Cozfx Daily Market Analysis

COZFX: Switzerland’s producer and import price declined in February

COZforex: For the past trading session, the USD rose 0.06% against the CHF and closed at 1.0037.

On macro front, Switzerland’s producer and import price index eased 0.7% on a yearly basis in February, less than market expectations for a drop of 1.0%. The index had recorded a decline of 0.5% in the prior month.

In the Asian session (at GMT0400), the pair is trading at 1.0026, with the USD trading 0.11% lower against the CHF from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 1.0013 and a fall through could take it to the next support level of 0.9999; Meanwhile, the pair is expected to find its first resistance at 1.0046, and a rise through could take it to the next resistance level of 1.0065.

Looking forward, investors would keep an eye on Switzerland’s trade balance data, set to release next week.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: BoE kept its key interest rate steady at 0.75%, in line with expectations

COZforex: For the past trading session, the GBP declined 0.61% against the USD and closed at 1.3118, amid growing fears that a no-deal Brexit would become a reality.

On the macro front, UK’s public sector net borrowing surplus narrowed to a 17-year low level of £0.7 billion in February, compared to a revised surplus of £14.1 billion in the prior month. Markets had anticipated the public sector net borrowing to post a surplus of £0.8 billion. Meanwhile, Britain’s retail sales climbed 4.0% on a yearly basis in February, beating market expectations for a rise of 3.3%. In the previous month, retail sales had registered a revised gain of 4.1%.

The Bank of England, in its latest monetary policy meeting, kept its key interest rate unchanged at 0.75%, as widely expected. Additionally, the central bank reiterated that a further tightening of policy at a gradual pace may be required, if the economy expands in line with projections. Meanwhile, the central bank forecasted a 0.3% GDP growth for the first quarter.

In the Asian session (at GMT0400), the pair is trading at 1.3140, with the GBP trading 0.17% higher against the USD from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 1.3021 and a fall through could take it to the next support level of 1.2901; Meanwhile, the pair is expected to find its first resistance at 1.3243, and a rise through could take it to the next resistance level of 1.3345.

Amid no major economic releases in UK today, investors would focus on global macroeconomic events for further direction.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Japanese Yen trading a tad lower in the morning session

COZforex: For the past trading session, the USD rose 0.48% against the JPY and closed at 110.54.

In the Asian session (at GMT0400), the pair is trading at 110.55, with the USD trading a tad higher against the JPY from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/JPY is expected to find support at 110.13 and a fall through could take it to the next support level of 109.71; Meanwhile, the pair is expected to find its first resistance at 110.83, and a rise through could take it to the next resistance level of 111.11.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

(COZ forex UK)

COZFX: Loonie reverses its losses in the Asian session

COZforex: For the past trading session, the USD rose 0.22% against the CAD and closed at 1.3341.

In the Asian session (at GMT0300), the pair is trading at 1.3320, with the USD trading 0.16% lower against the CAD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.3295 and a fall through could take it to the next support level of 1.3269; Meanwhile, the pair is expected to find its first resistance at 1.3360, and a rise through could take it to the next resistance level of 1.3399.

Amid no major economic releases in Canada today, investors would focus on global macroeconomic news for further direction.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Euro trading a tad higher in the Asian session

COZforex: For the past trading session, the EUR declined 0.15% against the USD and closed at 1.1137.

The US dollar gained ground against a basket of currencies, amid robust US capital goods orders data.

In the US, data indicated that preliminary durable goods orders rebounded 2.7% on a monthly basis in March, hitting a 7-month high level, amid weaker growth of industrial sector. Durable goods orders had registered a drop of 1.6% in the previous month, while market participants had expected for a rise of 0.8%. Meanwhile, the nation’s seasonally adjusted initial jobless claims advanced to a level of 230.0K in the week ended 20 April 2019, rising by the most in 19-months and compared to market expectations of a gain to a level of 200.0K. In the previous week, initial jobless claims had registered a revised reading of 193.0K.

In the Asian session (at GMT0300), the pair is trading at 1.1138, with the EUR trading slightly higher against the USD from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1117 and a fall through could take it to the next support level of 1.1095; Meanwhile, the pair is expected to find its first resistance at 1.1161, and a rise through could take it to the next resistance level of 1.1183.

