- WTI prints some gains in the Asian session.
- The risk to the downside remains on four-hour chart.
- Bearish momentum oscillators tilt in favor of bears.
Oil prices remain off the lows and manage to stay above $64.90 in the Asian session. WTI faces stiff resistance near $66.50 as of Wednesday, and prices came under selling pressure after making a daily high of 66.75.
At the time of writing, WTI is trading at $64.92, up 0.32% on the day.
WTI four hourly chart
On the four-hour chart, WTI has been nursing the previous day’s losses while making an effort to reclaim the $65 psychological mark. Prices are hovering around the 50% Fibonacci retracement level placed near $64.80 with the possibility of falling toward $64.50, which is the 61.8% Fibonacci retracement level.
The Moving Average Convergence Divergence (MACD) indicator is above the midline, after completing a bearish crossover. This displays that bears are gaining momentum, and could potentially drag prices toward $64 horizontal support, followed by weekly lows of $62.88 (May 3).
If prices begin moving higher, the first hurdle emerges near the 38.2% Fibonacci retracement level near $65.30, and then at $65.80. This Coincides with the 23.6% Fibonacci retracement. Bulls will keep their eyes on Wednesdays high at $66.70.
WTI additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
How will US Dollar react to April jobs report? – LIVE
Following the Fed's policy announcements, market focus shifts to the April jobs report from the US. Nonfarm Payrolls are forecast to rise 238K. Investors will also pay close attention to revisions and wage inflation figures.
EUR/USD clings to gains near 1.0750 ahead of US jobs report
EUR/USD clings to modest gains at around 1.0750 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.