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3 Mar 2020

Oil Price Analysis: WTI has some wild swings after the Fed emergency rate cut

WTI pushed higher but has now pared some of those gains as the Fed cut interest rates due to the coronavirus.
The price is now back near preannounced levels after a strong push higher.

WTI 1-Hour Chart

In an initial reaction spot WTI rose around 2.23% to the Fed rate cut announcement.

Now the commodity has pulled back somewhat to trade near $48/bbl.

Interestingly, the price could not take out the previous wave high of $48.74/bbl.

The market must remember that the OPEC+ meeting will be taking place on Thursday and Friday this week.

OPEC+ delegates may also be looking to take some kind of emergency measures due to the outbreak of the coronavirus.

If the level does break to the upside the next resistance could be at the $50/bbl psychological level and above that $51.22/bbl where the price found some support in the past.

Oil fed rate cut

Additional Levels

Mar 3, 2020

AUD/USD jumps above 0.6600 as Fed shock markets with a 50bps rate cut

The AUD/USD pair jumped from 0.6580 to 0.6636, reaching the highest level since February 21 after an emergency rate cut from the Federal Reserve. The

USD/JPY Price Analysis: Dollar drops to fresh 2020 lows vs yen in response to the Fed shock cut

USD/JPY is trading to fresh 2020 lows below the 200-day simple moving averages (SMA) after the Fed decided to cut interest rates in an emergency measure.