Oil Asia Price Forecast: WTI sinks into oblivion

WTI stays under extreme selling pressure at the end of the second day of the week.
The level to beat for bears is the 5.50 support.

Flavio Tosti Independent Analyst

WTI daily chart

WTI is under unprecedented heavy selling pressure as the demand for the black gold is nowhere to be seen.

WTI four-hour chart

The bearish pressure remains unabated as the market Is spiking down. The level to beat for sellers is the 5.50 level en route towards 27.74 and $1.35 a barrel. Resistance can emerge near the 8.00 level followed by 10.60 and 13.46 level.

Additional key levels

WTI

Overview
Today last price	7.12
Today Daily Change	-14.69
Today Daily Change %	-67.35
Today daily open	21.81

Trends
Daily SMA20	25.73
Daily SMA50	36
Daily SMA100	46.9
Daily SMA200	51.43

Levels
Previous Daily High	25.37
Previous Daily Low	20.8
Previous Weekly High	29.72
Previous Weekly Low	24.77
Previous Monthly High	48.74
Previous Monthly Low	20.57
Daily Fibonacci 38.2%	22.55
Daily Fibonacci 61.8%	23.63
Daily Pivot Point S1	19.95
Daily Pivot Point S2	18.09
Daily Pivot Point S3	15.38
Daily Pivot Point R1	24.52
Daily Pivot Point R2	27.23
Daily Pivot Point R3	29.09

Author

Flavio Tosti

Independent Analyst

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.