Yesterdays' move in oil price was contrary to the news on Crude Oil Inventories. It's not unusual in the markets, when price runs agains the fundamentals. Speculation plays a key role in the markets nowadays. Despite crowd expectations large players kept accommodating large oil contracts and had to run price higher to pocket the profits. Such a move can not last long even though the daily chart looks threatening for the oil bears. The yesterdays' candle and today's price action favour further upside.
Nevertheless, the oil price hit the trendline resistance and i expect a significant intraday pullback. For the trading strategy it safe to sell oil and aud and at this point in time with intraday price targets: oil 29.88, audusd 0.696, usdcad 1.434.
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