Forex Trading Library

Intraday Analysis – WTI gaps up

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EURUSD seeks support

The US dollar may struggle over slower consumer spending growth in February. On the daily chart, after securing bids in the demand zone around 1.0500, a bullish MA cross is a sign of acceleration to the upside. Zooming into the granular hourly chart, the buying pressure is waning as a drop below 1.0840 turned it into a fresh resistance and made 1.0720 on the 20-day SMA a critical floor. Follow-up bids will be needed to maintain the uptrend. A close back above the peak of 1.0930 may resume the euro’s climb.

GBPJPY hits resistance

The Japanese yen finds support from a rising CPI in the Tokyo area. The pair looks to capitalise on its break above 163.20 and is aiming at this year’s spike at 166.00. A bullish breakout may pave the way for an extension to last December’s high of 169.00. In the meantime, the RSI’s overbought condition has led to a pullback with buyers reluctant to chase after the already high bids. 163.00 at the base of the previous breakout is the first support to assess buying interest. 161.50 is important in keeping the recovery valid.

USOIL jumps past key resistance

WTI crude gapped up after OPEC+ announced a surprise output cut of around 1.16 million barrels per day. The price opened above the March high and a major daily resistance of 81.60. The gap has put the bears under immense pressure, triggering more stop-losses and exacerbating the volatility. January’s highs around 82.20 is the next resistance and its breach would further press on the short-squeeze. As the RSI shot into extreme overbought territory, 75.50 is the closest support should the market fill the gap.

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