The NZDUSD price faced additional negative pressure to test the EMA50 that forms key support at 0.5670$, noticing that the price rebounds bullishly from there to reach the thresholds of 0.5738$ level, waiting to breach this level to confirm the continuation of the bullish wave in the upcoming sessions.
West Texas Intermediate (WTI) Oil price advances on Wednesday, according to FXStreet data. WTI trades at $72.24 per barrel, up from Tuesday’s close at $71.74.
Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $75.45 price posted on Tuesday, and trading at $75.94.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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Nu Holdings’ stock price (NU) fell in the intraday levels with negative pressure due to negative signals from the RSI after reaching overbought levels, amid the dominance of the upward trend in the medium term, with positive support from trading above the 50-day SMA, as the stock tries to collect profits and gather positive momentum to rise anew.
Therefore we expect the price to return higher and target the pivotal resistance of $16.15, provided it settles above $13.19.
Platinum price surrendered to stochastic negativity this morning, to notice moving towards the minor bullish channel’s support line at 971.00$, hinting postponing the bullish attempts until gathering the positive momentum again.
We expect to get sideways trades now, noting that facing additional negative pressures might force it to crawl below the current support line to suffer losses by moving towards 958.00$ followed by attempting to test the next support at 950.00$, while rallying above 983.00$ again will reinforce the chances of renewing the bullish attempts, to target 1005.00$ as a first positive station.
The expected trading range for today is between 960.00$ and 983.00$
Platinum price surrendered to stochastic negativity this morning, to notice moving towards the minor bullish channel’s support line at 971.00$, hinting postponing the bullish attempts until gathering the positive momentum again.
We expect to get sideways trades now, noting that facing additional negative pressures might force it to crawl below the current support line to suffer losses by moving towards 958.00$ followed by attempting to test the next support at 950.00$, while rallying above 983.00$ again will reinforce the chances of renewing the bullish attempts, to target 1005.00$ as a first positive station.
The expected trading range for today is between 960.00$ and 983.00$
Silver turns positive for the third straight day and climbs to a fresh weekly high.
The technical setup favors bulls and supports prospects for further appreciation.
Any corrective slide toward $32.00 might now be seen as a buying opportunity.
Silver (XAG/USD) attracts some dip-buyers in the vicinity of the $32.00 round figure and turns positive for the third consecutive day on Wednesday. The white metal climbs to a fresh weekly high during the first half of the European session, with bulls now looking to build on the momentum beyond the $33.00 mark.
From a technical perspective, the overnight sustained close above the $32.50-$32.55 hurdle confirmed a fresh breakout through a short-term trading range and favors bullish traders. This, along with positive oscillators on the daily chart, suggests that the path of least resistance for the XAG/USD remains to the upside and supports prospects for additional gains.
The white metal now seems poised to advance further towards last Friday’s swing high, around the $33.35-$33.40 zone before aiming to reclaim the $34.00 round-figure mark. The momentum could extend further towards the $34.45 intermediate hurdle and eventually lift the XAG/USD to the $35.00 neighborhood, or the multi-year peak touched in October.
On the flip side, any meaningful corrective pullback now seems to find decent support near the $32.00-$31.90 region. A further slide could be seen as a buying opportunity, which, in turn, should limit the downside for the XAG/USD near the $31.75-$31.70 horizontal zone. A convincing break below the latter might shift the near-term bias in favor of bearish traders.
The XAG/USD might then accelerate the fall towards retesting the 100-day Simple Moving Average (SMA), currently pegged near the $31.20 area, en route to the $31.00 round figure mark. Some follow-through should pave the way for a fall toward the next relevant support near the $30.25 region, the $30.00 psychological mark, and the $29.55-$29.50 horizontal zone.
Silver daily chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Silver turns positive for the third straight day and climbs to a fresh weekly high.
The technical setup favors bulls and supports prospects for further appreciation.
Any corrective slide toward $32.00 might now be seen as a buying opportunity.
Silver (XAG/USD) attracts some dip-buyers in the vicinity of the $32.00 round figure and turns positive for the third consecutive day on Wednesday. The white metal climbs to a fresh weekly high during the first half of the European session, with bulls now looking to build on the momentum beyond the $33.00 mark.
From a technical perspective, the overnight sustained close above the $32.50-$32.55 hurdle confirmed a fresh breakout through a short-term trading range and favors bullish traders. This, along with positive oscillators on the daily chart, suggests that the path of least resistance for the XAG/USD remains to the upside and supports prospects for additional gains.
The white metal now seems poised to advance further towards last Friday’s swing high, around the $33.35-$33.40 zone before aiming to reclaim the $34.00 round-figure mark. The momentum could extend further towards the $34.45 intermediate hurdle and eventually lift the XAG/USD to the $35.00 neighborhood, or the multi-year peak touched in October.
On the flip side, any meaningful corrective pullback now seems to find decent support near the $32.00-$31.90 region. A further slide could be seen as a buying opportunity, which, in turn, should limit the downside for the XAG/USD near the $31.75-$31.70 horizontal zone. A convincing break below the latter might shift the near-term bias in favor of bearish traders.
The XAG/USD might then accelerate the fall towards retesting the 100-day Simple Moving Average (SMA), currently pegged near the $31.20 area, en route to the $31.00 round figure mark. Some follow-through should pave the way for a fall toward the next relevant support near the $30.25 region, the $30.00 psychological mark, and the $29.55-$29.50 horizontal zone.
Silver daily chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
The EURJPY pair kept its consolidation near 158.60 since yesterday, taking advantage of stochastic additional negative momentum signals, to increase the chances of resuming the negative attack on the near-term basis.
Succeeding to break 158.60 and holding below it will open the way to target more negative stations, starting at 157.90 as a first station, followed by attempting to press on the additional support at 157.30.
The expected trading range for today is between 157.90 and 159.60
Crude oil price shows more bullish bias to trade around the EMA50, noticing that the price is forming positive pattern that might assist to continue the rise and breach the key resistance at 72.30$ to open the way to achieve more gains in the upcoming sessions, but we notice that the technical indicators provide negative signals that might push the price to decline again.
FX:USDCAD is stuck in a range (consolidation) between 1.4486 and 1.428. The dollar has been showing negative momentum lately, but with NFP ahead, the data could both reinforce the correction and support the index…
All eyes are on today’s economic news. If the actual NFP is below the forecast (169K), it will strengthen the expectations of the Fed rate…
