For Traders

Analytical Reviews

01.11.201615:44 Forex Analysis & Reviews: Global macro overview for 01/11/2016

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 01/11/2016:

The OPEC meeting in Vienna finished and a proposed agreement to cap production still hasn't been reached. The talks between OPEN and non-OPEC members took a long time but nobody managed to agree on anything. The non-OPEC producers made no specific commitment to join the OPEC in limiting oil output levels to prop up prices, which might suggest that they want the oil producing group to solve the inner disputes first. Nevertheless, the negotiations have been scheduled for November again, just before a regular OPEC meeting on November 30th. Maybe this time the OPEC and non-OPEC members will be more productive.

Let's now take a look at the Crude Oil technical picture on the daily time frame after the weekend talks. The bear camp has managed to push the prices lower towards the next important support at the level of 46.53, but now the price is bouncing from this level. The next target for bulls is the lower channel line around the level of 48 and the key resistance at the level of 48.16.

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.