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8 Oct 2020

WTI Price Analysis: Clings to 200-bar SMA around $40.00 in Asia

  • WTI struggles to extend recovery moves from $39.48.
  • Falling trend line from September 04 also challenges the oil bulls.
  • Five-week-old horizontal support will lure bears below the $39.00 threshold.

WTI picks up bids near $40.23 while heading into Thursday’s European session. In doing so, the black gold confronts 200-bar SMA after its positive performance on Wednesday.

While normal RSI conditions and risk-on mood favors the commodity to cross the immediate upside hurdle near $40.25, it’s further advances will be tamed by a falling trend line from the early September, currently around $40.95.

During the quote’s break past-$40.95, the $41.00 round-figure and September 18 top close to $41.45 can entertain the oil buyers.

On the contrary, a downside break of yesterday’s low of $39.48 can quickly direct WTI sellers toward a horizontal region between $38.70 and $38.80 that comprises multiple technical levels since September 04.

Also acting as the key support will be the monthly low of $36.79 and the September month’s bottom surrounding $36.40.

WTI four-hour chart

Trend: Further recovery expected

 

Oct 8, 2020

FX option expiries for Oct 8 NY cut

FX option expiries for Oct 8 NY cut at 10:00 Eastern Time, via DTCC, can be found below. - EUR/USD: EUR amounts 1.1745 650m 1.1800 650m - GBP/USD: GBP
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Oct 8, 2020

EUR/USD now seen between 1.1640 and 1.1820 – UOB

FX Strategists at UOB Group expect EUR/USD to navigate within the 1.1640-1.1820 range in the next weeks. Key Quotes 24-hour view: “Our expectation for
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