Today’s forex newsletter looks quite interesting
Oil Prices Drop as Supply Increases and US Dollar Strengthens
Oil prices are falling for the second day, dropping below $70.00. This comes after Pemex resumed full operations at its Gulf of Mexico platforms following bad weather. The stronger US Dollar is also weighing on oil prices, supported by strong US economic data. Traders are awaiting the release of key US retail sales data and the Federal Reserve’s rate decision. Crude oil faces resistance around $71.50, with support near $67.00.
DXY (Yesterday given Buy around 106.600 first target done)
Buy around 106.600
Stop loss below 106.380
Target 106.800–107.00
XAUUSD (Yesterday given Sell around 2662 all target done)
Sell on rise around 2646
Stop loss above 2656
Target 2636–2626
XAGUSD (Yesterday given Sell below 30.61 all target done)
Sell on rise around 30.40
Stop loss above 30.60
TArget 30.20–30.00
USOIL (Yesterday given Buy around 70.10 first target done)
Sell around 69.70
Stop loss above 70.10
Target 69.30–68.90
COPPER (HG1)
Sell on rise around 4.1600
Stop loss abopve 4.1800
Target 4.1400–4.1200
NASDAQ (Yesterday given Buy above 21867 all target done)
Sell below 22325
Stop loss above 22425
Target 22225–22125
S&P 500 E-Mini (Yesterday given Buy around 6065 all target done)
Sell below 6130
Stop loss above 6145
Target 6115–6100
Top pick
EURUSD
Sell on rise around 105.200
Stop loss above 105.400
Target 105.00–104.800
That’s all for today’s forex newsletter
Until then, Happy Trading!
Commodity Samachar Securities
We Decode the Language of the Markets
Also Read: Economic News Focus: US Retail Sales, Canada CPI Data
Recommended Read: 2024 G20 Summit: Did It Deliver on Market Expectations?
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