Crude OIL (week of 29-02/04)

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Weekly Summary

After starting the week at $60.87, Crude oil inches up to $61.24 (up 37 cents) .

A good end to the trading week, Oil closed at $61.24 with no clear-cut direction and ranged between $62.05 and $58.93. (Start trading Oil at FXTM today).

Crude oil shows positive signs, other assets are also on par: EUR/AUD hit a 3 year low, as it dropped to 1.5225 after 1 year, Yen hit a fresh high at 110.97.

At the same time, new 7 month high for GBP/NZD at 1.9822. At 0.8488, Euro/Pound is down to its lowest value in 1 year. The Euro/Dollar hit a 5 month and a half low, as it dropped to 1.17

Apr. 2, 2021

Crude oil goes up to $61.24 up $1.79

(23:27) GMT

Oil yesterday at a glance – Oil rallied $1.79 (3.02%) deep into the session, closing at $61.24. (Trade Crude oil with FXTM now).

The Crude oil green move comes while some more encouraging signs are out as data for United States Non Farm Payrolls released today at 12:30 PM came out at 916,000, beating projections of 647,000 and showing improvement over the preceding figure of 468,000. The United States Unemployment Rate matches expectations with the new data release of six. This is also a step forward from the previous data of 6.2. The United States ISM Manufacturing PMI (Mar) beat expectations of 61.3 with new data release of 64.7. This is also a step forward from the previous data of 60.8.

A visual analysis of the Oil's price graph shows although crude oil is green today and was as high as $61.73, it seems to be slowing down slightly and moving away from the $63.53 resistance line, and is now $2.29 below it. In terms of trend indicators, we can see that at $60.69, Oil made an initial breakout above the 50 day Simple Moving Average, an indication of a positive trend.

Overall, technical indicators suggest oil has no obvious direction for the immediate future.

Oil shows positive signs, other assets are also on par: S&P 500 reaches a new record high at 3,994.41. After 6 months, GBP/NZD hit a fresh high at 1.977.

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