Fundamental Development: Oil was down on Thursday morning in Asia as investors are worried that tightening monetary policy could trigger a recession and dampen fuel demand. Brent oil futures fell 2.31% to $109.16. In addition, crude oil WTI futures divided 2.61% to $103.42. Investors are concerned about a recession caused by tightening monetary policy. U.S. Federal Reserve is not trying to trigger a recession to tame inflation but is fully committed to bringing down prices, Fed Chair Jerome Powell said on Wednesday. U.S. President Joe Biden called on Congress to suspend a federal tax on gasoline to bring down soaring fuel prices and offer some relief to American families before summer peak.
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 104.35. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 103 to 102.75 and there is very strong resistance zone at 102.
Alternative Scenario: If XTIUSD will trade below 102 and sustain above in U.S. Session so it will be, give great opportunity to sell with the target of 100 with the stop loss of 103.25.
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 104.35. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 103 to 102.75 and there is very strong resistance zone at 102.
Alternative Scenario: If XTIUSD will trade below 102 and sustain above in U.S. Session so it will be, give great opportunity to sell with the target of 100 with the stop loss of 103.25.