Crude oil lost its shine on easing Middle East tension. It hit a low of $72.67 yesterday and is currently trading around $73.09.
EIA cuts demand forecast in 2024 due to weak growth in US and China.
According to the American Petroleum Institute (API), US crude inventories rose sharply by 10.9 million barrels for the week ending Oct 4th, compared to a forecast of 1.95 million barrels.
US dollar index - Bullish
US treasury yield- bullish (negative for commodity market).
Major resistance- $74. Any breach above will take the commodity to next level $74.89/$75.50/$75.97. Major trend reversal only above $80.
The near-term support is around $72.45, any violation below targets $71.80/$70.90/$70.
Indicators (4- hour chart)
ADX- neutral
CCI (50) - Bullish
It is good to sell on rallies around $75 with SL around $76.20 for TP of $70.90.


FxWirePro: USD/CAD bulls continue to hold the higher ground
FxWirePro: GBP/NZD extends decline , vulnerable to more downside
FxWirePro: USD/ZAR slips as SARB delivers surprise rate hike
Aussie Yen Breaks 114 Barrier: Bulls Lock Horns With Resistance, Eyes on 115 Summit
FxWirePro- Major Pair levels and bias summary
Ethereum Tumbles Below $2K: Bears Eye $1,700 as All Key EMAs Flip Red
FxWirePro: EUR/AUD downward momentum remains in place
FxWirePro: EUR/ NZD dips below lower range, bearish bias increases
FxWirePro: GBP/USD edged higher as hopes for US-Iran deal boost riskier assets
FxWirePro: GBP/NZD slide extends ,eyes 2.2600 level
FxWirePro- Major Pair levels and bias summary
FxWirePro: USD/CNY bears maintain upper hand
FxWirePro: GBP/USD recovers some ground but bears are not done yet
FxWirePro- Major Crypto levels and bias summary
EUR/JPY Bulls Hold the Line Above 185: Eyes Locked on 188 Breakout 



