21.10.201511:28 Forex Analysis & Reviews: Global macro overview for 21/10/2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Global macro overview for 21/10/2015:

The report on crude oil inventories figures are scheduled for release today at 2:30 pm GMT. The market expects the stockpiles to grow slower compared to the previous week number by around a half ( 3500k vs.7862k prior). Yesterday, the American Petroleum Institute reported that the US crude inventories hit the level of 7054K, which was nearly double than the expected level of 3500K, closer to the last week stockpiles at the level of 9300k. That king of data still suggests that the stockpiles are increasing, the market is still oversupplied and the demand is decreasing.

The bearish reversal on the crude price chart might suggest a further sell-off to take place if the 50%Fibo level is rejected. The market got back to the old congestion zone, and it is currently trading at the level of 45.75. The next important support is seen at the level of 43.17. In case of a bearish breakout, lows should be tested soon.

Back to the list

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.