WTI Price Analysis: Pierces the key hurdle to north of $66.00

WTI refreshes one-week high on crossing monthly resistance line, 50-SMA.
Bullish MACD hints at further upside towards 200-SMA.
August 19-20 swing high, monthly low add to the downside filters.

Anil Panchal FXStreet

WTI crude oil prices take the bid near $66.08, up 1.0% intraday, during early Tuesday. In doing so, the black gold rises past 50-SMA and a downward sloping trend line from July 30 to refresh the one-week high.

Given the bullish MACD signal joining the resistance breakout, WTI is up for further advances towards the mid-August top surrounding $69.40.

However, 200-SMA near $69.50 and the $70.00 threshold, will challenge the oil buyers afterward.

Meanwhile, the resistance-turned-support confluence comprising the stated SMA And trend line around $65.80-70 restricts the commodity’s immediate downside.

Also restricting short-term WTI sellers is the early August lows near $65.00 and August 19 swing high around $64.00, a break of which will direct the bears to the monthly low close to $61.70.

It’s worth mentioning that the yearly bottom surrounding $61.50 and the $60.00 psychological magnet become the key support to watch past $61.70.

WTI: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	66.11
Today Daily Change	0.63
Today Daily Change %	0.96%
Today daily open	65.48

Trends
Daily SMA20	68.27
Daily SMA50	70.67
Daily SMA100	67.73
Daily SMA200	60.8

Levels
Previous Daily High	65.93
Previous Daily Low	61.73
Previous Weekly High	68.04
Previous Weekly Low	61.79
Previous Monthly High	76.4
Previous Monthly Low	64.99
Daily Fibonacci 38.2%	64.33
Daily Fibonacci 61.8%	63.34
Daily Pivot Point S1	62.83
Daily Pivot Point S2	60.18
Daily Pivot Point S3	58.63
Daily Pivot Point R1	67.03
Daily Pivot Point R2	68.58
Daily Pivot Point R3	71.23

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.