Amid lack of economic releases in Canada today, traders would focus on the US gross domestic product annualised and personal consumption, both for the first quarter of 2019, along with the Michigan consumer sentiment index for April, scheduled to release later in the day.

(COZ Forex UK)

COZFX: Crude oil trading higher, ahead of Baker Hughes weekly rig count data

COZforex: For the past trading session, Crude Oil declined 2.90% against the USD and closed at USD61.68 per barrel, after the expiry of US waivers on Iran oil sanctions and as an increase in domestic supplies and record US crude production continued to weigh on prices.

In the Asian session (at GMT0300), the pair is trading at 61.70, with oil trading marginally higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 60.57 and a fall through could take it to the next support level of 59.43; Meanwhile, the crude oil is expected to find its first resistance at 63.22, and a rise through could take it to the next resistance level of 64.73.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Aussie trading higher in the morning session

COZforex: For the past trading session, the AUD declined 0.10% against the USD and closed at 0.6987.

LME Copper prices rose 0.2% or $9.0/MT to $6112.0/MT. Aluminium prices rose 0.3% or $5.5/MT to $1766.5/MT.

In the Asian session (at GMT0300), the pair is trading at 0.6999, with the AUD trading 0.17% higher against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: AUS/USD is expected to find support at 0.6970 and a fall through could take it to the next support level of 0.6940; Meanwhile, the pair is expected to find its first resistance at 0.7024, and a rise through could take it to the next resistance level of 0.7048.

Amid lack of macroeconomic releases in Australia today, investors would focus on global macroeconomic releases for further direction.

The currency pair is trading above with its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: British Pound trading a tad higher in the Asian session

COZforex: For the past trading session, the GBP declined 0.50% against the USD and closed at 1.2846, amid fears that Prime Minister Theresa May’s proposed Brexit deal will be rejected again in June.

In the Asian session (at GMT0300), the pair is trading at 1.2847, with the GBP trading slightly higher against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: GBP/USD is expected to find support at 1.2808 and a fall through could take it to the next support level of 1.2770; Meanwhile, the pair is expected to find its first resistance at 1.2904, and a rise through could take it to the next resistance level of 1.2962.

Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Swiss Franc extends its gains in the Asian session

COZforex: For the past trading session, the USD declined 0.18% against the CHF and closed at 1.0092.

In the Asian session (at GMT0300), the pair is trading at 1.0083, with the USD trading 0.09% lower against the CHF from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 1.0060 and a fall through could take it to the next support level of 1.0037; Meanwhile, the pair is expected to find its first resistance at 1.0113, and a rise through could take it to the next resistance level of 1.0143.

Looking forward, investors would focus on Switzerland’s industrial production data for 1Q, slated to release in a while.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

(COZ forex UK)

COZFX: Japanese Yen trading a tad lower in the Asian session

COZforex: For the past trading session, the USD declined 0.16% against the JPY and closed at 109.37.

In the Asian session (at GMT0300), the pair is trading at 109.40, with the USD trading marginally higher against the JPY from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 109.16 and a fall through could take it to the next support level of 108.93; Meanwhile, the pair is expected to find its first resistance at 109.62, and a rise through could take it to the next resistance level of 109.85.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

(COZ forex UK)

COZFX: Canada’s Ivey PMI remained unchanged in May

COZforex: For the past trading session, the USD declined 0.46% against the CAD and closed at 1.3361.

Data indicated that Canada’s seasonally adjusted Ivey PMI remained steady at a level of 55.9 in May.

In the Asian session (at GMT0300), the pair is trading at 1.3353, with the USD trading 0.06% lower against the CAD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CAD is expected to find support at 1.3325 and a fall through could take it to the next support level of 1.3297; Meanwhile, the pair is expected to find its first resistance at 1.3402, and a rise through could take it to the next resistance level of 1.3451.

Trading trend in the Loonie today, is expected to be determined by Canada’s unemployment rate for May, set to release later in the day.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Crude oil trading lower, ahead of EIA’s weekly crude oil stockpiles data

COZforex: For the past trading session, Crude Oil rose 4.08% against the USD and closed at USD54.06 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories slid by 0.8 million barrels in the week ended 14 June 2019.

