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Crude Oil Technical Analysis

Consolidation below the $60.00 level continues to start the new week with

The pair closed in NY Friday at $1.5716 after rate basically consolidated recent recovery

The sell-off that dominated last week gained momentum with

Recent topside failures have confirmed the significance of the $1.2506-46 resistance region.

The pair ended the NY session at $1.2462 after registering a NY range of $1.2433 to $1.2485.

The pair started the week at Y118.96 after trading a NY range of Y118.17 to Y119.09.

AUD remains weak after Monday’s dramatic hostage situation in the Sydney CBD,

While most people are busily winding down for the festive break New Zealand’s economic reports wind up to a lather this week.

Market focus will largely remain on the sharp decline in global oil prices and equity markets in the near term.

Global oil prices have plunged to a five-year low.

The NZD drifted off its highs on Friday night, and closed 0.5% lower against the USD just below 0.7780.

Rallies stalled ahead of the $0.8393 resistance level last week with pressure firmly on the 2014 and