MMF Solutions Singapore Forex Analysis & Signal @ CariGold Forum

[ForexSignals]

Crude OIL PRICES SEES RISE IN SINGAPORE

Crude Oil prices rose early on Tuesday on expectations that an Opec-led production cut to prop up the market could be extended, and as strong demand was seen to slowly erode a global fuel supply overhang.

Prices for front-month Brent crude futures, the international benchmark for oil, were at US$51.76 per barrel at 0043 GMT, up 14 cents, or 0.3 per cent, from their last close. Healthy oil demand would help rebalance markets and support prices.

Global demand for 2017 is expected to remain healthy and surpass long-term average growth in demand of 1.2 million barrels per day by between 0.2 and 0.4 million barrels per day. As such, the combination of robust demand and weaker global supply leading to rebalanced markets will not be de-railed by US shale oil.

Current Exchange Rate of crude oil is 49.08.

Our Latest Recommendation:
It is recommended to BUY.

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[ForexSignals]

Singapore crude oil prices recovered from losses

Oil prices on Thursday recovered from losses chalked up the session before, but the market remains under pressure as bloated US crude inventories and rising output dampen OPEC-led efforts to curb global production.

Prices for front-month Brent crude futures, the international benchmark for oil, were at US$50.95 per barrel at 0033 GMT, up 31 cents from their last close. That came after Brent briefly dipped below US$50 a barrel the previous session for the first time since November.

In the United States, West Texas Intermediate (WTI) crude futures were up 33 cents at US$48.38 a barrel, after testing support at US$47 a barrel overnight.

Despite the bounce on Thursday, traders said that prices remained under pressure, largely due to a bloated US market and doubts that an effort led by the Organisation of the Petroleum Exporting Countries (OPEC) to cut output were having the desired effect of reining in a global fuel supply overhang.

Greg McKenna, chief market strategist at futures brokerage AxiTrader, said OPEC was “underwriting the investment plans and returns of their competition in US shale oil.”

McKenna said there was a risk of oil prices dropping further due to US output and a lack of compliance by some producers who said they would cut production.

The Energy Information Administration (EIA) said US inventories climbed almost 5 million barrels to a record 533.1 million last week, far outpacing forecasts of a 2.8 million-barrel build.

The high inventories come as US oil production has risen over 8 percent since mid-2016 to more than 9.13 million barrels per day (bpd) to levels comparable in late 2014, when the oil market slump started.

Current Exchange rate in SGD is 67.68440 or 48.38 in USD.

Our Latest Recommendation:
It is recommended to BUY.

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[ForexSignals]

Eur/usd drops towards 1.0750

The EUR/USD pair witnessed some aggressive selling over the last hour, and finally broke the overnight consolidative mode to the downside, after the greenback extended the advance versus its main competitors, in the wake of some clarity on the House vote on the Trumpcare bill.

Better risk sentiment combined with higher treasury yields also collaborate to the renewed selling interest seen behind EUR/USD.

EUR/USD Technical Levels
In the 4 hours chart, the price is now stuck around a still bullish 20 SMA, whilst technical indicators have turned lower, with the Momentum already below the 100 level and the RSI around 54, while selling interest around 1.0820 remains strong. Still, the price needs to accelerate below 1.0765 to begin a downward corrective move, while only below 1.0700 bears will retake the lead. At this point, the pair needs to surpass 1.0828, February monthly high, to confirm a bullish extension towards 1.0870, December high. Support levels: 1.0765 1.0730 1.0700 Resistance levels: 1.0830 1.0870 1.0910.

Trend: Bullish
Avg Sell Price: 1.0727
Avg Buy Price: 1.0688

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[ForexSignals]

Usd/jpy sees downturn in asia

The USD/JPY pair is meandering near fresh four-month lows, with downside opening up for a test of 200-DMA support at 109.20, as the bears remain in control amid risk-aversion at full steam.

Risk-off persists at the start of a brand new week, as treasury yields and equities are sold-off.

USD/JPY Technical levels to watch:
The major finds immediate resistance at 110.68 (daily pivot). A break above the last, the major could test 110.87/111 (5-DMA/ round figure) and 111.31 (classic R2/ Fib R3) beyond the last. While to the downside, the immediate support is seen at 110.05 (classic S2/ Fib S3) next at 109.68/50 (classic S3/ psychological levels) and below that at 109.20 (200-DMA).

TREND:
Bullish

Avg Sell Price
96.66

Avg Buy Price
112.68

Our Latest Recommendation:
It is recommended to SELL.

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[ForexSignals]

Usd/cad april 2017 prediction

The month of March passed off; the month of April brings with it a new set of challenges for traders as politics continue to remain at the center stage, while economics and monetary policy will likely take a back seat.

The USD/CAD pair fell during several weeks in March, but quite frankly I believe there is more than enough support to continue pushing this market higher. You can see that we have been in a longer-term grind to the upside, and we are approaching the 1.35 handle. If we can break above the 1.35 handle, and more importantly the 1.36 handle, the market will be free to go much higher, I believe possibly as high as the 1.46 level of the longer term.

Having said that, I believe that April will be a positive month but it is going to be very choppy. Short-term pullbacks will continue to be buying opportunities, and if there is bearish pressure on the crude oil markets, this move will make quite a bit of sense. We could drop as low as 1.30 during the month, and still look relatively well supported.

Keep in mind that you should pay attention to the oil markets, and currently they look as if $50 in the West Texas Intermediate market is going to offer a massive ceiling. If we broke above there, that could be good for the Canadian dollar, but it does not look like it’s going to happen anytime soon. Because of this, I believe that the move higher in this pair will be simultaneous to a breakdown below the $47 level in the WTI Crude Oil market, which would show a massive amount of support breaking down and giving way to the sellers.

With a massive oversupply, it makes sense that oil continues to struggle, and by extension the Canadian dollar will as well. I think you time that’s exactly what we see so pullback should be thought of as value in this market, especially of the Federal Reserve starts to speak in a more hawkish tone again. I have no interest in selling this pair until we break down below the 1.30 level.

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