🛢️ Weak Oil Demand: Monthly reports from three major oil institutions indicate sluggish market demand, while Russia's oil production in May exceeded the OPEC+ quota. Long-term selling pressure on oil prices affects the Canadian dollar's performance.
🔍 Technical Analysis Highlights:
• Stochastic Oscillator (Daily): The overbought region issues a bearish signal, suggesting short-term bears may dominate. Notably, the blue fast line shows an upward trend, signaling the potential for continued price increases.
• Resistance Level (Daily): The bearish trend cannot be confirmed until the price breaks below the 65-day moving average.
• Naked K Structure: The recent decline remains within the June 7th candlestick. Any break in either direction indicates a potential trend.
• Neckline Resistance (1 Hour): After breaking the neckline support, the price rebounded to the neckline resistance area yesterday.
📍 Pivot Indicators:
• Central Price at 1.3720,
• Bullish above 1.3720, first target 1.3760, second target 1.3785
• Bearish below 1.3720, first target 1.3700, second target 1.3680
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