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.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD trims Pound-related gains, back to 1.1150/60 price zone

The EUR/USD pair got a nice short-lived boost from Brexit optimism, although it quickly trimmed gains, as PM May failed to convince the markets. Failure near 1.1200 left doors opened for a retest of the yearly low at 1.1110.

EUR/USD News

GBP/USD bounces off 1.2700 despite UK’s political uncertainty

Even if challenges to the UK PM May’s “new and bold” Brexit proposal remain on the card, the GBP/USD pair witnessed pullback moves from 1.27 the figure during early Asian session on Wednesday.

GBP/USD News

USD/JPY stalls bounce near 110.60 post-mixed Japanese data

The tepid bounce in the USD/JPY pair appears to stall near 110.60 region following the releases of mixed Japanese trade and machinery orders data. However, the risk remains to the upside amid fresh US-China trade optimism and ahead of the key FOMC minutes. 

USD/JPY News

FOMC Minutes Preview: Inflation, inflation, where's the Fed's inflation?

The better than anticipated US first quarter GDP of 3.2% received its due in the May FOMC statement where “economic activity rose at a solid rate” in contrast to the March note where “activity has slowed from its solid rate in the fourth quarter.”

Read more

Gold struggles pull away from May lows, continues to trade near $1270

The XAU/USD pair closed the first day of the week virtually flat below the $1280 mark and came under a renewed pressure on Tuesday as the upbeat market sentiment didn't allow the precious metal to find demand as a safe-haven

Gold News

Majors

Cryptocurrencies

Signatures