Key Highlights
- WTI Crude Oil started a fresh surge above $93.50 and $95.00.
- A bullish trend line is forming with support at $92.40 on the 4-hour chart of XTI/USD.
- Bitcoin could see a downside correction unless it settles above $81,400.
- USD/JPY remained in a bearish zone and traded below 155.00.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil prices started a steady increase above $90.00 against the US Dollar. The price gained bullish momentum and even climbed above $93.50.
Looking at the 4-hour chart of XTI/USD, the price extended gains above $95.00 and settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). The current price action seems positive, and the price could extend gains.
On the upside, the price could face resistance at $96.50. The next resistance might be $97.40. The main hurdle for steady gains could be $98.00. A close above $98.00 could send Oil prices toward $100.00 or even $102.00.
If there is a downside correction, the price could test the 23.6% Fib retracement level of the upward move from the $80.11 swing low to the $96.28 high at $92.40. There is also a bullish trend line forming with support at $92.40.
If there are more losses, the price might find support at $90.50. The first major support could be near the $88.20 zone since it is close to the 50% Fib retracement level and the 100 simple moving average (red, 4-hour) at $87.80. A close below $87.80 might even push the price toward $85.00. The next support might be $83.20.
Looking at USD/JPY, the bears remained in action, pushed the pair below 155.00, and might aim for a drop to 150.00.
Economic Releases to Watch Today
- ECB Interest Rate Decision – Forecast 2.5%, versus 2.25% previous.
- US Initial Jobless Claims – Forecast 205K, versus 206K previous.
- US Producer Price Index for August 2026 (MoM) – Forecast +0.4%, versus 0% previous.
- US Producer Price Index for August 2026 (YoY) – Forecast +5.3%, versus +4.7% previous.
