Oil Daily Analysis : 30 March 2021

The daily forex analysis of March 30, 2021 will discuss the movement of oil today. Due to the presence of large ships transporting containers in large quantities that block shipping traffic routes in the Suez Canal, the price of oil has increased in trading over the past few days. This large ship has been crossing the Suez Canal for about a week, and it is estimated that the loss due to the obstacle of the route is predicted to be around Rp 2 billion/day. However, the latest information says that the large ship is now able to move and start its journey again. For today's market trading, it is estimated that the price of oil will decrease, because the traffic route on the Suez Canal, which had been disrupted, is now starting to be active again. The focus of market participants is currently the OPEC-JMMC Meetings, which will discuss the continuation of production cuts made by Saudi Arabia and other OPEC member agreements. The potential for trading that can be done is: If market participants are worried about an increase in oil reserves after the Suez Canal can be passed, it is estimated that the price of oil will decrease. The condition of the US Dollar is currently quite strong compared to other major currencies in market trading yesterday. The strengthening of the US dollar is due to information that wants the US and Japan to meet and discuss Taiwan. In addition, tensions between China and the United States will have an impact on market conditions and support market participants to switch to safer investment assets. After the Chinese side gave sharp criticism that there was an envoy who tried to approach one of the Chinese officials in the past. Previously, China's stance was in response to the rejection of US trade envoy Katherine Tai regarding the easing of tariffs carried out by China and also about "more positive and productive" trade relations with EU countries. On the other hand, there are optimistic signals over the plan to inject funds for American infrastructure development worth US$3.0 trillion proposed by US President Joe Biden began to dim due to discussions about tax increases. The re-emergence of the coronavirus (COVID-19) in the European Union (EU) could have an impact on the movement of the US Dollar. However, regarding the rapid and targeted development of the distribution and implementation of the Covid-19 vaccine, it gives an optimistic signal and hope that the wheels of the American economy will move and can support the strengthening of the US Dollar. In addition, there are optimistic signals regarding the release of NFP economic data and monthly unemployment data will make the US Dollar strengthen against other major currencies.

Oil Daily Analysis Predictions

Today's prediction in OIL is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 61.30. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily analysis of oil on March 30, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.