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JOHNNY FOX: OIL AND FOREX REVIEW

NIKKEI 225 VS TOSHIBA 93.686 02:30 23.02
MAZDA VS TOSHIBA 7.847 02:30 23.02
NIKKEI VS SUMITOMO MITSUI 4.325 02:30 23.02
NZD/USD 0.71846 02:30 23.02
NZD/JPY 81.379 02:30 23.02
AUD/USD 0.76764 02:30 23.02
AUD/JPY 86.949 02:30 23.02
TENCENT HOLDINGS 214.700 02:30 23.02
SSE180 VS CSI300 2.1859 02:30 23.02
AUD/CAD 1.01035 02:30 23.02
TAIEX 9797.6 02:30 23.02
SSE180 7598.730 02:30 23.02
CSI 300 3476.262 02:30 23.02
SHANGHAI COMPOSITE 3250.382 02:30 23.02
EUR/JPY 119.533 02:30 23.02
EUR/USD 1.05530 02:30 23.02
HANG SENG F-JAN17 24073.000 02:30 23.02
TOPIX 100 992.810 02:30 23.02
NIKKEI 225 19313.290 02:30 23.02
HANG SENG 24089.300 02:30 23.02
ASX F-MAR17 5758.500 02:30 23.02
USD/JPY 113.269 02:30 23.02
USD/SGD 1.41603 02:30 23.02
ASX 5791.100 02:30 23.02
STRAITS TIMES 3118.700 02:30 23.02
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As any Binary Option Trader worth their salt already knows, commodity prices, especially oil fluctuate widely due to major international decisions. I thought it may be wise to discuss 3 major global issues affecting the price of oil this week.

Lets begin with the supply side;
Iranian Sanctions – Oil prices rallied over 1.2% on Monday after talks between Iran and six global powers in Geneva ended without a resolution that would ease sanctions against Tehran’s oil exports in exchange for concessions on its nuclear work. Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than one million barrels per day of oil from the global market.

Demand –
Market players are looking to the outcome of a four-day meeting of China’s top Communist Party officials, amid expectations that the country’s new government will unveil economic reforms. China is the world’s second largest oil consumer after the U.S. and has been the engine of strengthening demand, this decision will affect the price of oil in the near – mid future.

Binary Traders may also be wise to notice the broadly stronger U.S. dollar and ongoing uncertainty over the duration of the Federal Reserve’s stimulus program weighed. Demand for the USD continued to be underpinned amid speculation the Fed will begin tapering its asset purchase program at its December policy meeting. Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies. The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.

Oil prices are likely to find support today at $93.68, the low from November 6 and resistance at $96.64, the high from November 1.

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