latest economic publications have driven some optimism, and several analysts already speak of that you will notice a clear improvement for mid-2009 and is for this reason that they estimate that crude oil would be about $65 in the long term.
News technical EUR/USD pair has traded within a significant downtrend, and has reached the 1.3250. However, after three unsuccessful attempts to break the current levels, seems to be that the 1.3250 level will be reversal signal. Schedule chart, shows the IHR has already reached the 30 line, and now it is hinted a rise. Go long with stops would be the preferred strategy to follow. GBP/USD seems the Cable is ending its upward trend. The daily chart with bands Bollinger shows that they have already reached the key points. Also the daily chart, shows the stochastic slow with a bearish hint.
Go short with stops would be the preferred strategy to follow. The pair USD/JPY is located within a downtrend and is currently traded in the zone of the 98.10. Apparently the 97.90 level is a significant level of support. And if the pair managed to break that level of support, may have a new drop location. USD/CHF pair continued to suffer from volatility, and currently round the 1.1340. The 4 hours chart shows a bassist, and the hourly chart, training slow stochastic shows a possible downtrend. Go short with stops would be the preferred strategy to follow. The letter of the day oil in the daily chart shows a bullish formation. However, the rest of the indicators hint at a downward slope, and apparently will happen a correction. This phenomenon can be exploited by investors and thus enter the trend.