Key Highlights
- Crude oil prices struggled to clear the $80.00 resistance zone.
- A connecting bullish trend line is forming with support at $76.15 on the 4-hour chart.
- EUR/USD rallied and surpassed the 1.1020 resistance.
- Bitcoin seems to be facing hurdles near the $61,500 level.
Crude Oil Price Technical Analysis
Crude oil prices recovered above the $78.00 and $78.80 levels. It even spiked above $80.00 before the bears appeared and pushed prices lower.
Looking at the 4-hour chart of XTI/USD, the price started a fresh decline from the 80.26 level. It traded below the $78.80 and $78.00 levels. There was a test of the 38.2% Fib retracement level of the upward move from the $72.04 swing low to the $78.26 high.
The price is now testing the 100 simple moving average (red, 4-hour) and is now well below the 200 simple moving average (green, 4-hour).
Immediate resistance on the upside is near the $78.00 level. The next major resistance is near the $78.80 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $80.00 resistance.
If not, the price might start another decline. The first major support on the downside is near the $76.20 level or the 50% Fib retracement level of the upward move from the $72.04 swing low to the $78.26 high.
There is also a connecting bullish trend line forming with support at $76.15 on the same chart. The next major support is $75.00. Any more losses might send oil prices toward $72.00 in the coming sessions.
Looking at Bitcoin, the price started a recovery wave above the $60,000 level but the bears are protecting gains above the $61,500 level.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 235K, versus 233K previous.
- US Retail Sales for July 2024 (MoM) – Forecast +0.3%, versus 0% previous.
