The first week of October will most likely belong to the bears as the Dollar continues to slip. Meanwhile, price action traders are looking to swing long Oil as global demand is expected to increase.
At the moment the Dollar is in the midst of a tug-of-war between bulls and bears. Based on the dying momentum of the bulls, bears are expected to win this week’s battle. Price is expected to revisit this weeks’ low of 93.700. A break below this level can cause the price to revisit 93.500 once again.
Crude oil bulls had a productive trading day as the price is currently up +1.98% since the New York open. Price action is consistently bullish from the monthly time frame all the way down to the hourly. This is sufficient enough for price action traders to enter long with a long-term target of $107.
Tomorrow is the ADP job report and the current forecast is bullish as the economy is expected to have added 475,000 jobs. This result may provide Dollar bulls some support as they fight off the current bearish pressure.
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