It’s been a month of congestion and consolidation for crude oil prices, with the commodity driven by a variety of forces, but as we approach the start of October, the market now appears to be building some momentum in preparation of an imminent breakout. However, much will depend on the deep areas of price resistance now directly ahead.
GBPUSD remains in downtrend from 1.6524, as long as 1.6340 resistance holds, the downtrend could
EURUSD remains in downtrend from 1.3411, as long as 1.2765 resistance holds, the downtrend could be expected to continue, and next target would be at 1.2500 area.
The AUDUSD pair rose during the course of the day on Monday, as we bounced a bit off of the 0.87 handle. However, the 0.88 level above should be resistive, so we look at this is a potential selling opportunity.
It was another week of falling prices for soft commodities (DBA, quote) once more, as over supply issues continue to dominate across all the major markets, and clearly evident from the weekly charts. It is the US which sets the price for world markets as the largest exporter, with the US Midwest corn belt set to produce a record harvest for a second year.
GBPUSD’s downward movement from 1.6524 extended to as low as 1.6214.
EURUSD continued its downward movement from 1.3411, and the fall extended to as low as 1.2666.
AUDUSD’s downward movement from 0.9401 extended to as low as 0.8692.
EURUSD’s downward movement from 1.3411 extended to as low as 1.2696.
Not even the specter of a spillover of Islamic extremism from Somalia can dampen the atmosphere in Kenya, where commercial oil production is expected to begin in 2016 and discovery after discovery has made this the hottest and fastest-paced hydrocarbon scene on the continent.
