WTI Crude Oil
The Oil completed Three White Soldiers reversal pattern, on yesterday’s third consecutive strong daily bullish close. Rally stalled at 49.29, short of targets at 49.49, lower top of 29 July and psychological 50 barrier, followed by corrective pullback. Daily slow Stochastic, reversing in overbought zone, is expected to give initial bearish signal. Dips are looking for initial support at 46.57, Fibonacci 23.6% of 37.75/49.29 recovery rally, followed by 45.87, peak of 28 Aug, with extended pullback to ideally reverse above 44.88, Fibonacci 38.2% retracement. Only losing 43.52, yesterday’s low and 50% of 37.75/49.29 rally, reinforced by daily Kijun-sen line, would neutralize near-term bulls.
Res: 48.17; 49.29; 49.49; 50.00
Sup: 47.01; 46.57; 45.87; 43.52
The Oil completed Three White Soldiers reversal pattern, on yesterday’s third consecutive strong daily bullish close. Rally stalled at 49.29, short of targets at 49.49, lower top of 29 July and psychological 50 barrier, followed by corrective pullback. Daily slow Stochastic, reversing in overbought zone, is expected to give initial bearish signal. Dips are looking for initial support at 46.57, Fibonacci 23.6% of 37.75/49.29 recovery rally, followed by 45.87, peak of 28 Aug, with extended pullback to ideally reverse above 44.88, Fibonacci 38.2% retracement. Only losing 43.52, yesterday’s low and 50% of 37.75/49.29 rally, reinforced by daily Kijun-sen line, would neutralize near-term bulls.
Res: 48.17; 49.29; 49.49; 50.00
Sup: 47.01; 46.57; 45.87; 43.52
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.