WTI keeps short-term bullish tone despite stronger USD

WTI holds around $66.60 despite the rally of the US Dollar.
Short-term bias points to the upside but move shows no strength.

Matías Salord FXStreet

WTI (oil futures on NYMEX) rose momentarily above $67.00, reaching the highest level in two weeks and then pulled back under $67.00. Near the end of the session, the barrel was hovering around $66.70, marginally higher for the day.

Crude oil held in positive ground despite the rally of the greenback. US Dollar Index Futures jumped from 92.76 (4-week low) to 94.45, the highest level in two weeks. The dramatic rally started after the ECB meeting. Ahead of the closing bell in Wall Street, DXY was consolidating gains, having the best performance in weeks.

Outlook and levels to watch

WTI continues to move with a modest bullish bias in the short-term. Today reached a higher high, and a higher low, for the sixth trading day in-a-row. Gains continue to be small and price still remains near June lows.

Ahead of the next sessions, WTI is facing the 20-day moving average and the $67.20/30 resistance. It seems like a strong barrier that represents an important challenge. If price breaks higher it could accelerate to the upside.

On the flip side, if it fails around current levels, attention in the very short-term could turn to $65.70 and an uptrend line: under that area more bearish pressure is likely.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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