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Crude Oil Technical Analysis

Flirtation with the falling daily channel base continues with

The Euro bounced from wedge support and this was also major trend support from 2010.

A 5-wave decline from channel resistance would have made sense in the bigger picture but

Kiwi tried and failed to break the critical .7684 level and that leaves behind a small bear trap.

The pair closed in NY Wednesday at $1.5712 as rate was pushed up off earlier lows of $1.5648 on

The close above the 21-DMA provided bulls with a boost and sees immediate focus

The close below the 21-DMA Tuesday has now been followed up with

The pair ended the NY session at $1.2448 after trading from $1.2367 to $1.2448,

USD/JPY and EUR/JPY opened at Y117.82 & Y146.66 in Asia Thursday,

The NZD popped more than 100pts higher after the RBNZ MPS,

AUD had a mixed session, with a weaker USD dominating direction.

Australia’s employment expanded by 42.7k in November, building on October’s revised 13.7k rise.