Crude Oil Popping in Asian Trade - Forex News by FX Leaders
Oil is Up

Crude Oil Popping in Asian Trade

Posted Thursday, September 27, 2018 by
Rowan Crosby • 1 min read

Crude Oil has been on a bit of a rally in recent times and it looks like we are seeing a bit more strength in early Asian trade.

Oil has jumped more than 0.5% on the back of some overnight weakness. Energy stocks continue to be busy, however, it isn’t rubbing off on the AUD/USD or USD/CAD at all.

Yesterday, we saw a big build in oil inventories that was larger than anticipated. The move appears to have been shrugged off by traders.

I always say that strength on the back of bad news means we will get upside.

 

The Technical Picture

With that in mind my next clear target becomes $75. We are currently around $72.50.

The round number levels are providing the support and resistance as they always do in Crude so I feel that price is getting sucked towards $75.

We keep making higher lows on the grind up, so look to be buying any pullbacks here.

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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