Crude Oil analysis – 5 Jul 2019

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By: Ahura Chalki

Oil moves dipper as trade war continues!

As the market is still worried about US-China trade talks, seems soon they must be more worried about the US – EU trade war as well, especially after Brexit, when the UK most probably will sign a new trade agreement with the US, signs of this war started during the week, by President Tramp’s attack on real Euro rate, where he puts it next two the Chine’s Yen as two main currencies which do not have their real rate and winning against USD. Today’s NFP and Job reports will give a better idea about the economic environment of the United States as the largest global economy.

From the technical side, price is moving under 14and 50 days EMA with the bearish signal. While RSI also still moves under 50-level and confirms of more bearish, Stochastic has bullish or at least correction signal here.

 

Pivot point: 57.03

Resistance levels: 57.57 / 58.12

Support levels: 56.48 / 55.94

The expected trading range for today is between 55.94 support and 57.57 resistance.


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