Forexworldz - Oil did make dizzy a lot of parties and this is already happening at
least from mid-2014 where the price of Oil continued to decline until
recently. However, there is a glimmer of light from the oil producing
countries to start a meeting and conduct a discussion of controlling
production which had jacked up the price of oil up to yesterday's West
Indonesia time Friday. But unfortunately the latest developments
concerning Iraq and Saudi Arabia came disappointing. So Oil again had to
swallow the bitter pill.
Indeed the existence of a week-long closed and oil movement is positive. However, that we should examine together is oil prices dropped sharply at the closing session of trading Friday (Saturday morning GMT). This decline which is the largest decline over the last two months since July 13, 2016 and remove the oil hike rally movement.
The drivers of the decline in oil prices is the skepticism from the market participants against a plan to control the production of oil from countries who are members of the Organization of petroleum exporting (OPEC) commonly known as with countries that do not join these organizations.
Crude oil prices dropped sharply, directly after the break with the release of the Government of Saudi Arabia, a statement that hopes the deal will not happen anything at the meeting held in Algeria. It is very contradictory towards estimation of the market participants are expecting the impending agreement to control the production so as to be able to drive the price of oil in
the meeting. At a meeting in Algeria, officials from Saudi Arabia and Iraq did not agree on oil production control limits. There are several sizes which are not the same between Saudi Arabia with Iraq. Which, indeed between both countries since long had political competition so as to make the deal for controlling oil prices do not reach a deal on an ongoing basis in some of the last period.
Indeed the existence of a week-long closed and oil movement is positive. However, that we should examine together is oil prices dropped sharply at the closing session of trading Friday (Saturday morning GMT). This decline which is the largest decline over the last two months since July 13, 2016 and remove the oil hike rally movement.
The drivers of the decline in oil prices is the skepticism from the market participants against a plan to control the production of oil from countries who are members of the Organization of petroleum exporting (OPEC) commonly known as with countries that do not join these organizations.
Crude oil prices dropped sharply, directly after the break with the release of the Government of Saudi Arabia, a statement that hopes the deal will not happen anything at the meeting held in Algeria. It is very contradictory towards estimation of the market participants are expecting the impending agreement to control the production so as to be able to drive the price of oil in
the meeting. At a meeting in Algeria, officials from Saudi Arabia and Iraq did not agree on oil production control limits. There are several sizes which are not the same between Saudi Arabia with Iraq. Which, indeed between both countries since long had political competition so as to make the deal for controlling oil prices do not reach a deal on an ongoing basis in some of the last period.
EURUSD
in yesterday's week-long rebound is finally back and suffered
price movement with fluctuating Upside Channel (Bullish) after coming
down on the previous weekend. Where the movement of the Bullish
currently starts Monday 19/05/16 from 1.1151 level with Intraday Low
Level a week are on a Wednesday (21//09) at level 1.1121. Until the
closure of New York Friday (23/09/16) at 1.1225 level with Intraday High
Level week are on Thursday (22/09/16) at level 1.1255. The weekly
week-long range yesterday amounting to 134 pips (smaller 1 pips from the
previous weekly range 12/09/16-16/09/16 that of 135 pips)
Fundamentally, in yesterday's week-long minimal important fundamental impact strong to move the single currency of the European Union. Only the European business sector growth, down to the lowest level for two years became 52.6 (lowest result since January 2015), the level of consumer confidence European zone thin mengut level-compared to 6.4. results of previous releases that were in level-7.7, then on ECB President Draghi speaks. Which is in testimoninya discuss the problem of employment, inflation rate and estimated future interest rate for the European economic zone. However, the movement of the Euro in a week yesterday suffered a significant rise in yesterday's week-long terkerek by negative sentiment and selling U.s. Dollar
. For the next week there will be some important Fundamentals that will be released for the European economic zone, among them:
GBPUSD
GBPUSD in yesterday's week this resume pelemahannya with depressed down
for 3 weeks in a row, in which experiencing fluctuating movement with
price Downside Channel (Bearish). Where is the Attenuation starts there
Tuesday 20/09/16 level of 1.3029 with Intraday High Level week are on
Thursday 22/09/16 at 1.3119 level until the closing price in New York,
Friday (23/09/22) EST 1.2962 in level and Intraday Low Level a week are
at level 1.2913 (on that same day, Friday 23/09). The weekly week-long
range yesterday amounted to 206 pip (smaller 141 pips versus the
previous weekly range 12/09/16-16/09/16 of 347 pips)
For the next week there will be some important Fundamentals that will be released for the United Kingdom, including economic zone:
Fundamentally, in yesterday's week this fundamental internal minimal essential strong impact released and occur in the United Kingdom economy zone, there are only reports data for public loans United Kingdom Government in August that has increased. This causes the movement of the pound less volatile and move back the session go ahead with his descent against the US Dollar over the past three weeks in a row.
