April 23, OctaFX – Traders will also continue paying more attention to crude oil. Yesterday, the price surged after the United States refused to extend the existing waivers on Iran purchases. The goal is to bring exports to zero.
Today, the American Petroleum Institute (API) will release inventories for the past week. This number is expected to show that inventories continued to slump. Last week, there was a drawdown of more than 3 million barrels. Tomorrow, data from EIA is expected to show a drawdown of 167K barrels.
Crude price technical forecast
The XBRUSD pair remained at the highest levels since November as investors braced for fresh supply cuts. The pair is now trading at 73.60. On the eight-hour chart, the price is below the 25-day and 50-day moving averages.
The Stochastic Oscillator has moved to above the overbought level while the accumulation and distribution indicator has continued to move up. With this momentum, the pair could continue moving upwards to test the previous highs of above $80.
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