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Oil - US Crude
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  • US Dollar Trend Still Points Higher After FOMC, Q2 GDP Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/07/29/US-Dollar-Trend-Still-Points-Higher-After-FOMC-Q2-GDP-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #USD #dollarindex #Fed #FOMC #GDP https://t.co/9ppEljRFq6
  • 💶 Industrial Sentiment (JUL) Actual: 14.6 Expected: 13 Previous: 12.8 https://www.dailyfx.com/economic-calendar#2021-07-29
  • 💶 Economic Sentiment (JUL) Actual: 119 Expected: 118.5 Previous: 117.9 https://www.dailyfx.com/economic-calendar#2021-07-29
  • 💶 Consumer Confidence Final (JUL) Actual: -4.4 Expected: -4.4 Previous: -3.3 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:💶 Industrial Sentiment (JUL) due at 09:00 GMT (15min) Expected: 13 Previous: 12.7 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:💶 Economic Sentiment (JUL) due at 09:00 GMT (15min) Expected: 118.5 Previous: 117.9 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:💶 Consumer Confidence Final (JUL) due at 09:00 GMT (15min) Expected: -4.4 Previous: -3.3 https://www.dailyfx.com/economic-calendar#2021-07-29
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/oeAKuToQ5b
  • 🇬🇧 Mortgage Approvals (JUN) Actual: 81.3K Expected: 86.1K Previous: 87.545K https://www.dailyfx.com/economic-calendar#2021-07-29
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Crude Bounces are Fleeting

Crude Bounces are Fleeting

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Bounces are Fleeting

Prepared by Jamie Saettele, CMT

“The decline is unfolding in an impulsive manner.” When crude decides to move, it moves quickly. The market is at support from early August highs but the clean break of the 38.2% retracement of the rally from 7726 warrants breakout consideration of a breakout strategy towards the confluence of the late July lows and 61.8% retracement. Expect resistance as the market approaches 9200. Look lower as long as price is below 9320 (spot prices).

LEVELS: 8690 8896 9085 9178 9320 9381

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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