Chart of the day: Crude Oil

Blake Morrow Forex Analytix

The Crude Oil market hit the 161% Fibonacci Extension of the April highs to lows near the $40 level. We should also note we are just slightly above the 50% retracement of the 2020 highs to lows as well. Today we left a spinning top candlestick, and tomorrow if the market is lower it will be an evening star reversal formation as well. The risk is high since the RSI is divergent and overbought. Bulls are officially on notice!

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.