As the Forex market continues to labor behind the Dollar, the crypto markets are thriving as Ethereum surges past $4,400. After a slow down in price action, US Oil is finally looking to extend higher again.
Ethereum has finally breached above this year’s high of $4,400 and price action is showing strong bullish prowess. Today’s daily candle will close as a bullish hammer which suggests price has completed a break-retest-rejection on the lower timeframes. The next target is $5,000.
Although the volume for Oil has gone down significantly, price action is still bullish and eager to push higher. This can be seen by the numerous hammers printed in the previous weeks. If the price can close bullish above $85 per barrel, Oil could rally to $97 per barrel.
Tomorrow is the ADP job report and the current forecasts are bearish with only 400,000 jobs added versus the previous result of 568,000. If a bearish result is printed tomorrow, bears may able to take the price back down to 93.500.
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