Fundamental Development: Oil was up on Tuesday morning in Asia over supply tightness concerns as a strike in Norway threatened to disrupt oil and gas output. Brent oil futures rose 0.23% to $113.73 and crude oil WTI futures jumped 1.86% to $110.46. On Tuesday, Norwegian offshore workers began a strike that will reduce oil and gas output, according to Reuters. The strike expected to reduce oil and gas output by 89,000 barrels of oil equivalent per day. Oil production will cut by 130,000 barrels per day from Wednesday, accounting for around 6.5% of Norway’s production, according to Reuters.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 107.55. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 107.55 to 107.25 and there is very strong support zone at 106.55.
Alternative Scenario: If XTIUSD will trade below 106.55 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105 with the stop loss of 107.75.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 107.55. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 107.55 to 107.25 and there is very strong support zone at 106.55.
Alternative Scenario: If XTIUSD will trade below 106.55 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105 with the stop loss of 107.75.