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At 22:30 (GMT+2), the weekly report on the amount of oil reserves in the United States from the American Petroleum Institute (API) will be released. Also to the data on oil reserves, the most important in the report, it contains data on the amount of gasoline and distillates in the United States. A reduction in oil reserves traditionally leads to an increase in oil prices, while an increase leads to a decrease. The last time oil reserves in the United States fell by 8.587 million barrels. The continuation of this trend may support oil prices.
Today, the US currency strengthens against the yen but is weakening to the pound and the euro. Investors are focused on the comments of American officials. US President Donald Trump has said he is seriously considering a reduction in capital gains taxes as part of an effort to stimulate job creation. He also noted that taxes may be reduced for middle class families.
On the H4 chart, the lateral trend persists, the instrument is trading between the lower and middle lines of Bollinger Bands; the indicator cloud is expanding, and a downtrend is likely to form in the medium term. MACD histogram is near zero line and has minimum volume; the signal line is ready to cross the zero line from above, after which a signal to open short positions will be formed. Stochastic is in the neutral zone, the oscillator lines are reversing upwards from the border with the oversold zone.
On the 4-hour chart, the price corrects downwards from 43.28 (0.0% retracement). It reached 41.00 (61.8% correction), from where it resumed its growth. Currently, the price tests the level of 42.41 (23.6% correction), its breakout will allow it to return to 43.28. The key “bearish” level is 41.00. After its breakdown, the quotes may drop to 39.59 (100.0% correction). However, this scenario of price movement seems less likely, as indicators reflect growth. The MACD histogram is increasing in the positive zone. Stochastic entered the overbought zone but is directed upwards.
ASX 200 shows an uptrend against the backdrop of positive reporting of its larger components.