Fundamental Development: Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline. Brent crude futures for September settlement rose $1.66, or 1.6%, to $106.81 a barrel, extending a 1.9% gain in the previous day. U.S. West Texas Intermediate (WTI) crude futures for September delivery increased $1.47, or 1.5%, to $98.17 a barrel, having gained 2.1% on Monday. The U.S. central bank is widely expected to raise interest rates by 75 basis points at the conclusion of its policy meeting on Wednesday. That increase may reduce economic activity and thus affect fuel demand growth.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 95.50 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 99 to 99.25 and there is very strong resistance zone at 101.
Alternative Scenario: If XTIUSD will trade above 101 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 103 with the stop loss of 99.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 95.50 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 99 to 99.25 and there is very strong resistance zone at 101.
Alternative Scenario: If XTIUSD will trade above 101 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 103 with the stop loss of 99.