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FxWirePro- Major Pair levels and bias summary 
Crude oil price has halted its bearish streaks from the recent past after bottoming out at 14-months lows as it collapsed last month to $49.44 levels but recovered to the current $53.25 levels.
Well, before proceed further, let’s just quickly glance through below weblink where we advocated short hedges:
Had you deployed those WTI futures positions in your crude oil exposure (when crude was trading at 71.35 levels), you would have considerably saved your crude exposures by now.
Technically, on WTI crude price chart, recent rallies were restrained below stiff resistance (i.e. 21DMAs) in the minor trend on shooting star formation at $52.57 levels, for now, more slumps seem to be on cards amid mild rallies, current prices still well below 21DMAs despite today’s rallies (refer daily chart).
For now, although we see some minor rallies, more dips seem to be on cards upon breach below strong support as both leading & lagging indicators still signal weakness.
Please be noted that on weekly basis also, steep slumps are observed well below EMAs upon shooting star formation at $74.24 levels, ever since then, bears have managed to constantly nudge prices below EMAs. More weakness is foreseen on this timeframe as well as both leading oscillators (RSI & stochastic curves) indicate faded strength & intensified bearish momentum and lagging indicators (EMA & MACD) signal downtrend continuation.
Currently, at spot reference: $53.15 levels, it is advisable to construct tunnel spread binary options strategy with upper strikes at $54.84 and lower strikes at $51.85 levels.
Alternatively, we wish to uphold short positions in WTI CME futures of mid-month tenors for arresting further downside risks.
Currency Strength Index: FxWirePro's hourly USD is inching at 15 (which is mildly bullish), while articulating (at 13:42 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
