Crude oil price remained strong this week and moved above the $57.00 and $58.00 resistance levels against the US Dollar. The price even traded above the $58.50 resistance level on FXOpen UK before sellers took a stand near the $59.00 resistance.

A swing high was formed at $59.01 and later there were a few range moves. On the downside, there is a strong support formed above the $58.20 level and the 50 hourly simple moving average. There are also two key bullish trend lines in place with supports near $58.70 on the hourly chart.

Oil

Therefore, if there is a downside correction, the price is likely to find a strong buying interest near the $58.70 and $58.50 levels.

On the upside, a break and close above the $59.00 level may perhaps open the doors for more gains towards the $59.40 and $59.80 resistance levels.

RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

Analysis feed

Latest Forex Analysis

Editors’ Picks

AUD/USD extends losses below 0.6700 on dovish RBA minutes

AUD/USD extends the break below the 0.6700 level after the release of RBA minutes during Tuesday’s Asian session. The minutes reiterated the policymakers’ readiness to ease the policy if needed. Moreover, China coronavirus concerns led risk-off also weigh on the Aussie. 

AUD/USD News

USD/JPY testing key support near 109.70 as risk-off returns amid coronavirus concerns

The safe-haven yen is drawing bids in Tuesday's Asian trading, as the risk-off sentiment remains the key theme amid growing concerns of the negative economic impact of coronavirus outbreak. USD/JPY holds the lower ground near 109.75 amid losses in the Asian equities, S&P 500 futures and Treasury yields. 

USD/JPY News

Coronavirus: Half the Population of China, 760 Million, Now Locked Down

In China, 760M people are locked down. Apple just issued a warning. In Japan, there is a sudden spike coronavirus cases. Apple is supply constrained and Revenue Projections Will Fall Short Due to Coronavirus. "Apple Inc. became the first ...

Read more

Gold: Bulls dominate beyond $1585 as coronavirus-led risk-off continues

Gold prices remain 0.33% positive to stay mildly above $1586 during early Tuesday. The yellow failed to extend the previous day’s declines as the market’s fear wider than a registered outbreak of China’s coronavirus.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures