Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark West Texas Intermediate (WTI) crude oil futures contract and above one (1) hour MT 4 chart, the black gold is trading quietly just below the upside barrier in play at $42.85 per barrel.
On Wednesday, the WTI crude contract saw some gains, its best day of trading in a month, while keeping within its week long ascending trend channel.
Overall, today’s economic calendar is fairly light with not a lot of high impact data events. The United States, through the U.S. Department of Labor, will publish weekly first time unemployment claims data as well as their continuing claims.
The Canadian economic calendar has no macroeconomic events on the docket and the United Kingdom will publish monthly RICS housing price balance data.
The European Union will see some economic data out of their largest economy. Germany will publish final monthly consumer price index (CPI) data as well as their WPI gauge.
Daily WTI Crude Oil Technical Analysis
Looking at the above WTI crude oil price chart, the MACD histogram is still signaling a bullish trend. With that said, the above mentioned ascending trend channel has trend line resistance in play at $43.25 per barrel.
This is the first level of technical resistance to monitor. A daily close above this trend line will bring $43.65 per barrel into play next. The next upside barrier lines up at the February low price point in play at $44 per barrel.
On the other side of the coin, the first downside barrier lines up at $42.30 per barrel with the channel support in play at $41.90 per barrel then coming into play. The two hundred (200) hour moving average (HMA) lines up at $41.80 per barrel.
The next layer of technical support then lines up at the 3 August high price point at $41.40 per barrel. The round level at $40 per barrel is a key downside barrier to come into play after.
