FXOpen Trader

Focus on the Journey, Not the Destination Waiting for the Perfect Timing Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum #fxopenforum #forextrading #cryptotrading #learnforex

I am Still Learning Three stages of the Current Market Correction Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum #fxopenforum #forextrading #cryptotrading #learnforex

Oil price bonanza may trigger dividend hike for big firms The incessant increase in the price of oil over recent months has been a moot point for many people, especially those in western countries who are now having to battle with the cost of paying for their domestic heating or the painful cost of buying fuel for their car. What appeared inconceivable last year when oil prices were very low and had only just begun to recover from the negative equity position that crude oil was in in March 2020, is now a very harsh reality for many domestic and commercial consumers, just as it is for commodities traders who have to make their investment in crude oil work against the backdrop of a surprisingly strong US Dollar. Currently, the price of oil is still extremely high, with Brent Crude commanding a price of $103 per barrel at July 25, and oil companies are quite simply raking in the profits. The sanctions which were placed on companies in all sectors of industry based in Russia earlier this year have also had an impact on the price of crude oil, as Russia is an OPEC country and has a vast oil and raw materials industry which exports its products globally. Once the ability for Russian oil companies to access their settlement payments for oil and gas in Euros or US Dollars via European and North American banks became impossible due to the freezing of those accounts, and Russian oil companies ended up insisting that European and American customers settle their oil and gas purchases in Rubles via Russian banks, the US Dollar became less connected to the commodities settlement business and the ruble shot up, but of course overall demand for oil remained very high. As a result, the dollar value of oil is still high indeed. Some of the top international oil majors have already announced expectations of extremely high revenues, especially in their refining divisions, for the second quarter of this year. A number of analysts expect at least some of them to step up share buybacks and some even to announce an increase in dividends due to record cash flows and record or near-record earnings. Some Western oil companies are doing very well indeed, as this is a global phenomenon and a global supply and demand issue. French supermajor TotalEnergies said last week that “Refining & Chemicals results are expected to be exceptional given the very high levels of distillate and gasoline cracks.” American oil giant ExxonMobil revealed in an SEC filing earlier this month that the rise in industry margins is set to add between $4.4 billion and $4.6 billion to its Q2 results. At Shell, which recently moved its headquarters from its native Holland to London purely so that it can be in the global trading center for electronic financial services, the refining margin nearly tripled in Q2 compared to Q1 and is expected to add between $800 million and $1.2 billion to the second quarter results of Shell’s Products division compared to the first quarter of 2022. Therefore, not only are oil stocks in view, but oil prices themselves. FXOpen Blog

GBP/USD Faces Resistance And GBP/JPY Is Sliding GBP/USD started a recovery wave above the 1.1950 resistance zone. GBP/JPY declined and remains at a risk of more losses below 163.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a recovery wave above the 1.1950 resistance against the US Dollar. There is a major bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. GBP/JPY declined steadily after it failed to clear the 166.20 resistance zone. There was a break below a key bullish trend line with support near 165.60 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound found support near the 1.1750 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to settle above the 1.1850 zone. There was a steady increase above the 1.1900 zone and the 50 hourly simple moving average. The pair even traded above the 1.2000 resistance zone. However, the bears were active near the 1.2050 and 1.2060 levels. GBP/USD Hourly Chart A high was formed near 1.2063 on FXOpen and the pair is now correcting lower. There was a move below the 1.2000 support zone. It even broke the 50% Fib retracement level of the upward move from the 1.1916 swing low to 1.2063 high. An immediate support is near the 1.1975 and the 50 hourly simple moving average. The next major support is near the 1.1960 level. There is also a major bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD. If there is a break below the 1.1960 support, the pair could test the 1.1920 support. Any more losses might send GBP/USD towards 1.1850. On the upside, the pair is facing resistance near the 1.2000 level and the 1.2020. An upside break above 1.2020 could set the pace for a move towards the 1.2060 resistance zone. The next major resistance sits near the 1.2120 level. Read Full on FXOpen Company Blog...

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