WTI bounces off 200-day SMA as no major push to the USD highlights trade news’ support to the black gold. Fitch ignoring trade pessimism while holding APAC credit outlook stable also favors the energy benchmark. API inventories, US stockpiles will provide fresh impulse. With the 200-day SMA restricting near-term declines of the WTI, the black gold takes the bids to $58.10 during early Tuesday. The energy benchmark earlier benefited from the global rating giant Fitch’s stable sovereign outlook for the Asia-Pacific (APAC). The rating agency shrugs off global challenges, including trade pessimism while holding prevalence of stable rating outlooks over the next 12-18 months. The optimism got another boost after China’s Xinhua reported that the United States (US) and China reached consensus on solving issues. The Chinese media relied on the phone call between the Vice Premier Liu He, the US Trade Representative Robert Lighthizer, US Treasury Secretary Steve Mnuchin. As per the reports, both sides have agreed to continue discussing the trade talks. Also increasing the optimism could be comments from the Hong Kong leader Carry Lam who said that the government will seriously reflect on views reflected by voters. With this, the S&P 500 Futures gains nearly 0.25% to 3,140 while the US 10-year Treasury yields stay positive around 1.76%. Prices failed to enjoy the trade optimism on Monday as the US dollar (USD) registered noticeable gains. The commodities have an inverse relationship with the greenback. Markets will now focus on the US economic calendar having a slew of releases concerning housing, manufacturing and consumer sentiment. The weekly release of private oil inventory data from the American Petroleum Institute (API), prior 5.954 million barrels, will also entertain momentum traders. Technical Analysis The quote needs to clear a monthly top near $58.80 to extend the bounce off 200-day Simple Moving Average (SMA) level of $57.60. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Cryptocurrencies price prediction: Bitcoin, Ripple & Litecoin – Asian Wrap 26 Nov FX Street 3 years WTI bounces off 200-day SMA as no major push to the USD highlights trade news' support to the black gold. Fitch ignoring trade pessimism while holding APAC credit outlook stable also favors the energy benchmark. API inventories, US stockpiles will provide fresh impulse. With the 200-day SMA restricting near-term declines of the WTI, the black gold takes the bids to $58.10 during early Tuesday. The energy benchmark earlier benefited from the global rating giant Fitch's stable sovereign outlook for the Asia-Pacific (APAC). The rating agency shrugs off global challenges, including trade pessimism while holding prevalence of stable rating outlooks over… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
