Forex Trading Library

Intraday Analysis – WTI Breaks $80

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USOIL continues the bull run
WTI bullish, breaking $80 ahead of OPEC+ meeting, RSI overbought, support at $79.

WTI gained over 3% as the market focused on the upcoming OPEC+ meeting. The recent recovery has seen over $4 added to the black gold’s value as price action breaks the 80.00 level. Now that bears have thrown in the towel, the oil price could continue the rally. As the RSI moves into overbought territory, traders are sceptical that a correction could be on the horizon. The psychological level 79.00 has become a fresh support, with 78.40 being the next target.

EURUSD consolidated gains
EURUSD Chart: EURUSD consolidating around 1.0810 support, with RSI neutral.

The US dollar remains firm on potential rate cuts amid hawkish Fed remarks. Rebounds have been limited, so the Bulls have more control over the direction. A slip below the immediate support of 1.0810 will renew the selling pressure. With the RSI bouncing back into the neutral area, 1.0880 is the latest resistance to see traders’ reactions. Bulls must clear this level first to turn the odds in their favour and see a more aggressive run towards 1.1000.

USDCAD fighting back
USDCAD Chart: USDCAD recovering, facing resistance at 1.3640, potential correction to 1.3550.

The Canadian dollar continued to slide against its neighbour after disappointing retail sales. Clearing the resistance of 1.3640 from the previous swing low has helped the recovery gain traction. However, with a long-term bearish divergence still in play on the RSI, a correction would expose 1.3550, an essential floor for maintaining the upward bias. Its breach could trigger a drop to the daily demand zone of around 1.3480. 1.3700 is a fresh hurdle to the upside and a way to get back to winning ways.

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