WTI chart on Trading View used for analysis
- US Oil is trading slightly weaker on the day, at $73.43 at the time of writing.
- The US sanctions on Iran's oil sector are set to take effect from November 4.
- Further upside likely as US sanctions on Iran set to raise concerns over supply disruption.
- US weekly supplies report will also be in focus for further price movement.
- Technical studies support further upside in the pair, scope for test of 75.24 (July 3rd high).
- Price action has bounced off 200-DMA and has broken above major trendline resistance at 72.25.
Support levels - 72.62 (5-DMA), 72 (trendline), 70.71 (21-EMA)
Resistance levels - 73.70 (Sept 28 high), 74, 74.67 (July 10 high), 75.24 (July 3rd high)
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 95.3991 (Bullish) at 1125 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
