WTI under pressure while Iran’s deadline approaches – FXStreet

FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the Oil prices are under pressure, as early Sunday, Iran said that a nuclear deal “was close,” albeit sources from Germany said that a deal could be reached quickly, but could still fail.

Key Quotes:

“The deadline for the deal is this Monday, and there will be no extension after then.”

“Also, broad dollar demand is driving the commodity lower and the daily chart shows that the price is barely holding above the 52.00 level, whilst the 20 SMA maintains its strong bearish slope, now aiming to cross below the 100 SMA, whilst the technical indicators are still heading lower, despite in extreme oversold levels, all of which maintains the risk towards the downside.”

“Shorter term, the 4 hours chart shows that the week started with the price below a horizontal 20 SMA, whilst the technical indicators have turned south, supporting the longer term view, particularly as the RSI indicator accelerates lower around 41.”

Valeria Bednarik, chief analyst at FXStreet noted that the Oil prices are under pressure, as early Sunday, Iran said that a nuclear deal “was close,” albeit sources from Germany said that a deal could be reached quickly, but could still fail.

(Market News Provided by FXstreet)