Global macro overview for 28/08/2015:
Yesterday, crude bounced from the support line and rallied almost 10%, the biggest one-day relief rally since March 2009. The main catalyst to rally was the good US data. The Gross Domestic Product for second quarter grew at a 3.7% annualized rate, beating the expectations. Moreover, the S&P500 index has reached the highest two-day since 2009 and the Chinese shares reversed a five day losing streak as well.
The technical picture of crude oil confirms the corrective upside cycle with the first target at the 23% Fibo level might be considered as accomplished. The nearest support is seen at the level of 41.45.
The material has been provided by InstaForex Company – www.instaforex.com