European Union Foreign Exchange

Crude Oil Technical Analysis: Down Move Pauses to Digest

By Ilya Spivak, Currency Strategist

Talking Points:

Support: 48.54, 45.11, 41.68
Resistance: 50.66, 52.37, 54.08

Crude oil paused to digest losses after prices slid to the lowest level in over six months in yesterday’s session. A daily close below the 76.4% Fibonacci expansion at 48.54 exposes the 100% level at 45.11. Alternatively, a move back above the 61.8% Fib at 50.66opens the door for a test of the 50% expansion at 52.37.

Key upcoming event risk:

05 AUG 2015, 12:15 GMT – US ADP Employment Change (JUL) – Expected: 215K, Prev: 237K
05 AUG 2015, 14:00 GMT – US Non-Mfg ISM Composite (JUL) – Expected: 56.2, Prev: 56.0
05 AUG 2015, 14:00 GMT – DOE Weekly US Crude Oil Inv. – Expected: -1307.5K, Prev: -4203.0K
07 AUG 2015, 12:30 GMT – US Change in Nonfarm Payrolls (JUL) – Expected: 225K, Prev: 223K

Crude Oil 05-08-2015

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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