FxWirePro: WTI buoyed by US growth optimism, reverses Friday's declines to retake $70 level

• Solid US Q2 GDP data which showed that the US economy grew at its fastest pace in nearly four years in Q2 buoyed oil markets.
   
• Bulls fight back, reversing Friday's declines as WTI retakes $70 a barrel level.
   
• That said, US-China trade tensions could keep a cap on gains, also raising doubts on whether the black gold can sustain the upside.
   
• Technical indicators on the otherside are turning slightly bullish. Stochs have rolled over from oversold levels and RSI has edged above 50.
   
• Price has bounced off from above 110-EMA and has broken above 55 and 21 EMAs. Daily cloud offers strong support.
   
• Close above 21-EMA could see test of 71.63 and then 72.88 levels.

Support levels - 69.65 (21-EMA), 69.27 (5-DMA), 69.06 (55-EMA)

Resistance levels - 71, 71.63 (July 13 high), 72, 72.88 (May 22 high)

Recommendation: Stay long on close above 21-EMA, target 71.60/ 72/ 72.80

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 15.186 (Neutral) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.