The situation in Libya has become the centre of attention for economists and market observers, as the main ports’ operation was stopped due to military clashes in the country. Today the loading of oil has been stopped in the ports al-Hariga and Zwitina following the actions of Lybia’s national army. As a result, Lybia’s production has been decreased for 850 000 barrels per day. The events in Northern Africa where Lybia is located provide support to the oil prices. In overall, it is expected that the oil prodution will grow and the agreements reached on June 22 during OPEC meeting will be followed. Saudi Arabia agreed to increase its oil production approximately up to 2 million barrels per day, so it can compensate the decreased production amid situations in Iran and Venezuela. The oil production growth will impact the oil quotations, and the oil prices will be under pressure again. The situation with the raw commodity markets is often reflected in the dynamics of the raw commodity currencies. AUD is one of the currencies which is affiliated with the current oil situation. The uncertainty in Lybia and the oil quotations’ growth will favourably impact AUD. In the near-time, we will see AUD’s strengthening.
Let’s take a look at AUD/CHF’s technical analysis.
Time M15.
5-wave structure for the purhcase is being formed.
We recomend to search for long position’s opening opportunities in the entrypoint above the construction treadline after the descending trend takes a turn. The expected move is displayed at the chart.
The fixation has take pace before and the purchase from the current levels is relevant.
Take-profit is set at 0.7331.
Profit target is around 20 points.
Stop loss is fixed below the fifth point of the wave-structure after its final formation.
It is worthn to remind that we open orders only when the price reaches the target point and sets below the bullish structure’s treadline construction.
If the price fails to be fixed and takes a turn, we will look for new long position’s opening opportunities for the pair with a target to buy up to 0.7331.
20 pips
200 dollars
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