Fundamental Development: Oil prices rose 1% on Tuesday, clawing back more of last week's losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. Brent crude futures rose $1.08, or about 1%, to $115.21 a barrel, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five. U.S. West Texas Intermediate (WTI) crude futures for July, which expires later on Tuesday, rose to $112.01 a barrel, up $2.45, or 2.2%, from Friday's close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2% last week.
Short Term Technical View: In 1-hour chart, XTIUSD is trading Upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 108.30. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 108.30 to 108 and there is very strong support zone at 106.75.
Alternative Scenario: If XTIUSD will trade below 106.75 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105.25 with the stop loss of 108.
Short Term Technical View: In 1-hour chart, XTIUSD is trading Upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 108.30. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 108.30 to 108 and there is very strong support zone at 106.75.
Alternative Scenario: If XTIUSD will trade below 106.75 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105.25 with the stop loss of 108.