Yesterday's economic data, ADP Non-Farm Employment Change and Unemployment Claims, showed actual data that did not support the USD. actual ADP Non-Farm Employment Change data was 150k from the expected 163k with the previous data revision of 157k. Meanwhile, the actual Unemployment Claims data was 238k greater than the expected 234k and the previous data revision of 234k.
The latest weather forecast from the US National Hurricane Center indicates that Hurricane Beryl will weaken to a tropical storm. On the other hand, the US API reported that oil stocks fell by 9.163 million barrels after a slight increase of 0.91 million barrels last week.
Today we see that the price of WTI oil is still moving above the price level of 80, yesterday the price fell to a low of 81.85 but rose again to above 83.00 level price
WTI oil price is now moving below the upper band line. Yesterday, even though the price formed a bullish candlestick, the price movement was still within the previous range.
Bollinger bands appear to expand in the daily timeframe reflecting high market volatility.
MA 50 below the middle band line draws a flat channel crossing the middle band line from the upside. Meanwhile, the RSI points to level 65, which means the price is moving above the uptrend level.
View attachment 7162
The latest weather forecast from the US National Hurricane Center indicates that Hurricane Beryl will weaken to a tropical storm. On the other hand, the US API reported that oil stocks fell by 9.163 million barrels after a slight increase of 0.91 million barrels last week.
Today we see that the price of WTI oil is still moving above the price level of 80, yesterday the price fell to a low of 81.85 but rose again to above 83.00 level price
WTI oil price is now moving below the upper band line. Yesterday, even though the price formed a bullish candlestick, the price movement was still within the previous range.
Bollinger bands appear to expand in the daily timeframe reflecting high market volatility.
MA 50 below the middle band line draws a flat channel crossing the middle band line from the upside. Meanwhile, the RSI points to level 65, which means the price is moving above the uptrend level.
View attachment 7162
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