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2025-10-29 16:55:40
[Oil Price Collapse Alarm! Fatal Technical Signals Could Trigger Chain Reaction in the Forex Market] ⑴ Crude oil prices have fallen sharply since oil-producing countries increased production. In February, oil prices were at $82/barrel, but by April, when production began to increase, they had fallen from $75/barrel to $65/barrel. ⑵ The initial low reached after the production increase was $58.50/barrel. Although conflicts in oil-producing regions provided some support, oil prices continued to decline. ⑶ Since June, oil price highs have been decreasing. After the outbreak of the Middle East war, oil prices were at $81.40 in June, $73.63 in July, $70.76 in September, and $66.78 in October. ⑷ If the closing price is below $63.02/barrel, this would break below the 61.8% Fibonacci retracement level of the 2020-22 rally, forming a very bearish technical signal. ⑸ The next key technical target is the $42 level. Continued declines in oil prices will drive the Fed's easing cycle and put pressure on the dollar. (6) The downward trend in oil prices has formed a clear downward channel, and the technical indicators show that there is still huge potential for further decline.
