Will Oil keep rise up? – Focus OPEC report

After the United State abandoned an agreement and will do a new sanction with Iran, Brent rose above 75 USD. Brent fell lower on last Friday and closed at 77.12USD. I think oil price may swing in the narrow frame await OPEC monthly report at 18.20 p.m. on Monday. However, Bullish trend of Brent is still strong so I suggest resistance line at 78 USD today. While major stock market in Asia may move sideways up as Dow Jones strongly rose last week.
Euro rose up two days after U.S. inflation data upset market. However, investor may collect FOMC member’s opinion to make sure of rate hike in June. I suggest listening FOMC member’s speeches: Meter at 13.45 p.m. and Bullard 20.40 p.m. which may not surprise market. In my view U.S. dollar may swing by bond yield rate changing. However, I think euro may try to hold above support line at 1.900USD. Furthermore, British pound also may hold steady above 1.3500 USD and may try to break a resistant line at 1.3600 USD.
Bitcoin price fell lower than 8,600USD and lost the chance to retest 10,000USD soon after Prosecutors in South Korea have reportedly raided the largest cryptocurrency exchange in the country “UPbit” on 11th May. I suggest a support line for Bitcoin at 7,800USD but it may try to hold above 8,000USD.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

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