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The chart below shows that there were clearly visible bullish patterns calling for a breakout higher. EURNZD formed a bullish flag breakout pattern (purple) and broke above the top of flag signalling traders that a move higher was in the works. More upside confirmations were the bullish divergence patterns (green, light blue, orange) that formed which allowed to squeeze the BUY trigger.
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CME Group’s preliminary readings for crude oil futures markets noted open interest shrunk for the fifth consecutive session, this time by almost 24.8K contracts. In the same direction, volume went down for the second straight session, now by around 41.7K contracts.
The WTI edged higher on Thursday, although amidst declining open interest and volume, which should be supportive of a near-term correction. That said, the key barrier at the $40.00 mark per barrel remains a tough resistance for the time being, helped by the proximity of the overbought territory.
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