Crude Oil Price Was Constrained By The $100 Resistance Level, GDP of Canada Next

Key Take-Aways

• Above the $90 resistance, the price of crude oil began to rise steadily.

• On the 4-hours chart, it broke over a crucial negative trend line with resistance at $90.70.

• GBP/USD started a new fall after failing to bounce back.

• In August 2022, the US ADP Employment could increase by 200K from 128K.

Technical Analysis of Crude Oil

Crude oil prices began a new rise against the US dollar after establishing a base above the $85 mark. The resistance levels of $90 and $92 were successfully overcome by the price.

On the XTI/USD 4-hours chart, the 100 simple moving average (red, 4-hours) and the 200 simple moving average were broken above the $92.50 resistance level (green, 4-hours).

The negative movement from the $103.63 swing high to the $85.81 low was clearly above the 50% Fib retracement line. Even the price was raised over the $95 resistance area by the bulls. They were unable to move the price toward the $100 resistance, though.

Near the 61.8% Fib retracement level of the decline from the swing high of $103.63 to the low of $85.81, the price was struggling. A high was created close to the $97.60 region.

Below the $96 mark and the 200 simple moving average, the price corrected a few points (green, 4-hours). Near $91.50 is the next significant support. Under $90.00, where the primary support is located, there is a possibility of a decline toward the $86.50 level. If there are any further losses, the $85 area may need to be tested.

The price is encountering resistance at the $96.50 and $97.50 levels on the upswing. The pace for a greater climb toward $100 could be set by a definite move above the $97.50 barrier. Near $102.50 is the next significant resistance; if this level is broken, the price may rise quickly toward the $105 region.

When examining the GBP/USD pair, it is evident that there is a clear possibility of a decline below the 1.1600 support region.

Economic News to Trade Today

• Germany’s unemployment rate is expected to change in August 2022 by 28K from the previous 48K.

• Forecast 5.5% unemployment in August 2022 in Germany, up from 5.4% in the previous month.

• US ADP Employment Change for August 2022 is predicted to increase by 200K from the previous 128K.

Canadian GDP for Q2 2022 (annualized) is expected to increase by