Forex Trading Library

Intraday Analysis – WTI Looking for $100

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USOIL hitting support

The WTI Chart: Testing support at 80.00, resistance at 82.50, potential move towards $100.

The WTI slid even further as it looks to the recent support zone at 80.00. After hitting a high towards 83.00 in previous sessions, economists were sure that $100 a barrel would be hit in the next month. This could still be the case if crude can close above 82.50, giving the black gold a chance to move above 84.00. Breaking the support of 80.00 would see a further move to 79.20 and then 78.50 in the near term.

EURUSD stuck in a bear trap
EURUSD Chart: Bearish trend continues below 1.0860, potential rebound above 1.0930.

The US dollar maintains its grip over the euro after adding over 150 pips. Zooming into the hourly chart, the buying pressure is waning as a drop below 1.0860 has continued the bearish run. Follow-up bids will be needed to maintain a rebound. A close back above the peak of 1.0930 at the last swing high could be enough to resume the euro’s climb. Failing that, 1.0800 becomes a critical floor as sentiment drives lower.


GBPJPY looking for a bounce
GBPJPY Chart: Seeking bounce after support near 190.00, targeting 193.50 resistance.

The Japanese yen finds some support after returning from the psychological 190.00 level. The pair looks to capitalise on its break above 190.90 and is aiming at this year’s spike at 193.50. A bullish breakout could pave the way for an extension to 192.00. In the meantime, the RSI’s fading condition has led to a pullback, with buyers reluctant to chase after high bids. A drop below 190.00 opens 188.80 and then 188.00 at the base of the last swing low.


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