Crude Oil Movement
Crude Oil prices declined 5.67% against the USD for the 24 hour period ending 23:00GMT, closing at 44.77, as the US Fed opted not to raise interest rates, citing concerns over global economic slowdown, thereby hitting the demand outlook for the commodity.
In the Asian session, at GMT0300, the pair is trading at 46.76, with the oil trading 4.44% higher from yesterday’s close.
The pair is expected to find support at 46.15, and a fall through could take it to the next support level of 45.55. The pair is expected to find its first resistance at 47.53, and a rise through could take it to the next resistance level of 48.31.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
