Crude oil prices are looking to edge higher as bulls erase the previous move created by bears in the market. Meanwhile, the US Dollar is stuck as a tug-of-war occurs in the market.
After attaining the yearly high of $77 per barrel, Oil had a brief visit to $62 per barrel. Since then, bulls were able to soar price back within reach of this year’s high. Traders can look for the price to break this level and potentially reach weekly resistance at $107 per barrel.
The Dollar is back to struggling at 93.430 as bears fight to keep prices below this level. After pushing the price above this level last Monday, bears responded with a bearish engulfing candle to the downside. Traders should wait for a clear move by either the bulls or bears before determining a bias.
As September comes to a close, traders will have a new monthly candle to gauge their trades on. This candle will be of key importance to the Forex majors, commodities, and crypto markets.
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- Read our previous blog article: +160 Pips from Gold and Dollar Bears Reject 93.430
