Global macro overview for 04/11/2015:
Crude oil inventories data are scheduled for release at 3:30pm today. The market expects the inventory levels at 2664k vs. 3.376k last week. From macroeconomic point of view, crude oil prices are still under pressure due to global supply problems and weak demand from China. Moreover, the OPEC members refused to cut down the production levels and that is making the problem even worse. At the top of the things the recent hawkish FED statement has made the crude oil surge 6% as the clues for the possible December rate hike had been revealed.
The current technical picture looks somehow slightly bearish as the price has touched the 61%Fibo at the level of 47.73. and now is testing this level again. The next support is seen at the level of 47.49 and the next resistance is seen at the level of 48.33.
The material has been provided by InstaForex Company – www.instaforex.com