empty
 
 

15.03.201711:48 Forex Analysis & Reviews: Global macro overview for 15/03/2017

Long-term review

Global macro overview for 15/03/2017:

The latest weekly American Petroleum Institute (API) crude oil inventory data for the week ending March 10th reported a draw of 0.53 million barrels. This data were a kind of relief after a huge 11.6 million barrels build last week and were better than market expectations of a 2.5 million barrels increase. Nevertheless, in its latest monthly report, OPEC expected the oil market to remain over-supplied during the first half of 2017 due to an upward revision to US shale output (record rig count levels) and also reported increased global stocks. Moreover, the Saudi Arabian output increased back above 10.00 million bpd for February which added more worries to the overall difficult situation.

Let's now take a look at the Crude Oil techncial picture in the H4 time frame. The market is clearly trading in oversold conditions, so some kind of a relief rally is now needed. Nevertheless, the bulls seem to struggle with the technical resistance zone between the levels of 48.61 - 49.22. As long as the price is trading below this zone, no real rally higher will happen and further news release might spark another sell-off any time now. The next techcnial support is seen at the level of 47.09.

Exchange Rates 15.03.2017 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.