In the Asian session (at GMT0300), the pair is trading at 53.97, with oil trading 0.17% lower against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 52.19 and a fall through could take it to the next support level of 50.40; Meanwhile, The oil is expected to find its first resistance at 55.07, and a rise through could take it to the next resistance level of 56.16.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Euro-zone’s manufacturing index advanced below estimates in June

COZforex: For the past trading session, the EUR rose 0.67% against the USD and closed at 1.1368 on Friday.

On the macro front, the Euro-zone’s preliminary manufacturing PMI rose to a level of 47.8 in June, undershooting market consensus for a gain to a level of 48.0. In the prior month, the PMI had recorded a level of 47.7. Moreover, the region’s flash services PMI advanced to a level of 53.4 in June, more than market expectations for a rise to a level of 53.0. The PMI had recorded a level of 52.9 in the previous month.

Separately, in Germany, the Markit preliminary manufacturing PMI climbed to a level of 45.4 in June, surpassing market anticipations for a rise to a level of 44.6. In the previous month, the PMI had registered a level of 44.3. Further, the nation’s preliminary services PMI unexpectedly jumped to a level of 55.6 in June, defying market consensus for a fall to a level of 55.2. The PMI had registered a level of 55.4 in the previous month.

In the US data showed that the flash manufacturing PMI unexpectedly fell to a level of 50.1 in June, marking its lowest level since September 2009, amid prolonged weakness in the manufacturing and services sector. In the preceding month, the PMI had recorded a level of 50.5, while market participants had envisaged for a steady reading. Meanwhile, the nation’s flash Markit services PMI surprisingly declined to a level of 50.7 in June, defying market expectations for a gain to a level of 51.0. The PMI had registered a reading of 50.9 in the previous month. Meanwhile, the US existing home sales advanced 2.5% on monthly basis, to a level of 5.3 million in May, compared to a revised level of 5.2 million in the prior month.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1317 and a fall through could take it to the next support level of 1.1248; Meanwhile, the pair is expected to find its first resistance at 1.1420, and a rise through could take it to the next resistance level of 1.1454.

Looking ahead, traders would await Germany’s IFO survey indices for June, slated to release in a few hours. Later in the day, the US Chicago Fed National Activity Index for May and the Dallas Fed manufacturing activity for June, will garner significant amount of investor’s attention.

(COZ forex UK)

COZFX: Australia’s private sector credit demand climbed as expected in May

COZFOREX: For the past trading session, the AUD rose 0.27% against the USD and closed at 0.7005.

In the Asian session (at GMT0300), the pair is trading at 0.7007, with the AUD trading marginally higher against the USD from yesterday’s close.

Overnight data showed that Australia’s private sector credit demand rose 0.2% on a monthly basis in May, at par with market expectations and compared to a similar rise in the prior month.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.6993 and a fall through could take it to the next support level of 0.6978; Meanwhile, the pair is expected to find its first resistance at 0.7016, and a rise through could take it to the next resistance level of 0.7024.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

(COZ forex UK)

COZFX: UK’s construction PMI surprisingly fell to a decade low level in June

COZFOREX: For the past trading session, the GBP declined 0.40% against the USD and closed at 1.2597, after the Bank of England’s Governor, Mark Carney signaled that the economy could lose its momentum in case of a no-deal Brexit and ongoing global trade disputes resulting into possibilities of monetary policy easing in coming months.

In economic news, UK’s construction PMI unexpectedly declined to a decade low level of 43.1 in June, amid mounting Brexit uncertainties and defying market consensus for a gain to a level of 49.2. The PMI had recorded a reading of 48.6 in the previous month. Meanwhile, the nation’s seasonally adjusted Nationwide house price index rose 0.1% on a monthly basis in June, less than market expectations for a rise of 0.2%. In the prior month, index had registered a drop of 0.2%.

Overnight data indicated that BRC shop price index fell 0.1% on a yearly basis in June, following an increase of 0.8% in the preceding month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2568 and a fall through could take it to the next support level of 1.2545; Meanwhile, the pair is expected to find its first resistance at 1.2630, and a rise through could take it to the next resistance level of 1.2669.

Trading trend in the Sterling today is expected to be determined by UK’s Markit services PMI for June, slated to release in a few hours.

(COZ forex UK)

COZFX: Swiss Franc trading a tad higher in the Asian session

COZFOREX: For the past trading session, the USD rose 0.35% against the CHF and closed at 0.9942.

