- Crude oil bull trend has been retracing since July 3.
- Crude oil formed a triangle compression pattern with the 100-period simple moving average crossing above the 200-period simple moving average suggesting a bullish bias. Bulls are starting to break the triangle to the upside. Target 1 is located in the 66.30-66.53 zone and target 2 in the 67.16-67.72 area.
- A sustained bear breakout below 64.60 would negate the bullish bias.
Spot rate: 65.65
Relative change: 0.29%
High: 65.67
Low: 65.28
Main Trend: Bullish
Resistance 1: 65.71, June 22 low
Resistance 2: 66.30-66.53 July 18 swing low and June 20 high
Resistance 3: 67.16 June 14 high
Resistance 4: 67.72-67.84 June 26 low and August 14 high
Support 1: 64.60 May 28 low
Support 2: 64.00 figure
Support 3: 63.63 June 11 low
Support 4: 62.40 June 18 low
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.