FxWirePro: US oil extends consolidation with successive spinning tops, technicals show no signs of weakening
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…
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.
