The WTI crude uptrend may be expected to continue, while it is trading above support level 62.64, which will be followed by reaching resistance level 63.38 and 64.09.
An downtrend will start as soon as it drops below a support level of 62.34, which will be followed by moving down to support level 61.45.
Weekly forecast, January 6 - 10
Most important news of this week:
Monday: EUR Markit Composite PMI (Dec), USD Markit Composite PMI (Dec)
Tuesday: EUR Core CPI (YoY) (Dec), USD ISM Non-Manufacturing PMI (Dec)
Wednesday: USD ADP Nonfarm Employment Change (Dec), Crude Oil Inventories
Thursday: EUR ECB Publishes Account of Monetary Policy Meeting
Friday: USD Average Hourly Earnings (YoY) (Dec), USD Nonfarm Payrolls (Dec), USD Unemployment Rate (Dec)
Forecast and technical analysis
The uptrend may be expected to continue, while trading above support level 63.11, which will be followed by reaching resistance level 66.80.
A downtrend will start as soon, as the pair drops below support level 63.11, which will be followed by moving down to support level 61.45 and if it keeps on moving down below that level, we may expect it to reach support level 59.30.
Monthly forecast, January - February
The uptrend may be expected to continue, while it is trading above support level 63.38, which will be followed by reaching resistance level 66.60.
A downtrend will start as soon as it drops below support level 63.38, which will be followed by moving down to support level 61.45 and if it keeps on moving down below that level, we may expect it to reach support level 58.00.
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