Intraday Analysis – WTI continues to recover
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AUDUSD turns south
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The Australian dollar fell on speculation that the tightening may be over after the RBA left rates unchanged. Two consecutive attempts at 0.6520 on the 30-day SMA have failed to lift the Aussie, suggesting a lingering selling pressure. Then a clean cut below 0.6400 forced early buyers to bail out and could signal a new round of sell-off in the making. The RSI’s oversold condition caused some profit-taking but past 0.6370 the pair is heading to last November’s low of 0.6280. On the upside, 0.6450 would be the first resistance to clear.
GBPUSD breaks lower
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Cable tumbled after August’s PMI stayed in contractionary territory. A drop below the recent bottom of 1.2550 indicates that the bears mean business after a faded rebound to the 30-day SMA at 1.2740. The round number of 1.2500 coincides with the origin of a breakout rally back in mid-July and is the next level to see if buyers would reemerge after the RSI sank into oversold territory again. The support-turned-resistance of 1.2600 is the first hurdle and the mood may only improve if Sterling manages to reclaim 1.2700.
USOIL nears 10-month high
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WTI crude soared as Saudi Arabia and Russia extended their supply cuts to the end of the year. On the daily chart, a new high above 84.80 has put the commodity back on track and may lead to a broader recovery with the psychological level of 90.00 as the next target. In the near-term, another venture of the RSI’s in the overbought area may cause a pullback which could be seen by the bulls as an opportunity with 85.00 as the first support. 82.00 sits on the 20-day SMA, making it an important level to gauge the bulls’ commitment.