Keeping a close eye on Oil

FX:USOIL   Crude Oil (WTI)
45 2 0
Looking at the longer term chart on the price of oil             , we can see that this current massive crash in the price of oil             is fast approaching a significant support level . This coupled with historical amount of bearish momentum is enough to communicate to us that some corrective bull wave is probable. We're not looking to buy this support level , we are however very interested in seeing how the coming weeks will fare for oil             , given it can have very significant impact on the global economy. For the purpose of trading such a bounce, we would rather short the USD/CAD             rather than long oil             itself.
Or better short the USD/NOK ?
+1 Reply
SamKent LudmilaHanania
That is certainly a valid play, there are a great deal of viable alternatives, they key for us is to stay out of the straight up oil market itself. When looking at the weekly charts we are seeing a technical correction looming in both oil and the dxy, so we'll be looking for viable paths to capitalize on this coming correction.
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