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U.S. Oil Trading Sideways After Crude Inventories

By Anton KolhanovMarket OverviewMar 20, 2017 02:52AM ET
www.investing.com/analysis/eur-usd,-gold,-us-oil-200179451
U.S. Oil Trading Sideways After Crude Inventories
By Anton Kolhanov   |  Mar 20, 2017 02:52AM ET
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FUNDAMENTAL OUTLOOK

Last week's increasing of U.S. rates didn’t bring anything new to the market, because already expected that and included this rising to the price. This week we do not have any important news, so the market will be trading sideways.

EUR/USD is trading on main resistance level as 1.0780 (previous 2 high and neck line), from that will fall with correction to support 1.0560 (low + trend line). Same with gold, the market will be on correction. And the oil market will be trading sideways before Wednesday's crude oil inventories, but with risk of downtrend continuation to the main support 48.00.

TECHNICAL FORECAST

EUR/USD

Uptrend scenario:

An uptrend will start as soon as the market rises above resistance level 1.0780 - 1.0830, which will be followed by a move up to resistance level 1.1130. he uptrend may be expected to continue, while market is trading above support level 1.0750.

Downtrend scenario:

The start of a downtrend we can expect from now from resistance 1.0780 (neck line), which will be followed by a move down to support level 1.0500 - 1.0560. On h1-h4 time frame pair creating trend turn down pattern "double top". The downtrend may be expected to continue, while market is trading below resistance level 1.0830.

EUR/USD Chart
EUR/USD Chart

GOLD

Uptrend scenario:
An uptrend will start as soon as the market rises above resistance level 1240, which will be followed by a move up to resistance level 1261..

Downtrend scenario:

The start of a downtrend we can expect from right now, from accumulation of resistances 1234 - 1240, which will be followed by reaching support level 1198 - 1200. On h1-h4 market is creating trend turn down pattern "double top". The downtrend may be expected to continue, while market is trading below resistance level 1240.

Gold Futures 240
Gold Futures 240

U.S. CRUDE OIL

Uptrend scenario:

Is not expect before Wednesday's news crude oil inventories, so market will be trading sideways between resistance 50.15 - 49.70 and support 49.00.

Downtrend scenario:

A downtrend will start as soon, as the market drops below support level 49.00, which will be followed by a move down to support level 48.00.

Light Crude Oil Futures
Light Crude Oil Futures

U.S. Oil Trading Sideways After Crude Inventories
 
U.S. Oil Trading Sideways After Crude Inventories

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