AUDUSD
The Kanggoro Dollar in yesterday's week-long resistance tried to do this
by doing the movement rebound after experiencing the pressure for 2
weeks in a row, in which experiencing fluctuating movement with prices
Upside Channel (Bullish). Bullish movement began there Monday 19/09/16
from level 0.7481 with Intraday Low Level a week are at level 0.7479 (on
that same day, Monday 19/09) up to the closure of New York City, Friday
(23/09/22) EST in level 0.7615 and Intraday High Level a week are at
level 0.7674 (Thursday 22/09). The weekly week-long range yesterday of
195 pips (greater than 69 pips range downloads before 12/09/16-16/09/16
of 126 pips)
Fundamentally, low interest rates are expected to be the basis for monetary policy in Australia in the foreseeable future. The decline in interest rates will indeed turn down the revenue of the depositors. However by doing that, it is hoped will encourage activities of economy in Australia who automatically will also add to the employment sector for the medium term. The new RBA Governor also said that the inflation rate was weak and the drop in commodity prices has resulted in the growth in nominal GDP smaller since the onset of the great recession in Australia. During the last 5 years, nominal GDP has increased at an average rate of about 3% per year, less than half of the average 7.5% based on the data which was released between 2000 and 2007.
Fundamentally, in yesterday's week-long minimal important fundamental impact strong to move the single currency of the European Union. Only the European business sector growth, down to the lowest level for two years became 52.6 (lowest result since January 2015), the level of consumer confidence European zone thin mengut level-compared to 6.4. results of previous releases that were in level-7.7, then on ECB President Draghi speaks. Which is in testimoninya discuss the problem of employment, inflation rate and estimated future interest rate for the European economic zone. However, the movement of the Euro in a week yesterday suffered a significant rise in yesterday's week-long terkerek by negative sentiment and selling U.s. Dollar
. For the next week there will be some important Fundamentals that will be released for the European economic zone, among them:
German Ifo Business Climate Monday 26/09/16 15:00 PM
ECB President Speaks Draghi Monday 26/09/16 9 pm
Technical Basis, strengthening the EURUSD is probably still will continue based on the weekly candlestick formations. Nevertheless remain Bearish intraday corrections need to look out for that will probably happen in the timeframe Daily. If next week's Bearish breakout occurs at 1.1201, possibly going back to the price level 1.1176 – 1.1149 – 1.1122. But on the contrary in case of Bullish breakout at level 1.1247, then chances are the price will resume the trend Penguatannya to area level 1.1275 – 1.1305 – 1.1330.
GBPUSD
For the next week there will be some important Fundamentals that will be released for the United Kingdom, including economic zone:
Fundamentally, in yesterday's week this fundamental internal minimal essential strong impact released and occur in the United Kingdom economy zone, there are only reports data for public loans United Kingdom Government in August that has increased. This causes the movement of the pound less volatile and move back the session go ahead with his descent against the US Dollar over the past three weeks in a row.
Technical basis, for the next week, the weakening of the DOLLAR may still be continued based on the weekly candlestick formations. Nevertheless still need to look out for intraday correction might be going Bullish on timeframe Daily. If next week's Bullish breakout occurred at 1.3030, possibly going back to the price level 1.3076 – 1.3127 – 1.3175. But on the contrary in case of Bearish breakout at 1.2906, then chances are the price will resume the trend Pelemahannya to area level 1.2860 – 1.2816 – 1.2767.
AUDUSD
Fundamentally, low interest rates are expected to be the basis for monetary policy in Australia in the foreseeable future. The decline in interest rates will indeed turn down the revenue of the depositors. However by doing that, it is hoped will encourage activities of economy in Australia who automatically will also add to the employment sector for the medium term. The new RBA Governor also said that the inflation rate was weak and the drop in commodity prices has resulted in the growth in nominal GDP smaller since the onset of the great recession in Australia. During the last 5 years, nominal GDP has increased at an average rate of about 3% per year, less than half of the average 7.5% based on the data which was released between 2000 and 2007.
Technical basis, for the next week, strengthening the AUDUSD might still be continued based on the weekly candlestick formations. Nevertheless remain Bearish intraday corrections need to look out for that will probably happen in the timeframe Daily. If next week's Bearish breakout occurs on the level of prices, the possibility of 0.7597 will return to level 0.7575 – 0.7553 0.7528 –. But on the contrary in case of Bullish breakout at level 0.7649, then chances are the price will resume the trend Penguatannya to area level 0.7671 – 0.7693 – 0.7715.
