The strong appreciation of the US dollar, which led to the drop of the EURUSD pair below 1.18 and the weakening of the Antipodes currencies, also leads to a significant weakening of the commodity market. Crude oil is the one of the worst performers. After yesterday's unsuccessful re-entry into the upward trend channel, WTI is trading under heavy pressure today. Currently price is approaching 3 important levels: $ 60 a barrel, 23.6 Fibonacci retracement of the recent upward move, and the 50 period moving average. Should a break below occur, then declines could deepen towards $ 55 a barrel. However, if buyers manage to halt declines, then another impulse towards the lower limit of the upward channel may be launched.
Seasonality suggests that in the coming days we should observe a potential local low. Source: xStation5
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