Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark U.S. West Texas Intermediate (WTI) crude oil futures contract, has moved below $59.85 per ounce during the Asian trade session on Tuesday and is currently trading near $59.60 per barrel.
The West Texas Intermediate (WTI) crude has confirmed, on the hourly MT 4 chart above, a bearish head-and-shoulders (H&S) pattern. This could lead to further weakness with the American WTI crude futures contract.
The economic calendar, for today, has some volatile events scheduled. The euro area will publish monthly first look core and headline consumer price index data (CPI). German will release retail sales data and their monthly unemployment change. Spain is also publishing their monthly unemployment change and the United Kingdom is releasing the monthly Nationwide housing price index (HPI).
The United States has no economic data scheduled for release today but Federal Open Market Committee (FOMC) Brainard is giving commentary. WTI crude oil traders are also monitoring tensions in the Middle East between Israel and Iran. Israel has accused Iran of attacking an Israeli owned cargo vessel. Israel says they have already responded by attacking Iranian assets in the region.
The United States recently released intelligence data that vaguely shows potential evidence that the Saudi Crown Prince order the killing of Washington Post reporter and Saudi dissident Jamal Ahmad Khashoggi in Turkey.
Daily U.S. West Texas Intermediate (WTI) Crude Oil Technical Analysis
Looking at the above hourly MT 4 price action chart, now that the benchmark U.S. crude oil futures contract has confirmed the above mentioned bearish head-and-shoulders candlestick chart pattern, traders could now look to target the technical layer of support in play at $59.13 per barrel.
Oil traders should also note the appearance of a bearish Doji reversal pattern on the daily price action chart, not shown. The relative strength index (RSI) is also moving lower which could support more selling in this key oil futures contract.
With that said, a daily close back above the two hundred (200) hour simple moving average (SMA) in play at $61.55 per barrel could bring the bulls back into the market.
