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EURCAD & WTI Crude Outlook

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 EURCAD chart is breaking above its minor resistance trend line in the one hour timeframe. Resistance is now anchored on the highs for today at 1.5226. A move above this level may find resistance at 1.5294 in conjunction with the 1.5300 level. This area created a number of lower highs late last week and early this week. If the price manages to break out above this area of resistance then the high at 1.5371 may come into play as resistance.

Support can be seen at today’s low of 1.5187 which is below the 1.5200 level. If price moves higher in the mean time, the falling trend line may be supportive of the breakout. If this trend line fails then a false breakout will potentially develop and target levels around 1.5157, which was used as support and resistance previously. Under this level the low at 1.5092 may feature if price dips under 1.5100.

WTI Crude

The Daily Oil chart is consolidating above its moving averages around the 6900.00 area. This chart is potentially forming a head and shoulders pattern with a neck line at 6420.00. Resistance can be seen at 6900.00 and a break above this area would target 7000.00 followed by 7118.40 as the previous highs. This area may be where a right shoulder develops but price may extend higher without compromising the pattern, up to 7350.00. The high of the head was reached in July at 7413.20.

Support below the 50 and 100 DMAs is found at 6678.25 which are being reinforced by the 200 DMA. A loss of this zone can result in a move down to the neckline area, around 6400.00. If the neck line is broken then price could fall to 6200.00/6188.30 followed by 6000.00 where support could lead to a bounce higher and a retest of the neck line from below. If this test is successful and the line holds as resistance then the Head and Shoulders target area comes in around 5300.00.

 

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