Crude Oil proves resilient to the downside – TDS
Source Fxstreet
Crude Oil continues to prove resilient, with inventory draws offering modest support to the complex, TDS strategists say.
Crude Oil stays strong amid CTA buying
"We still argue that the rally could start to fade as Commodity Trading Advisors (CTA) buying flows taper off. Prices below $81.73/bbl and $85.46/bbl for WTI and Brent crude respectively, would see CTAs ease up on their buying and liquidate a portion of the recently acquired length."
"Aside from the resurgent CTA flows, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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AUD/USD holds ground near 0.6700 due to cautious RBA toneAUD/USD moves little after two days of gains, hovering around 0.6700 during the Asian hours on Friday. The pair steadies as the Australian Dollar (AUD) receives support amid cautious sentiment surrounding the Reserve Bank of Australia’s (RBA) policy outlook.
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