Forex Marketz Daily Forex News – Fully Markets Update
Looking at the U.S. West Texas Intermediate (WTI) crude oil futures contract on the above thirty (30) minute MT 4 price chart, the spot contract continues to fall from $39.12 per barrel and currently challenging a short term rising trend line during the early Asian trade session. Price action is currently trading around $38.83 per barrel.
Crude oil traders, as well as other financial market participants are focused on the continued election vote tally in the United States. This has been a highly contested fight for the White House that has further divided an already divided country. Democratic nominee Joe Biden has narrowed the fight in key battleground states and leads in the Electoral College count.
President Donald Trump has made a number of false allegations including declaring victory early when he had not won. He is contesting the vote and has demanded a stop to counting ballots. Which he cannot do.
This is adding to the price volatility with the spot WTI crude contract. As far as economic data and the calendar is concerned, the Federal Reserve Board (Fed) will announce their monetary policy and rate decision today. The Federal Reserve will also release their monetary policy statement. The Bank of England is also releasing their monthly monetary policy and rate decision as well as the BOE monetary policy statement.
Today, the U.S. Labor Department will publish weekly first time unemployment and continuing claims data. The European Union is publishing their economic forecasts. The Eurozone will also release monthly retail sales and Germany will release monthly factory orders. New Zealand, overnight, will publish quarterly inflation expectations.
Daily WTI Crude Oil Technical Analysis
Looking at price action on the above 30 minute spot WTI price chart, the first layer of technical support lines up at the rising trend line. A daily close below this level opens the door to challenge next layer of technical support in play at $37.05 per barrel. The next layer of support lines up at $36.05 per barrel.
On the upside the first layer of technical resistance lines up at $39.50 per barrel with the key psychological barrier lining up a 40 per barrel. Just above there, the next layer of resistance lines up at 40.50 per barrel.
