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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

71% of retail investor accounts lose money when trading CFDs with this provider.

Market Insights

New oil bull market kicks off; OPEC+ triggers rush into energies

Daily Insight

Market Talk

OPEC+ surprises oil traders with 1.1 million barrels a day production cut

Production cuts starting from next month (May 2023) Crude Oil Market Reaction:

  • Crude prices +5% in front of EU trading session (Brent / WTI)
  • Brent price breaks above key 50 day and 100 day moving averages (bullish); eyes on the $88.30s (January 23, 2023 highs)
  • WTI bull cycle looks likely to continue after price cleared above key resistance near the $78.60s, opening up prospects for a test of the $83 round number (January 23, 2023 highs)

Energies percentage moves

Crude prices recovered during the last three months with price support coming from:

  • Speculations that the global economy could still avoid a serious recession
  • Pipeline shutdowns across the Kurdish lines
  • Last night (Sunday) OPEC+ surprise production cut announcement

Natural gas price hammered during the last 3 months seems to be weather driven:

  • Europe has had a mild winter
  • New supply channels opened
  • Increased production from the US
Product 3 month % change Year to Date % change
Crude Oil Brent 2.71% -9.27%
Crude Oil WTI 2.65% -9.30%
Natural Gas -41.48% -47.19%

Data as of April-03-2023 7:00 am UTC

Today’s Economic Events

US ISM Manufacturing Index remains below 50

  • Is a leading economic indicator
  • Readings above 50 indicate a growing manufacturing sector
  • Readings below 50 indicate a shrinking manufacturing sector
Time: UTC Country/Region Economic Indicator Previous Forecast Actual
1:30:00 AM Australia New Home Loans m/m -2% -3% -1.20%
2:00:00 PM United States Construction Spending m/m -0.1 0 -
2:00:00 PM United States ISM Manufacturing Index 47.7 47.5 -
2:00:00 PM United States ISM Man. New Orders - - -
2:00:00 PM United States ISM Man. Prices Index - - -
2:00:00 PM United States ISM Man. Employment Index 49.1 50 -

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Tactical Trading Ideas & Commentary

WTI Crude Oil bullish cycle in play

Price has gapped higher which reinforces the bullish near term cycle (26-49 days), a break above the resistance near the $81.70s opens up the prospects for a further extension towards $83, while downside support is at $75.70, a failure to hold could put the $73.15-10s in sight.

Brent crude oil gapped higher after surprise OPEC+ cut

Brent price gapped sharply higher following the surprise OPEC+ production cut made during the overnight Asian session; current price above both its 50 day and 100 day moving averages (bullish) placing the prospects for a further price extension toward the $87.90s in sight; downside support zone seen between the $78.25 - $76.30s.

EUR/USD remains in a multi-month uptrend

Current price is in an uptrend (daily chart), this can be technically supported by the fact that current price is above its long term (50-100 days) upward-sloping trend line, as well as the higher tops and higher bottoms observed on price (dow pattern). Momentum analysis indicates upside momentum remains, downside supports at 1.0760 - 1.0630, and upside prospects for further price extension towards 1.1030 can not be ruled out.

Not investment advice. Past performance does not guarantee or predict future performance.