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Risk Recovery Sees Greenback Pare Earlier Gains


Key Support Pierced


Corrective Pullback Still In Play

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(V20) Reversal Conditions Met

  • RES 4: $44.40 - Low Mar 2
  • RES 3: $43.78 - High Aug 26 and the intraday bull trigger
  • RES 2: $43.21 - High Sep 2
  • RES 1: $42.35 20-day EMA
  • PRICE: $41.00 @ 06:56 BST Sep 4
  • SUP 1: $40.22 - Low Sep 3
  • SUP 2: $39.89 - Low Aug 3
  • SUP 3: $39.00 - Low Jul 10 and 30 and a reversal trigger
  • SUP 4: $37.89 - Low Jun 29

WTI futures remain vulnerable following this week's sell-off with losses extending the pullback from the recent high of $43.78, Aug 26 high. Wednesday's move resulted in a breach of support at $41.46, Aug 21 low and yesterday saw the 50-day EMA at $41.27 breached. This signals a short-term top and the start of a deeper correction exposing $39.00, Jul 30 low. On the upside, initial resistance is seen at $42.35, the 20-day EMA.

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