Forex Marketz Daily Forex News – Fully Markets Update
Looking at the West Texas Intermediate (WTI) crude oil futures contract and above four (4) hour MT 4 price chart, the WTI contract is making another attempt at the key upside barrier at $40 per barrel.
The economic calendars in both Canada and the United States have some high impact events. Canada has exposure to the WTI crude oil contract as they are a major oil producer. The U.S. is publishing their monthly CB consumer confidence gauge and their monthly Chicago purchasing managers’ index (CPI).
The world’s largest economy is also releasing minor monthly housing data and a monetary policy member of the Federal Open Market Committee (FOMC), Brainard, is giving commentary.
Canada will be releasing their monthly gross domestic product (GDP). The European Union is releasing a slew of inflation data today. The Eurozone will publish their monthly flash consumer price index (CPI) data. Italy and France are also releasing monthly flash monthly flash consumer price index (CPI) data.
The United Kingdom will release their monthly Gfk consumer confidence gauge. The U.K. is also publishing monthly gross domestic product (GDP) data and monthly current account. Also on their calendar is revised quarterly business investment data.
Daily Crude Oil Technical Analysis
Looking at the above price chart, the WTI crude oil contract, the bulls look ready to reenter the market. In order for that to happen, a daily close above $40 per barrel is needed.
The four hour chart also shows that there is an ascending wedge chart formation developing. A break to either side of that chart pattern will help determine future price action.
On the upside, the WTI contract sees the first upside barrier at $39.13 per barrel with $40 just above. A daily close above $40 opens the door for $40.68 per barrel.
On the downside, the first layer of technical support lines up at $37.35 per barrel with the next layer of technical support lining up at $35 per barrel then coming into focus.
