FxWirePro- Woodies pivot (Major) 
NZDJPY Bullish Consolidation: Buy Dips Near 93 with Targets at 95 as All EMAs Align Strongly Bullish 
FxWirePro : USD/JPY holds near 160 as yen remains under pressure 
FxWirePro: USD/CAD hits two-month low as oil prices rise 
Major Crypto Pair Crypto Score: BNBUSD Extremely Bullish at 100, Dominating as XRPUSD Turn Deeply Bearish 
FxWirePro: USD/ZAR edges higher after weak SA jobs and manufacturing data 
FxWirePro: GBP/USD trades sideways as markets await U.S. inflation and UK GDP data 
FxWirePro: GBP/USD gives up gains as traders await UK GDP 
FxWirePro- Major Crypto levels and bias summary 
FxWirePro: GBP/AUD edges lower, remains on bearish path 
FxWirePro: USD/CAD firms slightly, but downward resumption looks likely 
FxWirePro- Major Pair levels and bias summary 
Major Pair Currency Score: GBPUSD and AUDUSD Extremely Bullish at 100, USDCAD Extremely Bearish at -100 – Key Major Levels to Watch 
FxWirePro: AUD/USD in holding pattern as market await fresh catalyst 
FxWirePro: GBP/AUD risks tilt further to the downside 
FxWirePro: EUR/AUD bears maintain upper hand 
Crude oil (WTI) is finding support around $43.3/barrel critical support area, however sellers remain at large as market awaits report from EIA. A break below could lead is moving sharply lower ahead of FOMC meeting next week.
However, bears are likely to exercise caution ahead of EIA weekly report.
Key factors at play in Crude market
- Crude oil production in US has dropped but remains above 9 million barrels/day.
- OPEC production is well above 30 million barrels/day quota, highest since 2008. However OPEC members lack further spare capacity to push production higher, without significant investments.
- Iran has additional capacity and might boost production if sanctions removed.
- American Petroleum Institute's (API) weekly report showed inventory surplus of 2.1 million barrels, which is second consecutive weekly rise.
Today's report might work as key catalyst for crude oil market, as volatility is quite high.
Today's inventory report from US Energy Information Administration (EIA), to be released at 15:00 GMT.
Trade idea
- Our short term long call to the upside has soured after reaching around $50, which was given around $45/barrel area, targeting $53/barrel area. Though our stop loss is still quite far away around $40-38/barrel area, we feel opportunity is now greater and attractive lining with fundamental and going short.
- Sell crude small position now, increase short position with break below $43/barrel area and sell at subsequent rallies targeting $34/barrel area with stop around $50/barrel area.
