EURUSD remains in a downtrend
The US dollar continues to surge against its major rival as the Fed signals a dovish future. The euro remains pressured under the 20-day SMA as it sought to preserve its gains above December’s high above 1.1100. A sharp break above 1.0810 has attracted momentum buyers, sending the pair towards 1.0880 which sits in the supply zone. As the RSI remains stagnant, more buyers could see a pullback as an opportunity to tag along with 1.0780 as a fresh support.
XAUUSD breaks higher
Gold surged $20 despite the strength of the greenback following the US central bank announcement. Prices remained within recent gains which extended to the resistance level of 2060, the highest for two weeks. The yellow metal will begin testing a potential triple top if a retracement does not appear. A subsequent rally above 2065 brings 2085 into play. However, an overbought RSI could cause a temporary pullback towards 2045, with bulls looking for support at 2030.
USOIL fails to bounce
WTI crude slipped after a larger-than-expected rise in US stockpiles. With a recent spike seeing bulls entering the market, the black gold now sees selling pressure as 76.00 tests firm support. A dip below this price could begin a full reversal back down to 70.00. 75.50 is the next step to see if buyers would step in. Failing that, the round number at 74.00 would be in the bears’ crosshairs. The RSI’s oversold dip could lead to some profit-taking, but stiff selling pressure could be expected at rebounds.
Test your forex trading strategy with Orbex