FxWirePro: WTI edges lower from fresh 3-month highs at 56.24, break above 110-EMA to see further upside

US oil chart on Trading View used for analysis 

• WTI edges lower from fresh 3-month highs at 56.24, intraday bias higher.
   
• US-China trade progress, DXY softness, Venezuela sanctions and OPEC output cuts support prices.
   
• Price action is extending gains above daily cloud. Upside pauses shy of 110-EMA at 56.56.
   
• Break above 56.56 to see further upside. Scope then for test 50% Fib at 59.61.
   
• 5-DMA is immediate support at 54.68. Break below will see weakness till 53.54 (21-EMA).

Support levels - 54.69 (5-DMA), 53.54 (21-EMA), 50.49 (23.6% Fib)

Resistance levels - 56.56 (110-EMA), 57 (100-DMA), 57.93 (Nov 16 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.