News, Trend, & Analytics 24.02.2021

Oil rises on Texas’ Slip

Today the focus is on Facebook re-friending Australia, British joblessness, and Oil’s slide higher.



7:00 UTC

The German GDP (QoQ) Q4 report will be released. Forecast: 0.1%. If the results are lower than predicted it could put negative pressure on the EUR.

Assets to trade: EUR/USD, EUR/NOK, EUR/CAD

15:00 UTC

The Fed Chair Jerome Powell will testify before the Joint Economic Committee, in Washington DC. If his comments lean toward a bright and fast recovery the USD could receive a positive push.

Assets to trade: USD/SGD, USD/MXN, USD/CLP

15:30 UTC

US Crude Oil Inventories will be announced. Forecast: -5.372M. A lower reading would buoy oil prices.

Assets to trade: Brent, Chevron, Exxon Mobil



Britain’s jobless rate rose to 5.1% in the last three months of 2020, its highest in nearly five years but still lower than it would have been without a huge coronavirus jobs support scheme. Affects GBP

The dollar rebounded off six-week lows on Tuesday as investors’ focus shifted to how US Federal Reserve chief Jerome Powell might respond to resurgent inflation expectations. Affects USD

Oil prices rose on Tuesday, underpinned by the likely easing of COVID-19 lockdowns around the world, positive economic forecasts, and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut down crude production. Affects Chevron

British retail sales fell in the year to February as stores cut jobs at a rapid rate, with only supermarkets reporting any growth during the latest COVID-19 lockdowns. Affects GBP

Facebook will restore Australian news pages, ending an unprecedented week-long blackout after wringing concessions from the government over a proposed law that will require tech giants to pay traditional media companies for their content. Affects Facebook


Technical Analysis


As the production of oil in Texas is slow to come back online Oil prices can expect to continue to climb. Demand is projected to return with the expected easing of lockdowns and a return to the road for millions.

The chart shows a pullback from new highs testing the previous peak around 64, prices are likely to reflect upward.


Showing the Three Black Crows pattern indicates a downtrend, but the last candle shows the trend may have lost momentum above the previous peak around 0.788


The pair is trading in a pennant and is nearing the breakout point. The higher lows suggest the quotes may break higher.

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