Forex Trading Library

Intraday Analysis – Gold continues higher

0 28

USDCHF sinks deeper

The US dollar tumbled after the 10-year Treasury yield fell to a five-month low. A drift below last July’s low of 0.8560 has accelerated the greenback downfall. A breakout below the round number of 0.8500 triggered renewed selling interest and opened the door to 0.8350 where it would be intriguing to see whether the buy side would emerge or the fear of catching a falling knife would still drive the price action. The bulls will need to clear 0.8540 then the support-turned-resistance of 0.8630 to alleviate the downward pressure.

XAUUSD recoups losses

Bullion advances amid geopolitical turmoils and a weakening US dollar. The price continues on its way up after clearing resistance near the previous demand zone around 2046 as sentiment remains broadly upbeat. 2100 is the next hurdle before the precious metal would reach the recent spike and the all-time high of 2147 which would be a step closer to fully resume the climb in the medium-term. However, a limited pullback cannot be excluded to let the rally take a breather. 2062 would be the first support in that case.

USOIL hits resistance

WTI crude stalled as shippers resumed passage through the Red Sea. The price has clawed back all the losses from the December sell-off and is at a crossroads now. A close back above 76.50 would prompt more sellers to close their positions, easing the selling pressure and putting the daily resistance of 79.50 at test. A bullish breakout could signal a reversal in the weeks to come. Failing that, 73.20 is the immediate level to expect follow-up bids and 70.60 would be an important level to maintain the rebound momentum.

Test your forex trading strategy with Orbex

Leave A Reply

Your email address will not be published.