Oil Price Started A Fresh Increase Above $68.00

Technical analysis of Forex market

Crude oil price started a fresh increase above the $68.00 resistance against the US Dollar. However, the price failed to surpass the $69.40 and $69.50 resistance levels.

A high is formed near $69.39 and the price is now slowly moving lower. It broke a major bullish trend line with support near $68.40 level on the hourly chart. It is also struggling to stay above $68.30 the 50 hourly simple moving average.

A break and close below the trend line support could lead the price towards the $67.70 support level. Any more losses might call for a test of $67.00 on FXOpen.

Conversely, there could be more upsides above the $68.80 level. The first key resistance is near the $69.40 level, above which the price might attempt a strong rally towards the $72.00 level in the near term.