Fundamental Development: Oil was down on Friday morning in Asia as fears of slower demand from slowing U.S. economic growth and supply concerns weighed on the market. Brent oil futures inched down 0.09% to $109.94 and crude oil WTI futures gained 0.14% to $104.42. The Organization of the Petroleum Exporting Countries and allies (OPEC+) producers including Russia will likely stick to a plan to increase output by 648,000 barrels a day in August, which is hoping to bring down crude prices as U.S. President Joe Biden plans to visit Saudi Arabia, according to Reuters. Wednesday’s U.S. crude supply data from the American Petroleum Institute showed a build of 5.607 million barrels for the week ended June 17.
Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 103.75. As per today 1 hour chart my view is sell on rise, this strategy is good for XTIUSD. Sell range of XTIUSD is 104.75 to 105 and there is very strong resistance zone at 106.
Alternative Scenario: If XTIUSD will trade above 106 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 108.64 with the stop loss of 104.75.
Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 103.75. As per today 1 hour chart my view is sell on rise, this strategy is good for XTIUSD. Sell range of XTIUSD is 104.75 to 105 and there is very strong resistance zone at 106.
Alternative Scenario: If XTIUSD will trade above 106 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 108.64 with the stop loss of 104.75.