USD/CAD has filled its gap, USD/JPY has not. Where now for the oil price?

<p>The driver of moves so far today is this shock news from Sunday:</p><ul><li><a href="https://ift.tt/kfioaqL" target="_blank" rel="follow" data-article-link="true">Saudi Arabia and other gulf states announce 1 million barrels per day in oil output cuts</a></li></ul><p>The first markets to react were New Zealand and then Australia, CAD marked up and yen marked down:</p><ul><li><a href="https://ift.tt/LFdNwg9" target="_blank" rel="follow" data-article-link="true">Yen down, CAD up after the shock OPEC news over the weekend (shock swingeing output cut)</a></li></ul><p>A few hours later oil markets opened, well, futures anyway:</p><ul><li><a href="https://ift.tt/Sq4A1tQ" target="_blank" rel="follow" data-article-link="true">Oil price gap surge higher after the shock weekend OPEC+ news (swingeing output cut)</a></li></ul><p>As I said in the oil price 'gap surge' post just above, If you are new to markets you'll see these sorts of moves telegraphed in early forex trade on Monday's in New Zealand and Australia. Do take note of that. At ForexLive we note the early Asia (early Asai begins in New Zealand) moves as they are instructive. </p><p>Oil price futures have jumped, if you check out a daily chart (or some such time frame) you'll see a number of tops clustered:</p><p>There will be some work to do around current price levels, a move to fill the gap, all or partial, shouldn't surprise. No guarantee of course. </p> This article was written by Eamonn Sheridan at www.forexlive.com.

from Forexlive RSS Breaking News Feed https://ift.tt/RPdckOp