OctaFX | OctaFX Forex Broker
Open trading account

WTI Oil offered at 50% retracement, now trades in the red

FXStreet (Mumbai) - The West Texas Intermediate (WTI) December futures ran into offers closer to USD 50.165 (50% R of May to Aug plunge) to trade with moderate losses in the NY session.

Hovers above key support

At USD 49.40, prices are just a few cents above a strong support on the daily chart located at USD 49.32. Prices had received a minor boost after the OPEC, via its monthly report, revised its 2015 global demand forecast lower and 2016 forecast higher.

However, prices failed to take out key Fib resistance mentioned above at USD 50.165. Meanwhile, losses are being capped by the moderate weakness in the USD index.

WTI Oil Technical Levels

The immediate support is seen at 49.32 (Aug 31 high), under which the prices could drop to 47.78 (Sep 17 high). On the other side, resistance is seen at 50.165 (50% of May to Aug plunge) and 50.93 (previous day’s high).

JPY: BoJ under pressure to ease further – Commerzbank

Dr Christoph Balz, Research Analyst at Comerzbank, suggests that the BoJ remains under enormous pressure to ease monetary policy once again after it did not change its monetary policy at its meeting on last Wednesday.
Read more Previous

EUR/USD clings to gains near 1.1370

The buying interest is not giving up on the single currency on Monday, with EUR/USD clinging to its daily gains vs. the dollar around the 1.1370 area...
Read more Next
Start livechat