FxWirePro: US Oil extends range trade above 200-DMA, break below to see further weakness

• US Oil has faded a spike to 66.08, trades 0.20% lower at 65.68.
   
• Rebound in the US dollar in anticipation of the US-China trade talks scheduled later this week, collaborated to downside in oil.
   
• The pair extends range trade above 200-DMA, we see further weakness on break below.
   
• Price action has dipped below cloud and has breached 110-EMA. Technical indicators are also biased lower.
   
• Break below 200-DMA targets 38.2% Fib at 62.57 ahead of 60 (Mar 18 low).
   
• On the flipside, breakout above 110-EMA negates bearish bias

Support levels - 65.62 (5-DMA), 64.70 (200-DMA), 62.57 (38.2% Fib)

Resistance levels - 67.15 (110-EMA), 67.44 (21-EMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -129.031 (Neutral) at 1235 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.