FxWirePro: US Oil trades in narrow range, awaits API weekly crude supplies data

• US Oil trades in narrow range, retraces from highs of 66.66 hit on Monday.
   
• Cautious trading is likely to extend ahead of the US-China trade talks.
   
• Price action remains capped at 5-DMA at 65.58. Bears likely target 20-DMA at 64.75.
   
• Technical indicators are also biased lower. Momentum indicators are biased lower.
   
• Break below 200-DMA will see further weakness. Scope then for test of 38.2% Fib at 62.57.
   
• The US API crude stockpiles data will be closely eyed for further direction.

Support levels - 65, 64.75 (200-DMA), 62.57 (38.2% Fib)

Resistance levels - 65.57 (5-DMA), 67.13 (110-EMA), 67.33 (21-EMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 27.0931 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.