In economic news, Switzerland’s total sight deposits eased to a level of CHF579.0 billion in the week ended 05 July, from CHF579.3 billion in the previous week.

In the Asian session (at GMT0300), the pair is trading at 0.9940, with the USD trading marginally lower against the CHF from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CHF is expected to find support at 0.9911 and a fall through could take it to the next support level of 0.9879; Meanwhile, the pair is expected to find its first resistance at 0.9960, and a rise through could take it to the next resistance level of 0.9979.

Trading trend in the Swiss Franc today, is expected to be determined by Switzerland’s unemployment rate for June, scheduled to release in a while.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Canada’s new housing price index remained flat in May

COZFOREX: For the past trading session, the USD declined 0.06% against the CAD and closed at 1.3068.

Data showed that Canada’s new housing price index remained flat on an annual basis in May, defying market anticipations for a climb of 0.2%. The index had advanced 0.1% in the previous month.

In the Asian session (at GMT0300), the pair is trading at 1.3039, with the USD trading 0.22% lower against the CAD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CAD is expected to find support at 1.3020 and a fall through could take it to the next support level of 1.3001; Meanwhile, the pair is expected to find its first resistance at 1.3075, and a rise through could take it to the next resistance level of 1.3111.

Moving forward, traders would closely monitor Canada’s existing home sales, retail sales, manufacturing sales and consumer price index, all scheduled to release next week.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Japan recorded a merchandise (total) trade surplus in June

COZFOREX: For the past trading session, the USD declined 0.27% against the JPY and closed at 107.96.

In the Asian session (at GMT0300), the pair is trading at 107.74, with the USD trading 0.20% lower against the JPY from yesterday’s close.

Overnight data showed that Japan posted a merchandise (total) trade surplus of ¥589.5 billion in June, following a revised deficit of ¥968.3 billion in the previous month. Markets had expected the nations to post a surplus of ¥403.5 billion.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 107.48 and a fall through could take it to the next support level of 107.22; Meanwhile, the pair is expected to find its first resistance at 108.16, and a rise through could take it to the next resistance level of 108.58.

Looking ahead, investors would await Japan’s National consumer price index for June, scheduled to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Crude oil trading higher, ahead of API’s weekly crude oil stockpiles data

COZFOREX: For the past trading session, Crude Oil declined 0.12% against the USD and closed at USD56.16 per barrel, after the International Energy Agency stated that it would act quickly if needed to keep the global oil market adequately supplied.

In the Asian session (at GMT0300), the pair is trading at 56.24, with oil trading 0.14% higher against the USD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: The crude oil is expected to find support at 55.70 and a fall through could take it to the next support level of 55.16; Meanwhile, the oil is expected to find its first resistance at 56.91, and a rise through could take it to the next resistance level of 57.58.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

(COZ forex UK)

COZFX: ECB left its interest rate unchanged at 0.00%; signals further stimulus

COZforex: For the past trading session, the EUR slightly rose against the USD and closed at 1.1146.

The European Central Bank left its benchmark interest rate unchanged at 0.00% and indicated that interest rates would remain at the current low level throughout the first half of 2020. Further, the central bank notified its plan to restart its bond-buying program in order to boost the country’s economic growth. In a statement post-meeting, the ECB President Mario Draghi, highlighted the need for significant stimulus for the euro area economy, to ensure that financial conditions remain very favourable and support the euro area expansion. Further, he stated that growth is set to slow in the second and third quarters, citing ongoing global trade tensions, and hence, a rebound in the second half of the year is less likely.

In economic news, Germany’s Ifo business climate index fell to a level of 95.7 in July, more than market expectations for a decline to a level of 97.2. The index had registered a revised reading of 97.50 in the previous month. Moreover, the nation’s Ifo business expectations index unexpectedly slid to a decade low level of 92.2 in July, compared to a revised level of 94.0. Further, the Ifo current assessment index declined to a level of 99.4 in July, surpassing market consensus for a drop to a level of 100.4. The index had recorded a revised level of 101.1 in the previous month.

