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Crude oil price forecast - XBRUSD sinks to $57

OctaFx | Aug. 27, 2019
Crude oil price forecast - XBRUSD sinks to $57

Yesterday, crude oil price reached a high of 59.55. In the American and Asian session, the XBRUSD pair dropped and tested a low of 57.95.

27 August 2019, OctaFX – The price of crude oil declined yesterday after Donald Trump said he was ready to meet with the President of Iran, Hassan Rouhani, in a deal likely to be brokered by Emmanuel Macron. In an interview, Macron said that he would work with both the Iranians and the US to replace the faltering deal that will incorporate the views made by the Trump administration. \

Macron also talked to Iran’s Rouhani, who said he was open to meeting with the Americans. Trump said that in case a deal was reached, the JCPOA signatories would be ready to provide financing to Iran, which has seen its economy weaken after the Trump administration started the maximum pressure campaign. Later today, the American Petroleum Institute (API) will release the inventory data of the coming week.

Crude oil price technical forecast

On Friday, the price of crude oil dropped sharply after the trade war intensified. Yesterday, the XBRUSD pair pared back those losses and reached a high of 59.55. In the American and Asian session, the pair dropped and tested a low of 57.95.

On the hourly chart below, this price is between the lower and the middle lines of the Bollinger Bands while the RSI has remained along the 45 level. It is also along the 50% Fibonacci Retracement level. The pair will likely move in either direction depending on the news and the API inventory data.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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