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17 January 2025,01:42
Trade Of The Day
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17 January 2025, 01:42
* Ceasefire Chill: Crude oil prices have fallen due to expectations of a pause in Houthi attacks on Red Sea shipping, following a ceasefire agreement between Israel and Hamas in the Gaza conflict. Maritime security officials indicated that the Houthi militia may soon announce the end of its Red Sea ship assaults. John Kilduff, a partner at Again Capital in New York, explained that the developments in the region, including the Gaza ceasefire, contribute to reduced tensions, lowering the security premium on oil. Additionally, the U.S. Commerce Department reported a rise in retail sales for December, pointing to strong economic demand. Meanwhile, the Federal Reserve’s cautious stance on interest rate cuts could support the U.S. dollar, potentially exerting downward pressure on oil prices, as oil is traded in USD.
* Technical Breakout: Crude oil price was traded lower following prior retracement from the resistance level 80.00. MACD which illustrate bearish momentum signal suggest the commodity to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 75.90. Conversely, a potential reversal is also to be expected and the price could head back towards 80.00.
Looking ahead to Friday, the U.S. economic calendar offers little of significance, with December’s Housing Starts, Building Permits, and Industrial Production data expected to align closely with prior readings. However, these reports are unlikely to generate significant market volatility on their own.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, global market updates, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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17 January 2025, 01:42 Crude Oil Falls as Houthis Suspend Red Sea Attacks
16 January 2025, 02:26 USD/JPY Declines on BoJ Hawkish Tone, Intervention Risk
15 January 2025, 02:29 Pound Weakens as US PPI Records Modest Growth
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