Aayush Jindal
Key Highlights
- WTI Crude Oil price started a fresh decline from the $73.00 resistance zone.
- It traded below a key bullish trend line with support at $71.80 on the 4-hour chart.
- EUR/USD could gain bearish momentum below the 1.0580 support.
- Gold prices might struggle to recover and could continue lower.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price failed to extend gains above $73.80 and $74.00. It started a fresh decline and traded below the key support at $72.00.
Looking at the 4-hour chart of XTI/USD, the price traded below a key bullish trend line with support at $71.80. There was a clear move below the 50% Fib retracement level of the upward move from the $67.08 swing low to the $73.04 high.
The price even settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the downside, the first major support sits near the $67.00 zone.
A daily close below $67.00 could open the doors for a larger decline. The next major support is $65.50. Any more losses might send oil prices toward $62.00 in the coming days.
On the upside, it faces resistance near the $69.00 level. The next major resistance is near the $70.00 zone and the 100 simple moving average (red, 4-hour). The main hurdle is still near the $73.00 zone, above which the price may perhaps accelerate higher.
In the stated case, it could even visit the $75.00 resistance. Any more gains might call for a test of the $76.50 resistance zone in the near term.
Looking at EUR/USD, the pair is consolidating losses, and the bears seem to be aiming for more downsides toward 1.0520.
Economic Releases to Watch Today
- US Initial Jobless Claims - Forecast 223K, versus 221K previous.
- US Producer Price Index for Oct 2024 (YoY) – Forecast +2.3%, versus +1.8% previous.
