(UKOIL) Brent looks for reprieve
(UKOIL) Brent remains pressured at a 5-month low as prices finally find some support. However, this might not be the last downturn we witness, as the global oil market could face a massive surplus next year, with supply expected to exceed demand. With ongoing US-China trade tensions adding pressure, fears of weaker global demand ensue as the black gold attempts to stop the rot. The price is moving towards 63.80 after bouncing off 61.60, which is now a critical support.
AUDUSD reversing gains
The pair remains pressured as an upbeat greenback progresses across the board. Even with a continuous government shutdown in America, the dollar seems to be favoured as a short-term safe haven as traders look to cash in. In Australia, signs of a resilient labour market could generate a bullish reaction as the central bank raises its guidance to further combat inflation. The pair is looking to retest the 0.6450 support, with 0.6600 as a fresh resistance.
NAS 100 attempting another record
Last week’s brief sell off saw traders ignore the bigger picture as the Nasdaq looks for a fresh record. Banking stocks are in focus as reports saw earnings exceed expectations. As earnings season begins, it will be up to the AI and tech stocks to continue driving the indices. Any signs of a bubble bursting will lead to a correction that traders have been waiting for the past year. The index is testing 24800, with 24000 being the immediate support.
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