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WTI Oil and EURAUD,Trading Levels for Today
Published: 08/29/2018

50 and 100 euro notes in a pattern

The WTI Oil price chart is holding position around 6800.00 to 6900.00 after breaking above 6600.00 last week. With inventories from the US released later today there will be additional focus on price move heading into the end of the month. The chart is principally showing a large consolidation pattern as the market driven dynamics and production management stories have largely died down over the summer. Support on the chart is seen at 6768.92 followed by 6640.33. A loss of these levels can see prices drop towards 6400.00.

Resistance on the chart comes in at 6930.00 and the falling resistance trend line.  Break higher from that point can attack 7000.00 with a close above that level opening the way to 7085.99 followed by the recent highs at 7300.00 and 7411.80. Above these levels 7500.00 is an important psychological level.

EURAUD

The EURAUD pair has broken higher above both of its resistance trend lines on the daily chart. The break higher from 1.5700 extended up to 1.5935 in three days of trading where it found the next falling resistance trend line and dropped back to support at 1.5830. Price then broke higher to 1.5992 and this is the current level of resistance capping price action. A break higher targets 1.6100 followed by 1.6139 and 1.6190.

Support for the pair is fixed around the 1.5900 area and extending down to 1.5830. A loss of this level can have a bearish impact with a retracement extending down to 1.5600. Below this area 1.5550 has been used in the past with the next level at 1.5430 higher low. The mid 2018 low can be seen at 1.5279 with the 2018 year so far low at 1.5158.

 

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