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Crude Oil Price Remains Elevated Above $90

Aayush Jindal

Aayush Jindal

Key Highlights

  • Crude oil price extended increase and traded to a new multi-year high at $95.83.
  • A major bullish trend line is forming with support near $91.50 on the 4-hours chart of XTI/USD.
  • EUR/USD stayed above 1.1280 and might recover to 1.1400.
  • GBP/USD is still facing a strong resistance near the 1.3600 zone.

 

Crude Oil Price Technical Analysis

In the past few weeks, crude oil price saw a major increase above $90.00 against the US Dollar. The price even surpassed the $92.00 level to set a new multi-year high.

Looking at the 4-hours chart of XTI/USD, the price settled above the $90.00 level, the 100 simple moving average (4-hours, red) and the 200 simple moving average (4-hours, green).

Recently, there were a few swing moves, but the price popped to a new multi-year high at $95.83. It is now consolidating gains above the $92.00 level. There is also a major bullish trend line forming with support near $91.50 on the same chart.

A downside break below the trend line might send the price towards the $89.50 support or the 100 simple moving average (4-hours, red). On the upside, the bulls are facing resistance near $94.20. The next major resistance is near $95.80, above which the price could rise to $97.50.

Looking at EUR/USD, the pair might attempt a fresh increase above the 1.1400 resistance. Besides, GBP/USD must clear 1.3600 to start a steady upward move.

Economic Releases to Watch Today

  • UK Consumer Price Index for Jan 2022 (YoY) – Forecast +5.4%, versus +5.4% previous.
  • UK Core Consumer Price Index for Jan 2022 (YoY) – Forecast +4.3%, versus +4.2% previous.
  • US Retail Sales for Jan 2022 (MoM) – Forecast +2.0%, versus -1.9% previous.
  • Canadian Consumer Price Index for Jan 2022 (MoM) – Forecast +0.6%, versus -0.1% previous.
  • Canadian Consumer Price Index for Jan 2022 (YoY) – Forecast +4.8%, versus +4.8% previous.