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13 Apr 2015

Brent Oil pares gains

FXStreet (Mumbai) - Front-month Brent futures have pared more than 50% gains ahead of the US session due to a stronger US dollar. Prices had hit a high of USD 59.501/barrel earlier today as speculators increased bets on higher prices amid a slowdown in US drilling.

Strong USD weighs

Part of the gains were erased, tracking the rise in the USD index above 100.00 levels. Disappointing Trade figures from China could have also weighed eventually over prices. Prices had gained earlier today as the declining US rig count in the US diverted the market attention to the imminent reduction of production. Reuters data shows open interest in WTI strike options for $60, $70, $80 and $90 per barrel on NYMEX has risen steadily since January, showing that many traders are betting on rising prices.

However, analysts said a big rally was also unlikely, although latest CFTC data showed the biggest weekly rise in the long positions since 2011.

Brent Crude Technical Levels

The futures currently trade at USD 58.50/barrel. The immediate support is located at 57.85 (50-DMA), under which losses could be extended to 57.42 (5-DMA). On the flip side, resistance is seen at 58.67, above which gains could be extended to 59.50.
Apr 13, 2015

Sell any GBP/USD rallies – Rabobank

The UK election scenario is expected to keep GBP pressured, and even if US data disappoints the pound will still remain a sell on rallies, explains Jane Foley, Senior Currency Strategist at Rabobank.
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Apr 13, 2015

RBA expected to stay on hold, long AUD/NZD – Growth Aces

The Growth Aces Research Team sees a high probability that the RBA will keep rates on hold at its nearest meeting and support AUD, and further add that long AUD/NZD might be a better opportunity to trade any anticipated Aussie strength.
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