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Jan. 28, 2021

Oil moved to $52.75 ahead of the United States GDP today at 1:30 PM

Live - Updated 22 minutes ago.

United States GDP is next today at 1:30 PM

As the market gets ready for data release – USD/SGD made its largest single-day gain (58 pips) since September 2020. EUR/NZD broke through the 1.7039 resistance. USD/MXN is trading around 20.3805 (up 122 pips).

Oil technical analysis picture ahead of data: Crude might start to recover soon because it is getting closer and is now only 74 cents from the support line at $52, obviously dipping below it could be an indication that further losses are ahead. At $52.58, Crude made an initial breakout below the 10 day Simple Moving Average, an indication of a negative trend. The upper Bollinger band is at $54.93 and the lower is $49.12. Overall, the technical analysis suggests crude oil is neutral for the immediate future, with no clear-cut direction.

Earlier data releases related to Crude – United States Crude Oil Inventories fell short of the 430,000 projections, at -9.91 million and continued its downward trajectory from the previous figure of 4.35 million. The United States's Interest Rate published yesterday at 7:00 PM came out at 0.25. The indicator value matched both the projected value and the previous data of 0.25.

Coming up for Crude oil – United States Pending Home Sales projected to outperform last figure with -0.1, while it previously stood at -2.6, figure will be published tomorrow at 3:00 PM. United States New Home Sales is projected to outperform last figure with 865,000, while it previously stood at 841,000, data will be released today at 3:00 PM.

Crude oil social media highlights:

Jan. 27, 2021

Crude traded at $52.63 after United States Interest Rate data

(22:27) GMT

The United States Interest Rate hit expectations with new data of 0.25.

The EUR/NZD fell to 1.6791, hitting an 11 month low. USD/MXN is trading around 20.2448 after starting the session at 19.9913 (up 1.27%). USD/ZAR is trading around 15.2453 (up 199 pips).

Crude oil reversed direction at $52 support zone and climbed 62 cents above it. At $52.58, Crude made an initial breakout below the 10 day Simple Moving Average, an indication of a negative trend. The upper Bollinger band is at $55.05 and the lower is $48.56. Overall, technical indicators suggest oil has no obvious direction for the immediate future.

United States Crude Oil Inventories published today at 3:30 PM came out at -9.91 million, falling short of the 430,000 projections and continuing its decline from the previous 4.35 million figure. United States Consumer Confidence beats expectations of 89 with the new data release of 89.3. This is also a step forward from the previous data of 87.1.

United States GDP seems to be pointing downwards with an expected four while the preceding figure was 33.4, New data will be released tomorrow at 1:30 PM. United States New Home Sales is projected to outperform last figure with 865,000 while it previously stood at 841,000, data will be released tomorrow at 3:00 PM.

Crude oil social media highlights:

Jan. 26, 2021

Crude trades at $52.75 after good United States Consumer Confidence data

(22:27) GMT

Crude was mostly unaffected by United States Consumer Confidence beating expectations with new data of 89.3, now trading at $52.75.

The EUR/NZD fell to 1.6792, hitting an 11 month low. USD/ZAR went down to 15.0449 (165 pips). The Canadian Dollar broke through the 1.27 support line, and dropped 14 pips below it.

Oil is getting closer and is now only 74 cents from the support line at $52. Dipping below it might indicate further losses are ahead. At $52.66, Oil made an initial breakout below the 10 day Simple Moving Average. The upper Bollinger band is at $55.15 and the lower is $48.05. Overall, the technical analysis suggests crude oil is neutral for the immediate future, with no clear-cut direction.

The United States API Weekly Crude Oil Stock published today at 9:30 PM came out at -5.27 million, falling short of the 603,000 projections and continuing its decline from the previous 2.56 million figure. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Nov) comes out at 9.1, above the estimate of 8.6. This is also a step forward from the previous data of eight.

Tomorrow at 3:30 PM, data for United States Crude Oil Inventories will be released, with an expected decline to 603,000 from the preceding figure of 4.35 million. The United States Interest Rate is expected tomorrow at 7:00 PM.

Crude oil social media highlights:

Jan. 25, 2021

Trend reversal? After three days of going down, Crude oil up 59 cents today

(22:27) GMT

Hesitant but green: from an earlier low of $51.82, Crude is up to $52.87 gaining 59 cents compared to the $52.27 start of the day (1.15%).

USD/MXN is trading around 20.1005 (up 154 pips).

In the meantime, Canadian Dollar broke through the 1.27 support line, and dropped 2 pips below it.

Crude oil eyes resistance at $53.24 and is now only 37 cents away. Crossing it might suggest a continuation of a positive trend. At $52.66, crude oil made an initial breakout above the 10 day Simple Moving Average. The upper Bollinger band is at $55.2 and the lower is $47.53. Overall, the technical analysis suggests crude oil is neutral for the immediate future, with no clear-cut direction.

The market is looking forward to United States Consumer Confidence projected to outperform the last figure with 89, while it previously stood at 88.6, figure will be published tomorrow at 3:00 PM. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Nov) is projected to rise to 8.1, beating the previous 7.9 figure. Official data is expected tomorrow at 2:00 PM. The United States API Weekly Crude Oil Stock will be released tomorrow at 9:30 PM.