FXCM's CFD for Brent, UKOil, and its WTI CFD, USOil, have both moved into their bullish channel on the H4 time frame. Oil is responding to forecasts for China's growth.
Tomorrow and Friday will see PMI data released out of China. The market expects these to be higher than the previous prints. In anticipation, the stochastics have turned up. If they can take the 80+ levels and hold (blue arrow), an underlying positive momentum will be present. This could lead to a more sustained upswing.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.