WTI keeps range around $ 52 mark ahead of API data

Divided between rising economic growth woes and Middle East tensions.
Focus on risk trends and US API crude stocks data for fresh direction.

Dhwani Mehta FXStreet

WTI (futures on Nymex) extends its range trade around the 52 handle in the European session, unable to find a clear direction amid mixed market sentiment and ongoing Middle East tensions.

The higher-yielding oil finds support from the risk-on action in the European stocks and the US equity futures following the European Central Bank (ECB) Chief Draghi’s rate cut talks. Meanwhile, the looming tensions in the Middle-East, in the face of two oil tankers attacked last Thursday and the US suspecting Iran behind the attacks, continue to keep the downside cushioned.

However, any upside attempts lack follow-through amid mounting concerns over the global economic growth, dented by escalating US-China trade war. Investors remain unnerved amid a sharp deterioration in the German business morale and falling inflation expectations across the globe.

Markets now eagerly await the US weekly crude stockpiles data due to be published by the American Petroleum Institute at 2030 GMT for fresh hints on the US supply-side scenario that could help determine the next direction in the prices.

WTI Technical Levels

WTI

Overview
Today last price	51.94
Today Daily Change	-0.20
Today Daily Change %	-0.38
Today daily open	52.14

Trends
Daily SMA20	55.46
Daily SMA50	60.19
Daily SMA100	58.8
Daily SMA200	58.73

Levels
Previous Daily High	53
Previous Daily Low	51.81
Previous Weekly High	54.94
Previous Weekly Low	50.94
Previous Monthly High	63.97
Previous Monthly Low	53.13
Daily Fibonacci 38.2%	52.26
Daily Fibonacci 61.8%	52.55
Daily Pivot Point S1	51.63
Daily Pivot Point S2	51.13
Daily Pivot Point S3	50.44
Daily Pivot Point R1	52.82
Daily Pivot Point R2	53.51
Daily Pivot Point R3	54.01

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.