In the US, data showed that the advance goods trade deficit narrowed to $74.20 billion in June, following a revised deficit of $75.00 billion in the prior month. Market participants had anticipated the nation to post a deficit of $72.5 billion.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1104 and a fall through could take it to the next support level of 1.1060; Meanwhile, the pair is expected to find its first resistance at 1.1190, and a rise through could take it to the next resistance level of 1.1232.

Amid lack of macroeconomic releases in the Euro-zone today, traders would keep an eye on the US annualised gross domestic product for the second quarter, set to release later in the day.

(COZ forex UK)

COZFX: Australia’s AIG performance of manufacturing index climbed in July

COZforex: For the past trading session, the AUD declined 0.37% against the USD and closed at 0.6849.

In commodities, LME Copper prices declined 0.3% or $17.0/MT to $5926.0/MT; Meanwhile, Aluminum prices declined 0.3% or $5.0/MT to $1776.5/MT.

In the Asian session (at GMT0300), the pair is trading at 0.6852, with the AUD trading slightly higher against the USD from yesterday’s close.

Overnight data showed that Australia’s AIG performance of manufacturing index jumped to a level of 51.3 in July, following a reading of 49.4 in the prior month. Moreover, the CBA manufacturing PMI rose to a level of 51.6 in July, compared to a reading of 51.4 in the prior month.

Meanwhile, in China, Australia’s largest trading partner, the Caixin manufacturing PMI climbed more-than-expected to 49.90 in July, compared to a reading of 49.40 in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.6820 and a fall through could take it to the next support level of 0.6789; Meanwhile, the pair is expected to find its first resistance at 0.6891, and a rise through could take it to the next resistance level of 0.6931.

Going forward, traders would await Australia’s producer price index for the second quarter and retail sales for June, scheduled to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: UK’s construction PMI rose less than market forecast in July

COZFOREX: For the past trading session, the GBP rose 0.24% against the USD and closed at 1.2152 on Friday.

Data showed that UK’s construction PMI rose to a level of 45.3 in July, less than market consensus for a rise to a level of 46.0. In the prior month, the PMI had recorded a reading of 43.1.

In the Asian session (at GMT0300), the pair is trading at 1.2147, with the GBP trading slightly lower against the USD from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2096 and a fall through could take it to the next support level of 1.2045; Meanwhile, the pair is expected to find its first resistance at 1.2193, and a rise through could take it to the next resistance level of 1.2239.

Trading trend in the Sterling today, is expected to be determined by UK’s Markit/CIPS services PMI for July, scheduled to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

(COZ forex UK)

COZFX: Switzerland’s unemployment rate remained steady in July

COZFOREX: For the past trading session, the USD declined 0.13% against the CHF and closed at 0.9728 on Friday.

On the data front, Switzerland’s seasonally adjusted unemployment rate remained unchanged at 2.3% in July, meeting market expectations.

In the Asian session (at GMT0300), the pair is trading at 0.9720, with the USD trading 0.08% lower against the CHF from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9702 and a fall through could take it to the next support level of 0.9683; Meanwhile, the pair is expected to find its first resistance at 0.9746, and a rise through could take it to the next resistance level of 0.9773.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ FOREX UK)

COZFX: Japan’s industrial production fell less than market expectations in June

COZFOREX: For the past trading session, the USD declined 0.80% against the JPY and closed at 105.83.

In the Asian session (at GMT0300), the pair is trading at 105.91, with the USD trading 0.09% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s final industrial production declined 3.8% on an annual basis in June, less than market consensus for a drop of 4.1%. In the previous month, industrial production had recorded a fall of 4.1%.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 105.51 and a fall through could take it to the next support level of 105.10; Meanwhile, the pair is expected to find its first resistance at 106.47, and a rise through could take it to the next resistance level of 107.03.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZFX: Crude oil trading higher ahead of EIA’s weekly crude oil stockpiles data

COZforex: For the past trading session, Crude Oil remained flat against the USD and closed at USD56.11 per barrel.

Separately, the American Petroleum Institute reported that the US crude oil inventories fell by 3.5 million barrels to 439.8 million barrels in the week ended 16 August 2019.

In the Asian session (at GMT0300), the pair is trading at 56.30, with oil trading 0.34% higher against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: The crude oil is expected to find support at 55.44 and a fall through could take it to the next support level of 54.58; Meanwhile, the oil is expected to find its first resistance at 56.88, and a rise through could take it to the next resistance level of 57.46.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)