Daily Alert – Thursday 18th November 2021: Oil drops as reserves come into play

Mark NugentDaily Alert, Nov 2021

Daily Alert – Thursday 18th November 2021: Oil drops as reserves come into play

Good morning traders.

Yesterday was solidly risk-off. Equities were down, as was the US 10-year yield. GOLD was up and the JPY/commodity currency dynamic was well behaved in that the JPY rose and the commodity currencies fell. All very docile and as expected.

There has been little on the calendar since yesterday’s video. CPI in Canada was as per expectation and didn’t cause a stir.

I traded strong JPY via AUDJPY short. Sentiment seems to have turned slightly overnight and I am currently underwater.

There is not a single Tier I event on the calendar today. However, I see WTI dropping down and out of its recent consolidation zone on suggestions that multiple countries will start to tap their strategic oil reserves. That move will reverse. It’s all in the timing of course.

If my AUDJPY closes early enough, I will make a brief video for you and let you know tomorrow. Otherwise, you will get it on Monday morning along with your Trading Plan for Week 47.

Have a great weekend when it comes.

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