- The pair spotted with a double top and rejected at 200Dsma
- The Crude Oil prices rebounds on a third straight session
- US dollar index continues to face resistance at 200Dsma
Review: Total existing-home sales declined 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July. After last month’s decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago (5.29 million).
Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. “Healthy labor markets in most the country should be creating a sustained demand for home purchases,” he said. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”
Iraqi Oil Ministry statement: Iraqi oil long hoped that the meeting of September 28 frozen produce can reach agreement, so as to support oil prices. Iraq aims to share its production of crude oil in the market to maintain the level of 475-500 million barrels / day, reported by Wallstreetcn.
Foreign media was informed that two quite grievances OPEC members Saudi Arabia and Iran meet in Vienna to prepare for next week’s informal meeting of oil-producing countries, has not been a major breakthrough, the talks will continue.
What’s on today?
August Core CPI m/m basis forecast 0.2% vs 0.2 and y/y basis 2.2% vs 2.1%
July Retail sales m/m basis forecast 0.1% vs -0.1%
The price is trading at 1.3045 on Friday’s Asia session. The price manages to hold the 100Dsma on Thursday’s session finds at 1.3000. Below this, 1.2830 and 1.2750 exists.
In our earlier article, we forecast 1.3000 the price made a low at exactly at 1.3000 levels.
For trading purpose, support finds at 1.3000, 1.2960 and 1.2920-1.2900
Resistance seems at 1.3085, 1.3130 and 1.3160
Since July, the price rejected thrice at 50Wsma seems at 1.3260 levels.