WTI Crude Oil (current price: $44.89)
Oil has been the main driver of commodity currencies once again yesterday, as the crucial commodity reversed its gains from the previous session to finish the day way below the all-important $46.50 level. WTI Crude is trading just above the lower boundary of the triangle consolidation pattern that developed following the strong rally in the commodity between February and June. The negative economic numbers that came out yesterday pushed oil lower in the current correction, as the supply issues regarding the commodity still persist.
Our assessment: Oil is still in a neutral long-term pattern, but it might re-test the 200-day MA if the current risk-off period continues, or the FED hikes interest rates next week.
