Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark West Texas Intermediate (WTI) crude oil futures contract and above four (4) hour MT 4 chart, the price of oil is still sluggish around the $42 per barrel price level.
The WTI contract broke a four day streak of gains on Thursday before recovering from $41.80 per barrel to rise back towards $42 per barrel.
Today’s headline event on the economic calendar is obviously the U.S. Labor Department’s monthly labor data. The world largest economy is publishing their all-watched monthly non-farm payroll (NFP) data. This labor report will contain the monthly unemployment rate, average hourly change (month) and labor participation rate.
Canada is also releasing key labor data. The great white north is publishing their monthly unemployment change and unemployment rate. The private monthly Ivy purchasing managers’ index (PMI) is also being published today.
The United Kingdom is releasing minor housing data. The private firm Halifax will publish their monthly house price index (HPI). Germany, the Eurozone’s largest economy is releasing monthly industrial production as well as monthly trade balance data. France is also releasing monthly industrial production as is Italy. France will also publish their monthly trade balance data.
Daily WTI Crude Oil Technical Analysis
Looking at price action on the above MT 4 WTI crude oil chart, the MACD histogram is still signaling a corrective trend even as price action continues to defy and remain near a five month high price point.
With that said the first downside barrier lines up at the two hundred day hourly moving average (HMA) in play at $40.55 per barrel. The next downside barrier lines up at the round $40 per barrel level with the next layer of technical support in play at a rising upward trend line in play at $39.55 per barrel. A sustained close below the trend line brings the downside barrier lining up at $37.20 per barrel into focus.
The WTI crude contract has a technical upside barrier in play at $42.80 per barrel. The next upside barrier lines up at $43.60 per barrel. The next upside barrier is in play at the February 2020blow price point at $44 per barrel.
