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Crude Oil Price Remains Elevated Above $82

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Aayush Jindal

Key Highlights

  • Crude oil price extended its rally above $80.00 and $82.00.
  • A short-term bearish trend line is forming with resistance near $84.85 on the 4-hours chart of XTI/USD.
  • EUR/USD is struggling to stay above the 1.1600 support.
  • GBP/USD is facing an uphill task near the 1.3800 zone.

Crude Oil Price Technical Analysis

After a close above $78.00, crude oil price extended its increase above $82.00 against the US Dollar. There was a steady increase above the $82.50 and $84.00 resistance levels.

Looking at the 4-hours chart of XTI/USD, the price broke many hurdles near $85.00. It also settled above the $83.50 level, the 100 simple moving average (4-hours, red) and the 200 simple moving average (4-hours, green).

Recently, there was a downside correction from $85.78, but dips were limited below $83.50. The price is rising again and trading above $84.00.

On the upside, an initial resistance is near the $84.80 level. There is also a short-term bearish trend line forming with resistance near $84.85 on the same chart. The next major resistance is near the $85.00 level, above which the price could rise towards the $86.50 level.

An immediate support on the downside is near the $84.000 level and the 100 SMA. The first major support is near $83.50. Any more losses could open the doors for a move towards the $81.50 support.

Looking at EUR/USD, the pair failed to recover above 1.1650 and it is now struggling to stay above the 1.1600 level. Besides, GBP/USD is facing a major resistance near 1.3800.

Economic Releases to Watch Today

  • US Durable Goods Orders for Sep 2021 – Forecast -1.1% versus +1.8% previous.
  • BoC Interest Rate Decision – Forecast 0.25%, versus 0.25% previous.
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