FxWirePro: US Oil pauses 5-day winning streak, slips back below $ 68 mark

• US Oil has pauses its five-day winning streak, retraces back below $ 68 mark.
   
• Latest US tariffs on the Chinese imports intensified trade war fears, dampening the demand for oil.
   
• US Oil fades optimism led by a drawdown in the US crude stockpiles. 
   
• EIA data on Wednesday showed that US commercial crude oil inventories fell by 5.8 million barrels in the week to Aug. 17 to 408.36 million barrels.
   
• Price action finds stiff resistance at 55-EMA at 68.15. Break above targets 50-DMA at 69.
   
• On the flipside, we see strong support at 110-EMA, 67.17, weakness likely on break below. Scope then for retest of 200-DMA.
   
• Focus now shifts to the US durable goods and rigs count data due Friday for further impetus.
   
• Technical indicators are turning slightly bullish. Breakout at 50-DMA could see further upside.

Support levels - 67.49 (21-EMA), 66.83 (5-DMA), 64.88 (200-DMA), 62.57 (38.2% Fib)

Resistance levels - 68.15 (55-EMA), 69 (50-DMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 15.1578 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.