The U.S. Dollar closed lower on Wednesday as it consolidated some of Monday's rally. The low range close sets the stage for a steady to lower opening on Thursday increasing the chance of crude oil moving higher. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If September renews the rally off last week's low, the reaction high crossing at 83.69 is the next upside target. Closes below the reaction low crossing at 79.62 would temper the near term friendly outlook in the market.
First resistance is the reaction high crossing at 81.97
Second resistance is the reaction high crossing at 83.69
First support is last Thursday's low crossing at 79.62
Second support is the reaction low crossing at 78.83
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