EURUSD grinds resistance
The euro holds well as the ECB is expected to hike rates by 25 basis points. On the daily chart, the pair is still trying to hold on to its gains above this year’s high of 1.1000. The sideways action around this major level has found support at 1.0940 next to the 30-day SMA, keeping overall sentiment upbeat. A bounce back above 1.1040 has eased the selling pressure and momentum may send the pair to 1.1150 should the bulls manage to clear the recent peak of 1.1090. On the downside, a fall below 1.1020 would expose 1.0940.
XAUUSD hits all-time high
Gold soared against a softer US dollar after the Fed signalled a pause in rate increases. Despite repetitive bearish attempts 1970 has stood well as a critical demand zone. The latest spike above the previous swing high of 2048 and the all-time high of 2070 has cleared the last hurdle and prompted the bears to bail out. The door is now open for a bullish extension in the medium-term above 2080. After the RSI shot into the overbought area, the resistance-turned-support of 2020 is the first level to expect follow-through bids.
USOIL tests daily support
WTI crude crumbled as recession fears took hold amid the US debt ceiling crisis. The price has given up all of its gains from the March rally and bearish inertia may attract more selling interests. A lower shadow below this year’s bottom at 64.50 is a warning sign that the bears are still in control and could lead to a deeper correction in the weeks to come. As the RSI recovers from its oversold condition, some bargain hunters have stepped in. 71.60 is the first resistance and a turnaround may only happen with a break above 76.00.
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