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General Strong API data, oil prices only weakly rebound OPEC cut production into oil price fluctuations?

fran0827

New Member
In the early hours of this morning, the latest report released by the American Petroleum Institute (API) showed that US crude oil inventories fell by 7.227 million barrels to 421.9 million barrels last week, and the inventory decline rate far exceeded the market expectations of 2.6 million barrels. However, despite the strong performance of the data,
it is still unable to quickly push the oil price rebound, so that the market began to worry about whether the oil price has lost its vitality, and worried that even if the trade situation eases and the global economy improves,oil prices lack the momentum to continue to rebound.

forex - Technical Analysis UKOUSD Brent Crude
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On the daily chart, MT4 observed that the oil price showed a weak rebound trend. The K line stood on the lower channel of the down channel since the beginning of April on the previous trading day, but the double line remained below the 0 axis from the Macd chart, proving this wave. The rebound is still weak. The current price is below the intraday Pivot's central axis 63.288, and the location is also the 61.70-62.86 up-band FE61.8% expansion line, so there is strong pressure, the intraday price only has the opportunity to open the rebound space.

forex - Technical Analysis GBPUSD GBP/USD
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On the daily chart, the K line stood on the key 30-day moving average pressure yesterday, while the Macd quickly rebounded to the 0-axis. In terms of the day, the rebound momentum is still strong. The top is about to face the 1.1420 pressure of the Fibo38.2% callback line of the 1.3176-1.1958 downtrend. Only when the price breaks through the position, it is expected to rebound further. MT4 will see further pressure towards 1.2565.

forex - Technical Analysis USDJPY USD/JPY
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Affected by risk aversion, the yen continued to weaken, the US dollar against the yen exchange rate rebounded all the way, today's Asian market in early trading, the price continued to rise and broke the pressure of the Fibo61.8% callback line of 109.31-104.44 band, the current K line continues to suffer 30 The hour and the support of the 60-hour moving average continue to rise. In terms of the day, the price is still expected to hit a new high. The initial pressure on the MT4 observation is at 107.83. After the breakthrough, it is expected to look at the 108.09 line.

Today's focus event
1.US August PPI monthly rate
2.US July wholesale sales monthly rate
3.EIA crude oil inventories from the US to the week of September 6
 
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