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Daily Pivot Points
Major Daily Events Thursday
ECB Rate Decision
@HeidsterTrades Daily Commentary - 7/20/2017
Good Morning! Oil prices are flat overnight. Not much on the news wire over night to move prices. The bank of Japan release moved the USD up, but not enough to deter people from oil. Today we have the ECB moentary policy meeting, this could move the USD significantly as investors have been taking the bank for being hakish and wanting to tighten policy. Either way they spin it here is a couple of hours should move the currency markets a bit one way or the other, which may move oil. Yesterday's EIA inventories report was very bullish, I think it came as a surprise as they did not add in missed inventories from last week, also, the draw was about a difference of 6M from the private report Tuesday night. Still looking for price to continue a bit higher from here. Targets to the upside today are; 47.50, 47.56, 48.18 and 48.49. To the downside; 47.00, 46.62, 46.14 and 45.66. Have a great day!