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WTI crude oil traded higher today after it hit support at 86.65 yesterday. Overall, the black liquid continued to trade above the upside support line taken from the low of Dec. 20, and as long as this is the case, we will hold a bullish stance.
At the time of writing, WTI is trading near yesterday’s high of 88.45, showing some signs that it might correct lower for now. However, if the setback stays limited near the aforementioned upside line, we would see decent chances for a rebound and a test at the 90.70 zone, defined as resistance by the high of Oct. 7. If the bulls are unwilling to stop there, a higher break could see scope for advances towards the high of Sept. 30, at 94.80.
Shifting attention to our short-term oscillators, we see that the RSI lies near 70, but it has ticked down, while the MACD lies above both its zero and trigger lines. Both indicators detect upside speed, but the fact that the RSI turned down adds some credence to our view that a minor setback may be looming before the next leg north.
To start examining the bearish case, we would like to see an apparent dip below the 83.35 barrier, marked by the low of Jan. 25. This could initially target the low of Jan. 13, at 81.35, or the 80.52 barrier, marked by the inside swing high of Jan. 7. If neither barrier can stop the bears, we could see them marching towards the 77.85 or 76.75 zones, defined by the lows of January 10th and 6th, respectively. Another break below 76.75 could carry extensions towards the low of Jan. 3, at 74.27.
In the following video, OANDA Senior Market Analyst, Craig Erlam, talks about the USD/JPY, which has pulled back in recent days leading to a potentially significant breakout.
Note, I am traveling, so I am typing the report early, 5 hours before the day session opens. Today is Friday, so weekly support and resistance are important. It looks like this...
The Canadian dollar hasn’t made any spectacular daily gains since May 13th, when it shot up 1.1%. The currency has, however, made slow but steady progress against its US...
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