With oil almost to our upside target from last month, and DXY having reached our next downside target, today should shed some light on the direction over the next few weeks.
On June 20 [see: Jun 20 Update on Oil] we anticipated WTI would bounce off the bottom of the rising purple channel to the resulting .886 at 50.96. 
A week later, we slightly adjusted the timing to Aug 8 and price target to 49.82. This morning, CL reached 49.39, meaning there are some important decisions to be made about oil prices, currencies and inflation. It’s a great segue to Part II of yesterday’s post on central bank options.
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