WTI technical analysis: Daily moving averages converge at 57.80, potential support

Ross J Burland FXStreet

Oil prices were whipsawed on the geopolitical front once again and while the market managed to shrug-off the concerns of a tropical storm in the Gulf of Mexico which has cut oil output in the region by more than half, from a technical standpoint, WTI has printed a strong daily bullish candle.

Bulls continue to commit and the price drifts higher on the 60 handle. On the downside, the familiar 20, 50 and 200 Experiential Moving Averages fall in line as potential support around 57.80. Then, below the weekly lows at 56.77, the 52 handle and then the 14th Jan 50.41 lows ahead of the 26th November lows at 49.44 are a target.

WTI

Overview
Today last price	60.43
Today Daily Change	0.08
Today Daily Change %	0.13
Today daily open	60.35

Trends
Daily SMA20	54.86
Daily SMA50	58.99
Daily SMA100	59.11
Daily SMA200	57.99

Levels
Previous Daily High	60.59
Previous Daily Low	58.44
Previous Weekly High	60.3
Previous Weekly Low	56.1
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	59.77
Daily Fibonacci 61.8%	59.26
Daily Pivot Point S1	59
Daily Pivot Point S2	57.64
Daily Pivot Point S3	56.85
Daily Pivot Point R1	61.15
Daily Pivot Point R2	61.94
Daily Pivot Point R3	63.3

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 49.07

0% Bullish
88% Bearish
12% Sideways

Bias Bearish

1 Month

Avg Forecast 47.99

14% Bullish
57% Bearish
29% Sideways

Bias Bearish

1 Quarter

Avg Forecast 48.03

33% Bullish
50% Bearish
17% Sideways

Bias Bearish

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.