A Blog of Commentary and Ideas from an FXstreet Premium Member by 
Greetings again, Everyone!
Crude Inventories come off a bit down more than expected @ 3.8M, while Gasoline Builds rose by 3.9 M Barrels and Distillates also gained 2.1M Barrels. Refinery Utilization rises 1.2% to 87.1, as our Crude August Futures Contract remains with minimal Reaction and locked in Its IntraDay Range.
The BoE is concerned overall with a “longer-than-considered” Expansion Policy as well as a Concern for “Inflationary Pressures”.
Interest Rate Considerations out of The Bank of England will only be accommodated on rising CPI, as well as a Conflict with Oil Appreciation being a Factor in CPI in the first place.
We check in with a slightly weaker Crude Contract, as well as The Queen looking for Daylight towards the 1.6600 Handle once again.
Commentary is above, so give The Captures a Click for Levels… Post-Time is 15:30 GMT.
Crude looks to maintain the tight Range Price is “anchored” in now between the $66.50’s and the $69.50’s on the IntraDay View. A Clip of the Resistance here sees a New “Transitive Rollover” being built as Resistance@ $69.50 noe becomes Support.
Maintenance of the Area sees additional Appreciation to $70-73 Resistance in the near-Term if Sentiment continues along with the Correlation to Dollar Weakness.
The Queen is still caught in a very Clear Daily range, as we are at The “Mean” of the Area, and need some “Outliers” in Price to work with on this Time-Cycle.
The Hourly provides more Specific Clarity, in that we see the 1.6480’s now providing a “Bounce” from Dynamic Support. Clearance will see a Continuation through the 1.6600 Handle… especially if The FOMC Rhetoric is largely “In -Line” with Expectation of Rhetoric and some Dovish Sentiment.
As we move along… NOW we expect the “Quiet Muted” Consolidative Activity to really be clearly seen moving into FMOC Territory in less than 3 Hours.
While I personally do not expect any “true” Importance out of the Interest Rate Equation… The Key will be all Rhetoric and Plans for either Maintaining, Expanding, or Contracting the Quantitative Easing Aspects.
We will see minimal Reaction if we hear the “Same” Rhetoric of Interest Rates remaining at current levels, but especially if we hear Q.E. Concerns remaining Stable and Unchanged.
Please join me yet once again for another Update as we see Reaction, check on The Currency Units, as well as The Indices as The Release is “digested”!
I will see all of You hopefully Soon!
