WTI Price Analysis: Hourly RSI shows corrective bounce has ended

WTI trades near $37.80 versus $38.45 during the overnight trade.
The hourly chart shows an end of corrective bounce from $37.00.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude is currently trading near $37.80, representing a 0.7% decline on the day.

The hourly chart relative strength index has dived out of an ascending trendline, indicating an end of the black gold's bounce from weekly lows near $37.00.

The daily chart studies remain biased in favor of the bears. For instance, the 5- and 10-day simple moving averages continue to trend south, while the 14-day RSI hovers in bearish territory below 50.

As such, a re-test of $37.00 looks likely. Supporting the bearish case is the fact that major trading firms are again booking offshore oil storage tanks, a sign of weakening of demand.

A close above the descending 10-day SMA, currently at $40.66, is needed to invalidate the bearish outlook.

Hourly chart

Trend: Bearish

Technical levels

WTI

Overview
Today last price	37.80
Today Daily Change	0.40
Today Daily Change %	-0.55%
Today daily open	38.04

Trends
Daily SMA20	41.92
Daily SMA50	41.45
Daily SMA100	36.75
Daily SMA200	41.57

Levels
Previous Daily High	38.69
Previous Daily Low	36.49
Previous Weekly High	43.7
Previous Weekly Low	39.61
Previous Monthly High	43.86
Previous Monthly Low	39.75
Daily Fibonacci 38.2%	37.85
Daily Fibonacci 61.8%	37.33
Daily Pivot Point S1	36.79
Daily Pivot Point S2	35.55
Daily Pivot Point S3	34.6
Daily Pivot Point R1	38.99
Daily Pivot Point R2	39.93
Daily Pivot Point R3	41.18

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Crypto Today: Bitcoin and Ethereum edge lower, XRP extends recovery as macro headwinds weigh

The broader cryptocurrency market is consolidating on Friday, with Bitcoin paring losses slightly above $84,000. Ethereum declines in tandem with BTC. Ripple (XRP), meanwhile, paints a different picture.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Federal Reserve (Fed) and the Bank of Japan (BoJ) have just done something remarkably similar. Both central banks raised interest rates by 25 basis points (bps) last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.