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February 26, 2016

WTI takes wait-and-see position climbing on 33 level, markets are waiting for PBOC head speech

WTI takes wait-and-see position climbing on 33 level, markets are waiting for PBOC head speech

After a sharp rally from $31.50 to $33.00 level during late session yesterday WTI managed to hold its own on this level. Currently the commodity floats in a $32.80-33.10 level, waiting for London session which will set Friday trend. Crude prices can be also affected by resolutions made on G-20 summit in Shanghai. Session support has been found on $32.77 level, weekly support is $29,48 level and resistance is $33,53. 

USD index which shows the value of greenback to the basket of other six majors dropped 0.19% to $97.25 indicating US Dollar is weakening against its overseas peers.

Brent futures with April delivery declined 0.63% to $34.94 and spread between two crude benchmarks rose to $2,06 bbl. 

Australian Dollar depreciated against Euro and Japanese Yen, EUR/AUD added 0.26% ti 1,5265 level, AUD/JPY dipped 0.05% to 81,73 level. Japan CPI came out in early Asian session showed 0% growth and met expectations, while previous reading was 0.2%. 

GfK report showed UK Consumer Confidence fell to zero points beating estimate of 3 points, while in previous month it showed 4 points.

EUR/USD advanced 0.24% today trading at 1,1040 level with support at 1.10 (key level) and local resistance at 1,1150 level. 

EU CPI which is due later today with 0.1% forecast may pave the way for Euro, while US GDP for 4Q  will bear significant influence on US currency. Baker Hughes rig count for this week will throw the light on drilling activity in US and help WTI traders to price it in the market.

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