At the time of writing, Canadian Dollar is the worst performing major currency for today, as dragged down by oil prices. Yen is the strongest ones as Caterpillar and Nvidia warnings punish US stocks. At the time of writing, all DOW, S&P 500 and NASDAQ are down more than -1%.
WTI crude oil is back pressing 52 handle and takes our 4 hour 55 EMA. The development affirmed the case that corrective rebound from 42.05 has completed at 54.44, on bearish divergence condition in 4 hour MACD. It also faced rejection from 54.61 resistance, 55 day EMA and below 38.2% retracement of 77.06 to 42.05 at 55.42.
Focus is now back on 50.59 support, decisive break there will confirm and will bring deeper pull back to 61.8% retracement of 42.05 to 54.44 at 46.78. Nevertheless, defending 50.59 will maintain near term bullishness for another rise through above mentioned resistance zone of 54.61/55.42.
