WTI likely to continue south after closing today below the bullish trend line. In line with broader commodity sell off, it looks like disinflation is occurring right now, bearish for CAD AUD and NZD. Although NZD has been given a boost by yesterday's GDT beat, AUD and CAD are looking bearish, especially against safe havens CHF and JPY. See my short ideas on AUDCHF and AUDJPY for more details.
Kommentera:
Also note the formation of a bearish double top, best seen from weekly. This implies WTI to drop to a potential target of $30.