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OPEC+ began holding online meetings to decide on oil production policy for June, sources said.On May 3, OPEC representatives said that major countries led by Saudi Arabia and Russia agreed on Saturday to increase production by 411,000 barrels per day next month. This is the second consecutive month that the alliance has accelerated the pace of supply recovery after an unexpectedly large increase in production in May. The organizations leaders are trying to punish member countries that violate quotas and overproduce in a strategic shift. Market analysts believe that this move may indicate that a potential price war is brewing. According to OPEC+ representatives, Saudi Arabia has become fed up with the long-term overproduction of countries such as Kazakhstan and Iraq. Jorge Leon, an analyst at Rystad Energy who once worked in the OPEC Secretariat, said, "OPEC+ has just dropped a bombshell on the crude oil market. Saudi Arabias move is both to punish unruly members and to cater to Trumps desire to see lower oil prices."According to Sky News: It is expected that the opposition coalition will not win enough seats to form a majority government in the Australian election.On May 3, OPEC representatives said that OPEC+ members agreed to increase production by 411,000 barrels per day in June. The OPEC+ meeting originally scheduled for next Monday was brought forward to Saturday, but it is not clear why the meeting was rescheduled. Four sources previously leaked before the meeting that the increase in production in June is likely to be similar to the amount agreed in May (411,000 barrels per day). The market also mostly expects the organization to increase production significantly again, with an increase similar to that in May. Scott Shelton, energy expert at UnitedICAP, said: "The market is now completely focused on OPEC, and even the tariff war has taken a back seat." Oil traders are ready for OPEC+ to increase supply. Oil prices fell more than 1% on Friday, and fell 8% this week, the largest weekly drop since March.Market news: OPEC+ members agreed to increase production by 411,000 barrels per day in June.

GBP/USD Price Analysis: Dollar Bulls Defend the 20-EMA, with 1.3000 in Sight

Drake Hampton

Apr 07, 2022 10:16

  • Failure to break above the 20-EMA will exacerbate the suffering for sterling bulls.

  • The RSI has fallen below 40.00, indicating that there is no hint of divergence and an oversold condition.

  • A location beneath the symmetrical triangle will generate substantial proposals for the cable.

 

After three tumultuous trading days in April, the GBP/USD pair has sensed selling pressure to roughly 1.3167. The pound bulls have been stymied by the 20-period Exponential Moving Average (EMA) around 1.3095.

 

On a four-hour time scale, the cable has settled itself comfortably beneath the symmetrical triangular formation. This will result in significant volume growth for the asset in the future. The chart pattern's top boundary is represented by the March 25 high of 1.3225, while the lower boundary is marked by the March 15 low of 1.3000.

 

 

At 1.3114, the 50-EMA is scaling lower, adding to the downside filters. Additionally, the Relative Strength Index (RSI) (14) has fallen below 40.00, indicating that additional suffering is imminent. The RSI is not indicating divergence or an oversold condition.

 

A break below Tuesday's low of 1.3067 will bolster greenback bulls, and the pair may fall to the March 16 low of 1.3036, followed by psychological support around 1.3000.

 

On the other hand, the asset will march toward Tuesday's high of 1.3167 after breaching the 50-EMA at 1.3114. If the latter is breached, the asset will be pushed towards the round level resistance at 1.3200.

Four-hour chart of the GBP/USD

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