- US oil is extending consolidation for the 3rd straight session.
- We see back-to-back spinning tops at highs which suggests indecision.
- Price saw brief dip as Iran's OPEC Governor Hossein Kazempour called for Trump to join talks in Vienna on Friday with other leaders.
- Hossein Kazempour said Trump's tweets have increased oil prices by $10 and asked Trump to stop tweets.
- Price has recovered from lows and the focus is now on EIA data, expectations of the US EIA stockpiles draw buoy oil prices.
- Technical indicators remain strong, do not show any signs of weakness.
- Decisive break above 75 will see strong resistance at 75.25 (trendline). Break above 75.25 can take the pair higher to 76.49 (61.8% Fib level).
- On the flipside, 1H 110-EMA is strong support at 73.54, break below will see some weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -141.199 (Bearish) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
