The recent decrease in US oil inventories by 3.9 million barrels has played a significant role in the downward trajectory of Brent crude oil prices. This unexpected reduction, surpassing the forecasted 2.5 million barrel decrease, has led to market uncertainty and contributed to the ongoing decline in oil prices. Optimism surrounding ceasefire negotiations between Israel
Technical Analysis
As we delve into the technical analysis of EUR/USD, it is evident that the pair struggled to surpass the 1.0950 resistance level, leading to a decline against the US Dollar. The failure to clear this crucial level resulted in a fresh drop below the 1.0900 support, ultimately breaking through the 1.0875 support and the 50-hour
In the past week, we have seen some recovery in the dollar index after a period of losses. However, this uptick seems to be a temporary pause for profit-taking by sellers before the next downward shift. The US dollar has been facing significant pressures since late June, particularly after signals from the Federal Reserve indicating
The article discusses the increase in market breadth indicators for the Nasdaq 100, with more than 50% of component stocks above their 20-day and 50-day moving averages. This positive development is seen as a sign of strength in the index. However, the analysis lacks depth in explaining the significance of these indicators. While it mentions
The NZD/USD pair is currently facing a significant downturn, with the pair trading around 0.5996. One of the key factors contributing to this decline is the recent announcement by US President Joe Biden that he will not seek re-election in 2024. This unexpected news has strengthened the US dollar, as Biden endorsed Vice President Kamala
EUR/USD has started a steady increase and has managed to surpass the 1.0910 resistance level. This positive movement indicates a bullish trend for the Euro against the US Dollar. The pair has climbed above key moving averages, such as the 100 simple moving average and the 200 simple moving average on the 4-hour chart. However,