End up $1.18 or 2.17%
The price of crude oil futures have settled the week at $55.59. That is up $1.18 or 2.17%.
Last week, the price closed near $52.71. The low for the week was on Monday at $51.23. The high extended to $55.72 today.
Back and forth after break lower failed
The EURUSD has retraced all the way back to the resistance area defined by the trend line and the 100 hour MA. That area comes in at 1.1284-90. Yesterday, the 100 hour MA (blue line) was broken, but the trend line stalled the rally. The levels are reversed today with the 100 hour MA above the trend line.
Bounced off the 200 hour MA earlier
The move higher today, was a reversal after an earlier decline. That fall was a continuation of the fall from yesterday, helped by the weaker Retail sales data, but when the pairs price tested the 200 hour MA (green line currently at 110.22), sellers covered/new buyers leaned and the price started the rebound.
Looks toward the low for the week
Coeure is saying that the economic slowdown is stronger and broader than expected and that has moved the EURUSD to new session lows. The pair is now testing - and breaking below - the low for the week at 1.1249 (just reached 1.1243 as I type) and tests a trend line connecting the lows for the week. A move below opens up the downside. Sellers are in control.
The USD is the mixed
The NZD is the strongest currency (for the 3rd day in a row). The EUR is the weakest as North American traders enter for the day. The USD is mixed with gains vs EUR, CHF and declines vs the NZD, AUD, GBP and CAD although most are little changed. The GBP is a little stronger after a signficant beat with retail sales (1.0% vs 0.2% est). Brexit remains a concern though.
NZD/USD hits a high of 0.6855 after having traded at a low of 0.6810 earlier
Optimism surrounding trade talks in Beijing was fading to start the day as US and China were reported to have structural issues that are difficult to work out and that tempered with the risk mood in Asian and early European trading. NZD/USD hit a low of 0.6810 before trading sluggishly around 0.6820-30 earlier on.
GBP/USD hits a high of 1.2830 on the day
The pair is now running into some minor resistance from the 1.2830-32 swing region as buyers are continuing a small climb higher on the back of some dollar weakness (as a result of improved risk sentiment) and a slight boost from the upbeat UK retail sales report earlier.
USD/CAD trades at the highs for the day near 1.3313
The greenback is pushing gains against the likes of the euro, swissie and loonie to start the morning and we're seeing USD/CAD stay underpinned above the 1.3300 handle with buyers searching for an extension to the upside move yesterday.
The pair still holds below 1.1300 but is struggling to break below 1.1250
Despite the fact that the dollar struggled yesterday after the poor retail sales report, EUR/USD buyers were unable to regain some notable near-term momentum as upside movement was capped by the 100-hour MA (red line) as well as the 1.1300 handle.
Weak US retail sales data and slight stumbling blocks in US-China trade talks are helping to keep USD/JPY pressured to the downside
The pair took a heavy knock back under the 111.00 handle after US retail sales data for December disappointed heavily. Buyers found some support around 110.50 thereafter but recent rhetoric that US and China are still far apart on structural issues is sapping the optimism out of equities and what was priced into risk assets at the start of the week.
Something has to give..
The GBPUSD is keeping a lid on the rallies on the intraday 5-minute chart.
Looking at the chart above,
Admittedly, the price is not running lower off these levels, but the buyers are not really racing the price higher either.
Traders lean as Washington budget headlines
The stocks zigged and zagged and so did the USDJPY.
On the downside, the pair made new lows and in the process tested the 100 hour MA and trend line. Then the level held and we saw a bounce -albeit modest. The trend line comes in at 110.46. The 100 hour MA is just above that line at 110.516.
Ups and downs today
The EURUSD has had it's share of ups and downs today. We are currently on one of the "ups".
The pair has just moved above the 100 hour MA at 1.12979 level and looks toward a topside trend line at 1.1303. The high for the day reached 1.1309. The price is also back above the 1.12885 level. That was the swing low from January 24th. The level has sorta been a bullish above/bearish below level for traders this week. We are back above.
Back above the 200 day MA in the process
The S&P index has clawed back the declined and trades at unchanged levels. The low reached 2731.23. The high just extended to 2753.10, which was good enough for a tiny gain on the day. The move higher has taken the price back above the 200 day MA at 2744.23. That remains the barometer for the bulls and bears today.