WTI crude oil trades weak for the second consecutive week on easing demand. It hit a low of $78.17 at the time of writing and is currently trading at $78.18.
China’s economic slowdown and trade war between the US and China puts pressure on oil at lower levels. Markets eye July month of monetary policy and hints about rate cuts for further direction.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude.
Major resistance - 104.25/105.
Major support- 103.60/103.
Ichimoku analysis (4- hour chart)
Tenken-Sen- $79.80
Kijun-Sen- $80.60
The immediate resistance is around $79.20. Any jump above the target of $80/$80.60/$81.25/$81.75/$82. On the lower side, near-term support is around $78. Any breach below will drag the commodity down to $77/$76.
It is good to sell on rallies around $78.85-90 with SL around $80 for a TP of $77.


NZDJPY Dips Create Fresh Buy Opportunity as Key Support Holds
FxWirePro: EUR/ AUD dips below 1.6300 level, focus on near term support
FxWirePro- Woodies pivot (Major)
FxWirePro- Woodies pivot (Major)
FxWirePro: AUD/USD bulls struggles as upside momentum fades
FxWirePro: GBP/USD stays below 1.3400 level following cooler inflation report
AUDJPY Pulls Back on Profit Booking: Buy Dips Toward 117/118
FxWirePro:USD/JPY hovers near 40-year peak,intervention fears linger
FxWirePro: AUD/USD rallies on jobs surge, heads to test key resistance
AUDJPY Extends Four-Day Rally as Yen Weakness Fuels Fresh Buying Opportunity
FxWirePro: GBP/NZD gains some upside momentum but still bearish
GBPJPY Weakens on Soft UK CPI: Sell Below 217.80 Targeting 216.40
JPY Strength Alert: USDJPY, AUDJPY, EURJPY and CADJPY Turn Extremely Bullish
FxWirePro- Major Pair levels and bias summary
FxWirePro: USD/CAD retreats slightly but trend is still bullish
FxWirePro: USD/CNY attracts selling interest, vulnerable to more downside 



