Oil heading for 43$ and potentially lower

how to trade currency

How To Trade Currency

Good Morning Traders,

Iran finally reached a nuclear deal with six major powers after years of talks on Tuesday, which sent oil prices lower. This is exactly what we were seeing coming because hopes of sanctions are lifted off. This will enable Iran to directly sell its oil to the West. You should learn the fundamentals of  How To Trade Currency by taking our foundation forex programme course. This will enable you to understand that oversupply of oil will push its price lower. There are some nations including Israel and Saudi Arabia who strongly object this deal, which could result in more tensions in the region and additional oil price slump. Politically, this could be a tough call because these countries believe that lifting the sanctions will give the Iranian regime a free pass to build nuclear weapons. On the other hand, the driving force behind this deal to me seems to be Iran and America's common enemy: ISIS. BOTTOM LINE IS THAT OIL WILL GO LOWER AS WE HAVE NOT SEEN THE AFTER EFFECTS AS OF YET.

TECHNICAL VIEW ON OIL

The charts to the left clearly show you the direction of oil: DOWN. Here is a chart for the last three years which shows us that we have not changed the trend. Now the post here in concern says oil to hit 75$ to 85$ by the end of the year. What I believe is the following first of $ then we have a chance otherwise we could be heading to break the low of 43$. Have a wonderful weekend and keep on reading more at Platinum Trading Academy blogs on how to trade currency. The more  you read, the more you will learn how forex trading works with the help of all the diverse topics that we update on our forex trading blog. This will help you improve your judgement in terms of currency trade and better analyse various aspects when it comes to forex. Kind regards The Platinum Team