- US oil shown a minor recovery after hitting low of $59.94. The commodity has taken support near trend line and shown a minor jump and is currently trading around $60.65.
- Oil prices was trading weak for the past two days due to higher dollar and increase in crude inventory. EIA shows that US crude inventory rose by 2.4 MMbbls compared to forecast of 2.7MMbbls.
- US crude production increased 86000 b/d last week to 10.369 million b/d, a record high. This will affect the major upside in oil prices.
- On the lower side, near term major support is around $59.80 (trend line support) and any break below will drag the pair down till $59.40/$59/$58. Short term bullish invalidation only below $58.
- The near term intraday resistance is around $60.92 (55- H EMA and 23.6% fibo) and any break above will take the commodity till $61.45/61.84/$62.50.
It is good to buy on dips around $60.45-50 with SL around $59.95 for the TP of $61.45/$62.50.


FxWirePro- Major Pair levels and bias summary
NZDJPY Whipsaws After BoJ Hike: Buy-the-Dip Setup Above 89 With Eyes on 92
FxWirePro: GBP/AUD moves lower on weak UK data
FxWirePro: USD/JPY firms as Japanese Yen weakens after BoJ rate hike
FxWirePro: USD/CAD downtrend slows, but bearish sentiment remains
FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook
FxWirePro: USD/ZAR edges higher but bearish outlook persists
EURJPY Surges Post-BOJ Hike: Bullish Momentum Builds – Buy Dips Targeting 185
FxWirePro:EUR/AUD eases but bullish outlook persists
CADJPY Pulls Back on Weak Canadian Retail Data: Dips to 113 Prime Buying Opportunity Targeting 116
FxWirePro- Major European Indices
FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook
FxWirePro: EUR/NZD uptrend loses steam but outlook still bullish
FxWirePro: EUR/NZD uptrend loses steam, remains on bullish path
FxWirePro- Woodies Pivot(Major)
USDCHF Triple Bottom at 0.7920 Under Threat: Bearish Signals Dominate – Sell Rallies Targeting 0.7865 



