Forex Trading Library
EUR
$1.04
(+0.07%)
GBP
$1.22
(+0.2%)
AUD
$0.69
(+0.09%)
JPY
$0.01
(-0.09%)
TRY
$0.06
(+0.56%)
INR
$0.01
(+0.48%)
SGD
$0.72
(+0.24%)
MYR
$0.23
(0%)
JOD
$1.41
(0%)
KWD
$3.26
(+0.02%)
SAR
$0.27
(0%)
AED
$0.27
(0%)
QAR
$0.27
(0%)
OMR
$2.60
(+0.02%)
EGP
$0.05
(-0.13%)

Intraday Market Analysis – Oil Struggles to Bounce

0 309

USDCHF tests key resistance

USDCHF

The US dollar edged higher supported by better-than-expected initial jobless claims. The pair continues its journey upward from the demand zone near 0.9200.

The rally is gaining momentum after a break above 0.9280. 0.9370 from a previously botched rebound is a major hurdle. In fact, its breach could flush out remaining selling interests.

Then last month’s peak at 0.9450 would be within reach. On the downside, 0.9260 is the immediate support if the market shows hesitation. 0.9200 is a critical level to keep the rebound intact.

USOIL grinds daily support

USOIL

WTI crude softens as concerns grow over lockdowns in China. A bearish MA cross on the daily chart suggests that sentiment may have turned cautious.

The price is testing the key floor at 94.00 which is a daily support from the mid-March rebound. A bearish breakout could force the bulls to bail out and trigger a sell-off towards the psychological level of 90.00, putting the commodity on a correction course.

The RSI’s oversold condition may raise some buying interest. Buyers need to lift 104.00 to safeguard the uptrend.

US 100 seeks support

NASDAQ

The Nasdaq 100 retreats as investors continue to digest hawkish Fed minutes.

The rally came to a halt at February’s high at 15260. Then a drop below the short-term demand zone at 14730 led to a wave of liquidation. 14200 is the next support and coincides with the 30-day moving average, making it an area of congestion.

If the bulls become wary of catching a falling knife, a bearish breakout could cause a deeper correction towards 13700. The support-turned-resistance at 14800 is the level to crack to resume the rally.

Test your strategy on how oil will fare with Orbex - Open your account now. 

Leave A Reply

Your email address will not be published.